Today’s I Am My Imagination guest post touches on ways you can push through money woes and the fears that linger with them. In doing so, you can move ahead in your entrepreneurial endeavors with your confidence intact.
4 Ways to Overcome Financial Missteps In Your Business
Financial Missteps Happen — You Can Recover
We all make mistakes. Sometimes, they are hardly noticeable, and we move on without a hitch. Other times, these mistakes push us further from our dreams. They might delay us, but mistakes don’t have to keep you from moving forward.
Common Money Mistakes
Entrepreneurs aren’t perfect, and many make mistakes during their first (and sometimes second or third) time as a business owner. According to LinkedIn contributor and entrepreneur Chuks Emeruwa, these might include poor planning, not having business insurance, and failure to budget.
Taking A Pause
If you’re still a bit gun shy about starting your first business after a failed endeavor, that’s okay. There are a few things that you can do to get yourself on the right track so that you feel more confident going back into the process. A few of these include going back to school and focusing on personal development.
If you’re planning to go back to school, now’s a great time to consider earning your MBA. A master’s in business will give you the tools you need to succeed as a business leader. This includes strategy, management, accounting, and more. When you go back to school now, you may even find that you have interests outside of your original professional passions, and this alone can point you down a different and potentially more successful path.
When you feel like you need to take time to enrich yourself personally, spend some time browsing this site’s blog for topics and insight on everything from fighting depression to refining your emotional maturity levels.
Back In The Game
Okay, so you’re ready to jump headfirst back and entrepreneurship. Great, you are a fearless leader that is ready to harness success. A few things you can do now to keep pace with your ambitions include:
- Write a business plan. Think of your business plan as your personal roadmap to success. Investopedia notes that this is a written document that outlines your company’s objectives and how it will achieve its goals. You’ll need it if you plan to take on investors in the future.
- Network. Establishing partnerships with others in and around your industry gives you the support you need from start-up to entrepreneurial empire.
- Look for help. Time is of the essence during the startup phase. If you don’t have enough hours in the day to devote to establishing your company and customer base, hire someone to take up time-consuming tasks. A personal assistant, for example, can help you tackle your inbox, make phone calls, do research, or even pick the kids up from school.
- Remember, fear is healthy. Being skittish when restarting a business after a setback is understandable. But, don’t let fear hold you back. Instead, look at it as an opportunity to move forward stronger than you started. Fear is a motivator that, when handled healthily, can give you a burst of energy so that you can get over whatever hurdles may come.
Don’t let mishandled money keep you from taking control of your financial future.
Take steps today, such as writing your business plan or accepting that fear is an ally, that will help you grow.
Remember: no one ever becomes rich by working for someone else, and even the wealthiest people alive today make mistakes along the way.
About the Author:
Derek Goodman is an entrepreneur. He’d always wanted to make his own future, and he knew growing his own business was the only way to do that. He created his site Inbizability, to offer you tips, tricks, and resources so that you realize your business ability and potential now, not later.