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Three Ways You Are Sabotaging Your Startup Without Even Knowing It

Becoming an entrepreneurs is very courageous act, many may say. You have probably had many doubts about leaving your secure job with all benefits to dive into the world of uncertainty. Well, if you have taken the plunge, which many people with great ideas and potential often never take, you have come one step closer to achieving your dream of becoming a successful business owner. Congratulations! But many entrepreneurs, who still have doubts and are not sure where their businesses are going, tend to sabotage their startups with their actions (or lack of actions) without even knowing it.

Here you can find three very common ways in which startup owners harm their business success without even knowing it.

You don’t understand the language of investors

Many entrepreneurs don’t know how to protect their startups while talking to the investors, because they lack the right vocabulary. When we talk about investments, there is specific jargon and many important investment terms that are essential for the future of the company. It doesn’t matter what is your background, what is your business and who you are pitching in front of, there are some very important terms that you need to be familiar with before you talk with the investors. Be ready to speak their language in order to avoid misunderstanding and to evade making wrong decisions.

You are not interested in the financial aspects of your business

Let’s be honest: Money matters. As an entrepreneur, you should be interested in every aspect of your business. Many small business owners concentrate only on the development of the product, on the marketing or on the networking part of the business and neglect the importance of knowing the financial situation of the company. This is why many of them are surprised when they find out that (surprisingly!) the money has finished. Be responsible, always listen to your accountant and try to learn as much as you can about finance. You have to know how much money you have, are the wages of your employees paid, are your taxes paid and so on.

You don’t network enough

Networking is very important in every business venture. Many entrepreneurs do not network enough, network with the wrong people or fail to establish solid relationships, to create lasting connections and to build stable online and offline network. It is important to become part of the entrepreneurial ecosystem in local and global levels in order to help your company and to increase the chances of building a world-known brand.

─ July 6, 2015