In my years working with entrepreneurs, I have seen many successes and failures. What’s interesting about the failures though is that the same mistakes seem to be made over and over again: the seven deadly small business sins. It also goes without saying that as a small business owner myself I’ve actually committed each and every one of these sins, sometimes several times and lived to tell the tale. But save yourselves, my fellow entrepreneurs, it’s not too late…
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I’: “sli ff’ "“, "‘ (" ‘ ‘ .4‘ . ' _, "' ‘‘ ii'‘l'‘'‘71 'i; ~~, ,:'= ' "" l»-. -:! :‘. . t f ”'1"‘i, ’j lb’-E7.---’l". j"ll ' . .,_(, ;i 1* 1‘; i_. 1,, ‘ 1.3 ‘W’ “I, ” Q‘ 1‘, Law g. 1.; ‘,4;-. _ _l‘» :5); -'. ~,/ ‘,1. 11.41 In the years that I have been working with entrepreneurs. I have seen many businesses succeed and I have seen many fail - often because of a combination of the issues discussed in this presentation. But don't think I'm sitting here high atop an Ivory Tower. chuckling cheerfully as I pass harsh judgment on the failures of others I am also a small business owner and at one time or another. I have committed EACH AND EVERY ONE of these "sins" and [luckily] lived to tell the tale. Hopefully these lessons will help you find success in your venture. And if I can be of assistance. just email me at erik@z-gc. com and I'll be happy to help : ] I . “
1 : ISOLATION So you
work at home. Alone. All day. So what? Cutting yourself off from the outside world can make you lose perspective. And sanity. Come out of your cave and take the opportunity to learn from others.
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yr ‘ ‘/ . . /1, I / / L7 Business ownership has a funny way of feeding the ego But honestly, none of us are that important. We run small. scrappy enterprises that we started for profit, not to make ourselves feel important. Don't tum your nose up at "the little people " ‘You‘re probably still one of them.
5) DELUSiON We can't have
sunshine and , g,: ,// rainbows every day. Sometimes things are hard; sometimes they are dismal. There's always room for optimism but there's nothing to be gained by fooling yourself. Be honest, admit that your business is in trouble and consider ways you might either alter your strategies for better success or “hunker down” to weather a difficult period. As long as you keep doing what you're doing though, expect the same results. I’
:52. 4.. Precognition You don’t
put all your eggs in one basket, you don’t count your chickens before they hatch and — for the love of everything good — you didn’t make the sale until the money is actually in your hands. Don’t pass on good opportunities because of big projects that haven’t REALLY sold yet or spend funds before you have them. To paraphrase the great Yogi Berra, “It ain’t sold until it’s sold. ”
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--. I . KI —"'—’ J. ‘ %— ‘.4. So you're just going about your business when — out of nowhere — comes an INCREDIBLE opportunity. It seems foolproof, too good to be true, a cash cow. It's just a little bit outside your core competency and it won't take much time or money to get it going. So what's the harm? As an entrepreneur, you will be CONSTANTLY inundated with new ideas and opportunities. But which are the right ones? You need to be very choosy. Any investment in time or money carries an opportunity cost to your core business — and your side project will likely require signiﬁcantly more resources to start than you ever expected. You might temper your sales projections with a little reality as well.
This handsome fellow will poop
where he eats and then happily roll around in it for half an hour. That doesn't really make him stupid, just a bit shortsighted. It's only natural to want to take a valued partner, client or vendor and try to forge a personal friendship or invite them to join you in an exciting new venture. But it’s difficult to expand a professional relationship without forever changing what you had before. There’s nothing wrong with leveraging your relationships, but be mindful of appropriate boundaries.
In your new line ot’
work, you will be called upon to learn all kinds oi’ new stuff’ that you have never done or experienced before. Take it seriously and have the attitude that NONE of it is over your head. The more you know the better your Chances of success. How would you teel if you failed because ox° that web thingy or warehouse do-dad you were ‘too busy. to learn about?