Hey guys, Pawnina here! We’re ending the first month of January with so much to look forward to, maybe, even starting your own business this year or getting an investment as well just might do!
Speaking of business, if you’re considering packing up your 9-5 jobs for an entrepreneurial lifestyle as a start this 2017, then great for you!
But before you make such a bold move, heed this list of bad business habits first. As a soon-to-be young entrepreneur, you ought to know what to avoid and what to work on to make the capital a worthwhile investment.
1) “Analysis Paralysis”
With an eager motivation to start the business, it is most likely you will encounter Analysis Paralysis. This is a state of over analyzing or over thinking. Because of this, a situation or decision sometimes. When you overthink of an idea and it takes time to start it, others may be ahead of you. You don’t want that. To keep from over thinking, start writing down to clear your mind and plan where to start making an action.
2) Failing to dream big.
At the start, your baby investment will get a lot of attention. On the course of time, the attention would not sustain. But don’t worry, it is normal for young businesses to get a head start. If you fail to dream big early, then you just limit yourself and your business’ capability. Know that you’re business is still in the seed phase and start-up phase where you will have to overcome the challenge of market acceptance and need to learn what profitable needs your clients have and do a reality check to see if your business is on the right track.
3) Taking your business money for personal use.
This is a common mistake. While you have all the right to meddle your business, know that you should keep your business and personal finances separate especially if you are starting out.They should not mix. You want to make your business an entity. By doing this, you will have a clear view of how money goes in and out of your business. This will also make your business professional and important to banks. Plus, you will have no problem filing business taxes.
4) Megalomania-like perception.
Megalomania is a symptom of mental illness marked by delusions of greatness, wealth, and an obsession with doing extravagant or grand things. There are instances where young business owners tend to feel comfortable overspending their business earnings instead of saving it. They forgot to consider that while the business is at a growth cycle, it will also get to a recession phase. Failing to recognize the importance of savings can eventually close down the biz.
5) Lack of USP!
A USP is your unique selling proposition. If the market is a pure competition where businesses almost seem alike and competition is stiff, why think of a USP. Base your business around it, you are offering your products and services to the market, now what makes yours any different from the rest?
6) Careless accounting processes.
You don’t have to be an accountant graduate to do this. But you should know the basics of keeping a logistics and record sales. If you are a young entrepreneur who doesn’t know how to manage business money, then enroll yourself in a seminar or short course. You’ll learn the basics.
7) Misappropriation of resources.
Your resource is not only money but also time, manpower idea, equipment, etc.Note that time is the biggest resource available. Now, with the idea of being your own boss, you tend to slack off a bit. That’s not a problem, we all face slacking off, but your young business needs all the care and attention it needs to grow.
An entrepreneur crunches an average of 80 hours a week. You have 168 hours in a week. Plus, keep in mind that 10 PM to 2 AM are the hours that will make you rich.
8) Mishandling of manpower.
Remember that talent is your greatest resource. By seeing them as a tool and forgetting about the human factor, the tenure of your company can only last as long as your loyal employees. So, treat your employees well and they’ll treat your business and you as the owner with respect.
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