Mistakes New Business Owners Should Avoid

Starting a new business can be downright scary. CEOs need to be involved in every aspect of their business, from finance to product design to marketing. New businesses aren’t expected to succeed (80% fail within the first two years) so it’s important that you do everything you can in order to beat those odds.

Here are 5 things that you need to avoid in order to have a greater chance of succeeding:

1. Be Open Minded
Good leaders have the ability to admit they are wrong. Refusing to listen to other ideas because you’re the boss is a great way to have an unsuccessful business.

2. Have a personalized approach to each individual.
In order to properly manage people, you need to personalize your approach to each individual. Adapting your style can improve your employee’s performance.

3. Hiring the right people
As a small business, one person can have a significant impact. Put emphasis on hiring the right person.

4. Know your weaknesses
Know what you’re good at and what you aren’t. Then hire people who can help you with your weak points.

5. Do Some Planning
Having a good basis and foundation is important – you need something to build on.

You’re not a large company yet, so don’t act like it. Having a strategy is essential and can help keep you from joining that failed start-up statistic.

Original Source: Entrepreneur.com

Posted in Marketing.