Few people are as passionate about small business success as Melinda Emerson, aka SmallBizLady.
Melinda is the founder of The Quintessence Group and consults with Fortune 500 companies and small businesses on social media strategy and content development. She authored the book “Become your Own Boss in 12 Months” and writes for the New York Times You’re the Boss blog.
“I have my dream job. I wake up without an alarm clock because I wake up with a purpose – to end small business failure,” says Melinda. “Like so many small business owners, I figured out my calling and I’m good at it. The challenges of being your own boss are great but the rewards are, too.”
On the occasion of the 15th anniversary of her business, I chatted with Melinda to get her insights into what small businesses can do to thrive. She shared five main reasons why small businesses fail, along with tips for avoiding these common pitfalls:
1. Give up delusions of grandeur
“A lot of people don’t think about all that’s involved in being their own boss,” says Melinda.
While the rewards can be tremendous, she sees people who are under the illusion that they’ll have fewer problems and more time, when the opposite is quite often the reality.
Be prepared to work hard, troubleshoot lots of problems, and learn the art perseverance.
2. Nurture your network
Many people simply don’t have a network to sell to when they start out and that can be hard.
“When people start a business, they need to network,” she says.
According to Melinda, that means returning every phone call, tapping into your network of friends and family, attending industry events, and getting involved in your community.
“Your network is your net worth,” says Melinda.
Join TechMeetups London Hackathon #TMUhack @ Bloomberg 50 Finsbury Square, EC2A 1HD, London, Saturday, September 27, 2014 9:00 AM