Starting a new business can be extremely rewarding. It can also be challenging, thanks to all the new lessons you have to learn via mistakes. Here are three of the most common blunders small business owners make, along with ways to avoid them in your journey.
Trying to do it all. Whether it’s to save money or because they think they can do it faster and better if they do it themselves, many small business owners try to take on too much responsibility. Yet the success of your company depends on having key tasks handled by someone who knows what they’re doing. Don’t be afraid to outsource tasks that could be handled more efficiently that way. From bookkeeping to marketing to sales, if you don’t have the expertise to do it right, investing in a professional from the get go can save time and money down the road.
Not making a compelling pitch to potential investors. A solid business plan and compelling pitch is vital. Successfully pitching your company to potential investors — and getting funded — is challenging. But it’s a critical part of growing a successful business. At Prepare 4 VC, we help small businesses raise capital more efficiently by finding the right investors and pitching them from the investor’s perspective. We help startups at any stage of development connect with valuable funding sources. We take pride in our extensive base of consultants and partnerships, matching you with the best resources to take your business to the next level. Put us to work for you! Call us to learn more: (508) 444-2571.
Measuring your self-worth on how well the company is doing. It’s not surprising that many small business owners are so passionate about their business that they base their self worth on the success — or failure — of their company. However, when times are tough, that’s when a small business owner needs to be self-assured, a fearless leader pulling the company through. Confidence and resiliency are so important to entrepreneurs. You need a “can do” attitude to weather the storm. Learn to separate the entity from the individual now so you can be the positive force when your business needs it most.