We can always find ideas, tips and advice on what to do when launching a start up but how many people find out beforehand what not to do? Sometimes knowing what not to do, can save you a lot of headache, heartache, time and money.
Well, we have found some really useful information that every business owner needs to know before they get started. The importance of knowing what not to do when launching a start up, will make all the difference in how successful the business will initially get off the ground.
It's been said that the investments for U.S. startups on the on the rise. In fact, the Phoenix Business Journal reported, startups are on the rise to nearly pre-recession investment levels. They also state they may be our secret solution to getting out of the recession.
So, if you are ready to get your business idea into motion, start off with a business plan and portfolio to map out your startup business structure and its goals.
Then, take a look at some important information according to Allen Steiman of Soletron and Gauri Manglik of Fondu. They have some concrete knowledge of what not to do when launching a startup:
- Don't put off the legal groundwork
- Don't be afraid to learn faster than anyone else
- Don't forget to reach out to mentors and advisors who have done it before and believe in you
- Don't forget that you get what you pay for — especially when it comes to talent
- If you don't have a lot of money, don't be afraid to compensate your team with equity
- Don't forget that this will take over your entire life
- Don't assume people will be as responsible as you are
- Don't forget that you need a partner you can trust
- Don't neglect your physical health
- Don't forget to develop a thick skin. Not everyone will be sold on your idea at first
- Just do it
Remember, by getting your business plan done first and then concentrating on these 'Don't Do's', you will have a smoother start at getting your business up and running.