Learning by Other’s Mistakes: Things Every New Entrepreneur Should Avoid

Most businesses fail inside of 10 years. It’s a sobering statistic, with 71 per cent of companies failing by year 10. The hardest hit industries are in information and transportation, with just 37 percent and 45 percent, respectively, remaining in business after 4 years. Here’s how to avoid becoming another statistic.

Don’t Hire Unqualified Employees

When you’re first starting out, it’s tempting to want to take on extra help. In fact, in many cases, this can be a good thing. Too many entrepreneurs like to tackle everything themselves. There’s something romantic about building your own business all by yourself.

But, when the time comes to hire people, a lot of business owners turn to friends, family, and other people who might not necessarily be qualified, even if they seem like decent folks. Also, don’t hire the lowest wage worker. There are plenty of people willing to take a job for a low wage these days, but not all of them are qualified.

Talk with experienced entrepreneurs about the level of skill needed for the job you’re hiring for, as well as the market rate for such talent.

Work With Someone

Don’t be afraid to work with a co-founder, especially if this is your first business. Find someone who has done it before, made mistakes, and come out on the other side, healthy and profitable. Those people will help you avoid a lot of the mistakes that most new business owners make. And, the experience will be invaluable.

Imagine not having to make mistakes about your corporate structure, taxes, and payroll or hiring mistakes. Being in business is already risky enough. Let someone else show you how to get around the administrative and legal hassles that all companies face.

Don’t Forget Payments

You need a way to take payments. Many businesses don’t think enough about this issue because they take credit cards for granted or they themselves pay cash for most things. But, many consumers use debit cards and credit cards and, for those transactions, you’ll need a good merchant services provider.

You can find them through sites like www.merchantservicesuk.co.uk, but just make sure you understand all of the terms and conditions of the contract before you sign.

Don’t Be A Patent Troll or Intellectual Property Snob

Entrepreneurs are “idea people.” That’s what makes their business so cool – they have a killer idea that they think they can make money with. But, in the process, they get “lawyered up,” and they lose sight of what makes ideas saleable.

Lawyers love the idea of patents and trademarks and, while there is a place for them, you shouldn’t get so wrapped up in them that you can’t (or don’t) share those wonderful ideas with other people. Ideas are a dime a dozen, really.

Most people, even successful people, won’t steal them from you for two simple reasons:

1)       They’re too lazy to follow through or;

2)       They don’t have the money or drive to see it through to completion like you do.

Outsource

Finally, don’t forget that you don’t have to hire a staff (that gets expensive). You can always outsource labour to third-party freelancing websites or to incorporated vendors. Don’t try to do everything yourself. In general, you can outsource menial administrative tasks and bookkeeping to other people while you focus on the money-making activities.

Joanne Andrews is a business consultant. She enjoys writing about the business world on the web. Look for her articles on many business and entrepreneurial sites.

138 Responses to Learning by Other’s Mistakes: Things Every New Entrepreneur Should Avoid
  1. Odessa Denizcilik Üniversitesi
    July 13, 2018 | 7:58 pm

    It as difficult to find well-informed people for this topic, but you sound like you know what you are talking about! Thanks

  2. buy kamagra oral jelly
    July 14, 2018 | 12:21 am

    When are you going to post again? You really entertain a lot of people!

  3. building services
    July 14, 2018 | 4:45 am

    It’а†s in point of fact a nice and useful piece of info. I’а†m happy that you just shared this useful information with us. Please stay us informed like this. Thank you for sharing.

  4. comprar cialis generico
    July 14, 2018 | 9:04 am

    You made some nice points there. I did a search on the subject matter and found most guys will agree with your website.

  5. precio cialis
    July 14, 2018 | 1:20 pm

    Thanks for the blog post.Thanks Again. Keep writing.

  6. viagra générique
    July 14, 2018 | 5:37 pm

    This site was how do I say it? Relevant!! Finally I ave found something which helped me. Many thanks!

  7. buy generic valdoxan
    July 14, 2018 | 9:56 pm

    This is my first time go to see at here and i am really impressed to read all at single place.

  8. ultius review
    July 15, 2018 | 10:58 am

    This very blog is no doubt entertaining as well as diverting. I have picked helluva handy advices out of this blog. I ad love to go back again soon. Thanks a lot!

  9. Just desire to say your article is as surprising.

  10. cvv dumps review
    July 15, 2018 | 7:42 pm

    you will have an amazing weblog here! would you wish to make some invite posts on my weblog?

