The economic environment we have these days is ripe for entrepreneurship. If you have wanted to start your own business, the time has never been more ideal. So if you already got laid off from your job or quit, opportunity for a small business startup opens for you.
Starting your small business takes adequate planning, thoughtful strategy and commitment. The desire doesn’t create success; the commitment makes the success happen. The patience for the commitment is critical.
Virtually, all small businesses have one common goal – to build their consumer base as quickly as possible and eventually grow. However, business owners should remember that rapid business growth has a downside. A high number of small firms had set up shop overnight, managed to attract sizeable venture capital and then had fallen when the market crashed. In other words, they went broke, having spent all the money and earned nothing close to expectations.
The most common reason why those small businesses failed is that they spent more than they earned, overlooked the importance of a short term model to earn revenue and did not pay attention to the adverse impact on the balance sheet.
Wall Street Journal published an article that teaches small business owners when the perfect time to grow is, and when is the right time to keep control.
Check out the full article here: http://www.wsj.com/articles/founders-have-to-choose-between-growthand-keeping-control-1479697382