Top 10 What NOT to do when starting a small business
10)Get involve in a business you don’t even understand.
“If one does not know to which port one is sailing, no wind is favorable.” -Lucius Annaeus Seneca
Research! Research! Research! Good entrepreneurs investigate about what they want to establish. Zero knowledge about your products and services will result to 99.9% failure. You may choose a product or service that you yourself will like and patronize or if you like to offer something new, make sure to use or experience it personally.
9)Rely on a fortune-teller and predict the future of your business.
“A goal without a plan is just a wish.”-Antoine de Saint-Exupéry
Nobody is certain about what is to happen tomorrow, the next day, next month, next year, or next season. Even the predictions of famous psychics and astrologers are not 100% reliable. You may be enjoying the sweet fruits of your business today but are you prepared for unexpected adversities? What if one day, everything you have established will be knocked down in one hard strike?
Plan ahead. Do not get over confident because too much optimism is dangerous to your business. Expect massive earthquakes of economic downturn, change of trends, and tough competitions that can drag your business to where it came from—back to the bottom.
There are 26 letters in the English alphabet so find no excuse for not organizing plans from A to Z.
8)Hire someone who doesn’t fit the job.
“People are definitely a company's greatest asset. It doesn't make any difference whether the product is cars or cosmetics. A company is only as good as the people it keeps.” -Mary Kay Ash
The first promoter of your business, other than yourself, is your employee. Get someone who likes the job. Your working team reflects the kind of product or service you provide. Your staff should be the number one brand advocate who can testify to the customers how good, how delicious, how useful, how valuable, or how beneficial a product or service is. Also, hire someone who has a positive outlook that is contagious and can influence all the other employees at work.
7)Never participate in community activities.
“If you don't drive your business, you will be driven out of business.”-B. C. Forbes
Marketing is one of the priorities in business. Even though you have the cheapest and tastiest burger in town but only a few knows about it, success is a very long road to go. One effective way of endorsing your products or services is supporting your local community. You can become a minor sponsor for a school activity or you can join events, such as parades, set up a small booth, run special sales, and give free stuffs to people passing by. Stay visible and make sure the community will remember your brand name.
6)Hide and never talk to strangers.
“Personal relationships are always the key to good business. You can buy networking; you can't buy friendships.” -Lindsay Fox
Networking is an essential key to the success of a business so go and reach out to new circles. You may use social media but nothing beats the old-fashioned way of joining a friend’s barbecue party or attending a neighbor’s wedding to make acquaintances with various people. Expand your network but don’t get too excited and rant about your tastiest burger. Make friends first and eventually they will discover what you do and learn about your business.
5)Follow your ego. Don’t listen to them.
“Take good care of your employees, and they’ll take good care of your customers, and the customers will come back.”-J. Willard Marriott
Building a good relationship with your working team is the foundation of a good business. Communicate. Choose a time in a week where you can give them a chance to talk, provide suggestions, and ask questions. Be honest to your staff and do not be afraid to admit mistakes. Learn to listen even to the smallest idea and make sure to leave a compliment or a simple “thank you”.
4)Tell customers they are not always right.
“There is only one boss. The customer. And he can fire everybody in the company from the chairman on down, simply by spending his money somewhere else.” -Sam Walton
There will always be irate, impatient, and choosy customers. Some of them are born that way, some are just having a very bad day, and a few just want to act intimidating. Be patient and instead of adding fuel to the fire, extinguish it by staying calm and being responsive to their needs. Personality matters. No matter who’s right or wrong in a situation, it is important to stay humble and choose your customer over your pride.
3)Leave everything to your staff. Don’t stress yourself.
“Rank does not confer privilege or give power. It imposes responsibility.” -Peter Drucker
It is important as an owner or manager to practice what you preach and become a role model to your working team. You may never notice it but your behavior is always being monitored by your employees. Lead by example and avoid being too bossy, like someone who always commands his employee to stir his coffee.
Set the atmosphere. Be cheerful and carry that positive aura until it reaches your staff and customers.
2)Never mind quality. Customers usually go for cheap and visually attractive stuff.
“Your customers are judging every aspect of every transaction and rating everything, from friendliness of people to ease of doing business to quality of product to service after the sale.” -Jeffrey Gitomer
In today’s competitive business environment, cheap products and services generally attract more consumers; but, what is being overlooked is the value of quality. Selling cheap pairs of shoes may draw a lot of customers at first but will those customers come back for more? Quality is still the top factor in gaining market advantage. It is important that you are confident with your product or service so it will be easier for you to endorse them to others.
1)Don’t believe in innovation. Please.
“Changes call for innovation, and innovation leads to progress.” -Li Keqiang
Change is the only constant thing in this world. Seasons change, trends change, people change, and you cannot change that. As a good entrepreneur, you must learn how to befriend this reality and find new ways to promote your business. Create new products or develop the existing ones according to the changes in the market. Don’t just think outside of the box, everybody’s already doing that. Think outside of the wrapper as well. Research, gather suggestions from your working team, investigate, and build fresh ideas. Originality matters.
