Usually, all I get is generic tips which are don’t grow too fast. However, there are no concrete case studies, but when it comes to success stories there are specific examples. I was thinking if maybe you can have videos or articles analyzing explaining How businesses failed especially startups. it would be great if you can use your influence to encourage Entrepreneurs who have failed to share their stories with you. That way the mistake will only be made once because we all will have learned from it. Hopefully, you consider my suggestion. Here are the top 7 things not to do when starting the business.
Number one is to pick the wrong business.
A lot of companies fail, right? 80% + of companies fail in five years, a lot of it has to do with the fact that you picked the wrong business. Your business is just trying to make money, and if money is your only goal, you’re not going to be successful. You look at any entrepreneur who starts off and just trying to make money, they rarely do. If you look at the most successful entrepreneurs of all time, the big names are people you would recognize: Oprah Winfrey, Bill Gates, Steve Jobs whoever it is. Look at why they got started. Look at the early days of the reason for starting their business.
The number one is never to make money okay. They want to have a positive impact. They want to change the way something is done. They want to mean something, but it’s not just to make money. Now making money is important, okay? I’m not saying start a charity. You got to make money. You got to be able to support Your family and your community has their Lifestyle. Money is going to be important. We’re not throwing it away, but it’s not the number one reason for starting a business. You have to be passionate about what you’re doing. Too many entrepreneurs Pick the wrong business.
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Number two of Top 4 nots to do when starting the business:
Number two is to make the perfect plan Before they get started, so many entrepreneurs want to have the perfect plan. You gotta have it all laid out. It’s got to be a hundred percent Quick. Know exactly what you’re going to do before you launch, and that holds you back. This was me, okay? My first real business was this biotech software company I had. I spent a whole summer making my plan right. Here’s how we’re going to grow.
Here’s exactly what we’re going to do, and as soon as we launched, Everything changed because my plan was wrong. My assumptions were wrong and too many entrepreneurs get focused on making the perfect plan. They hold themselves back. The best thing you can do is plan a little and start Right. When you get feedback and reaction and customers telling you what they like and don’t like, you’ll have to adapt anyway. So get that feedback as soon as possible. Don’t worry about making the perfect plan. Don’t wait Until you have that perfect plan because so many people wait so long that they don’t actually take any action at all. They give up On it because they can’t figure out the perfect plan. You will never have the perfect plan [at] the start.
Number three of Top 4 nots when starting the business:
Number three is spend money. So many entrepreneurs have Great ways on [how] to spend money right. If I gave you a million dollars, you can find a million different ways to spend it. Not many entrepreneurs are great at making money, and so stop trying to think about how [to] spend money, okay? You do not need a website you do not need an office. You do not need a car. You [don’t] need business cards.
You don’t need anything! You need you and your hustle to get out there and start talking to customers. Stop trying to figure out ways to spend money. You do not need money to make money. You need to work. You need a hustle. You got to get out there and start talking to people. It takes your time. you got to invest your time, but don’t start investing your money. Stop spending money Until you’re making some money.
Number 4 of the Top 4 nots when starting the business:
Number four is to try to do it alone. You cannot do this alone. You cannot do this just on your own. You need people to [help] you, whether that’s having Volunteers or interns or whether it’s having people who are working for you? Use Part-time. The first guy I hired was for one hour a day to relieve some of the work off [of] me Right? It could be that you are having a mastermind group of people that you connect with.
I have one I run here in Toronto where we meet every month to talk about our businesses and help each other out. You can’t do this alone. You need to be able to talk to people to help you. Weare not spending money at the start. Right back to the last point, We’re not spending money on these people to start, but you can attract people toward you. You can meet up with [the] mastermind group once a month.
You can have volunteers or student interns helping you out. Hey, if you’re saving for something important, you’re going to have people coming to you. I can’t tell you how many people want to volunteer At my business because I’m trying to do something big and important. You could start that way But don’t try to do everything yourself Because running the business is a lot harder than one person can manage. If you want to do something big, you want to have a big impact, [you] want to change the world, You can also make a lot of money in the process. You need to be able to reach out and not do everything yourself.