1. "Experience is the best teacher". It is
important to keep this saying in mind, especially when starting a new
business. You'll learn something valuable from every single experience
you have as you begin to grow your business. Try to learn from other
people's experience too. Remember, wherever you are in the business,
you can be sure someone, somewhere has had a similar experience. The
more experiences you have, the better business person you'll become.
2. Treat others as you would want to be
treated: with respect, helpfulness and courtesy. Win people's trust and
they will continue doing business with you.
3. Many new business owners especially at
early development stages, tend to under-utilize professionals like;
accountant, lawyer, banker, management consultant etc. Many new
entrepreneurs are concerned about the cost of the service rather than
the potential benefits. The cost of professional help is a legitimate
business expense and a beneficial investment in future business.
4. It's okay to feel afraid. Talk about your
fears and discuss them, you will conquer them and become stronger, both
personally and professionally.
5. Many businesses begin as sole
proprietorships because of the low start-up costs and the ease of
formation. As a business grows, however incorporation is sometimes a
better form of business ownership. Before you decide on the legal form
of ownership that best suits your business. it's wise to consult a
lawyer for a more detailed look at the costs associated with each and
for advice on how best to go about the process. You should consider the
advantages and disadvantages of each form of business organization.
6. One of the most critical elements in
making your new business succeed is good customer service. Prompt
delivery is absolutely essential to show people you're reliable and
they can count on you.
7. Failure to arrange an adequate cash flow
is the most common problem. The initial start-up costs of most
businesses are very high and the return on investment small during the
first few years. If there is not enough cash to pay bills falling due,
suppliers will be reluctant to expend further credit and the business
will be forced to close its doors.
8. It is important to build a new business
around something you enjoy, or already have experience with. You'll
need to live and breathe the business during the first year or so in
order to get it of the ground, so you'd better enjoy the work and know
something about it.
9. Poor bookkeeping practices will result in
inaccurate financial records and a false reading of the company's
performance. Since many key management decisions are based on financial
records the direction taken may be totally inappropriate and ultimately
may cause firm to declare bankruptcy.
10. Don't try to do every aspect of the
business at once because it's too much to handle. Business is a gradual
process and it needs to be accomplished in little steps.