Thomas J Powell Scholarship

Thomas J Powell Scholarship

Rookie Business Mistakes

Thomas J Powell – Rookie Business Mistakes You Don’t Want To Make

If you’re a first-time business owner, it can be easy to make rookie mistakes that can cost you time and money. Navigating the ups and downs of operating your own business is never an easy feat, so it’s important to do all you can to avoid these common pitfalls. From failing to adequately protect yourself legally to not having enough cash on hand – today, Thomas J Powell discusses the top rookie mistakes made by amateur business owners and discusses how best to avoid them.


Thomas J Powell Lists Rookie Business Mistakes You Don’t Want To Make

According to Thomas J Powell, one rookie business mistake you don’t want to make is failing to protect your intellectual property. Your ideas, inventions, and artistic works are considered intellectual property, and you need to take steps to ensure that it remains yours. This can be done by filing for a patent or copyright. The sooner you file, the better, as it allows you to protect yourself from any other company stealing your work. According to the USPTO, in 2019 alone, there were 487,800 utility patents issued, with over 650,000 applications submitted overall. That same year saw 1,523 design patents granted out of 3,472 submissions. Additionally, an estimated 300 million copyrighted works were filed with the U.S. Copyright office in 2018, making this common yet crucial legal action businesses need to take.


For example, in 2009, Apple Inc. filed a patent infringement lawsuit against HTC Corporation due to their use of similar aspects of the iPhone’s design and features. The company was seeking damages as well as an injunction on sales of the infringing products and eventually won the suit resulting in large settlements from HTC. This case is indicative of why it’s essential for businesses to protect their intellectual property with patents and copyrights, so they can ensure that others don’t benefit from their hard work.


Another mistake businesses often make is not budgeting correctly. Not having realistic financial goals or accurate predictions about expenses can lead to your business quickly becoming insolvent. Being aware of where you are financially is essential for the success of any business. A survey conducted by found that 30% of small businesses failed due to cash flow issues and undercapitalization, emphasizing the need for careful financial planning.


You should also create a budget with specific goals in mind, says Thomas J Powell, such as increasing revenue or reducing expenses. For example, if you’re looking to reduce costs, consider outsourcing tasks or look into different vendors that offer lower prices on materials and supplies. Additionally, having an emergency fund can be useful when unexpected expenses crop up, or sales are slow at a certain time of year. All these measures help provide your business with financial stability, which is crucial for long-term success.


Thomas J Powell’s Concluding Thoughts

Overall it’s important, as per Thomas J Powell, to remember that running a business is no easy task, and making mistakes along the way is natural. However, understanding what these mistakes are can help you avoid them and increase your chances of success. Taking the time to protect your intellectual property, budgeting accurately, and planning for the future are all important steps that businesses should take in order to ensure their long-term viability.