​ While starting a new business is an exhilarating experience, entrepreneurs often encounter pitfalls on their startup journey. Having worked with many new companies, I've witnessed plenty of mistakes committed by inexperienced entrepreneurs. Alan Chen, the president and CEO of DataNumen Inc. says: “Success comes from learning, adapting, and making informed decisions. Avoiding mistakes early on saves time, money, and stress, setting up a business for long-term success.” This article will examine common startup mistakes and offer solutions to achieve entrepreneurial success. The 10 Most Common Entrepreneurial Mistakes Mistake #1: Lack of Adequate Market Research One of the biggest mistakes…

​ In today’s fast-paced market, small businesses need more than just quality products and services to stay competitive. Long-term success requires a well-rounded strategy that aligns with overall business operations. One effective tool to help understand and optimize your processes is SIPOC (suppliers, inputs, process, outputs, and customers). This framework provides a clear picture of how your business functions from start to finish, enabling you to craft a more effective growth strategy. While it’s crucial to focus on specific areas in the early stages of entrepreneurship, sustainable growth requires a broader perspective. Entrepreneurs must step back and take a strategic…

​ Pricing isn’t just about picking a number, it’s a strategic decision that can make or break your business. Whether you’re a startup, a small business owner, or a seasoned entrepreneur, setting the right price can feel like a balancing act. Today, I want to walk you through some of the most common pricing pitfalls I’ve seen and share practical examples tips on how to avoid them. By the end of this post, you’ll have a clearer picture of how to fine-tune your pricing strategy and keep your business competitive. Examples of Pricing Strategies and Mistakes 1. Underpricing Products: The…

​ Most businesses waste time addressing problems that don’t matter because they are trying to find answers to the wrong questions. So, what should they do instead? Albert Einstein offers helpful guidance in this famous statement: If I had an hour to save the world, I would spend 59 minutes to define the problem, and one minute finding solutions.” In other words, you should spend time to properly understand the problem before jumping to a solution, because reaching the best solution lies in asking better questions. Asking a good question will enable you to understand the core issues at stake…

​ Just like no two people are the same, no two companies are identical. While you may find similar organizations within the same industry, there will always be nuances and differences between every brand. And while you may feel like you have a good grasp on your company’s structure and leadership approach, it’s important that you visualize this structure as a formal organizational structure. The Importance of an Organizational Structure Businesses need structure in order to function and grow. Without structure, there’s very little clarity and focus; nobody knows whom to report to and responsibilities are passed around like a…

​ Most businesses waste time addressing problems that don’t matter because they are trying to find answers to the wrong questions. So, what should they do instead? Albert Einstein offers helpful guidance in this famous statement: If I had an hour to save the world, I would spend 59 minutes to define the problem, and one minute finding solutions.” In other words, you should spend time to properly understand the problem before jumping to a solution, because reaching the best solution lies in asking better questions. Asking a good question will enable you to understand the core issues at stake…

​ I did everything right growing up. I studied hard, got good grades, went to an Ivy League university, received my bachelor's and master's degrees in mechanical engineering, and later got my MBA from NYU. I landed a job on Wall Street and was making six figures a year analyzing data for traders and management. Although the work-life balance was okay, I always felt as though something was missing. I never felt like I had full control of my life. I always felt as though I had so much more potential and I was not meant to sit in an…

​ It's been more than a dozen years since I started selling online courses for the construction inspection industry. My online education site has been fortunate enough to see 60% growth every year. Like any other online business, though, we’ve made mistakes. The mistakes didn’t cripple us; we learned from them and used them to improve our business. As I look back at our company’s history, I see a couple things that have been critical to our success creating an online business. If you currently sell online courses (or any products online), or are thinking of doing so, here are…

30-Second Reading Summary: Starting a business is thrilling, but passion alone isn't enough for success. Education, mentorship, and strategic support are essential to sustain it. Many small businesses fail due to lack of resources and guidance. The U.S. Bureau of Labor Statistics highlights high failure rates, often due to cash issues, market needs, or flawed models. Small Business Development Centers (SBDCs) offer free consulting, coaching, and resources to help entrepreneurs navigate challenges and achieve long-term success.  Key Words: business, passion, resources, SBDC, support  --------------------------------- ​ Starting a new business can be very exciting, especially when you are passionate about what…

Many small and midsize businesses struggle with spend and expense management, leading to inefficiencies in tracking budgets, employee reimbursements, and corporate card usage. Despite having automated systems for accounts payable and receivable, expense management is often overlooked. Challenges include visibility into spending, employee compliance with policies, and cumbersome approval processes. Utilizing tools like expense management software and corporate cards can streamline these processes, ultimately saving time and money for financial teams.  Key Words: spending, expenses, management, accounting, compliance  --------------------------------- ​ Post sponsored by BILL Does your accounting department struggle to keep your company’s spending and expenses in check? Most likely,…