One of the most common questions that I have been asked is ‘How to do business?’ My answer has always been ‘I will tell you how not to do business.’ I think that’s the best way to explain because people tend to recollect the don’ts much faster.
Here are the top 10 don’ts of any business:
1. Don’t blindly dive into any business just for the heck of it. Don’t go by what people say. If someone tells you that affiliate marketing is the best business for you then first think if it is really meant for you. Something that works for one person might not work for you.
2. Never do something that you don’t believe in. Also, never hijack any idea without knowing the constraints and risks. Also, if you don’t have conviction in executing your business idea there is no point in doing it.
3. Never have unrealistic dreams. Start with the achievable targets and then improve your goals.
4. Never dive into something if your funding is going to be insecure and unstable. First find a stable means of finance and then only plunge deeper.
5. Never build a product for yourself. Build it for your customer. Get the requirements from your clients and then only work towards it.
6. Never give half-baked solutions to your client and never compromise on quality. You will not only lose the faith of your existing customers but you will also lose your market credibility.
7. Never pester your customers by asking for unnecessary information. You might just frighten them away.
8. Never lose your good employees. They are really the drivers for your success. Try all possible ways to retain them.
9. Don’t get out of the business if you make loss in the first 2-3 quarters. You can never be profitable in a business all the time. Especially when you have just started you need some time to establish yourself and make a name. There will be some initial hiccups. You will succeed only if you have appetite to digest loss.
10. Don’t be emotional in any business. You just can’t afford to run business this way.
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