MONEY AND BUSINESS
Running your own business is a dream most people hope to achieve in their lives. To be their own masters and not have to answer anyone else, there are a number of pitfalls to avoid when running your own business.
1. Poor Communication with Your Staff: It is important to regularly review the performance of your staff and communicate this to them. Encourage them to be sincere, by being and friendly with them. Encourage them to come to you with quality complains that can be used constructively to improve overall performance. Also emphasize the earning culture of the organization by making trainers out of your experienced workers and rotating people on the job.
2. Poor Management of Resources: The Company's resources should be defined and separated from that of entrepreneur. The Company should be made to function within its means, knowing what it can afford and what it cannot afford to do. Keep the overhead as low as possible and avoid incurring cost that are not on income earning assets.