CNN Money’s article 5 deadly mistakes when starting a business puts reasons for failure as follows:
- Too little cash
- Thinking small
- Skimping on tech
- Underestimating the importance of sales
- Losing focus
How many professional accountants can truthfully say they are qualified to address all the issues CNN identifies? Sales in particular is an issue that doesn’t sit well with professional accountants but every time you undertake work for clients, like it or not, you’re selling. If you can’t provide answers to all these questions do you know people who can?
Above everything though, understand that if you struggle with enunciating answers, imagine how tough it is for a startup entrepreneur to successfully negotiate business roadblocks? I sometimes wonder how many partners really know what it’s like to bring a fresh idea to market as a good or service? Here are my answers for my business:
- Got to be prepared to carry at least 3 months startup costs and preferably 6 months
- My audience is global, maintaining and growing that is central to this site because the issues experienced by practitioners are reflected in other parts of the world
- No danger there – I’ve probably got too much technology on occasion
- Monetizing the ideas I have is my biggest pre-occupation outside content delivery. Some things are working, others not but there is enough opportunity for me to develop new sales ideas.
- It happens – I sometimes stray miles away from what I hope this blog offers. But I’m fortunate that people who come here tell me when I’m losing the plot and help me get back on track.