  11. flyttfirma stockholm
    July 16, 2018 | 12:11 am

    Wonderful, what a webpage it is! This website gives useful information to us, keep it up.

  12. vat calculator for sellers
    July 16, 2018 | 4:44 am

    Just desire to say your article is as surprising.

  13. fifa 55
    July 16, 2018 | 6:50 am

    Thanks a lot for the blog post.Thanks Again.

  14. leh ladakh trip
    July 16, 2018 | 9:37 am

    This is my first time go to see at here and i am really happy to read everthing at alone place.|

  15. gokkasten
    July 16, 2018 | 9:45 am

    You completed a few nice points there. I did a search on the theme and found the majority of people will consent with your blog.

  16. los angeles moving companies
    July 16, 2018 | 12:19 pm

    Thanks so much for the blog article.Thanks Again. Really Cool.

  17. concrete stairs cost
    July 16, 2018 | 3:57 pm

    Nice post. I learn something new and challenging on blogs I stumbleupon everyday. It will always be exciting to read through content from other authors and practice something from their web sites.

  18. penzu site
    July 16, 2018 | 5:44 pm

    I value the article post.Thanks Again. Awesome.

  19. Viagra Canada mastercard
    July 16, 2018 | 8:49 pm

    It seems too complicated and extremely broad for me.

  20. Thank you Eric, Thanks for those templates.

  21. www.prospernoah.com
    July 17, 2018 | 1:39 pm

    What as up i am kavin, its my first occasion to commenting anywhere, when i read this paragraph i thought i could also make comment due to this sensible piece of writing.

  22. this website
    July 17, 2018 | 4:56 pm

    Major thanks for the blog.Really looking forward to read more. Fantastic.

  23. online counselling
    July 17, 2018 | 8:23 pm

    I?d should verify with you here. Which is not something I often do! I take pleasure in reading a publish that may make individuals think. Also, thanks for allowing me to comment!

  24. tadalafil
    July 18, 2018 | 8:16 am

    I really liked your article.Really thank you! Want more.

  25. EZ Battery Reconditioning Reviews
    July 18, 2018 | 10:49 am

    visit the website What is a good free blogging website that I can respond to blogs and others will respond to me?

  26. https://www.contimusic.com
    July 18, 2018 | 1:26 pm

    There is clearly a bunch to know about this. I suppose you made some nice points in features also.

  27. home inspection
    July 18, 2018 | 8:08 pm

    Thankyou for this wonderful post, I am glad I detected this site on yahoo.

  28. Well, I don at know if that as going to work for me, but definitely worked for you! Excellent post!

  29. Freedom
    July 19, 2018 | 5:50 am

    I truly appreciate this article post.Much thanks again. Awesome.

  30. sheer top
    July 19, 2018 | 8:31 am

    Wow! This could be one particular of the most useful blogs We ave ever arrive across on this subject. Actually Fantastic. I am also an expert in this topic so I can understand your hard work.

  31. to learn more
    July 19, 2018 | 11:47 am

    Real nice post, i hope you keep posting stuffs like this, thumbs up.

  32. for more information
    July 19, 2018 | 2:26 pm

    Normally I don at learn article on blogs, but I would like to say that this write-up very forced me to check out and do so! Your writing style has been surprised me. Thanks, very great article.

  33. It as an awesome piece of writing in favor of all the internet users;

  34. I recommend them for sure What type of images am I аАа’аАТ‚аЂТ˜legally a allowed to include in my blog posts?

  35. thiết kế biệt thự
    July 19, 2018 | 10:23 pm

    Only wanna state that this is very useful , Thanks for taking your time to write this.

  36. mega seo
    July 20, 2018 | 1:03 am

    The sector hopes for more passionate writers such as you who aren at afraid to say how they believe. At all times follow your heart.

  37. #health
    July 20, 2018 | 3:42 am

    Please let me know if you are looking for a article writer for your site. You have some really great posts and I feel I would be a good asset. If you ever want to take some of the load off, I ad love

  38. SEO
    July 20, 2018 | 6:23 am

    This blog is obviously educating and also factual. I have discovered helluva useful stuff out of this blog. I ad love to go back every once in a while. Cheers!

Leave a Reply


Wanting to leave an <em>phasis on your comment?

