10 Salient Do’s & Don’ts for Aspiring Startups

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Founder and Managing Director of DigitalUndivided, Kathryn Finney

 

Matt Wilson

 

Matt Wilson is Co-Founder of Under30Experiences, a travel company for young people ages 21-35.

As an entrepreneur, Wilson highlighted the followings dos and don’ts for people who aspire to run businesses.

Do:

  1. Start something, a blog, a website, a group, anything. Action is what counts so, take action, even if its not a very significant progress towards your business, this step would get the ball rolling. Try it.
  2. Get rid of all your debts. This is very important, you don’t want to be in debt while you start your business because you’ll have many things to worry about in your business and you might very well need occasional credit card swipes to support your business so the last thing you need to hear is a call from your bank or collection…
  3. Solve a problem. To find out what business, look at the current players and their services, interview a few customers and identify a problem or issue with current product and service. Then, solve it.
  4. KISS – Keep it simple, stupid. No matter what you do, nothing beats simple, be it a business plan or an email communication or anything in between. Staying simple would make you far more efficient and save a lot of time, headache and money too.
  5. Network. Talk to anyone and everyone, tell them about your business when they ask what you do, soon you’ll master your business pitch and be connected to lots of people, you never know who you’ll bump into?

Don’t:

  1. Buy another $1.99 get rich quick report or that $195 worth 6 DVD program to financial freedom or any other get rich overnight program… You’ve better odds winning a Russian roulette.
  2. Wait for the perfect time, it’s an illusion. Tell me about one thing you did in perfect time…Perfect timing doesn’t exist. It’s either now or never. What’s your pick?
  3. Hire friends unless they are equally (if not more) excited and motivated for the business. Enough said.
  4. Try to do it all by yourself. No one can. So learn the art of delegation and outsourcing.
  5. Fall in love with your idea. This one is the most important because you don’t want to blindfold yourselves to the feasibility part of the business. A business in order to be profitable has to be feasible and sustainable.

 

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