The 2016 Small Business Owner Study conducted by Environics Research Group and sponsored by Manulife, reveals that entrepreneurs would handle some of their decisions and plans differently if they had a chance to do things over.
The goal of the study: find out what advice business owners would give themselves if they were starting business today.
The study's bottom line: Business owners indicated they would handle the following areas differently knowing what they know now:
- Strategic planning
Here are 10 things these business owners would have done differently:
- Make careful business decisions, taking time to go slow and make purposeful and strategic choices
- Seek out assistance from professionals such as financial advisors and lawyers
- Take advantage of networking opportunities and business training
- Spend more time on planning and researching
- Be patient and continue with the plan even if challenges come up
- Be financially prepared to start a business – invest more in the company while spending carefully
- Be honest and realistic, while trusting themselves more
- Work harder and be more involved in work
- Surround themselves with good employees and strong partners
- Keep things simple and stay organized
Above all, entrepreneurs surveyed wish they’d sought out the professional advice of experts and mentors on a multitude of business challenges.
If you don’t already have an advisor, you can find one near you now.
Download Manulife’s 2016 Small Business Owner Study for more on the ways successful entrepreneurs start and run their businesses.
Read more on this topic:
Manulife’s Small Business Owner Study (Environics Research Group - May 2016)