Have you ever had that PERFECT idea, searched to make sure it was actually unique and not just a reiteration of something else, and then LAUNCHED your own business? Maybe you’ve been your own boss for a while now. Maybe you want to be. Regardless, keep reading to find some of the common mistakes and tips to get past them. Because chances are you’ve heard a similar statistic: 70% of startup companies fail within the first year.
Too many times, startup companies and businesses fail before they really start up. Why? Is it because it wasn’t a good idea to begin with? Usually not. The idea is typically a solution for a commonly experienced problem. That’s perfect, and that’s how most ideas get their start. The light bulb, glasses, even planes, trains, and automobiles. So no, usually it’s a good idea, born out of personal experience or perceived need. But it’s the actual implementation that trips people up.
We work with entrepreneurs all the time. Some of them have got it… while some of them don’t understand what owning your own businesses really means… you know, when you’re the only one on the payroll, it’s nice, because you get 100% of the profits. But it also means that you do 100% of the work.
That means that getting into work late or just not showing up is no longer ‘vacation’, it’s self-sabotage. Because that job, and here’s a pro tip, it won’t complete itself no matter how hard you wish it would. Showing up late only hurts yourself now.
One of the main tips shown below is to make sure you balance your passion with wisdom. One is explosive, the other a slow consistent burn. Both are necessary and even required for success, but having too much of either and not enough of the other is a surefire route to disaster.
Leave a comment below with your favorite tip for starting a small business, or your own tip that we missed!