Running a business can be exciting, but rushing things and cutting corners can put even the most motivated entrepreneurs at a disadvantage in the long run. Sometimes entrepreneurs are faced with an opportunity that is too good to be true when starting out. The question is, should they take the opportunity?
Unfortunately good fortune can turn out to be a pitfall when hasty actions are taken. The road to success is long and there are many steps along the way, starting with incorporating your business. As a strong business requires a solid foundation, entrepreneurs would be well advised to take the time necessary to ensure this happens as it is paramount to what the future will hold in terms of success or failure.
This point is made in an Inc. magazine article that details the story of a young entrepreneur in Brooklyn who created a business making artisanal saltwater taffy. Her business was doing well and she envisioned owning a storefront where customers would be able to witness the taffy-making in action. However, since she did not have the funds for her vision, she had to determine another way to generate more revenue that would allow her to eventually get to a position where she could afford her dream storefront. At this time, another business owner approached her with a partnership offer that would make her dream a reality, but it ended up being a bad idea after she realized the partnership would have failed.
What can small business owners learn from this story? It is important to note that just because one road might get you to your destination more quickly, it doesn't mean that you should take it because there could be serious pitfalls along the way. Had the owner of the saltwater taffy business made a bad partnership move, it could have cost her her business and her dream.
In some cases, a shortcut or lucky break may actually turn out to lead you down a quicker path to success, but before you decide, be sure to weigh the pros and cons of any opportunity that comes your way.