Stillman Center for Entrepreneurial Studies Director Shares Advice for New Entrepreneurs
Susan Scherreik, the director of the Center for Entrepreneurial Studies at the Stillman School of Business was recently featured in an article by NerdWallet. NerdWallet is a financial publication that is focused on helping people to develop the knowledge and skills needed to be successful and educated on financial matters. The article discussed the most common mistakes that new entrepreneurs make and how people can avoid making the same, or similar mistakes.
Scherreik discussed the mistake that new entrepreneurs make when they are too caught up in the idea of what their startup could be. She explains in the article that when people get too “carried away with the idea, the new entrepreneur overlooks how and when he or she can actually execute this idea and turn a profit.” She also explains to readers that “unless the idea can make money, you don’t have a business, just a money pit.”
She also gives new entrepreneurs advice on how to avoid this common mistake. She tells readers that new entrepreneurs should be focused on how they can get their product or service to market, whether or not there is an actual customer need for their product or service and how fast they can make a profit with their company. “Entrepreneurs must also be nimble and flexible and opportunistic and willing to modify or change their business model as they gain more market intelligence,” she said.
Other contributors to the article explained other common mistakes that new entrepreneurs make. These mistakes include, not developing a strong support network, a lack of cash flow management, not determining who owns what and what is fair for partners in comparison to the amount of work being done, not preparing for the development of the company in the future, trying to capitalize on a solution to a problem that customers are not willing to pay money for and not being flexible when it comes to the redesigning products or business plans.
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Erin Purcell
Staff Writer, covering MetroMBA's news beat for New York, Philadelphia, and Boston.
