Entrepreneurs know that in order to create a corporation, mistakes must be minimized. The Wall Street Journal lists the most common errors made by new business owners and how to avoid the same traps.
While getting advice from other business owners is usually helpful, it can also bog down a company if it’s not done in moderation.
“It’s always good to get input from experts, especially experienced entrepreneurs who’ve built and sold successful companies in your industry,” writes Rosalind Resnick in the Wall Street Journal. “But getting too many people’s opinions can delay your decision so long that your company never gets out of the starting gate.”
The paper also warns against spending too many advertising dollars to gain customers. Instead, successful business owners test smaller marketing campaigns and then measure results before moving forward.
Finally, although hiring employees may be far in the future, the paper recommends including the expansion costs in the company’s financial plans, even from the beginning.
Once the time does come to expand, entrepreneur Paul Levering writes in Local Tech Wire that finding employees with a similar work ethic ensures that the vision for the company’s future is shared among all stakeholders.