, Productivity tips

5 Essential Don’ts For Entrepreneurs

Be Careful Where You Tread

Startups are everywhere. Every day, thousands establish themselves and many more shut down. The only difference between the successful ones and the failed ones are a list of Do’s & Don’ts.

So, today we bring to you the most important 5 Don’ts to be followed in today’s era by entrepreneurs.

 

essentialdont-forevery-entrepreneur

Don’t work too hard for too little. 

When entrepreneurs are first starting out, they sometimes make the mistake of undercharging for their services or setting up a business model that would require a 100-hour-a-week schedule to earn a living wage. A classic example is selling a handcrafted crocheted sweater for the same price as a store-bought, machine-produced one. Simply charging more for products and services can signal quality to potential buyers. Testing the market to see what it can bear, and checking out competitors’ prices, can help entrepreneurs avoid starting too low.

 

Don’t Overinvest in startup costs.

It’s easy to plow savings into a new business before it’s even launched: a beautiful website, a professional marketing plan, trips to conferences and new certifications. But before investing a cent, successful entrepreneurs often first look for ways to bring in revenue to offset those costs, while simultaneously testing the market. That might mean offering nutrition consulting services before setting up a new website, or selling an e-book through Amazon or another existing e-commerce channel before printing paperback versions.

Don’t fall behind on the bookkeeping.

If you don’t keep your bookkeeping current, errors will accrue as the “trail goes cold.”  That transaction you thought you’d remember to input in a week turns into a month, and then a year, and the details have long since been forgotten. Once you fall behind, catching up can seem impossible and will, once again, take you away from doing the work that will get your business to the next level. Not to mention that if you know you are falling behind, you will worry about it. Worry will only distract you from the bigger picture, allowing more room for more errors and potential failure.

 

Don’t assume your bookkeeper or accountant knows as much as you do about a transaction.

It’s crazy, but, they can’t read your mind. With that being said, communication is key. If you aren’t giving them the full information needed to properly input your transactions, they could make incorrect assumptions and take your finances off track. You also want to review their work. They do their best, but it is not uncommon for items to be misinterpreted or for them to make mistakes. After all, accountants are only human.

 

Don’t talk too much.

Often times, we talk too much. God gave us two ears to listen twice as much we talk. When we listen, we can better assess how was can provide value for someone. Also, the key to reaffirm people we are listening is by repeating what they said. Many rookie entrepreneurs brag or talk too much and this can signal insecurity. Being calm and a good listener is a great attribute.

 

 

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