Recently, the Wall Street Journal posted an article on ten common mistakes an entrepreneur makes in starting a business. You can find the complete link at http://online.wsj.com/article/SB10001424052748703467004575463460389523660.html. On a similar line of thought, we recently invited some business experts to speak to clients about key relationships that businesses need to develop to insure success.
The Journal’s key points include things like not going it alone, asking too many people for advice, spending too much time on development and not enough on sales, targeting too small an audience, not having a way to get your products to market and overpaying for customers.
Both the Wall Street Journal’s authors and the business experts crossed a common theme at finances. The Wall Street Journal wrote about raising too much and too little capital. The experts spoke about having a good relationship with lenders in good times so you have a chance of them working with you in “not quite so good times.”
The critical theme is thinking through where you are going, how are you going to get there and when are you going to arrive. This is true whether you are Facebook and Google as behemoth intellectual behemoths, CSX or YRC as behemoth transport vehicle companies, Briess Industries as a top manufacturer or Ass-Kicking Art, one of the newest bloggers on Tumblr. Small business entrepreneurs can and should learn from each other as well as the big guys in the game. We all need to keep this in mind as we develop our business strategies. And yes, to give the Journal its appropriate credit, they covered this area as well. It’s called a business plan. Try having one. You may find you like it.
Good luck and good hunting.
The Fisher Law Office provides Estate Planning, Estate Administration, Wealth Planning, Business Law, Succession Planning, Asset Protection and Security Clearance advice to businesses and individuals in Annapolis, Arnold, Pasadena, Bowie, Glen Burnie, Severna Park, Edgewater, Baltimore, Columbia, Stevensville, Chestertown, Dunkirk, St. Mary’s City, Washington, D.C., BWI Airport, Anne Arundel County, Prince George’s County, Queen Anne County, Harford County, Talbot County, Calvert County, Baltimore County, Baltimore City. We can be reached by email at firstname.lastname@example.org or on the web at http://www.thefisherlawoffice.com.