Four successful small business owners offer invaluable insight and advice into how to avoid common yet deadly pitfalls when launching your own business.
Starting a new business can be exciting but it’s also risky. The Small Business Association recently found that only 25% of small businesses last longer than fifteen years. Sadly, there are many common yet deadly mistakes you can make that will suck the life out of your new company before you have the chance to get it off the ground.
The good news is that others have gone before you. Small business owners have overcome the pitfalls. And many are willing to share their advice on how to start a company that will be successful long-term. Read on to see how experts address four common questions regarding launching out to become an entrepreneur.
Why Do People Bother Starting a Business in the First Place?
Most experts agree that many people start their own business because they hate working for a boss and would rather work for themselves. At the same time, as Laith Pahlawan from Orange Crew notes, some entrepreneurs are simply disillusioned by businesses in their field. They believe that they can do a better job than existing companies. Additionally, many people think that starting their own business is a good way to earn lots of money.
What’s the Biggest Mistake People Make When Starting Their Own Business?
Nick Allo from Semtech IT Solutions points out that one of the biggest mistakes people make is starting a business without a sound financial plan. Such