We
learn by making mistakes. In fact, if you are not making mistakes; I
can dare say that you are not pushing yourself that hard. Every
successful and established man has mistakes in his lives and probably
these mistakes have made him successful. But this does not
necessarily mean that you should feel free to make any number of
mistakes while you are running a small business in order to gain
experience and make the business a grand success. Nope, since all
small business organizers are battling it out to make their two ends
meet, making mistakes can destabilize them financially. Sorry, mate
but as a small business owner, you simply cannot enjoy the luxury of
making silly financial mistakes and get away with it unharmed. It
could ring death bells for your business and in some worst cases; you
may end up being emotionally and financially devastated. I hope you
do not wish to face such devastating end of your business. If that is
so, let me make you aware of some common money mistakes made by
majority of newbie entrepreneurs that bleed their businesses dry.
Do Not think Too Big: I have nothing against dreaming something big. In fact, I always encourage people to dream big but at the same time, you should not turn a blind eye to your financial position. Dream should not be too big for your wallet. You need to understand the difference between necessary and luxury. For say, if you need to meet your clients frequently, you need not have to stay in a posh hotel all the time. You need not have to dine in a costly restaurant all the time. If you need to create an impression, you need to look good and for that reasons, you just need to have a good haircut, a suit and of course a killer attitude.
Be Realistic while planning: Since you are getting into business for the first time, you need to make sure that you are not underestimating your business needs. I mean you simply cannot make your business prospect suffer because you cannot predict the expenditure. This commonly occurs when you are on an entrepreneurial journey. Since you simply cannot make an assumption of the expenditures that might befall on you, you need to carry extra cash with you or else, you might run out of cash in the middle of the journey.
Think before You Hire: I have met countless number of newbie entrepreneurs and they have the same story to share. Yes, they are making less money, a lot less money than what they have planned. And guess the reason why they are earning less; yes they have more persons on board than what they really need. Hire full time employees only when you are confident that you have enough projects in hands to keep that keep those persons busy. If you ask my opinion, I would suggest you to hire freelancers. Though they cost you more than regular employees, they are highly professional in their approach and you do not need to spend money on their training, supervisions and all that.
Die Another Day: I know you are optimistic and you are not going to leave the battlefield without a fight. However, as fate would have it, even your best attempt may prove unproductive and sometimes, you have no other option but to quit for the day. So, before you join the bandwagon of wannabe entrepreneur, you need to have an exit plan ready so that you have enough resource left to tee off your next venture in style.
Author's Bio:
Michael Evans is a passionate writer and he works for chesterfield-group.com that offers International Corporate Services.
Do Not think Too Big: I have nothing against dreaming something big. In fact, I always encourage people to dream big but at the same time, you should not turn a blind eye to your financial position. Dream should not be too big for your wallet. You need to understand the difference between necessary and luxury. For say, if you need to meet your clients frequently, you need not have to stay in a posh hotel all the time. You need not have to dine in a costly restaurant all the time. If you need to create an impression, you need to look good and for that reasons, you just need to have a good haircut, a suit and of course a killer attitude.
Be Realistic while planning: Since you are getting into business for the first time, you need to make sure that you are not underestimating your business needs. I mean you simply cannot make your business prospect suffer because you cannot predict the expenditure. This commonly occurs when you are on an entrepreneurial journey. Since you simply cannot make an assumption of the expenditures that might befall on you, you need to carry extra cash with you or else, you might run out of cash in the middle of the journey.
Think before You Hire: I have met countless number of newbie entrepreneurs and they have the same story to share. Yes, they are making less money, a lot less money than what they have planned. And guess the reason why they are earning less; yes they have more persons on board than what they really need. Hire full time employees only when you are confident that you have enough projects in hands to keep that keep those persons busy. If you ask my opinion, I would suggest you to hire freelancers. Though they cost you more than regular employees, they are highly professional in their approach and you do not need to spend money on their training, supervisions and all that.
Die Another Day: I know you are optimistic and you are not going to leave the battlefield without a fight. However, as fate would have it, even your best attempt may prove unproductive and sometimes, you have no other option but to quit for the day. So, before you join the bandwagon of wannabe entrepreneur, you need to have an exit plan ready so that you have enough resource left to tee off your next venture in style.
Author's Bio:
Michael Evans is a passionate writer and he works for chesterfield-group.com that offers International Corporate Services.
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