Don’t make these common mistakes when starting a business

Becoming an entrepreneur is an exciting undertaking, but it can be difficult to get your new company off the ground — even with a great business idea. About 18% of startups won’t make it through their first year, and only 50% will last beyond five, according to Bureau of Labor Statistics data.Becoming an entrepreneur is an exciting undertaking, but it can be difficult to get your new company off the ground — even with a great business idea.

“At the start, I didn’t realize exactly what running a business entailed,” said Haley Slade, CEO of Slade Copy House, in an email. “Not having a solid business plan and ‘shooting from the hip’” — a mistake Slade often sees other new business owners make as well — meant later having to “backtrack to do things properly,” she said.

To help business owners set themselves up for success, one of the first things to think about is “establishing what we call great financial hygiene,” says Hannah Shr, senior program manager at ICA Fund, a small-business accelerator based in California. Related: ‘I thought my business was done’: How the SVB collapse impacted one small business CEO and how he will manage cash in the future

Here are the three most common mistakes new entrepreneurs make and what you can do instead to set yourself up for success.

Brasil Últimas Notícias, Brasil Manchetes

Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.

Sponsored: JPMorgan Chase to Celebrate D.C. Business Owners During National Small Business WeekSponsored: Chase for Business is hosting a series of events for local business owners throughout National Small Business Week. Events kick off May 1 at Chase's Community Center branch at Skyland Town Center. Learn more here:
Fonte: DCist - 🏆 518. / 51 Consulte Mais informação »

Elizabeth Holmes delays start of prison sentence with last-minute appeal | CNN BusinessElizabeth Holmes won't be starting her 11-year prison sentence just yet.
Fonte: CNN - 🏆 4. / 95 Consulte Mais informação »

Wendy's will start selling canned chili in grocery stores | CNN BusinessWendy's famous chili is typically sold hot at its restaurants. Soon, Wendy's will sell its chili in canned form at grocery stores.
Fonte: CNN - 🏆 4. / 95 Consulte Mais informação »

First Republic stocks drops nearly 50% after plunge in deposits | CNN BusinessFirst Republic stock plunged by nearly 50% at the close of trading on Tuesday, hitting a new record low after the embattled lender reported late Monday that its total deposits fell 41% in the first quarter, to $104.5 billion, even after a consortium of banks stepped in with $30 billion to prevent the regional lender from failing. Without that cash infusion, deposits would have fallen by over 50%.
Fonte: CNN - 🏆 4. / 95 Consulte Mais informação »

UK blocks Microsoft takeover of Activision Blizzard | CNN BusinessThe UK antitrust regulator has blocked Microsoft's $69 billion purchase of Activision Blizzard, thwarting one of the tech industry's biggest deals over concerns that it will stifle competition in the market for cloud gaming.
Fonte: cnni - 🏆 326. / 59 Consulte Mais informação »