For new small business owners, a strong vision is key — it’s what will fuel the long days and logistical acrobatics of starting up. In those first few weeks, business owners will need to rely heavily on this vision, along with ample enthusiasm and a few crucial gut checks.
Even so, many of the qualities that make a business owner successful during the process of starting a company — good instincts, passion — can be problematic if they’re also the only basis for financial decision-making.
Just ask Erica Easley, founder of Gumball Poodle, a Los Angeles-based manufacturer of “statement socks” — fun, colorful knee-highs decorated with everything from political leaders to holiday greetings. Easley, who first started selling the socks wholesale in 2008, realized quickly how important financial reports would be in making decisions about her business’ health.