5 Traits Making You a Great Entrepreneur But Maybe Not a Good Dinner Date

October 29, 2014

Youre ready to launch a business and anxious to get things under way.

Keep these things top of mind to steer clear of the roadblocks and pitfalls and making decisions that could create more problems than solutions.

1. Picking a partner who isnt going to work out.

After starting a business, youll find some people will want to join your party. Sometimes this can be a good thing. Other times, it wont be so much so.

In addition to considering the facts about a potential partners background and expertise, rely on your gut instinct about whether someone is a good fit. As much as you might want things to work, sometimes you will have a nagging feeling that it wont. Go with that.

2. Taking startup capital when its not needed.

Sure its a confidence booster that someone believes in you and has offered to invest in your company. But when your company starts to do well and you realize that you didnt need the startup funds you received, you wont be happy knowing that someone else owns 25 percent of the business.

3. Staying at the original job.

You cant do two things at the same time. Once you know for sure that youre ready to take the leap and go out on your own, sever ties with your employer so you can devote 100 percent of your time to your business. If youre not fully invested in it, the startup wont be able to take off the way you need it to.

4. Hiring family and friends.

Your sister-in-law is really good with numbers. Your college roommate is really smart. And both need jobs. But do they have the requisite skills needed for the business? You may figure theyre sufficiently smart and motivated enough to figure things out, but dont take that risk. If they have actual experience and expertise related to your product, thats one thing. If they dont, take a pass.

5. Buying a lot of equipment and supplies.

Sure its fun to have a reason to buy the very latest electronics or the most up-to-date equipment. But seriously consider if its needed or if you can make do with the existing computers and skip the completely decorated and supplied office. Hold off on purchasing to see what youll really need on a day-to-day basis.

So start your business. But go in with your eyes open about what makes sense and what does not. Making solid decisions from the outset will create a strong foundation for your business that will be easy to build on and help it succeed.