1. Too much enthusiasm will crash your car
The initial days are indeed exciting. You want to be in the field continuously, get that wheel
rolling and print money like the mint. But too much enthusiasm will thin out your priorities
and hyper-excited entrepreneurs often lose sight of their core business goals. Be
methodical, calm your nerves and keep reminding yourself of the ultimate motive.
2. Entrepreneurship is never a solo game
To be successful you must delegate responsibilities. You cannot take everything on yourself.
You will need smart people working for you. You’ll have to stop providing the services
yourself and rely on others to do it for you. Make sure the workflow is stable, slightly nudge
if things seem to be slowing down but never try and do all the tasks yourself.
3. Your enterprise is as strong as your weakest link
While hiring a team, you must be careful upon whom you are dumping the duties. A bad
manager at any hierarchical level can lead to a domino-like collapse of your entire firm. Be
sure to have your eyes everywhere, keep your employees motivated and quickly get rid of
the weak link if it surfaces.
4. Avoid information overload
You are the ultimate decision-maker in your company. Hence, you cannot afford to get your
logical reasoning impaired. This will happen if you are constantly absorbing information,
reading entrepreneurial books, attending webinars and so on. Do not overwork your mind.
It will shut down when you need it the most.
5. Saying yes to everything is suicide
Most entrepreneurs look to break even fast. Along the way, they easily shift from their core
business model, say yes to clients with work outside their expertise and mess up.
Remember, break even will come in its own time. More work of any sort is hardly the
6. Never allow competitors to plague you
Most companies go under by trying to beat their competition. Just because someone else
dropped their prices does not mean you will have to follow suit. Instead of focusing too
much on your competitors, try solidifying your own business model, improve your services
or product. Provide quality to your customers and eventually they will buy from you.
7. Timing is everything
Be it a particular product or your entire business, the timing of your launch will determine
your success. Present your brand to the customers when there is a need. Otherwise, you
will merely be adding another drop in the ocean which is plain and simple stupidity. Wait for
your opportunity and then make the jump.
8. Multiple soups on the stove
You can be an expert at only one thing at a time. If you try to diversify your business from
the very beginning, all your soups on the stove will burn. First, build your expertise around a
particular niche, then start to spread your wings. Avoid launching a business with too many
9. Have a plan for the rainy day
No matter how much you plan, something will surely go wrong. The mark of a true
entrepreneur is the one who always has a failsafe. Stash some finances for emergencies,
collect assets and minimise liabilities, invest in stable areas and maintain a solid group of
networks who can bail you out.
10. Never stop learning
If you become disconnected from your industry realities, the ship will start sailing in a
completely different direction. The world around you will continuously change and you
must keep yourself afloat with all the happenings to make informed decisions. Continuously
learn and balance your business along with it.
The trick lies in being disciplined about your venture. Entrepreneurship, after all, is fun and full
of adventures. Every day is a new challenge. Plan and it will always stay that way.