Women's Business Blog

Entrepreneur's Tip of the Week: Top 3 Traps

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Every entrepreneur believes that (s)he has what it takes to get a small business up and running. I suggest that before you get started you asked yourself the following questions - Yes or No. Check out the 2-Minute Isenberg Entrepreneur Test 

Now that you have taken the test, and hopefully answered all 20 questions with a resounding YES you have discovered you truly are entrepreneur material.

Of course, an entrepreneur must realize that experts are required almost from the beginning. A lawyer, an accountant and a banker are typically the team an entrepreneur wants to put together before actually opening the business.

Trap #1: Don't hire a family member to help in one of these most important roles! You need someone who will challenge you and your ideas and work on behalf of your business as well as you. This someone needs to be paid at the going rate and shouldn't be trading stories at the Thanksgiving dinner table.

Most small businesses eventually require hiring help. It becomes necessary for the entrepreneur to interview people and find the right person for the job description created.

Trap #2:  Don't hire the person you interview who feels like your twin (two peas in a pod)! Remind yourself that you already have one of those in your office (YOU). What you are looking for is someone who brings a new perspective to the work and different qualities and skills that will help the business grow.

Now that you have your own business you'll find that you will be required to make non-stop decisions. Everything from what are the operating hours of the business, to what to purchase when and where, to what to do first or last during every day. And, these are the easy decisions. Bigger decisions such as what products or services to offer and how much or little to spend on marketing and more will occupy a major portion of your mind.

Trap #3: Making the wrong decision isn't what will hurt your business. Delaying a decision will! As an entrepreneur you must be prepared to act when necessary. There will be many forks in the road in your business and a decision to go right or left is your major responsibility. Every decision will have ramifications but can be re-evaluated if necessary. Opportunity rarely knocks twice and won't wait around for you to test the waters. Decision-making is what true entrepreneurship is all about.

Now that you know the top 3 traps every entrepreneur faces you are prepared for battle.

HIRE VICKI TO SPEAK AT YOUIR NEXT EVENT!