Advice For Entrepreneurs

College, Career, Life Career and life planning resources for college college students, latest grads, and profession-changers. Primary Menu Advice for Entrepreneurs from Jim Muehlhausen Andrea Dream of beginning your own business? Starting a enterprise isn’t straightforward and never everyone is cut out for entrepreneurship. Knowing the dangers and advantages may help you make the proper decisions. In a latest interview, enterprise coach Jim Muehlhausen supplied advice for small enterprise house owners and potential entrepreneurs. Read beneath for his answers to some common entrepreneurship questions. What are the most important mistakes small enterprise homeowners make? Creating an un-leveragable business model. Many small companies depend upon the proprietor to wear multiple hats to make the enterprise work. If the business model does not generate sufficient margin or revenues, the owner can't take away these hats and take the enterprise to the subsequent level. I advocate testing all enterprise models at There is a mentality that nobody can do issues as well as you possibly can as the CEO, although in some methods this is true, is not a adequate approach to ru n a enterprise. An worker might by no means care as much as you, nevertheless, employees also don’t have 38 different duties to finish. Instead they've the pliability to devote more time and a focus to a task than an proprietor or President of a company may. Therefore, they'll sometimes do a greater job if the proprietor can let go of management. Typically, entrepreneurs that feel “nobody can do it as well as me” have hiring and training points. Bad hires and poorly skilled individuals will at all times be worse than the entrepreneur. Proper funding in coaching the best folks is how to escape this lure. Who is minimize out for entrepreneurship? I even have seen many diversified personalities achieve success as entrepreneurs. You don’t need to be a gunslinger sort personality to achieve success. You have to be a calculated risk-taker and a tough employee â€" that’s it. For most businesses, someone with a sales bias might be extra profitable than a purely operations-focused individual. Ultimately, there are two kinds of businesspeople- those that think that gross sales and advertising is the lifeblood of a company, and those that suppose that sales is that annoying thing that will get in the way of what we REALLY do. If somebody is the latter, they should in all probability work for someone else. Is entrepreneurship a good choice for current college graduates or profession-changers? For school graduates gifted in know-how, entrepreneurship is a good option. Many examples exist of young entrepreneurs hitting it big: Mark Zuckerburg, Bill Gates, etc. The danger of going to work for yourself young is that you just tend to be taught lessons the hard way. I recommend working for another firm for a few years and making your mistakes on their dime. For career-changers, entrepreneurship is a good option. The largest issue I even have seen with this group is safety associated. This group is used to having the employer sweat the paycheck. Now that anguish is the irs. In some conditions, relationships may be tested as spouses or important others can not cope with entrepreneurial uncertainty. How can small businesses prepare for the subsequent financial downturn? You can’t, although there are several mistakes entrepreneurs make early in recessions. Any different recommendation or words of warning for potential entrepreneurs? About Jim Meuhlhausen: Jim Muehlhausen CPA, JD graduated from Valparaiso University with a B.S. in Accounting, passing the CPA exam while still in faculty. While subsequently attending the Indiana University School of Law, he turned the youngest franchisee in Meineke Discount Muffler history ( ). After efficiently promoting that business, Jim founded an automotive aftermarket manufacturing concern. During his 9-year tenure, the company achieved recognition from Michael Porter of the Harvard Business School and Inc. Magazine in the INC 100 Fastest Growing Businesses. Over the past eight years, Jim has personally coached tons of of business homeowners in additional than three,500 face-to-face teaching classes and has clients in North America, Europe, Asia, and the Middle East. () Categories recommendation, Blog Tags business, entrepreneur Post navigation