Top Ten Blunders Business Owners Make
In today's marketplace the words 'job security' have become an oxymoron. So more and more people are venturing on their own. But is it the right thing to do? Are they ready for it?
Here are the top reasons people are starting their own businesses:
1. Companies are cutting jobs with lay offs, downsizing and buy-outs
2. People want flexibility to control their time so they can spend more time with their family
3. Frustrated with lack of opportunities at their work
4. A dream to be their own boss and achieve financial independence.
Unfortunately most employees starting their own business are ill-equipped to be on their own. This is the key reason why I have assembled Top Ten Blunders Business owners Make.
Here is the list:
1. Just because I have an idea, it will make me money
- Conducting no research on the feasibility of the idea before launching the business.
2. I am the expert in all aspects of my business
Never take help of experts ? accountants, attorneys, business coaches etc
3. All I have to do is spend enough money on advertising or be in the right location and people will come
Never mastering the science and art of getting clients
4. I don't need a lot of money to build a successful business
By financing using credit cards and never preparing for contingencies
5. I can teach anybody to do my job. Not realizing that everybody has different strengths and weaknesses.
6. Profit is just around the corner
Living on hope instead of actual projection
7. What system? I don't need systems
This is the opposite of concept promoted by E-Myth by building people-dependent business not system based business. The business should continue to function smoothly even when key people leave
8. I don't need to know my numbers
Doing business by guess work rather than tracking and learning from the results
9. Trusting people before testing them.
Hiring people who are not good fit for the jobs, giving them responsibility before checking their loyalty and expertise. Having no guidelines for them to work, The same applies to partners as well.
10. It happens to other people, it won't happen to me.
By not evaluating trends and failing to learn from other people's mistakes, the business owner is doomed to failure.
To receive the entire E-Book for FREE, please visit www.mbaxi.com or call Minesh at 248-828-2970
Minesh Baxi, a successful business coach, is based in Troy,MI and has had his own business for over 6 years and has taught numerous business owners how to succeed in this competitive marketplace.
He is also in the process of co-authoring 3 books:
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