There has never been a better time to become an entrepreneur.
Technology, especially the Internet, has given birth to countless new industries.
Consumers and businesses have more needs and demands than ever before. They need entrepreneurs to fill the voids by solving problems with new and innovative solutions.
The current environment is leading many to become first-time entrepreneurs. And while this is great for the world it’s also going to lead to some common pitfalls for these new entrepreneurs.
Scott Dylan, entrepreneur and business consultant, has worked with startup entrepreneurs on a variety of projects. He’s also worked to build his own enterprises. He’s experienced some of these common pitfalls and he’s helped others get through them as well.
“There are a number of pitfalls I see with new entrepreneurs. I’ve had some myself. Part of my job is helping to avoid the things that can derail a business before it really gets off the ground,” said Dylan.
As a consultant and advisor, Dylan works to help businesses grow. He provides help with online efforts including search engine optimisation and social media marketing. He also helps with general business direction while helping entrepreneurs to create systems that will make the company more efficient.
“One pitfall I see repeatedly is the entrepreneur trying to do everything on their own,” said Dylan. “First-time entrepreneurs are used to doing things on their own. They wear all the hats in the business during the early months and early years. But in order to scale the company the entrepreneur has to let go of some responsibilities. They need to create systems and have others complete the tasks.”
There are a variety of transitions entrepreneurs go through during a growth period for a business. These transition times are when most pitfalls occur. And while some will inevitably go through struggles no matter what there are some that can be avoided.
“Accounting and taxes are other common pitfalls for entrepreneurs,” said Dylan. “These are relatively easy to avoid if we get involved early enough in the process. You can setup separate business accounts with an accounting software system that will make sure there is sufficient money available to pay taxes and other necessary expenses.”
Entrepreneurs often run into legal troubles as well. It’s advisable to find an accountant and a lawyer to help setup processes that ensure that the business is setup to operate legally.
The lawyer can help create contracts to use with clients and customers. You might not need to use the contract in a legal situation, but you won’t figure out the importance of it until something happens and you wish you had had it setup from the start.
“While there are many pitfalls entrepreneurs face when first starting out it’s usually nothing that can completely derail the business,” said Dylan. “Most entrepreneurs are wired to persist through any type of turmoil. That’s one reason I love working with startup companies. I am able to help them avoid some of the common mistakes myself and others have made. It makes their ascension a bit easier, but I know that when they do face difficulty that they’ll be able to see it through to the other side.”