6 Lessons From Small Business Owners

A good and simple story from The New York Times this week reminds us that being hardworking and enterprising isn’t enough when it comes to owning a small business. You need foresight, good advice, focus and a whole host of other things that six business owners who shut down in 2010 shared with the paper.

A few of the things business owners said went wrong: Competition, slow innovation, lack of foresight, distraction from the business’ purpose, over-investing in infrastructure, not being versatile enough and inability to adapt. In short, it’s hard to be a business owner.

We write often here at NewsTaco about Latino business owners, Latinas who open up their own businesses at a rate six times the national average, a lack of financial planning on the part of Latino business owners and the sometimes race-tinged troubles of getting government and private bank loans.

What problems or obstacles have you or your seres queridos encountered in running small businesses?