We love entrepreneurial thinking and startup business ideas. It’s the American Dream. If you’re one of those creative types itching to get out of the regimentation of traditional schooling spread your wings, we say ? beware! Not because starting your own business is a bad idea, but because sneak attack factors can derail your grand plans faster than we can say, ?I told you so.?
Here are a few dangers in particular.
1.Family Concerns ? Like it or not, the whole family is going to be involved in your business venture to one extent or another. Keep them in the loop. Let them help if they want. Lay out beforehand the time drain and sacrifices that you will have to make, especially in the early days. This should help nip the ?I didn’t know it was going to take THIS much time? whining in the bud.
2.Isolation ? When burning the startup candle at both ends, it’s easy to let business and personal relationships suffer. Remember there is a world outside your eternally churning brain. Take time out to participate in it every once in while. And don’t let your networking skills lie fallow. Networking could turn out to be the make it or break it factor in your venture.
3.Don’t network too much ? Having just said you need to maintain your business network relationships, that doesn’t entail hitting the golf links every sunny afternoon at 2 pm with a friend. It’s easy to murder productivity. There will be time for that later, after the business is up and running and you hire a competent manager. Then go golfing all you want.
There are, of course, other spots of quicksand to be wary of along the way. Ultimately, it comes down to the fact that a new business needs time, attention, and loving care. Don’t abandon it to the vagaries of the world too soon or you might kill it.
Now get out there and start something!
The Young Wealth Team
Flickr / Cayusa