Sign in
Download Opera News App

Business Industrial

 

Business

 

Startups

5 Things Entrepreneurs should Never Do.

Some of us must have been taught in the school about the important things that an entrepreneur must do to become successful in his business or business. However, people rarely talk about the things that an entrepreneur should never do while carrying out his business though it is equally important.

Before i continue, who is an entrepreneur? In my own definition, is a person who sets up a business or businesses, taking on financial risks in the hope of profit.

Therefore i sat down and come up with five [5] important or major points that you should Never do as an entrepreneur.

1. Never borrow money or indulge in business by any means with your family (relatives), it's not gonna work out for your startup/business by any means or if worked, most of the time it will ruin your relationship with them. ( Simply never do a business with your friends or family)

2. Never start the business without a plan: planning is the foremost function of management. You cannot skip this function. It helps you to define goals,scope,costs. It is a forecast and a blueprint for you to follow. But at the same time you should not spend a lot of time on redrafting it. Otherwise you might miss out opportunities.

3. An entrepreneur should not rely on his own knowledge: Don't be overconfident to rely on your own knowledge because you may end up with wrong decisions. Instead consult you plans and problems with your family members, friends and other successful entrepreneurs to come up with better solutions.

4. Never work with friends or family, not sure who said this but it’s true: Friendships built on business is good, business built on friendship is bad

5. Never give up: This is an ideal tip that an entrepreneur should consider. There will be risks and uncertainties in the business therefore ups and downs will always be there. You should not fear them and slide back instead go ahead and face the challenges, only then you will be successful.

Content created and supplied by: Betternews1 (via Opera News )

COMMENTS

Load app to read more comments