Posts Tagged ‘small business administration office’
Being clear about why you want to be in business for yourself is absolutely critical to your success. If you go into it for the wrong reasons or with false expectations, you’ll most likely fail. Even if you don’t, you’re going to have a much harder time along the way.
Brian Head an economist for the Small Business Administration Office of Advocacy says the top three reasons most businesses fail are:
- Starting a business for the wrong reasons, such as having the illusion that it will instantly make you more money and have more time off.
- Poor Management.New business owners frequently lack relevant business experience and management expertise in finance, selling, hiring and managing employees.
- Insufficient Capital. Business owners frequently underestimate how much money is needed and how quickly they can establish positive cash flow.
When I looked at these 3 reasons, I truthfully didn’t think much of them. They made sense, but I didn’t think they were very relevant to me or my business.
BOY WAS I WRONG!
You see, I didn’t start my business for any of the reasons listed in #1. I started my business because I wanted to make a difference on a far larger scale than I could working for someone else. In addition, I was sick of working for other people, letting them determine how much I was worth, controlling my time and a good part of my life.
I was truly under the illusion that I would make tons of money quicker, could work a great deal less and have a much easier time of it.
Once again, I was wrong on all counts. None of that happened. In fact, the opposite happened. I have worked harder, longer and for less pay than I would have made working for someone else. I also made myself very, very sick and was on track to having a heart attack.
I share that with you so that you can learn from my mistakes, bypass them and shorten your learning curve dramatically.
So here are some things for you to consider.
1. Why do you want to go into business or why did you originally go into business?
2. What were your hopes, dreams, aspirations? Be honest with yourself. Are you on track or have you been stumbling, fumbling, and bumbling your way through?
3. Is the business you’re in truly fulfilling?
4. Are your expectations being met?
5. Are you making the money you thought you’d be making? If not, why not?
6. Is your time your own, or are you a slave to your business?
The point is, you have to know what you want to get out of your business and make sure that your business is providing that for you. If it’s not, then take whatever action is necessary to make it happen.