The Do’s and Don’ts of Running Your Own Business

The Do’s and Don’ts of Running Your Own Business

  1. Do keep an open mind: It’s very important to be flexible and stay open to the right opportunities that come your way. If you have a passion for learning something new, you’ll never be disappointed. It’s crucial to be able to make adjustments even after your business is underway.
  1. Do find a strong partner and support system: Having a partner who brings different strengths to the table is critical. Find mentors and others in your industries to help you brainstorm and vet your ideas.
  1. Do perfect your pitch:When networking or talking to investors, you must articulate your business idea quickly, clearly and concisely. Research about the competitive landscape and market opportunities and understand the ins and outs of the financing you need.
  1. Do invest where it matters: Learn to invest where it will have the most impact: something that benefits customers, employees or investors. Today many companies spend a fortune on things that don’t really drive revenue or growth, such as office space, décor or extravagant parties etc.
  1. Do make time for networking: Identify industry events, professional organizations and conferences that can acquaint you with those who can further your business. You never know where you might meet your next mentor, investor, employee or customer. If networking isn’t your forte, find a strong partner or ally who can help represent your business.
  1. Do plan ahead: One of the most complex challenges of running a business is determining how to grow in a smart way – scaling at the appropriate rate, managing and growing people and deciding when to promote from within versus hiring externally. Success depends on looking into the future and gauging what you’ll need months and years down the road, not just what will meet your immediate needs.
  1. Don’t act hastily:  Taking the time to understand a situation completely is hard to do, but it’s always the most effective. The truth is always lies in the middle and regardless of the issue, nothing is ever as extreme as anyone thinks it is, for better or worse.
  1. Don’t take no for an answer: Inevitably, you will hear “no” when running your own business. Don’t stop there – ask the person who says no to recommend whom you should approach next. If you believe in your business idea and your dream, keep networking and promoting your business.

 

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