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Startup Dos and Don'ts

By on Monday, February 23rd, 2009. Filed under Planning.

Thinking about starting a business instead of simply looking for another corporate job? Then heed these words of advice from George Solomon, director of the Center for Entrepreneurial Excellence at The George Washington University.


DOs:





  • Do your homework.

  • Do make sure you know what you're getting into in terms of cash commitments and financial obligations.

  • Do consider buying a franchise to get your feet wet.

  • Do pick an industry, product line or service you know something about.

  • Do start a business to be excellent at what you do.

  • Do develop a relationship with your bank manager.




DON'Ts:



  • Don't dive in head first.

  • Don't invest in businesses that promise immediate ROI.

  • Don't overextend yourself financially and cognitively.

  • Don't go into a business you know nothing about or you'll spend all your time trying to learn the business.

  • Don't start a business from a panic standpoint.

  • Don't start a business to make money.

  • Don't start a business in which your strategy is to offer low prices and high volume, because you can't compete. Sales do not equal profits.




Published by Entrepreneur Magazine, www.entrepreneur.com


 

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