Whether this is your first time or your third time starting a new business, the process of turning a business idea into a business reality can be challenging. First times have an even more challenging time, because – unlike those who have been through it at least once before – they have no idea what they are about to face.
To help ease those first time entrepreneurs into the business startup space, and as a refresher for those who are trying again, here are some simple Dos and Don’ts to help keep you on the right path.
FOUR BUSINESS STARTUP DOs
|Do Take Calculated Risks
||Taking risks do not always reap rewards, but they usually reap far more than the risks not taken.
This does not mean that you need to go crazy, review the risk, determine if the potential gain is worth the potential loss and … if so… go for it!
|Do Create a Financial Cushion
||The last thing you want to do when starting a new business is to panic over how you are going to pay the next hydro bill, go grocery shopping, or pay the mortgage.
It doesn’t have to be a lot. Just make sure that you have enough of a cushion to allow for the growth periods, as well as any slower times that may be inherent based on your business type.
|Do Strive for Greatness
||Always aim to be the best and to create the best that you possibly can. You may not succeed all of the time, but… as the saying goes…
“Shoot for the moon. Even if you miss, you’ll land among the stars.”
|Do Allow Yourself to Learn
|| Even in the very unlikely event that you already know EVERYTHING you need to know about your business, and the market you are competing within… things change, quickly.
If you don’t allow yourself to learn, you will never reach the full, true potential as a business owner.
FOUR BUSINESS STARTUP DON’Ts
|Don’t Be a Lone Wolf
||Very few successful businesses became what they are today by the Herculean efforts of one man, and one man alone.
Seek help and advice when it’s needed. Hire the professionals to do the important things that you cannot do.
|Don’t Chase the Money
||“The more you chase something, the faster it runs.” – if you go into a business with dollar signs in your eyes, you will miss the true opportunities to make your business extraordinary.
Chase the dream. Chase the mission. Chase your passion. Chase the ideal of creating something new and unique. But don’t chase the money.
If you do everything else right, the money will come.
|Don’t Hire All of Your Friends
||It is certainly tempting to do so, after all… what could be more fun than spending the day doing something you love with the people that you love.
But as the great John D. Rockefeller once said: “A friendship founded on business is better than a business founded on friendship.”
For one thing, the things you love about this person as your friend may not be what you need in order to make your business successful.
But, potentially more important, the stresses of building a new business can absolutely destroy a friendship.
|Don’t Give Up Too Easily
||It takes time, dedication, and effort to start and grow a new business.
If you throw in the towel too early, you will never be able to reap the rewards of all of your hard work.