The Seven Mortal Sins of Starting a Micro Business

When it comes to starting your very own business, there are rules and guidelines to follow in order to achieve success. Even in success, we make failures that we hope to learn from it. However, making bad business decisions can prove to be disastrous and will put your business upside down. Business entrepreneurs who fail to identify the biggest mistakes in managing a small business may wound up in financial distress and bankruptcy. Every year, thousands of small businesses have closed down and stopped business for good. Know what you need to do before purchasing a small business online.

Are you looking for franchise opportunities and businesses for sale? If you do then you might as well know more about the pitfalls of managing a micro business before anything else. No matter how successful a business plan entrepreneurs make, there are certain flaws and issues that will undermine the growth of their micro business. Fortunately, we have choices to make and learn from our mistakes so that we can avoid the same problems all over again. Here are the seven mortal sins in managing a startup micro business:

1. Love

You can always fall in love with your business and do what you have to do to make it successful. Managing the business we love will always motivate us to achieve our goals. It doesn’t matter if we are into the online store or takeaway food business as long as we aim for business growth. However, our passion sometimes clouds our judgment to the point that we fail to separate fantasy from reality of figures and statistics. Don’t rely too much on motivation to keep your business afloat, learn to act right away once you see the signs of financial distress and instability.

2. Dishonesty

Despite our best intentions, we tend to ask ourselves if we can go on with our business for months and even years. Small business entrepreneurs depend upon their passion for their business to stay in the game for long but the fact is that they can’t stay passionate for so long. When we doubt ourselves for having a change of heart then it is the fastest way to kill the business that we have worked hard. So whatever you do, always remember to be honest with yourself.

3. Ignorance

You have to agree, ignorance is the worst thing in running a small business. Managing a business where you are not familiar with the product and little idea as to what consumers want can be a fatal combination. The problem is that so many new business entrepreneurs who buy businesses for sale and franchise opportunities end up in failure because of their utter ignorance in the way the business works. Without any experience in managing a convenience store or gift shop, it is obvious that you will end up having a hard time addressing the issues affecting your business.

4. Greed

The problem with businessmen nowadays is the fact that they tend to view business as an opportunity to gain profit. Unfortunately, a world of disappointment awaits you if you tend to view business as a moneymaking venture only. There are angles that you have to look aside from money, make sure business fits your personal lifestyle. Aside from that, your business is suited to your skills and expertise. Just like a drug, money can make you happy but it will also cloud your judgment once you make crucial business decisions.

5. Narcissism

One good business advice for entrepreneurs is – don’t be a show off! Owning a business is not about bragging that you have a collection of fine dine restaurants like Gordon Ramsay or Joe Bastianich. It doesn’t work that way because there is a lot of hardwork and sacrifice involved in it. Many people think that it’s cool to run your business but you’re doing it for the wrong reasons – cultivating your ego!

6. Laziness

Finding business is not easy and running it is quite difficult too! Don’t just sit comfortably, go out and take time to do your research. Ask questions to prospective customers and never hesitate to survey other businesses. At the end of the day, laziness is the root cause to why businesses fail and end up in the dustbin.

7. Trust

In business, successful entrepreneurs use their brain and business smarts. Don’t trust a vendor saying that their business for sale is the “best” or their franchise opportunity can earn you millions of dollars in profit. Remember, they are out there to sell a business and not providing sound business advice.

No comments:

Post a Comment