Trackback URL http://mynextbuck.com/learning-by-others-mistakes-things-every-new-entrepreneur-should-avoid/trackback/

Learning by Other’s Mistakes: Things Every New Entrepreneur Should Avoid

Most businesses fail inside of 10 years. It’s a sobering statistic, with 71 per cent of companies failing by year 10. The hardest hit industries are in information and transportation, with just 37 percent and 45 percent, respectively, remaining in business after 4 years. Here’s how to avoid becoming another statistic.

Don’t Hire Unqualified Employees

When you’re first starting out, it’s tempting to want to take on extra help. In fact, in many cases, this can be a good thing. Too many entrepreneurs like to tackle everything themselves. There’s something romantic about building your own business all by yourself.

But, when the time comes to hire people, a lot of business owners turn to friends, family, and other people who might not necessarily be qualified, even if they seem like decent folks. Also, don’t hire the lowest wage worker. There are plenty of people willing to take a job for a low wage these days, but not all of them are qualified.

Talk with experienced entrepreneurs about the level of skill needed for the job you’re hiring for, as well as the market rate for such talent.

Work With Someone

Don’t be afraid to work with a co-founder, especially if this is your first business. Find someone who has done it before, made mistakes, and come out on the other side, healthy and profitable. Those people will help you avoid a lot of the mistakes that most new business owners make. And, the experience will be invaluable.

Imagine not having to make mistakes about your corporate structure, taxes, and payroll or hiring mistakes. Being in business is already risky enough. Let someone else show you how to get around the administrative and legal hassles that all companies face.

Don’t Forget Payments

You need a way to take payments. Many businesses don’t think enough about this issue because they take credit cards for granted or they themselves pay cash for most things. But, many consumers use debit cards and credit cards and, for those transactions, you’ll need a good merchant services provider.

You can find them through sites like www.merchantservicesuk.co.uk, but just make sure you understand all of the terms and conditions of the contract before you sign.

Don’t Be A Patent Troll or Intellectual Property Snob

Entrepreneurs are “idea people.” That’s what makes their business so cool – they have a killer idea that they think they can make money with. But, in the process, they get “lawyered up,” and they lose sight of what makes ideas saleable.

Lawyers love the idea of patents and trademarks and, while there is a place for them, you shouldn’t get so wrapped up in them that you can’t (or don’t) share those wonderful ideas with other people. Ideas are a dime a dozen, really.

Most people, even successful people, won’t steal them from you for two simple reasons:

1)       They’re too lazy to follow through or;

2)       They don’t have the money or drive to see it through to completion like you do.

Outsource

Finally, don’t forget that you don’t have to hire a staff (that gets expensive). You can always outsource labour to third-party freelancing websites or to incorporated vendors. Don’t try to do everything yourself. In general, you can outsource menial administrative tasks and bookkeeping to other people while you focus on the money-making activities.

Joanne Andrews is a business consultant. She enjoys writing about the business world on the web. Look for her articles on many business and entrepreneurial sites.

138 Responses to Learning by Other’s Mistakes: Things Every New Entrepreneur Should Avoid
  1. Odessa Denizcilik Üniversitesi
    July 13, 2018 | 7:58 pm

    It as difficult to find well-informed people for this topic, but you sound like you know what you are talking about! Thanks

  2. buy kamagra oral jelly
    July 14, 2018 | 12:21 am

    When are you going to post again? You really entertain a lot of people!

  3. building services
    July 14, 2018 | 4:45 am

    It’а†s in point of fact a nice and useful piece of info. I’а†m happy that you just shared this useful information with us. Please stay us informed like this. Thank you for sharing.

  4. comprar cialis generico
    July 14, 2018 | 9:04 am

    You made some nice points there. I did a search on the subject matter and found most guys will agree with your website.

  5. precio cialis
    July 14, 2018 | 1:20 pm

    Thanks for the blog post.Thanks Again. Keep writing.

  6. viagra générique
    July 14, 2018 | 5:37 pm

    This site was how do I say it? Relevant!! Finally I ave found something which helped me. Many thanks!

  7. buy generic valdoxan
    July 14, 2018 | 9:56 pm

    This is my first time go to see at here and i am really impressed to read all at single place.

  8. ultius review
    July 15, 2018 | 10:58 am

    This very blog is no doubt entertaining as well as diverting. I have picked helluva handy advices out of this blog. I ad love to go back again soon. Thanks a lot!

  9. Just desire to say your article is as surprising.

  10. cvv dumps review
    July 15, 2018 | 7:42 pm

    you will have an amazing weblog here! would you wish to make some invite posts on my weblog?

