Like Icarus who fell from the sky when he got too close to the sun, celebrated startup founders with questionable intentions can find themselves in hot water- fast. Unlike the ladder-climbing, weathered briefcase-carrying executives of yesteryear, today's crop of business-minded professionals are all about rapid ascents in the form of highfalutin promises of industry reinvention and massive injections of cash to get them there.
Failure is a loaded word.
It's largely viewed as something we want to avoid at all costs. We're conditioned from a young age, directly or indirectly, to the idea that success is 'good' and failure is 'bad'.
Most entrepreneurs learn quickly that you need to stay positive in business, or you will give up. Positive thinking helps, but so do the words you choose in your daily interactions. Throughout my 20-years of consulting entrepreneurs and startups, I have observed many businesses go under.
I've noticed most of these failed entrepreneurs frequently repeat similar phrases as they discuss their routine operations. If you're trying to grow your business during tough times, here are a few phrases you should be conscious of using when times get tough.
1. “I combine my personal and business expenses."
Combining personal and business expenses make any bookkeeping complicated. It adds more stress and increases your chances for audits as you try to identify which expenses can be deducted and which are personal. A recent TD Bank survey revealed that 56 percent of small business owners use a personal checking account for both business and personal finances.
2. “I'm not good at delegating."
Many inexperienced entrepreneurs don't know when to delegate and when to do the work themselves. Generally, a task should be outsourced when it's not central to generating revenue for the company. If a task doesn't increase a company's competitive edge or requires specialized knowledge, farm out the work. It will give you more energy to focus on growing your business. Accounting, payroll, website design and public relations are good examples of tasks that should be outsourced.
3. "I do my own accounting."
4. "I gave my client (or vendor) a financial break."
5. “I use Excel for bookkeeping."
6. “I was denied a Business Loan because my books are a mess."
Why Join Swaay?
Entrepreneurs, both immigrants and American-born, have built America from the ground up into the world economic power that it is today. We can all recall some of the names of our nation's greatest self-starters: Henry Ford, Bill Gates, John D. Rockefeller, Andrew Carnegie, Walt Disney, Oprah Winfrey, Steve Jobs and Rebecca Shanahan (Avella Specialty Pharmacy, 2014 revenue: $800 million), just to name a few.
For the past decade or so, women with big ideas (and big funding) have quickly become the new big thing. They are special guests at galas, they moderate A-list panels, they win visionary awards, and they grace the covers of glossy magazines replete with headlines that all but endorse their plans to “revolutionize" the way something is done.
Andreia Gibau is the reigning Miss New York USA 2020 and works as a public speaker, writer, and philanthropist. Gibau considers philanthropy being the core of who she is due to being an immigrant from Cape Verde and being born into poverty. Gibau immigrated to the United States at the age of 7 and faced many challenges living in an inner city and not speaking English.
Through her initiative “More Than Enough," she serves as an advocate for inner city and underprivileged youth by instilling confidence and empowering them to live to their full potential despite their circumstances.
Andreia is a graduate of St. John's University with a degree in public relations. She was named Phoenix magazine's 30 under 30 for philanthropy and speaks 4 languages which has been a great asset since she's an avid traveler. Gibau is a former Miss Teen United States 2015 and Miss Earth USA 2017 where she placed in the top 16 at Miss Earth in the Philippines.
Dr. Candace Steele Flippin is a nationally recognized communications executive, multigenerational workplace scholar, TEDx speaker, and author. Her goal is to build a bridge across generation gaps so that everyone can get the most out of their careers.