Entrepreneurship expert Patti Greene offers her thoughts on new opportunities and common mistakes in starting a small business. She talked with Marketplace's Steve Tripoli.
Know the industry. If you don't know everything there is to know about the industry, find people or groups that do.
Be able to manage from start-up. Have a plan for dealing with how the business will come together and grow.
Talking and sharing. Talk to a lot of people and learn from their expertise. Seek out advisory groups, peer groups, professional and nonprofit groups that have the information and experience you need.
How will the business affect you? Make a clear assessment about the impact the new business will have on your life, both personal and professional.
Consulting: Many people who want to go into business for themselves also want to keep their businesses small. Consulting allows them to do by making a business out of sharing their knowledge and expertise.
Sustainability: Entrepreneurs are now looking at green-, organic- and environmental-related businesses for new opportunities.
Aging: Anything to do with elderly care and America's aging demographics.
Hiring bad sales staff: Sales people are key to a business' success. But hiring good sales people is often one of the biggest challenges start-ups face.
Not pulling the plug soon enough: If a person in your organization is not working, you have to let them go before their poor performance affects other employees.
Poor cash management: If you don't have a system to keep track of cash flow, get one. It takes time and some knowledge but it's very important.
Overvaluing the idea: Many times entrepreneurs think their ideas are worth much more than they really are. Be realistic.
Not understanding your competition and customers: Will your business do something better than existing businesses? Is the product or service something people want?
The business world can be a real pressure cooker. Don't take out your frustration on the interns — duck into The Marketplace Confessional and let off that steam anonymously.