Wearing Many Hats as a Business Owner
One of the problems faced by new entrepreneurs when starting a company is that on day one, they are the Chief Executive Officer (CEO) of a business. This may seem obvious but remember that at the same time they just inherited the titles of CFO (Chief Financial Officer), CIO (Chief Information Officer), COO (Chief Operations Officer), and a host of other C-level titles and positions.
The trick is not only wearing all of these C-level hats, but also juggling them in a way that spells profit and not financial failure of the business. Lacking knowledge in one area, say finances, will naturally force you to overcompensate on other areas where you have the competent knowledge, skills, and abilities to plan and build a company.
Unfortunately, this does little to help you when financial planning is what you business needs. Make sure you have at least a basic, working knowledge of all of the major areas needed to go into business. At the very least, make sure you understand the concepts finance, accounting, marketing, and management.