Don’t Run Your One-Man Band into Debt
Johns Wu at Bankaholic has a marvelous article listing “8 Easily Avoidable Causes of Business Debt. May favorite is #2 because I am personally prone to haring off after mad enthusiasms:
2. Trying to do too much too soon.
If you jump the gun and attempt to launch too many projects at the same time, your limited capital will severely limit the time and budget that can be devoted to each distinct venture. New endeavors require individual attention and need to be slowly nurtured if you want them to be successful. If you try to commence too many undertakings simultaneously, all that you will end up with is a bunch of projects that are all failing to earn and are instead costing you money.
Read the entire list and laugh all the way to the bank.
(Hat tip: Jeff Cornwall at The Entrepreneurial Mind.)
Technorati tags: Business Management, Business Start-Up, Online Business, Small Business.
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