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 Jennie Miller who is a Co-founder at Midss.
Interviewee Name: Jennie Miller
Jennie Miller’s favourite quote: Don’t discount yourself, no matter what you’re doing. Everyone has a unique perspective that they can bring to the world- Mark Zuckerberg
Thank you so much for joining us today! Tell us a little bit about yourself. What is your backstory?
Jennie Miller : I am 28 years old and I am the co-founder of Midss.org, an online health and wellness publication. We are focused on writing articles and newsletters that better our readers lives. Our business is 2 years old.
In your opinion, what makes your company stand out? Any examples?
Jennie Miller : What makes our business stand out is that we have professionals who we invite to write well researched newsletters for us and so everything available at our website is legible and backed up by facts.
What are the TOP 5 mistakes people make when starting a new business? Please share advice/examples for all of them.
Jennie Miller : Scaling too soon.
Depending on the nature of your business, the initial revenue can put you in a bind. Expansion is not necessarily a bad thing, however, it is very easy top fall into the mindset that the idea is already big based on the couple of months revenue. Before you scale, learn more deeply and for a longer period of time. When you team starts up smaller, it is easy to correct mistakes.
Hiring friends as employees.
It is best for everyone when friends stay friends and work stays work. Employees in a startup will be no different than friends. It is difficult to provide feedback and ride the ups and downs of a business. You may think you have experienced life together so why not business but trust me, it is not the same. Both your friendship and your job may suffer as result.
Inadequate account management.
As a startup founder, your will most likely have experienced a number of profit/loss statements. You do not need to be proficient as an accountant. However, learn how to keep track of your cash flow in and out. Understand where your money is going, where it is coming from and how you can optimize it.
Do not implement multiple ideas.
Entrepreneurship allows you to do whatever you want but this comes at a hefty price. You have many opportunities to make mistakes. All ideas begin to appear old and the next big thing. Do not put your feet in more than one boat.
Learn from your mistakes.
No matter how rosy your life appears to be as an entrepreneur, your will make bad decisions. There are many of them. Do not linger on them because you have already invested a significant amount of time in them but instead learn and move on.
Leaders Perception magaizne would like to thank Jennie Miller for the time dedicated to completing this interview and sharing their valuable insights with our readers!
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