Having strong confidence is almost a prerequisite for small business owners. But a large portion of start ups have extremely low success rates in staying airborne. Just as many who do stay open make little profit. To avoid the disappointment, small business start ups need to balance overconfidence with reality. Be prepared and learn from other businesses. Make sure your business plan is solid, don’t overextend yourself or your cash, and lean on others as needed. With a little more pre-planning, confident new business owners can stay that way.
- Too much confidence may lead to a not so well though out plan and a failing business.
- Be strategic in your decision making to avoid having to deal with a failing business.
- Get help so that you are not overwhelmed but do not spend more than you can.
“Small-business owners are a pretty confident lot. Some would say you have to be in order to back yourself to start in the first place”