I own several businesses. I started and sold businesses and I’ve learned from past failures- hey, it is a part of entrepreneurship. What business owners need to understand is there are three massive entrepreneur mistakes often made during the first four to five years of ownership. To avoid setting yourself up for your own created downfall continue reading and learn from these points.
1. You decide that you don’t need SCORE. Why? Most business owners miss this opportunity thinking it is a complicated process or a waste of time. It’s not. Here’s the link: http://www.score.org/ I recommend SCORE as a great way to really look at your business model before you go out into the business world. Seasoned professionals will give you the God’s honest truth about your company and what you’re missing.
2. You can’t do everything yourself. Many business owners believe they can and will attempt to do this as a way to save money. You don’t know everything, you could be missing something, and spreading yourself too think is a recipe for disaster. Get interns, hire freelancers, get creative – do whatever you need to do to bring on help- period!
3. Your growth is stunted. So many business owners focus on starting a business that they fail to write a growth plan after the first year. If your business is still around after 365 days, congrats! Now it is time to write that growth plan and then follow it.
Make sure you really consider these three concepts as we head into Wednesday.
Until next time,
Coco the CEO
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