Business: Don’t Start It Just to Make Money

Starting a new business is always incredibly exciting. Your enthusiasm is sky-high and you can’t wait to start. That is until you hit an issue you did not expect. Steve Jobs and Steve Wozniak didn’t start Apple just to make money.

Over the past few years, we have gathered a lot of advice, opinions, and tips on what to do when starting a business. Here we will present you with the opposite – things we recommend not to do when starting a business.

Business

Don’t Start a Business Just to Make Money

Every successful businessman will tell you the same thing – they love what they do! People tend to put a lot more effort into enjoyable activities, rather than when doing something just for the sake of it.

Don’t Spend Money on Unnecessary Things

You don’t need that fancy office or expensive car. At first, make sure that your business can operate and you can make money. Otherwise, you might lose more than you earn.

Don’t Put Your Ego First

For a lot of people starting a business is a way to brag to others, without actually doing anything of value. Be humble. Raise your standards. Be confident, not arrogant.

Don’t Focus on the Quantity

Always focus on providing the best quality in product and service, instead of just focusing on bringing in the numbers. People are more likely to enjoy something that is a bit more expensive but of a higher quality.

Don’t Blame Others for Your Mistakes

We become entrepreneurs because we want to be our own boss, right? You don’t necessarily always have to blame yourself but, the bottom line is that you are in charge and everything always comes down to you. If you screw up, before blaming anyone else, stop and think rationally about what the real reason might be.

Don’t Try to Do It All

We like to call it “The Superhero Syndrome”. A lot of young entrepreneurs like to think that they can do everything. What they should be are smart and hard-working business owners. By “smart”, we mean they should work out what they’re good at and focus on that aspect of their business. 

Don’t Start a Business Without a Plan

Everyone hates writing business plans. Why? Because people want to think that their idea is amazing and ingenious. But before you throw yourself into it, you might just do some research, run the numbers, ask opinions, be critical and write it all down.

Don’t Use Friends or Family as Business Associates

Unless they possess the skills and talents critical to your success because if your endeavor goes wrong and you’ll eventually have to fire them, meet-ups and gatherings will never be the same after that.

Don’t Play It too Safe

Some precautions are always welcome, but remember that the world of business respects the bold. In today’s saturated business market, playing safe might result in nobody noticing you. Move out of your comfort zone. Be loud, but think before you speak. Be daring, but do your research. It’s called calculated risk.

Don’t Fly Solo

Going it alone requires that you carry the full workload of your company, which means that you also must maintain the energy and charisma that is necessary for doing all the tasks which could be done by others who would probably do it better than you. Very few people can handle the daily grind of starting a business by themselves. Also, you are 5 times more likely to acquire funding if you have a partner.

Don’t Undervalue Your Product

In the beginning, people often under-price their products because they think that cheaper prices will translate to more customers. Wrong. If you provide great customer service and a convenient experience, most customers are willing to buy a more expensive product. Under-pricing also leads to a lower perceived value of your product, which may ultimately attract undesired customers who have a champagne taste on a beer budget.

Don’t Let Failures Scare You

Treat everything you do as part of your learning curve. It isn’t just the things that go right that can teach us lessons. Sometimes the most valuable ones come from the mistakes we make and the things which didn’t work out. The more experience you have of both good and bad, the more prepared you are next time.

Don’t Be Too Proud to Ask for Help

Nobody in the world knows everything. You might be confident enough in one field, but lacking expertise in another, so don’t be afraid to ask for help or advice from those who have been there and done that before you.

Don’t Go with the Flow

The most successful people have often done something new and different. Don’t be afraid to go against the majority and to walk to the beat of your own drum. After all, only dead fish go with the flow.

Don’t Expect an Overnight Success

As an entrepreneur, it is very important not to expect overnight success but rather to work hard and smart on getting results. Many people believe being an entrepreneur is all about starting a business and that the income will automatically come in. Instead of expecting to succeed immediately, focus on working and waiting patiently for the results to come up.

Don’t Fail to Network

Successful entrepreneurs are professional game players, and if you ask us in what game, we will tell you it is in the game of Networking. Being alone and keeping your ideas to yourself won’t take you anywhere, but rather go out there and network with others. Two heads are better than one and the more people you could get to work on your business the more results you will get.

Don’t Procrastinate

Successful entrepreneurs don’t waste time, they are swift. A golden truth known by successful entrepreneurs is that time waits for no one and that is why you see them getting things done faster. The faster you deal with opportunities the more opportunities will come your way. 

Don’t Overthink

There’s a famous saying – “Overthinking is the art of creating problems that aren’t even there.” Try to be rational and control your mind. Focus on work and get rid of the toxic activity of turning your beautiful present moments into depression.

Don’t Compare Yourself to Others

Don’t compare yourself to anyone. It has only one exception. Compare yourself of today to yourself of yesterday in order to become greater tomorrow. Your ultimate goal should be to become the best version of yourself possible.

Don’t Stop Expanding

When launching a good product do not sit on it for as long as possible. Expand the range of your products and services. If people will like your business they will want continuous delivery of new and creative things.

Even though mistakes made while developing your business are useful to the learning process, you can save yourself a lot of time, money, and headache if you avoid a few of these big ones. The reason why some businesses succeed, while others fail, is no mystery. You will have to be honest with yourself about your goals, you will have to utilize a strategy that is tried and true, and you will have to do your homework. Good luck!

Responses

Your email address will not be published. Required fields are marked *