Entrepreneur Andy Willoughby comments on USA Today article; 4 start-up mistakes you must avoid when starting up a business
I would like to share an article written by Steve Strauss, a USA Today columnist, about how to avoid early business failure.
4 Start Up Mistakes You Must Avoid
A: It is never fun to make a mistake in business, even if they are inevitable. And worse, mistakes are both more prevalent and more dangerous during the start-up phase of your business because your idea has yet to be fully cooked; the start-up period is, unfortunately, usually the ‘error’ part of a ‘trial and error’ phase for you business.
That said, even though mistakes are to be expected, they need not be crippling, or even negative. Not a few entrepreneurs have stumbled into success when they discover ways to make money in their business that they didn’t know were possible. For instance, Dr. Spencer Silver was trying to create a super sticky glue for his employer, 3M, when he mistakenly came up with an adhesive that was instead sort-of sticky. What to do with somewhat sticky glue? 3M created the Post-it note, that’s what.
So no, not all mistakes are bad mistakes.
But there are some mistakes that can and should be avoided as you start your business:
1. Taking on too much debt: Most entrepreneurs have to take on some debt to fund the dream. That is expected and fine. But you simply must 1) keep that indebtedness to a minimum, and 2) have a plan for paying it back from the get-go.
It will take a while for that new business to begin to generate revenue, and while that happens your debt load will increase due to interest. And the bigger it grows, the more it threatens the lifeblood of your business, your cash flow. Keep your debt low and get out from under as soon as possible.
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