1) Don't Start Without a Business Plan
Once you have figured out the WHY, you will need a clear plan of action. A business plan allows you to clearly define your goals and how you intend to reach them.
2) Don't Get Stuck in the Past
While it is important to retain the value from your past experiences, you don't want to let them stand in your way. Learn from your past and plan for your future.
3) Don't Fall into a Discount Trap
BELIEVE in yourself and your product. Unless you plan on opening a business the size of WalMart, do not try to compete solely on price. Differentiate your product or service from your competitors and win customers that way. It may take longer to acquire customers but you will have a much more viable business in the end
4) Don't be Afraid to Fail
You can not let fear become a barrier to your success. It is inevitable that your business will hit a bumpy road on its way to success. Learn what doesn't work and adjust your sails to the wind.
5) Think Outside the Box
Be willing to approach things differently. Use your creativity to gain an advantage on your competitors.
Josh,
ReplyDeleteWhat a wealth of business insight on your blog. Very relevant as I would love to open my own business in the future, great topic choice!
I have started two companies and completely agree with the list, especially #4. Nice post.
ReplyDeleteGood stuff J.G. Insightful and relevant to so many of us interested in going this route.
ReplyDeleteGood use of visuals.
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