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    Thread: TOP 6 THINGS YOU MUST NOT DO WHEN STARTING A BUSINESS

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      Default TOP 6 THINGS YOU MUST NOT DO WHEN STARTING A BUSINESS

      In starting up a business, there are a lot of thing you need to consider such as conducting market research, writing a business plan, funding your business, choosing your best business location, thinking business names, registering your business, applying for licenses and permits, opening a business bank account, and so much more. You must really have the passion in order for a business to work effectively. You must also a true believer of your own idea and you should give trust to yourself. It will help you to become more motivated in running your business. And most of all, you should be ready to learn a lot because you will know many other things from your customer and these things can help you to grow more. Business is a little bit risky but when it is handled properly and knowing what to do in every situations, it will really worth the risk because you can get it back in a huge amount of money. Also, you want to make sure that you are really prepared for every situations that might happen when starting a business. You want to make sure that before selling your product or service, you need to build and make your own brand and get a group of people who you can trust and who are ready to jump when you open your doors for business. So, let me tell you about the 6 things you should not do when you want to start your own business.



      1. PICKING THE WRONG BUSINESS

      There are a lot of companies that failed when choosing the wrong business. According to research, there are 80 percent of the companies failed in just 5 years. Why? The common reason is because their goals is just to make money and nothing else. If you are starting a business and making money is only your goal, then probably youíre not going to be successful. You might want to look at any entrepreneurs who is starting off and just trying to make money, they rarely do. Or if you look at the most successful entrepreneurs of all time such as Bill Gates, Steve Jobs, and more. Look at what is the reason why they started their business. Well, number one is not to make money! Instead, they want to have a positive impact from many people and they want to change the way something is done. They want to mean something, but itís not just to make money, right? I am not saying you must start a charity, but I am trying to say is youíve got to make money and you got to be able to give support to yourself and to your family as well. And you got to be able to support your lifestyle you want to have. Money is very important to have a wonderful living. But, in starting a business, it is not the number one reason for it. Instead, you have to be passionate about what you are doing and you must really like what you will be doing for the rest of your lives. And too many entrepreneurs failed because of this problem, they just want to make money, and thatís not going to work!



      2. MAKING THE ĎPERFECTí PLAN

      There are so many entrepreneurs want to make a perfect plan before they start on their business. They want it all lined up, all set up, all organized, and they want it to be a hundred percent sure of making their perfect plan before launching it. And this will hold them back! Some people spent the whole summer making their plan on how they were going to grow, how they going to earn a lot of money, and whatís exactly they are going to do. But as soon as they launched their business, everything changed because their plan was wrong and their assumptions were wrong as well. And sadly, they failed in their business. Too many entrepreneurs get focused on making the Ďperfectí plan, but the reality is there is nothing! They tend not to start and they tend to hold themselves back until their plan is perfect and ready. Instead of doing this practice, the best thing to do is to plan a little and start! The moment you have started the business, you will be getting feedbacks and reaction from your customers telling you what they like and what they donít like. You will need those feedbacks in able to know what do you need to improve on your business. You will have to adapt anyway from them to make the best out of your business. Do not worry about making the perfect plan and do not wait until you have that perfect plan because there are so many people wait so long that they do not actually take any action at all. As a result, they tend to give up because they canít figure out the perfect plan, which you will never have in the first place.



      3. SPENDING MONEY

      So many entrepreneurs know great ways on how they spend their money, right? They will say that there are millions of ways on how to spend money because they think that they really good at it. Well, not really! Some entrepreneurs are good at making money and thatís true. But you should not think always on how to spend your money. You donít need an office, a website, a car, business cards, you donít need anything to buy! All you need to do is to hustle in getting out there and start talking to the customers. You must stop trying to figure out ways on how to spend because you do not need money just to make money! Makes sense? Instead, invest your time and try not to invest all of your money. Stop spending money as possible until youíre making some money on your own.



      4. TRYING TO DO IT ALONE

      Even if you are rich already and have a lot of money, you canít do business alone! You are going to need people to help you and whether they are volunteers or interns, they will contribute a huge help in making your business grow. You can hire full-time or part-time workers just to help you to carry the stress that your business is bringing to you. If you are trying not to hire people in your business just to save more money, you are wrong about that! Because in reality, you canít do full-time alone in working your business! You need people to talk to your customers, to entertain them, to explain about your business, and so much more. You need to help each other in able to have a great business. The people that you hired can help you to attract more people in your business. For example, you have an important meeting tomorrow and thereís a customer who is interested in your business. Your people can manage and talk to your new customers while at the same time, you will not be missing your important meeting. Donít assume that you can do everything just by yourself. Because running the business is way too hard for a single man to manage. And if you want to do something big, you want to have a big impact, you want to change the world, you want to have a huge meaning, and you want also to make a lot of money, try to reach out other people and not to do everything by yourself. You must build your own team and you will help other to soar high until you reach your desired outcome. And when your business is starting to rise up, you should not forget the people who helped you at the first place because they are also the reason why you reached that point in life.



      5. JUMPING INTO THE WRONG PARTNERSHIP

      Maybe you met some entrepreneurs who just met somebody and they built a partnership immediately. Well, many entrepreneurs who are trying to enter the business career failed because they jump into the wrong partnership. Itís like jumping in the bed with the wrong partner. Yes, you might want to surround yourself with business-minded people who have complementary skills, who sets youíre on board, present you their vision, etc. But when get things tough, thatís when the partnership starts to destroy and crumble, and thatís when a lot of fights start to happen. Being in the business partnership is just as important as being in the marriage situation. You should have a good mind set wherein youíre going to marry these people once you jump into a partnership and enter a business. You have to be with someone who have the same values and goals as you. And the best way to try that out is to start working together on even small projects before building a partnership. See and try if you guys get along, if you work well together, see if you share that same vision, see if you share the same values, and many more other things. It is so much more than just having complementary skill sets. If you are the business guy and you need a coder, you donít just bring on any coder who can program what you need then give them the shares in your business. It has to be somebody who you can get married to and work with for the rest of your life potentially. Itís got to be that important so you must know really well who you were working with and donít jump into partnership immediately because it can take time to pick the right one.



      6. STARTING A PRODUCT

      Well, starting a product for some business can help but most of the time, not really. At the first place, you need an impact to people and you need money. And starting a product just in able to attract customers can actually costs you a lot. So you will be going back again on the money issue and youíre still going to need money. You might want to get profitable as soon as possible and you want cash in your hand as soon as possible. And the problem with product companies is you will be spending a lot of money at the start and you will be investing into that product into inventory and so much more. Many companies and entrepreneurs start up by investing a lot by taking out another mortgage on their house and pulling out money from their retirement savings, just to launch into this product. And they end up with all of this inventory sitting in their garage, in their basement that they canít sell. So many companies fail because they picked the wrong product and it is so much easier to start in a service-based business. Why? Because you are not investing anything except your time. You donít need to invest any money into a service-based business except your time and effort. And what this does is that it allows you to get close to your customers, allows you to refine your message, allows you to find your service, and most of all, it allows you to earn money and have a better life. It will definitely change and it will go back to the point about planning it. And it is so much easier to be flexible in a service-based business to figure out what you offer is going to be. Right after doing this, you can then launch into a product. So, start with the service to get the cash and in this way, you will be close to the customers and you will understand what they really want. And when you are done building a relationship to your customers, you will now have a base of people that will buy and sell your product too. The money you get from the service-based business can make you pay for the products you want to sell or launch. In this way, you will have a stream of income to support your products to be launched.


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