5 Mistakes to Avoid When Starting Your First Business
by Paul Evans
When I opened my first business, a fitness center, unfounded confidence flowed through my veins. Visions of fast success and weekends off with the family seemed as close as the next sell.
A few months later, the bravado gave way to fear and insecurity. That dream about weekends away vanished, and my 5 a.m.-to-9 p.m. schedule began taking its toll. I have been fortunate ever since to avoid similar mistakes in my more recent businesses. But I continue to review those mistakes, lest I repeat them:
1. Allowing belief to override the business plan
Owning a business is not for the weak in spirit. You need a strong mind and heart to face the day-in and day-out work. In the early days of the dream, it’s easy to be so excited and enamored with the idea of “your” business that you fail to grind out a proper business model.
When I approached my bank with my business plan in a thick three-ringed binder, I thought the president might just hand me a briefcase of cash. No kidding. Then came reality: Within two minutes the bank president asked me several questions my plan couldn’t answer. Still, that didn’t faze me. I lifted my chin and stated with conviction, “This will work.” I left without the briefcase of cash. Belief overrode the business plan, and I exited penniless.