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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.
SMB Connect is India’s largest integrated solution platform which links small and medium sized enterprises and entrepreneurs across the nation. Our mission is to build supportive communities by using effective solutions to connect with customers, providing advisory solutions, leveraging training programs and sharing the experiences of other businesses, so that SMBs can overcome all odds and succeed. Because we believe, Small Can Be Big!
We work on three fundamental principles- Connect, Knowledge and Growth to empower SMEs and to act as catalyst in their development process.
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