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Do’s and Don’ts for Budding Entrepreneurs

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Most of us have an entrepreneur hidden in ourselves. Once in a while we all come up with business ideas that could very well be the next Facebook or Flipkart. If you are one such individual who has just entered the entrepreneurial world or is thinking about it, here’s a quick list of do’s and don’ts that could help you sail through the rough waters, initially.

Do’s

Action!– It’s very important to plan and replan and replan. But, no plan is going to work unless you take some action. So, I don’t say that don’t plan, but do make sure that you take some action to execute that plan. There are many business ideas that never go 3D in real just because of lack of or no action. 

Clear all debts– When you are starting a new business, make it a point to clear all your previous debts, if any. It would help you start the new venture without any baggage. 

Education is important- Alright, Bill Gates and Mark Zuckerberg made it despite being school dropouts, but that doesn’t mean you too need to go the same route. Complete your education. It will help you in the long run.

Keep it simple– Whether it’s a communication plan, your business plan or the initial processes, simplicity is the key. Try to keep everything as simple as possible, initially. It will help you and others working with you.

Network– Meet and greet people, talk to them, discuss, spread the word. Let more and more people know about your new business. It will not just help you publicise your venture amongst your peers but also help you pick suggestions and cues on the way.

Delegate and outsource– No one individual could do it all by himself. So can’t you. Delegate and outsource work systematically to ensure that things are done well within time.

Don’ts

Don’t fall in love with your idea– You are sure of your idea and that’s very good. But, don’t fall in love with it to an extent where you may stop thinking about it rationally and practically. To be successful, your idea needs to be feasible before being wonderful. And, a reality check is absolutely important.

Don’t give up– Rome wasn’t built in a day. It takes time and patience to build businesses. Don’t get bogged down by initial failures or problems. Try, try, till you succeed.

Don’t get influenced by negative forces– Not everyone may be supportive of your idea of becoming an entrepreneur. There would be some who would try to pull you down. Don’t get discouraged by their negative views. However, do keep your eyes and ears open for genuine criticism that could help you improve and improvise.

Don’t hire a team that needs to be motivated– Self motivated individuals are the key to success of a startup. Don’t hire people who would need regular dose of motivation to give their hundred percent.

Don’t solve problems that don’t exist now– It’s good to be able to foresee. But, don’t get down to finding solutions to problems that do not exist now. Think about them when they come. For now, handle the current problems to the best of your abilities to ensure survival.

Don’t spend without a plan– Cash flow is the backbone of any business, especially a startup. Don’t spend money without a plan in hand. It will help you keep away from cash crunch which is very important during the initial phase.

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