How to Succeed in Your First Year of BusinessMindy Schultz | January 31st, 2011
Always wanted to start your own company, and become successful but never known how? Well, hopefully with the help of the article, How to Swim, Not Sink, in First Year of Business, you can learn how to do just that!
Throughout her article, author Susan Schreter gives us a run down of why she believes many promising start-up companies fail or succeed in their first years of business. For starters, a key factor that determines a start-up business’s outcome is how fast the entrepreneur adjusts to their new power role as business owner.
It takes more than just “liking” what you do; rather how well you can manage your overall business and make money – it takes more than just having passion for what you do.
Schreter also says assuming that starting a company involves the freedom to do “what you want, whenever you want” is another high risk of business failure. Success involves extreme focus, decision-making, and not managerial spontaneity.
The article also lists three tips to help entrepreneurs make the mental shift from salaried employment to money-making self-employment.
- Pay attention to cash. Your top priority as the business owner is to ensure there is enough cash flowing to operate. That means taking on all money problems and issues and taking full ownership of financial projections.
- Plan to achieve. To run a successful company, the entrepreneur needs to do more than hope to succeed – rather plan to. Set goals and then set out practical day-to-day strategies that can actually be executed. Do whatever it takes to see your goals carried out.
- Get help. As the boss of your new business, you are not expected to know all the right answers. If this is your first time starting your own business, it is expected that you will make all different kinds of mistakes, costly ones included. Find people with similar businesses who have already gone through similar situations that you are currently going through. Since every mistake is a cost straight out of your own pocket now, don’t make unclear decisions when there are other entrepreneurs out there who can help.
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About the Author: Mindy Schultz is a recent college graduate from Indiana University. Aside from looking for a full-time position in Journalism or Communications, Mindy spends her time writing for SixDegreesofZR.com and is a part-time employee at the University of Houston acting as a TA for a professor. She is best known for her bubbly personality, sweet nature, and dedication to work. Mindy holds a BAJ in Journalism from Indiana University as well as a Certificate in Business.