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Live FOREX RATES
The 5 DON’Ts for SMBs
by : Nikita Mishra          Designation:           Company: Digitally Next
Posted on : 2017-05-31

If you are an entrepreneur running your own business venture or aspiring to become one, you should definitely read this. Many people tell you the DOs before starting a business but what about the DON’Ts from which people should absolutely restrict themselves? Hence, here we present you a guide on the DON’Ts that you need to keep in your mind while planning on a business venture.

1. DON’T pick the wrong business

A lot of time we see people trying to squeeze in those businesses that are profitable at the time or are being taken by many others. No doubt, a business needs to be profitable and you need to make money, but, at the same time it should not be the only priority. You need to ensure it is your passion and you are energetic about it. A Business cannot prosper unless you give it your hundred percent enthusiastically.

2. DON’T wait for the perfect business plan

Ninety percent of the time you are bound to face obstacles your way no matter how perfect your business plan or strategy is. This is because of unforeseeable situations that are not in your control. The idea is if you are waiting for your business plan to be PERFECT - DON’T. What is required of you is clarity and vision with some basic plan to start with, the rest can be managed along the way. Here, another critical thing to be noted is customer feedback that proves to be an excellent strategy for knowing where to improve upon. Therefore, customer feedback should always be taken seriously.

3. DON’T try to do it alone

Running a business is not at all a one man’s job. It needs the right team and the right collaboration in order to bear the desired results. So, do not shy away from seeking help, guidance from experts. One person can only do so much which is why you need specialists for dedicated roles, they may be in the form of interns or employees working for your company.

4. DON’T Jump into the wrong partnership

This is one mistake that many upcoming entrepreneurs make and it never ends well for either the company or the entrepreneur. Having a business partner is like having a life partner, only more important because you are likely to spend more time with your with the latter than the former. So, it is extremely important for you as an entrepreneur to make that you share the same values, style of working and ethics with your partners so that there are less chances of professional relationship being crumbled along the way.

5. DON’T operate in a bubble

Business requires a risk-taking attitude, you cannot always play safe and be in your comfort zone. You will have to step out some day eventually, if you want your business to grow and learn something new. You will be required to change and adapt accordingly because as they say life begins at the end of your comfort zone.


  
   

 


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MANAGING “SME” THROUGH EFFECTIVE MARKETING STRATEGY

Small to Medium Enterprises (SMEs) are great when it comes to creative and innovative ideas but their main challenge is effective marketing and what a...

 2016-02-11


Corruption One of the biggest challenges for Indian SME

Corruption: One of the biggest challenges for Indian SME’s Corruption is one of the biggest problems of India and that is why it is at the fo...

 2016-02-11


The Future of Small Business of India: Post General Elections 2014

Introduction General Elections 2014 of India are one of the most popular elections to be held across the world as the future of India and its growth ...

 2016-02-11


The Grand Tour a trip across the excellence of developing SMEs

Growing in business differs from different people in different industries. Wondering what is the correct practise. There is no hard and fast rule for ...

 2016-02-11


Union minister says better days await MSME sector

Giriraj Singh, union minister for MSMEs (micro, small and medium enterprises), on his recent visit to Coimbatore for the inauguration of the Internati...

 2016-02-11


Towards A Greener Future

The Indian highways, measuring up to 96, 000 kms, may well be on its way towards greener pastures. As Nitin Gadkari, Highways and Transport Minister o...

 2016-02-11


Achieving the Impossible

It is acclaimed far and wide that behind every successful man, there is a woman. Behind this one man’s success however, was his relentless deter...

 2016-02-11


A LEADER IS BORN

When India got her independence in 1947, a young Dhirubhai Ambani lived in Junagarh where he attended school. Junagarh was then a princely state, its ...

 2016-02-11


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