Tips for the Budding Entrepreneur

If you long to become your own boss, you’re certainly not alone. Unfortunately, a huge percentage of startups fail in the first few years-some industries fare worse than others. According to a Forbes, 8 out of 10 new businesses fail in the first year. You may know the basics of what you’ll need to succeed (such as having a unique concept, adequate cash flow, and the protection of a comprehensive Orlando General Liability policy.) Here are some additional tips for the budding entrepreneur to increase your chances of beating the odds.

Know your weaknesses. It’s tempting to play the blame game when you encounter hurdles (and you’ll encounter many of them in the beginning.) Accept the fact that 90 percent of a business’s problems are managerial problems. When something goes wrong, look within and ask what changes you need to make.

Ask for help. If you’re unwilling to ask for help, you may protect your fragile ego but you will be undermining your business in a major way. No one knows it all and that includes you. Don’t wing it or pretend. Instead, align yourself with people with the skills and expertise you lack and call on them often.

Value your star employees. Even if you just have one or two employees, you hired them for a reason. Make sure they are challenged, motivated, appreciated, and adequately compensated. Great employees are any business’ most valuable asset.

Ditch the dead weight. On the other hand, if you hired an employee for a specific reason and he isn’t living up to your expectations, cut him loose. Employees with bad attitudes and who do their jobs reluctantly are like a cancer on a business.

Protect your property. You have locks on your doors and perhaps a security alarm to protect your physical property. Far more valuable and deserving of iron-clad protection is your intellectual property. Learn the differences between patents, trademarks, copyrights, and trade secrets. Then work with a professional to pursue the protections applicable to your startup. Your intellectual property is what gives you an edge over competitors.

Humility and the ability to hire and retain an outstanding team will go a long way toward growing from a budding entrepreneur to a successful entrepreneur. One team member you’ll need will be an expert insurance agent. You’ll find one at Newman Crane & Associates Insurance. When you’re ready to secure your business insurance, call us at (407) 859-3691.