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What our members have to say...
"Well, you do not get any more sceptical than me, especially after being 'burnt' by a couple of fund finding pretenders as well as no responses from Business Angels of Melbourne Australia in over 6 months. But in just the time it took to approve my posting and send the confirming email to me, I had 2 replies from interested parties in what I have to invest in and be a part of. The fees are also pretty reasonable and if the responses are genuine and or ongoing then the money is 'cheep at twice the price! "
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Dean Richardson - PNG Alluvial |
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Entrepreneurs Top Error: Underestimating Monthly Expenses
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It's not breaking small business news to hear that, when first starting out owners, are bound to make mistakes, forget important lessons or overestimate the resources they have.
A recent survey from Hiscox USA polled small business owners, asking them to share their biggest mistakes. The No. 1 error new entrepreneurs make is underestimating monthly expenses (32 percent). Hiring the wrong people, not knowing to market or sell a product and failing to secure enough financing garnered 20 percent, 18 percent and 18 percent of respondents votes, respectively.
"Any professional starting their own business ... has a very clear vision of the service and value they will bring to their client base," said Kevin Kerridge, small business insurance expert from Hiscox USA. "But, if you don't plan for the basic essentials of running a business ... you could be very quickly going back to being an employee."
In September, the Wall Street Journal asked entrepreneurs to answer a similar question, with mistakes including "Overpaying for customers," "Raising too little capital" and, conversely, "Raising too much capital." |
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