Top Ten Reasons Small Businesses Fail, part nine: Closed MindOctober 27th, 2011 | Leadership,Small Business,Small Business Tips | No Comments »
It takes a lot of hard work, focus and persistence to launch a Small Business. Starting with an idea, and (perhaps) some skills, a plan is prepared, financing secured, details dealt with… and a business is born.
The problem is, in the time required to travel from concept to reality, too often Small Business enterpreneurs get stuck in the attitudes and assumptions adopted at the beginning of the journey.
Business plans and financial projections are usually developed long before the business is created. But during that time, demographics change, markets shift and economies worsen or improve. Since business plans and financial projections are rarely revisited (or consulted) during this period, Small Business entrepreneurs may find themselves operating based on inaccurate or outdated assumptions.
In addition… there are the basic human traits of pride and stubborness. Being confronted by the need to re-examine a business plan, or recalculate financial projections, there may be a tendency become defensive, resisting these suggestions, rejecting this well-intended advice as unwanted and unwarranted criticism.
It has often been said that success has a thousand parents, and failure is… umm, an orphan. While the expression implies that many people will take credit for a successful venture after the fact, in this case let us take it to mean that a successful Small Business entrepreneur will not hesitate to consult mentors, advisors and other experienced individuals to seek advice and guidance as they develop their venture from concept to reality.
Nearly every one you know may consider themselves experts on all manner of business-related topics, and even the few of them who actually are may be too familiar to you (or with you) for you to feel comfortable seeking their advice… or heeding their (many) unsolicited words of wisdom.
This doesn’t mean that you need to, or ought to, go it alone. There are many excellent sources of guidance and counsel – a few good places to start are listed below:
Small Business owners and operators, especially the “solopreneurs” and self-styled mavericks, will have a tendency to “Do it My Way“, in the words of the classic tune. While this may seem like a good idea intuitively, if you find yourself struggling to break even after more than a few years, the facts clearly indicate otherwise.
Don’t be afraid to seek advice. It doesn’t mean you’re wrong, or that you’ve failed. If we each knew all the answers, the economy wouldn’t have crashed in ’08, and I wouldn’t be writing this blog post. The fact is, half of all Small Business startups will fail within their first two years.
You obviously don’t want Your Small Business to fall within that statistic. So, as much as it may bruise your pride, remember to keep an open mind… or you may soon be faced with closing shop for the last time…
Series inspired by “Top Ten Reasons Why Small Businesses Fail” by: Connie Holt, E.A. email@example.com
The Henssler Financial Group Position Paper
© 2004 The Henssler Financial Group | www.henssler.com
- What’s the Best Advice You Can Give to Other Small Business Owners? (blogs.constantcontact.com)
- Advise the Advisor: Austan Goolsbee and Small Business (whitehouse.gov)
- The Best Laid Plans Often Go Awry. Are You Prepared? (blogs.constantcontact.com)
- You’re the Boss: This Week in Small Business: Peace, Love, and Misunderstanding (boss.blogs.nytimes.com)
- 5 Reasons A Listening Brand is Powerful: (smallbusinessbranding.com)