There are many dangers to avoid for aspiring entrepreneurs, and while some are obvious, others can creep up on you and wreck your career. These stumbling blocks can appear before you’ve even made your first sale, or they can appear after you’ve really begun to establish your business.
Todd Collins a Business owner from Charlotte, NC offers this advice:
Successful entrepreneurs would almost always advise you to avoid debt whenever feasible. If you start a business with borrowed money, you are already guaranteed to fail, according to entrepreneur Mark Cuban. Others take a more moderate approach to debt, arguing that it should be limited to a bare minimum. It’s difficult to start a business with no money, but excessive debt levels are a trap for entrepreneurs.
Todd Collins, a Charlotte, NC entrepreneur suggests some other ideas to avoid common pitfalls.
It may seem contradictory, but rapid success can be a trap for entrepreneurs if it is not properly managed. When a business becomes too successful too quickly, it may not be able to process all of the orders. There may be management problems and communication may break down. Revenue declines steadily until the bottom falls out. It’s critical to be ready for success with scalable management structures and quality control.
Red Hill Ventures CEO Todd Collins has been a valued part of the Charlotte, NC community for more than a decade. Since 2005, Todd Collins and Red Hill Ventures have acquired commercial properties in Maryland, DC, North Carolina and Texas and developed operating companies at all stages of the business cycle.