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A Couple of Mistakes that New Entrepreneurs Should Take Steps to Avoid

By December 4, 2012June 7th, 2021Technology News

Revenue is the lifeblood of your business. If you run out of cash before you can manage to create an income that will sustain your business, the game is over. Tons of promising businesses run low on funds before they really get off the ground, and they fail miserably within a few short months or years. Here are three things you should avoid so you aren’t just one more of those failed businesses.

Being “Frugal” about Your Needs

When you’re traveling, conventional advice usually says that you should bring half as many clothes and twice as much cash. We have a similar rule in business: bring twice as much of everything you think you’ll need. This means twice as much time, start-up money, and confidence.

Everything always takes longer than it first appears, and when it doesn’t, it’s a downright miracle. There are costs that you will miss, mistakes that will happen, and road bumps that will appear without a second’s worth of notice. You should be completely prepared for the absolute worst.

Starting Huge

It’s okay to dream, and many entrepreneurs dream so big that their eyes are bigger than their wallets. Don’t set yourself up for failure; set yourself up for success by figuring out what can wait and what is necessary right at this moment. Sure, you may need a professional office space so you can meet with clients, but maybe you don’t yet need a whole suite with brand new computers and desks.

Buying Everything New

Not only is buying used eco-friendly, it’s just good sense. You don’t need to buy everything new because there are plenty of last-year models that are just as good as this year’s. Sometimes a printer that has one less button but costs half of what the new model costs is the only way to go.

Photo Credit: Scott Liddell

Jason Manteiga

Jason Manteiga

Jason J. Manteiga, Vice President of Olmec Systems, has been part of the company for over the past 20 years. He believes that having a great work environment and supportive team, is the ultimate key to success. Since being in the IT realm for over 25 years, Jason, along with Olmec Systems, has been on the Inc. 5000 “List of America’s Fastest Growing Private Companies” and Channel Futures MSP 501 “Top Managed Service Providers in North America,” along with other awards and nominations. Jason earned his Bachelor Degree in Information Systems from the New Jersey Institute of Technology. He also holds certifications in Microsoft MCSE, VMWare VCP, and Cisco CCNA. In his spare time, Jason is a contributor for The Center for Social & Legal Research (Privacy Exchange) and a member of the Morris County Chamber of Commerce. His hobbies include cycling and kayaking. He currently lives in New Jersey with his wife, two daughters and son.

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