Enthusiasm—it can be both a blessing and a curse for new entrepreneurs. Passion for your business can fuel your success, but it can also drive you to operational and financial ruin if you don’t take the time to think decisions through.
If you’re starting a business in this new year, I encourage you to embrace your fervour. But also keep impulsive behaviour under control to avoid the following common pitfalls faced by many new entrepreneurs.
Here are eight rookie mistakes that could wreak havoc on your startup:
1. Quitting your day job and starting a business because you can’t get along with bosses or co-workers.
As a small business owner, interpersonal skills and the ability to work well with others is as important as (and often more important than) when you worked for someone else. Owning a business requires collaboration and patience.
If the above is the only reason you are branching out to start up your own business, there is every tendency of failure as you are bound to encounter even more difficult customers and possibly, staff in your business. It will definitely not be reasonable enough to stop your business because of this.
Find a way to get along with people by learning the art of living.
2. Trying to do too much, too soon.
You’ll quickly burn out mentally and run through your resources too quickly if you overextend yourself. Pace yourself, and remember you’re in this for the long haul—running a business is a marathon, not a sprint.
Take time to plan and plan again and review your plans. Your competitors are already looking for ways to kick you out of business, don't kick yourself out by taking on much more than you can handle business-wise.
Always double check as you are solely responsible for your success. Have an understanding of business strength, how and when to accumulate it, conserve it, and dispense it.
To be continued...
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