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How NOT To Start a Business

How NOT To Start a Business

 

Have you been nursing the idea of starting a business? Well, don’t even think of it if you have even one of the traits mentioned here. Starting a business requires a lot of doggedness, painstaking hours and sweat. Your degree in business would only take you so far. If you want to succeed in starting your business, you should do the exact opposite of what is mentioned here.

1. Don’t start without start-up capital

Unless you are friends with some really rich people who want to invest in your business, never start out broke. Getting financial institutions to aid small businesses these days is quite difficult due to the economic situation. If you want to start your business, save up cash, or better yet – wait awhile until the cash angle is secure.

2. Never begin without a clearly defined product

You want to start your business knowing what exactly you are selling. If you cannot clearly define what it is your business is doing, well, you have no business plan, only a business idea. You might need to go back to the drawing table and ask yourself why exactly you want to be an entrepreneur. Don’t just be another statistic in the business world: satisfy a market need, and satisfy it well.

3. Don’t even think of starting a business if you have no experience

Do you know who the key players in your intended industry are? Do you have relevant role models to look up to? Where would you need to get permits to begin the business? Do you even need permits to begin your business? Wisdom will dictate that you learn enough before getting in the saddle. It is not very wise to learn on the job when it comes to business. Be patient and gather the required knowledge.

4. Never start with a shady partner

Suspicion of dubious tendencies is enough for you to disconnect from a potential business partner. The business world is constantly flooded with tales of swindling by so-called business partners. It is a wise business decision to invest money in a good lawyer who would educate you through every step of your business, ensuring that you and your business are protected from potential criminals.

5. Be Careful of the Internet

What do you know about the internet? Can you give detailed information about how people make money off the internet? If your answer to this is “no”, please start a different business. Of course every business these days need a website and a social media presence, but if you don’t know the details about internet business, stop at the website and social media aspect. It’s a rough terrain, and I cannot begin to tell you how many businesses have met their brief and uneventful end on the internet front.

6. Don’t start if you haven’t considered the internet

It may appear as if I’m contradicting myself here, but really I’m not. If your products and/or services are the kind that can be marketed to a worldwide audience, what are you doing using just your local store? Create a website, add an eShopping angle to it, and get going. The internet is the best way to sell internationally. Don’t even start that business if you don’t plan to include internet commerce to it.

Don’t make all the start-up mistakes of business – people already have. It is wiser and a whole lot less painful to just learn from their mistakes and employ their growth tips to move your business by leaps and bounds.

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Published by Valentine Belonwu

My name is Valentine, founder of this site, an entrepreneur working as a moderator at Bizsugar a small business community news site. Connect with me on Google+ at Valetine Belonwu

6 Comments

  1. Harry · February 18, 2013

    Valentine – I would add one more to the list – Don’t start if you are not passionate about the business you want to start. Considering that you will be spending enormous amount of time on and in the business you will get burned out and give up if you do not love what you are doing.

    • Valentine Belonwu · February 19, 2013

      Hi Harry, I agree with you because before anybody can ventured into business he or she must have passionate or else the business will crumbled. Thanks for your awesome comment.

  2. Kabenlah Cudjoe · February 19, 2013

    ”Don’t even think of starting a business if you have no experience”- this is one point I totally disagree with you. So what’s experience? Experiences are learnt from mistakes as one moves forward. People with great experience started out just like us.

    • Valentine Belonwu · February 20, 2013

      Hi CudJoe,
      When I started MLM business around 2002 I had no experience and my first money I invested was around $1500 and at the end of everything, I didn’t recovered single penny from it. So what I’m trying to say is this, you must learn and master any type of business you want to venture before starting it and if I don’t have any experience don’t start yet.

      Thank you for your comment 🙂

  3. Neamat Tawadrous · February 20, 2013

    Hi Valentine,

    Great Post!

    I wish I read these points before I started my business. I ventured into the business and I made lots of mistakes and spend lots of money but I have to say I learned a lot. But if I found such advises early on, I might have made it a lot faster by learning from other’s mistakes.

    I am sure this post will help lots of those who are thinking of starting a new business.

    Thanks Valentine for a great post with lots of value.

    Be Blessed,

    Neamat

    • Valentine Belonwu · February 20, 2013

      Hi Neamat,
      In every businesses, we all have made some mistakes in one way or other but the most important thing is to learn from it and never make such mistakes again.

      Thank you for your awesome comment and I’m glad you liked the post.

      Cheers
      Valentine

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