5 Entrepreneurial Lessons from 2011
With the current state of the economy and the ever-increasing influence of social networking on those who are self employed, finding your niche as an entrepreneur can be more elusive than ever. Take a look at some things we learned in 2011 and see how they can be incorporated into our plans for the coming year.
- Failing to make adequate use of social networking
Simply having a cookie cutter website and a lackluster Facebook profile are not enough. Actively engaging with customers will build rapport and posting interesting content that relates specifically to your industry is a must.
- Spreading yourself too thin
Wanting things done in a certain way is usually an earmark of a boss, but there are things that can be done by an employee while the business owner focuses on taking the entrepreneurial initiative. Anyone can ring out customers, but organizing sales and community outreach events will pack a bigger financial punch in the long run and need to be prioritized.
Not having enough cash on hand to pay employees or pay accounts receivable is a huge mistake and can be avoided by managing your expenses with a fine toothed comb. Making sure your utilities and business insurance are paid so you can keep your doors open will certainly affect your future success.
- Becoming too comfortable
Stagnation in business is never a good thing. You must constantly be moving forward because if you don't innovate, you can be sure your competitor will.
- Hiring the wrong people
Having trustworthy and competent employees is absolutely essential. Many business owners are pressured into giving a title to a friend or family member, who then wreaks absolute havoc. An apathetic employee does so much harm that if left too long unchecked, can be very difficult to recover from.
Fortunately, many of these mistakes can be corrected if caught in time. Make sure you have enough operating expenses and that your business insurance is current. Going to BusinessInsurance.org will let you know if your coverage is adequate or if you are paying too much.
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