Welcome to www.CateCosta.com!

Did you know that there are more than 500,000 new businesses started every month in the US*? Crazy, right? I’m pretty sure you want to be one of them or you wouldn’t be here, so stop procrastinating and start building now.

Here is your 3-step action plan for today:

1) Sign up to get free tips for building your business + you’ll receive my guide to the Top 10 Mistakes New Entrepreneurs Make


2) Visit my blog to start getting clear, understandable, and actionable info to help you build your business

3) For personalized assistance, take a look at how I help new entrepreneurs and make an appointment with me

Have a great day and be proud of yourself for taking your first step towards becoming a business owner 🙂

CustomSnapshotPersonality

Guest Post: 5 Personality Traits to Evaluate Before Starting a Business

By on May 24, 2016

This week’s guest post is from Kayla Matthews (Image by Viktor Hanacek):

Starting a business often sounds like a promising prospect. On your own, it’s easier to reap the benefits, work around a flexible schedule and take full control of a business. However, even if you’re capable and have great ideas in hand, you may possess some personality traits that make the formative business process more difficult, at least if they’re not taken into account beforehand.

Along with your business plan, which strives to evaluate the present and future, it’s a good idea to evaluate your personality traits. Some personality traits are ideal for new business owners, while others present themselves as obstacles. Five personality traits to evaluate before starting a business include:

1. Independence

Starting a new business often involves a group effort, with many cogs in motion. However, as the business owner, you have the special obligation to assume lead control in all circumstances, from when you’re understaffed to when departments are numerous. As such, it’s recommended to look back on your previous job experiences to see how you reacted to differing staff-based circumstances.

If you were able to perform impressively in both understaffed and comprehensively staffed environments, it’s a good sign that you’ll be able to handle roles as a business owner. However, if you struggled to keep up with work in the absence of other departments or co-workers, it’s important to realize new businesses often involve a period devoid of consistent structure and process. Someone who is both independent yet also willing and qualified to work with others is the ideal fit for a business leader.

2. Reluctance to Change

Many startup businesses never reach their potential due to sheer stubbornness. Higher-ups are sometimes reluctant to change up processes or tools they work with, even when research suggests they could save time and money in doing so. If you find yourself reluctant to change and prefer the old reliable to something that could potentially be better, then it’s time to re-evaluate that personality trait. Business leaders should constantly be seeking out and considering implementing new tech and tools that help toward the bottom line.

One method to deal with resistance to change includes participating in the actual change, which helps in identifying the blind spots or inherent attitudes that form the reluctance in the first place. Strong management plays a critical role in dealing constructively with resistance from employees, so as a business leader it’s important you’re not reluctant to change yourself. It sets an example for employees to follow in having a business that adapts rather than remaining stagnant.

3. Burnout

Also ask yourself how you respond to an excessive load of work. It’s going to happen — likely a lot — as a business owner, so this is an important one. A burnout-prone personality could make it difficult to lead a company, as there will be many times where you’re going to be forced to spend the night working or managing extra projects caused by employee turnover. Being a business owner means having to do tasks very capable of leading to burnout, so brace yourself and identify traits, such as procrastination, that you could remedy to make burnouts less frequent.

4. Perfectionism

Sure, perfectionism could contribute to spotless work that makes a client very satisfied, but in many cases it just leads to over-doing and causing delays. Aiming for perfection can certainly be a task if you have spare time or the client requests a change, but not turning in a project until it’s “perfect” or speaking with a client before you’re “perfectly” prepared will come across as procrastination, which will annoy clients and co-workers alike.

If you’re a perfectionist, realize that there’s a fine balance to achieve between promptness and quality of work. Both are prioritized similarly by clients.

5. Being Risk Averse

If you play it safe in every aspect of your business, then it’s very unlikely the business will reach its full potential. Plus, when employees see a business leader who’s content with average recognition, they aren’t likely to be motivated. Being averse to risk negatively impacts company morale, as well as limiting the overall potential in terms of both profit and work output.

Ninety percent of new businesses fail, so you’re going to have to face the fact that risk is a necessary part of a successful new business. Specifically, you’re going to have to face the very real prospect of no promised paycheck for a while. Early-stage companies rarely start out capable of paying the higher-ups. Working for no pay and few major initial results is a reality in many cases. Risk adversity and fear of failure in general are two red flags in personality traits for aspiring entrepreneurs.

Those who are overly perfectionist, risk-averse, burnout-prone, reluctant to change and unable to work in varied staff environments may have difficulties spearheading a new business, though it’s important to know proper evaluation of these personality traits prior to forming the business can make the planning process a lot easier. It’s possible to hire people or implement strategies that turn your weak personality traits into strengths.

KaylaMatthews

 

Kayla Matthews is a writer and blogger with a passion for tech solutions and personal development. You can read more of Kayla work on her blog, Productivity Bytes.

CustomSnapshotTemplate

ISO: Minority Angel Investors

By on May 17, 2016

This is a repost that was originally shared on the Chicago Urban League’s Linkedin page. I typically keep my work at CUL separate from this blog, but I am too excited about this event coming up to do that. Join

CustomSnapshot

Guest Post: Why Entrepreneurs Should Never Stop Learning

By on May 10, 2016

Another guest post for you today, this time from Danielle Levine. Here she is: In the words of Indra Nooyi, the CEO of Pepsi: “You must continually increase your learning, the way you think, and the way you approach your

CustomSnapshotAcountingMistakes

Guest Post: Common Small Business Accounting Mistakes and How to Avoid Them

By on May 3, 2016

This is a sponsored guest post. Accounting is an important part of any small business. While it might not be the most glamorous part of your job, messing up your numbers can stunt the growth of your business, so you want

CustomSnapshotGuestPostMentor

Guest Post: Definitive Guide to Getting a Mentor, with Exact Scripts

By on April 19, 2016

It’s guest post time 🙂 This week I have Bennett Garner discussing how to find a mentor, which is something that everyone knows is important but many of us (myself included) have failed to ever actually do. As an entrepreneur,

CustomSnapshotBIP

The Tool That Helps You Define Your Business’ Brand

By on April 12, 2016

Today will be a quick post because I’m going to pull from a company called Brand Amplitude and will just give an overview and then send you off to their resources. Brand Amplitude has an awesome tool for helping business owners

CustomSnapshotCassiePhillips

Guest Post: Your Company, Privacy, and You: What You Need to Know

By on April 5, 2016

Guest pots this week coming to you from Cassie Phillips of Secure Thoughts. Here’s Cassie: There is so much that goes into creating a successful business—proposals, investment, content, marketing—that very often the considerations given to online privacy are somewhat less

CustomSnapshotValueChain

The Value of Understanding the Value Chain

By on March 29, 2016

Today we’re talking about the value chain and how important it is that you understand where whatever you offer falls on that value chain. The value chain is essentially a list of your product’s stops along the production and distribution

CustomSnapshotInvestorDonts

What Not To Do When Courting Investors

By on March 8, 2016

Today we’re going to talk about what NOT to do when you’re courting investors. I’ve talked a lot about how to give a good investor pitch and how to find the right investors for you and your business in old

CustomSnapshotRoadTrip

Why Building a Business is Like a Long-Distance Road Trip

By on February 23, 2016

Today I want to have a little fun by taking a metaphor way too far. What’s the metaphor? Well, we’re going to pretend that building your business is a long-distance road trip and I’m going to give you some invaluable