Starting a business is daunting. Business planning is the key to success. Understanding the obstacles is the prelude to success.
So what are the obstacles to success ?
So to summarize what can go wrong I have made three categories.
This is Group A
- Emotional turbulence.
- Juggling too many roles.
- Increased competition
- Staffing problems
- Neglecting ones own health
- Not sleeping
- Failing to exercise
- Mood vulnerabilities
- Mania
- Depression
Now there is the Group B
- Lack of planning
- Lack of connections
- Inability to network
- Inability to manage money
Now there is group C.
- Lack of organization
- The entrepreneur is challenged with time management skills
- The prospect may lack manners, respect or effective communication skills to convey numbers. ( Calls me at 1130 pm with a bookkeeping problem or Sunday at all hours when I’m out with my family.
My top 10 solutions are
- Effectively build your network of professionals you can turn to in good times and bad. Let’s face it, we don’t always want to hear from colleagues when they need something.
- Be honest with yourself. Be humble and listen to advice from others who have been down the path you are on.
- Build your own team of core professionals that you can delegate to so you are not doing every single thing yourself – acknowledge its too much pressure to perform when its all you and only you
- Learn how to save money and budget effectively
- Learn what your bookkeeping is telling you – and use those numbers to plan a better future.
- Slow down. Think out your next move. Take the time to organize your thoughts
- Seek out the company of successful entrepreneurs . Learn from their mistakes
- Only grow to the point that you can continue to deliver an excellent product. Sudden expansion without the right staffing and infrastructure can only end badly.
- Relax . Take at least one day off a week. Take up racket ball if you have to OR adopt a dog or cat.
- Get QuickBooks. Delegate and relax.
