Common Mistakes for New EntrepreneursSample

Common Mistakes for New Entrepreneurs: Part III A new entrepreneur I recently coached reminded me of several common mistakes that new business owners can sometimes make. The first is failing to realize the impact of taxes on a small business. Another is inadequate bookkeeping. The third most common mistake I’ve encountered is the lack of a clear purpose. When one starts out in business, the pursuit of cash is so pressing that many entrepreneurs do whatever job they need to do to pay the bills. This practice expands the original business idea so broadly that few customers understand the company’s purpose. Generating revenue is important, but it’s also important to discover early on why your business exists. What did God intend when He called you into business? Proverbs 20:5 teaches, "The purposes of a person’s heart are deep waters, but one who has insight draws them out." Discover your purpose, write it down, and make sure your customers understand it. Questions for Reflection: * Are you guilty of expanding your business’s original purpose to increase sales? What was the result? * What must you do to develop–and stick with–a clear purpose for your business? * What can help you “draw out” the purpose of your business?