3 Things to Avoid
When Starting a Business
Starting a small business is exciting and exhilarating. But the initial stages of your future empire must be handled carefully as it will dictate your empire's future. Here are 3 things to avoid when starting a business:
Be prepared to log in the hours for your small business. No one gets rich with 5 hours a week. There is much to learn about a new business. For the small business entrepreneur, the learning curve depends on the time and effort put into getting to know the business.
Develop, if not learn, that business sense. Not all entrepreneurs start out knowing how to smoothly run and operate a business.
Be patient but diligent. The income you generate will come eventually. Just keep putting in those hours. And with the first taste of success, refrain from resting on the proverbial laurels and being liberal with the profit. One of the biggest pitfalls of early success is the going over the original budget.
It is often said that information is power and I cannot stress enough how true this is. Research every aspect of your business. From finding where your target is to how much it will cost to reach them.
Where is your market? What are their preferences? What kind of marketing strategies will work best on them? The internet is a very useful resource that you can use for free. With all the products and services floating around today, your product will benefit from having an edge on the rest of the rabble.
Borrowing money from family and friends
Not to discount the good intentions of well-funded family and friends who probably want to sincerely help you. But... don't. You need to retain complete creative and executive rights. It's a delicate situation when an “investor” or “creditor” uncle pushes you to hire an unnecessary employee.
Borrowing from family and friends will put you in an obligated position. And in a start up business, you need to make decisions on your own without the added pressure of trying to avoid hurting your loved ones' feelings.
However, getting insight and advice is encouraged. You will greatly benefit from the helpful tips and tricks, resource lists and network connections that your family and friends can provide.
At the end of the day a start up business entrepreneur must be persistent and motivated. Keep the passion for the business niche that you have chosen. You will need it during the disappointing moments that are common to new businesses.
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