Are You a Good Entrepreneur?

Being in business for yourself can be fun and inspiring. However, without paying attention to the critical details, you will join the 90% of startups that fail within their first five years!

Review the five questions below. If you answer “Yes” to any of them, you might be like many entrepreneurs and business owners, who would rather have a root canal than take a cold hard objective look at their businesses and how they manage them. Each “yes” is a signal that it’s time to talk with a business advisor. Hire one before it’s too late!

  • Are your financials in the red – or bright pink? Sadly many self-employed business owners are afraid of numbers. Do you find it scary to take a close look at the numeric metrics of how you are doing? Or, do you wait until you are forced to do so? Hire a bookkeeper or your CPA to help you set up your books — Generally Accepted Accounting Principles (GAAP) apply to all businesses. If you are not reliable to keep your numbers updated on a weekly basis, hire someone who can.
  • Are your customers leaving and there are no new ones in the pipeline? Many times business owners get caught up in the creative fun of “bright shiny objects.” Unfortunately, most of these ideas will not provide the ROI required for success, now or in the near future. When you fail to focus on your core products and services, mischief will happen. Hire a marketing coach and/or a social media professional to help you objectively look at your offerings and clarify your points. Read “It’s Time to Brag!” and use these five simple steps to clarify and simplify your messages.
  • Have you become a jerk? Many fearful entrepreneurs become defensive and know-it-alls.It makes it difficult for others to help you or work with you. It also has your clients leave in frustration. You can learn effective management and customer service skills that will work for you and them, if you are committed to setting up the right systems and shifting your attitude.
  • Are you unable to decipher between good and bad advice? Poor decision-making is a visible sign of someone who may not have the business savvy to be a good business owner. Are you able to take coaching and implement it effectively? Your improved results may be the markers that you are moving in the right direction, or simply pointing you in a better direction if you’re willing to listen.
  • Do you have high turnover? This is a reflection of poor hiring skills and systems, even if you get lucky once in a while. Hire the right person(s) and you look like a superstar. Hire the wrong person(s) and you’ll need or want to close the doors and start all over again. Work with your business coach to implement a legal and valid process. It will make all the difference in your success.

Hiring a qualified business coach now can help you succeed, beyond your imagination.

Jeannette Seibly has been an international business and executive coach for over 20 years. She has guided the creation of three millionaires. Are you the next one?

©Jeannette Seibly, 2010-2014

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