Wednesday, February 21, 2024

Derrick Hathaway – VEM Medicals – On Top 5 Mistakes When Starting A New Business

Leaders Perception Magazine is currently running an interview series called – What Are The Top 5 Mistakes People Make When Starting A New Business?

Today, we had the opportunity to interview Derrick Hathaway who is a Sales Director at VEM Medicals.

Interviewee Name: Derrick Hathaway

Company: VEM Medicals

Derrick Hathaway’s favourite quote: A successful entrepreneur must be able to communicate, sell, focus, learn, and strategize effectively. The capacity to learn on a constant basis is not only an important entrepreneurial talent, but also a very useful life skill. Growing a firm needs a well-thought-out plan based on innate business acumen and talents.

The Interview

Thank you so much for joining us today! Tell us a little bit about yourself. What is your backstory?

Derrick Hathaway : I am sales director at VEM medicals, I have worked with some of very reputed business & based on my experience I had shared my views on the topic.

In your opinion, what makes your company stand out? Any examples?

Derrick Hathaway : Failure to monitor and adapt progress: Your company strategy and financial assumptions will accumulate dust. Make them live documents by tracking your progress and revising your plan and predictions on a regular basis.

What are the TOP 5 mistakes people make when starting a new business? Please share advice/examples for all of them.

Derrick Hathaway : Failure to develop a business strategy: Many new entrepreneurs fail to prepare a business plan. A document of this type does not need to be very extensive or thorough. However, taking the time to create a business plan can help you maintain consistency in your efforts, act as a rallying point for your team, and provide milestones to monitor your success.
Investing your cash flow in assets: Using operational funds to pay for long-term assets is a common error that might lead to a cash deficit. Instead, consider how you’ll pay for large acquisitions like equipment and machines.

Inadequate financial planning and resources: It’s usual for entrepreneurs to ignore financial planning and underestimate the amount of funds required to get their firm up and operating. As a result, you may find yourself with insufficient funding to meet your objectives and/or facing a liquidity crunch just as your company is getting into gear. To minimize such issues, make financial estimates for your new firm, particularly during the first 12 months. This might also assist you in obtaining loans and investments.

Leaders Perception magaizne would like to thank Derrick Hathaway for the time dedicated to completing this interview and sharing their valuable insights with our readers!

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