If you aren’t careful, you could sabotage your small business startup before it barely gets off the ground. It’s important to be accountable before your actions and behaviors if you want to be a successful small business startup owner. To be accountable, you need to know the things that could negatively affect the growth of your small business startup. According to Gallup, there are 9 different ways entrepreneurs contribute to the downfall of their small business startups. Out of the 9, I identified that were the most crucial to me–
- Lack of Good Customer Service – Focusing most of your effort on profitability and not enough of your effort on providing good customer service can land you in hot water. I understand that your bottom line (i.e. profitability) is important, however, without the customer, you won’t generate any revenue. Therefore for it’s important to make sure that the customer his happy if you want to meet your revenue and profitability goals.
- Being Unrealistic – High confidence and self esteem is good for entrepreneurs launching a small business startup. However, it’s also important to have realistic expectations. For example, I started my first business at 21 years old and thought I was going to have $50 million by the time I was 25. Needless to say, that didn’t happen. The point is that you can be successful, but set realistic goals and take action to make them happen. (FYI: Your goals should match the resources available to you).
- Trying To Do Too Much – Most entrepreneurs have 50 million bright ideas. If it’s one thing I’ve learned about being a business owner, its that focusing on too many is the quickest way to fail. Your best bet is focusing on one “brilliant idea” at a time. Make it successful and move on to something else once you are satisfied.