  11. flyttfirma stockholm
    July 16, 2018 | 12:11 am

    Wonderful, what a webpage it is! This website gives useful information to us, keep it up.

  12. vat calculator for sellers
    July 16, 2018 | 4:44 am

    Just desire to say your article is as surprising.

  13. fifa 55
    July 16, 2018 | 6:50 am

    Thanks a lot for the blog post.Thanks Again.

  14. leh ladakh trip
    July 16, 2018 | 9:37 am

    This is my first time go to see at here and i am really happy to read everthing at alone place.|

  15. gokkasten
    July 16, 2018 | 9:45 am

    You completed a few nice points there. I did a search on the theme and found the majority of people will consent with your blog.

  16. los angeles moving companies
    July 16, 2018 | 12:19 pm

    Thanks so much for the blog article.Thanks Again. Really Cool.

  17. concrete stairs cost
    July 16, 2018 | 3:57 pm

    Nice post. I learn something new and challenging on blogs I stumbleupon everyday. It will always be exciting to read through content from other authors and practice something from their web sites.

  18. penzu site
    July 16, 2018 | 5:44 pm

    I value the article post.Thanks Again. Awesome.

  19. Viagra Canada mastercard
    July 16, 2018 | 8:49 pm

    It seems too complicated and extremely broad for me.

  20. Thank you Eric, Thanks for those templates.

  21. www.prospernoah.com
    July 17, 2018 | 1:39 pm

    What as up i am kavin, its my first occasion to commenting anywhere, when i read this paragraph i thought i could also make comment due to this sensible piece of writing.

  22. this website
    July 17, 2018 | 4:56 pm

    Major thanks for the blog.Really looking forward to read more. Fantastic.

  23. online counselling
    July 17, 2018 | 8:23 pm

    I?d should verify with you here. Which is not something I often do! I take pleasure in reading a publish that may make individuals think. Also, thanks for allowing me to comment!

  24. tadalafil
    July 18, 2018 | 8:16 am

    I really liked your article.Really thank you! Want more.

  25. EZ Battery Reconditioning Reviews
    July 18, 2018 | 10:49 am

    visit the website What is a good free blogging website that I can respond to blogs and others will respond to me?

  26. https://www.contimusic.com
    July 18, 2018 | 1:26 pm

    There is clearly a bunch to know about this. I suppose you made some nice points in features also.

  27. home inspection
    July 18, 2018 | 8:08 pm

    Thankyou for this wonderful post, I am glad I detected this site on yahoo.

  28. Well, I don at know if that as going to work for me, but definitely worked for you! Excellent post!

  29. Freedom
    July 19, 2018 | 5:50 am

    I truly appreciate this article post.Much thanks again. Awesome.

  30. sheer top
    July 19, 2018 | 8:31 am

    Wow! This could be one particular of the most useful blogs We ave ever arrive across on this subject. Actually Fantastic. I am also an expert in this topic so I can understand your hard work.

  31. to learn more
    July 19, 2018 | 11:47 am

    Real nice post, i hope you keep posting stuffs like this, thumbs up.

  32. for more information
    July 19, 2018 | 2:26 pm

    Normally I don at learn article on blogs, but I would like to say that this write-up very forced me to check out and do so! Your writing style has been surprised me. Thanks, very great article.

  33. It as an awesome piece of writing in favor of all the internet users;

  34. I recommend them for sure What type of images am I аАа’аАТ‚аЂТ˜legally a allowed to include in my blog posts?

  35. thiết kế biệt thự
    July 19, 2018 | 10:23 pm

    Only wanna state that this is very useful , Thanks for taking your time to write this.

  36. mega seo
    July 20, 2018 | 1:03 am

    The sector hopes for more passionate writers such as you who aren at afraid to say how they believe. At all times follow your heart.

  37. #health
    July 20, 2018 | 3:42 am

    Please let me know if you are looking for a article writer for your site. You have some really great posts and I feel I would be a good asset. If you ever want to take some of the load off, I ad love

  38. SEO
    July 20, 2018 | 6:23 am

    This blog is obviously educating and also factual. I have discovered helluva useful stuff out of this blog. I ad love to go back every once in a while. Cheers!

Leave a Reply


Wanting to leave an <em>phasis on your comment?

Trackback URL http://mynextbuck.com/learning-by-others-mistakes-things-every-new-entrepreneur-should-avoid/trackback/