Silentman's Blog

Congressman Udall is going to be paying Gallup and the SBDC a visit between house sessions on December 16. Appararently, he does this every year. It's only an hour-long breakfast. We are going to be inviting our clients who are in business. It will be cool to have the ear of a ranking member of the U.S. House of Representative's Small Business Committee even for an hour.

But, why does it have to be at 8:00 in the morning.

This is not an SBDC-sanctioned site. The content on this site does not reflect the opinion of the SBDC.

posted by Silentman, Henry C. @ 17:42 hours MT(GMT-7)

Tips to Lower Risks of Failure for Start-Up Businesses

Get experience in management and in the business you plan to start. Take an accounting course to brush up on business fundamentals and make sure you have experiences to have the best product and service possible. The best way to get experience is to work for someone, at first.

Follow your strengths and interests. You will have much better chance for success if your business centers around what you like to do and what you are good at. Plus, you are happier.

Know your weaknesses. Not all people can know all things about running a business. Identify your weaknesses and seek assistance from a qualified professional.

Plan ahead. One of the biggest reason small businesses fail is because they fail to plan. A business plan will help you identify potential problems encountered during the start of your business

Make sure you have your family’s support. A new business wil take its toll on the family. Your family must understand that you will have limited time and limited finances until the business gets going.

Be prepared to be tired and discouraged. Along with your family, you must be ready to be discouraged by unforeseen problems. As the owner of the business you will be expected to work non-stop to make your business a success

Use facts to substantiate your insights and hunches before acting on them. Too many times, we will make a business decision that is based on our un-objective impulses. Try to avoid emotion when making business decisions.

Don’t be too proud to quit. Incorporate exit strategies into your business planning process. Many factors may make the venture unviable for the time being.

This is not an SBDC-sanctioned site. The content on this site does not reflect the opinion of the SBDC.

posted by Silentman, Henry C. @ 12:10 hours MT(GMT-7)