So, you want to be your own boss, make your own money, and have your own business.  According to the U.S. Small Business Administration, 70% of new businesses survive the first 2 years in business, but over 50% of small businesses fail within five years.

 

 

While it might appear easy to start a business — it is more difficult to sustain that business over the long term….

Here are a few tips to AVOID so that you are still in business five years later! 

 

Small businesses fail as the result of repeatedly making small mistakes over time when running their business. Some which include:

 

Avoid the wrong connections.

Stop associating yourself with negative and pessimistic people. You unconsciously acquire the character of those around you – Associate with Positive People!

 

Negative attitudes have no place in your business and in your career. Associate yourself with the right people, and stay close to people that you would look up to in terms of success and direction.

 

Stop networking and start working. (There is only one small difference between “net-working” and “not-working”)

Finish your projects.

 

Many entrepreneurs do well with starting businesses and projects. What distinguishes the successful entrepreneurs is their commitment to finish. If you want to be successful, you have to finish what you have started. Do not quit on the first hurdle.

 

Stop thinking like an employee.

An employee is focused on avoiding loss and preventing operational errors. He chooses to save money by doing everything by himself. Eventually, he fails.

 

An entrepreneur attracts success instead of avoiding loss, and delegates operational tasks to hired individuals while he keeps himself busy creating ways to attract more success.

 

Don’t always choose the easy way.

As your business progresses, you will encounter problems that have several solutions.

 

Often times, the right solution requires more effort and is more expensive, and the easy way is lazy and can cost you more in the long run. When you choose the easy over the right way, you will miss opportunities of learning, and you could commit some very costly errors.

 

Stop being “Annoying”.

When you annoy other people in order to make yourself successful, eventually you will lose your credibility, then your business.

 

People hate being bothered by repeated sales phone calls, junk email offers and unnecessary tagging in social networks.

 

The way we attract others has a big impact on how they feel about us. Consult an expert if you need help finding sales leads, the right way. It is more gratifying when people come to you.

 

Don’t undercut your fees.

If you sell yourself by being cheap, your business value decreases and you eventually lose. You may sell fast but your revenues will be low and you will attract low value clients.

 

It is challenging to compete in the market based on price. Instead, attract customers with value added services. You will have fewer competitors and will rise above the low value businesses.

 

Be willing to experiment.

Many people are great with coming up with ideas but are not willing or are not brave enough to try out new things. Some business owners are afraid to take risks, and prefer to stay status quo.

 

You will never know unless you try. The most successful business owners are those who are willing to experiment to grow.

IMPACT! is proud to celebrate over 21 years in business!

Leave a Reply

You must be logged in to post a comment.