Women Told To Start Businesses Younger
Posted: October 2, 2011 at 5:28 a.m.
Women run millions of successful businesses, but often wait until later in life to start their own venture. That needs to change, said Susie Hoeller, a lawyer from Bentonville.
AT A GLANCE
HOW TO SUCCEED
Success Factors
Do what you know
Hard work, long hours
Focus, focus, focus
Learn to say “no” to time wasters
Study and continuous improvement
Listen to all stakeholders
Pick and reward the best people; weed out nonperformers
Learn from mistakes; don’t be afraid to fail
Consistent integrity and honesty
Do or make something to make the world a better place
Common Pitfalls
Selecting the wrong business structure
Lack of skilled professional advisers
Failure to protect intellectual property
Tax noncompliance
Lack of discipline and poor personal credit history
No written contracts with partners and financiers
Lack of cost controls
Pricing margins set too low
Flawed market research
Giving up too soon
Lack of working capital Inadequate insurance
Hiring and retaining unqualified friends and relatives
SOURCE: SUSIE HOELLER, JD, CITP
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Business, Pages 9 on 10/02/2011
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