No one can guarantee your success when you are starting a new business. But, there are a few obstacles that can be overcome that will increase your chances by a significant margin. We’re going to take a look at those potential stumbling blocks today. Read on – and let us know how you think.
The wrong people
Surround yourself with the wrong people and your business will sink before you make it to Year Two. You might think that working with your best friend is a great idea – but it often isn’t. You should avoid choosing co-founders that have the same personality types as you do, too. It’s going to lead to clashes and arguments – particularly if you are both extroverted and hotheaded. Always look for a nice balance in your leadership team, and seek competence at all levels of your business.
Overspending
Starting a business can be tough when you have little budget. It is vital, then, that you know where every last penny is being spent. It’s important to keep this in mind as you start making money, too. Yes, using the new company credit card might be tempting when you are out entertaining clients. But unless lavishing them with drinks and food is going to get you business, you shouldn’t be doing it.
Fear of failure
Many first-time entrepreneurs are fixated on getting everything right. The trouble is, if you don’t fail, how will you learn? There are no lessons in being 100% correct all the time, and unless you are lucky, you will end up being a perfectionist. It means nothing will ever be complete; you won’t be able to move forward, and your product or service will never get off the ground.
Shyness and introversion
There are plenty of shy and introverted people that have created incredibly successful businesses. Look a Bill Gates for the perfect example. However, what differentiates the likes of Gates is that they don’t let their introversion hold them back. In simple terms, if you are a business owner, you can’t afford to be shy or hold back. The ability to network and promote yourself is vital – particularly if you are a one-person band. If you are shy, consider balancing your leadership team with someone who is the polar opposite.
Inability to sell
Leading on from our last point, you have to be able to sell – full stop. You will be promoting your business to all kinds of people. You are going to have to make corporate presentations. You might be invited to talk at an industry event. All these situations are going to be critical to your success as a business person. And if you can’t sell, you won’t make money. Take a course and work on every aspect of your presentation skills – it will make the difference.
Failure to listen
Finally, make sure you listen to every word that people say about your business. You won’t have to act on every last criticism or piece of praise. But you need to have open ears to take on board advice and suggestions. Good luck!
