The romantic in all of us would love to quit our day jobs and make a go of it on our own. The idea of being your own boss and finding success is what many of us dream of. Hell, it’s the very reason this blog was founded. And this is becoming a reality for more and more young entrepreneurs, but reality has a way of never quite panning out how you’d expect, doesn’t it?
As you can probably tell, I am a willing advocate for startups and small businesses. The pursuit of your dreams is perhaps the most beautiful thing in the world, and I like to do what I can to encourage and educate that. The unfortunate truth, however, is that many startups fall at the first hurdle, and they are usually their own undoing.
Here are some of the more common reasons that small businesses fail to get off the ground, and what you can do to avoid compounding the same mistakes.
Being Narrow Minded
Nobody has ever gotten anywhere in business without some degree of ego. It takes an immense overconfidence in your abilities just to take the plunge, let alone make it work. That same arrogance, however, can lead to poor business decisions. When you’re in the boss’ shoes, you might think that you know best, but that’s not always the case.
Stick to what you know. If you’ve gotten far in your venture, that’s probably an understanding of business models. Everything else? Don’t be afraid to seek advice elsewhere. The best owners accept their own limitations and supplement them with expert knowledge from other fields.
Lack of Foresight
Many business owners suffer from this same problem, and it’s especially common amongst startups. Why? Because you’re so fixated on the here and now, you can lose sight of the bigger picture. If you find that all your decisions are being made for the short-term, you’re doing it wrong. You should always have an eye on your future. Otherwise, you won’t have a future.
Fail to prepare and prepare to fail, as the old saying goes. Budget constraints often suffer most as a result of shortsightedness. Consider enlisting the help of a financial advisor to guide you through the short-term. They’re well adept at also considering the long-term. Or, if you have an interest in online cloud accountants, Accountancy Anywhere are a service that can offer you expert advice.
Trust me, I’ve come across many business owners in my time, and a few of them have had their hearts in the wrong place. Those types have been fixated on money, with no regard for the customer or product. They don’t care how, they just want to make money, and to hell with everyone else. I’ve also found that those same people are the ones that ultimately crash and burn. I guess you really do reap what you sow.
Above all, have a belief in your product. If it isn’t the very best it can be, why are you even bothering to sell it? If it’s not something you love and take pride in, shelve it. You’ll only get yourself a bad reputation.