Top 7 Things Not To Do When Starting A Business
1. Pick the wrong Business
Many people just pick the wrong business idea in order to earn money. If money is only the goal then don’t start a business. Starting a business is to bring a change and improve the lifestyle Many entrepreneurs start a business to earn money and they fail. If u really want to make a successful business model, then pick the right business idea and don’t go after money. Too many entrepreneurs fail as they pick the wrong business.
2. Make The perfect plan
So many entrepreneurs before starting their business they made a complete plan which took too much time and when they follow the plan they fail. I would like to discuss my experience. When I made a plan I spend my summer and when I started following my plan it didn’t work. So don’t wait for a complete plan start from a little plan and just get started after that u would know the customers need their like and dislike. So don’t wait for the perfect plan just start your business as soon as possible.
3. Spend money
Many entrepreneurs start their business without investing money. The important thing is that you have to invest your time rather than money. A successful businessman doesn’t need money to make money. They work hard for it. They invest their time rather than money. So stop spending too much money.
4. Try to DO IT alone
It would be really hard to start a business and do all the tasks on your own. You would need people to help you. Whether they are volunteers’ interns or partners. You cannot do all the work on your own you need to connect with some people. As at the start of a business you don’t have too much money to invest so just hire some internet or take volunteer. If u want to make our business successful and wanted to make a lot of money then you need to be able to reach out and not do everything by yourself.
5. Jump into a wrong partnership
So many entrepreneurs jump into a wrong partnership. IF you have an idea and you don’t want to start it alone and you start with a random partner and it fails. It because of your wrong decision of jumping in the bed with a wrong partner. Making partner is like a marriage that u want to live with that person. You have to see him all day. IF you want to start a business then start with a small project with your partner. IF your partner has the same values and same vision as you have. Then it would be easy for you to start a big business and you won’t fail.
6. OPERATE IN A Bubble
Many entrepreneurs start a business makes a plan to start and follow it. They just think everything on their own and implement it and at the end, they fail. I would like to discuss my experience. I was in a tough position at one time and I tried everything but didn’t work. I couldn’t afford anything. I started looking to Microsoft how they grow and then use that in my business and then I started growing. I just read about bill gates success and apply it in my business and with the passage of time, my business started growing. I would not be able to make my company successful because I actually told my partner that I quit I was so stressed out of not making money I wanted to quit and do something which would be meaningful and would have a value. AS I was just operating in a bubble. So if you want to succeed you should not operate in a bubble you have to burst through your comfort zone in order to be a successful entrepreneur.
7. Start a product Startup
I am not a fan of product startup I want to grow up and get good money as soon as possible. The main reason for the drawbacks of a product startup is that you spend a lot of money at the start of your product. So many product companies fail as they don’t get the right product/pick the wrong product it’s so much easier to start a service based business because You don’t invest anything rather than time u don’t need to invest that much money but just time and what that does is that it takes you near to your customers.