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Troubleshooting: Owning Your Own Business

Many find owning your own business exciting, glamorous, liberating. However, none of these benefits come without putting in the work to earn the benefits. Not all businesses cannot afford an exciting and glamorous lifestyle or totally liberate you from work hours. These points of view have been poisoned by the greener grass on the other side of the fence.

What you don’t hear about is a navigable mine field. Without precaution, you could be stepping on a mine. However, with proper navigation and direction, mines can be spotted, avoided, and sometimes disarmed. Here are a few tips that can help you.

A well thought out business plan and mission. This will help you stick to your plan, goals, and keep you organized. The plan should detail the people, parties, vendors, and employees involved and detail their roles. Write out your mission statement and stick to it. Rome was not built in a day and neither will your business.

Find a good advisor or mentor. Even the best have mentors, advisors, or peers that they bounce ideas off of. Why not take a page from their playbook and emulate success? A good mentor or advisor is another set of eyes and you stand to benefit from their eyes and their experiences and mistakes they have made in the past. In turn may be there is something that you can provide to them.

Learning from your mistakes and moving on. Don’t be too quick to dismiss a mistake as failure. You can learn a tremendous amount from failure and in turn grow from it. However, be careful to take note and not repeat the failure. No one is perfect and everyone fails. Trial and error can work out to your advantage.

For more information on navigating the business world, contact Patrick W. Kwan at Rhodes Legal Group, PLLC

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