Have you been nursing the idea of starting a business? Well, don’t even think of it if you have even one of the traits mentioned here. Starting a business requires a lot of doggedness, painstaking hours and sweat. Your degree in business would only take you so far. If you want to succeed in starting your business, you should do the exact opposite of what is mentioned here.
1. Don’t start without start-up capital
Unless you are friends with some really rich people who want to invest in your business, never start out broke. Getting financial institutions to aid small businesses these days is quite difficult due to the economic situation. If you want to start your business, save up cash, or better yet – wait awhile until the cash angle is secure.
2. Never begin without a clearly defined product
You want to start your business knowing what exactly you are selling. If you cannot clearly define what it is your business is doing, well, you have no business plan, only a business idea. You might need to go back to the drawing table and ask yourself why exactly you want to be an entrepreneur. Don’t just be another statistic in the business world: satisfy a market need, and satisfy it well.
3. Don’t even think of starting a business if you have no experience
Do you know who the key players in your intended industry are? Do you have relevant role models to look up to? Where would you need to get permits to begin the business? Do you even need permits to begin your business? Wisdom will dictate that you learn enough before getting in the saddle. It is not very wise to learn on the job when it comes to business. Be patient and gather the required knowledge.
4. Never start with a shady partner
Suspicion of dubious tendencies is enough for you to disconnect from a potential business partner. The business world is constantly flooded with tales of swindling by so-called business partners. It is a wise business decision to invest money in a good lawyer who would educate you through every step of your business, ensuring that you and your business are protected from potential criminals.
5. Be Careful of the Internet
What do you know about the internet? Can you give detailed information about how people make money off the internet? If your answer to this is “no”, please start a different business. Of course every business these days need a website and a social media presence, but if you don’t know the details about internet business, stop at the website and social media aspect. It’s a rough terrain, and I cannot begin to tell you how many businesses have met their brief and uneventful end on the internet front.
6. Don’t start if you haven’t considered the internet
It may appear as if I’m contradicting myself here, but really I’m not. If your products and/or services are the kind that can be marketed to a worldwide audience, what are you doing using just your local store? Create a website, add an eShopping angle to it, and get going. The internet is the best way to sell internationally. Don’t even start that business if you don’t plan to include internet commerce to it.
Don’t make all the start-up mistakes of business – people already have. It is wiser and a whole lot less painful to just learn from their mistakes and employ their growth tips to move your business by leaps and bounds.
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