BUSINESS

As a business owner, you must learn from mistakes

Amanda Flynn, Louisiana

Oh, the joys of entrepreneurship … Flexible schedule, limitless earning potential, being your own boss, no glass ceilings, no pointlessly long meetings, and no annoying coworkers! Sounds like pure bliss, right?? Well it sure can be… IF you are ready for the numerous responsibilities and sacrifices faced by most new small business owners. What does being “ready” really mean, though?

For me, starting a business was unexpected, yet still exciting! After working in Dallas as a financial analyst for four years, I decided to come home and enroll in the MBA program at LSUS (one of the BEST decisions I’ve ever made). During my last semester, my best friend asked if I would write a business plan for a trucking company he wanted to start. Although I knew absolutely nothing about the industry, I was happy to help and started researching everything I could.

Since he had a gentleman who wanted to help oversee daily operations and drive the truck for him, I focused solely on developing the plan and assisting here and there as needed. No problem, right? Well…fast forward to the day after I wrote the largest check I have ever written, the day we purchased the first truck. I received a call from the “helper” (who had taken another driver with him to pick up a trailer) and while on the phone I hear a loud CRASH! Turns out, one of them drove under a bridge that was too low, and turned our new truck into a convertible. Three weeks and an additional $19,000 later, we finally were able to put the truck to work. To this day, we still don’t know which driver was actually driving…neither would ever admit to it.

This unfortunate and unexpected event forced me to be much more involved in the company than I had initially planned. Looking back, I’m more than grateful for the experience. Over the last five years, I’ve learned more about business than I ever did in school or as an analyst. The many trials and tribulations, successes and failures, have indeed been my most valuable source of knowledge.

When I speak to aspiring and existing entrepreneurs, a common theme is the importance of planning and preparation. Yes, it is very important to develop financial projections, to research your target markets, and to create a sales strategy etc. However, it is just as important to expect the unexpected and make allowances for events that you just can’t plan for. Another important aspect of running a business is delegation, which was by far, my biggest weakness.

When we first started the trucking company, I was focused on wearing my “Superwoman” cape and trying to do everything on my own in the name of saving money. Big mistake…While we may have saved money on administrative expenses, I was totally burned out way too early. Do yourself a favor and put together a good support team of qualified and hard-working people. In addition to lightening your load, a good team will allow you time to be a great leader and focus on your core business objectives.

With that said, I encourage everyone to keep pressing forward with their business aspirations. Shreveport was recently chosen as the No. 1 place to start a business; take advantage of the opportunities here in our hometown! Being “ready” means something different for everyone. In the meantime, don’t let challenges and obstacles deter you from your dreams. Learn from your mistakes and use them to make better decisions in the future. As they say, “it’s not how hard you fall, but how fast you get back up!”

Amanda Flynn is an entrepreneur and the Founder of Network 360 Consulting, LLC a small business consulting firm.