Seven Common Small Business Mistakes And How To Deal With Them

**This is a great article from Forbes.com.  Check it out!**

Sizing up younger, privately held firms is very tricky: Their fortunes can change very quickly, and they aren’t obliged to share their plans and finances with the public. With the help of CB Insights, a Manhattan-based research firm that tracks investment in high-growth private companies, we found 100 up-and-comers with serious growth potential. Seven of them shared their biggest mistakes, and how they dealt with them. For a full list of America’s 100 Most Promising Companies, go towww.forbes.com/ampc.

Intro

Not Having Enough Growth Capital

Chris Sugai, President of Niner Bikes, maker of high-end, 29-inch (wheel diameter) mountain bikes and bike accessories

I thought we could work off of the cash we had from my other business, but the unexpected triple digit growth outpaced my fundraising among friends and family before the company was two years old. Realizing I would have to find an outside investor was something that I understood in the back of my head, but became extremely clear when I had a container of product headed to port and I had to raise cash quickly. Moving from friends and family to our current $3 million round of investor funding has been a steep learning curve.

Thinking “I” And “The Company” Were The Same

Leah Brown, CEO of A10 Clinical, which runs clinical trials for new drugs and conducts health research

During the start-up phase, I had so much passion behind the business that I would measure my self-worth based on how well the company was doing. This is totally the wrong way to think. The entrepreneur is a human being. The business is an entity. I had to learn to separate the two; otherwise I found myself down in the dumps when things went wrong with the business. When things don’t go according to plan, this is the most crucial time for the entrepreneur to be inspiring, enterprising, fearless, and most importantly self-assuring to oneself and the team.

Underestimating Market Perception

Michael Garippa, CEO of Syncardia, maker of artificial hearts with portable power supplies

My biggest mistake here (I’ve only been the CEO since May 23, 2011) was in underestimating how hard it would be to dispel all the myths surrounding our Total Artificial Heart. It was first used 30 years ago, yet the company was so capacity-constrained that it never grew.

**To check out the rest of this article, from the original source, click here!**

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