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Starting a business is a bit like a board game. There are twists and turns, and sometimes there’s an unexpected roll of the die. But if you follow the course, success is right around the corner! From conducting market research to growing the organization internally, we’ll take you down the path toward starting a business.
Understanding federal tax regulations and reporting requirements for businesses can be a full-time job. That’s why an entire industry exists to support small businesses looking to make sure they comply with the law. One question that confuses a lot of entrepreneurs is the question of EIN possession. If you are wondering whether you need more than one EIN, or whether you can have more than one, the answer is more complex than you think.
Managing people is rarely one of the primary skills of a new business owner. It’s a means to an end and something they must do to the best of their ability to reach their goals.
Some business owners are undoubtedly better natural people managers than others, but it’s essential everyone is willing to learn new strategies and develop their skills to drive the business on. When the business is further along in its development, you can employ specialists to manage the people for you, but in the early days, it’s all down to you.
To discover some of the secrets of successful people management in new businesses, we spoke to Vasco de Castro, the co-founder of office fruit delivery service Fruitful Office, a company he grew from startup to one that now operates in five countries across Europe. These are his top tips.
What keeps you up at night?
For business owners, the list can be long, simply because operating a business brings with it so many uncertainties. One of every 5 establishments started in 2014 (the most recent year for which statistics are available) didn’t make it a year. Almost half of those started in 2011 haven’t survived, according to the U.S. Small Business Administration.
The good news is that the survival rate of startups has increased in recent years, according to the SBA and the Kauffman Foundation. Both on a one-year and five-year basis, businesses have a greater chance of living longer than they did earlier in the decade.