Entrepreneurship Do’s and Don’ts

We have more young entrepreneurs than ever before. A lot of people feel that commencing their own venture is so much better than working in an organization. Those bitten by the entrepreneurial bug are willing to take all sorts of risks to ensure that their project takes off from the ground. There are millions of start ups created and some of them don’t survive more than a year or two. Start ups are extremely challenging and difficult and as an entrepreneur one is expected to wear multiple hats instead of just being in charge of their own deadlines and tasks. Managing human resources and money are also extremely crucial for a venture to sustain growth and success. Let’s look at some of the entrepreneurship do’s and don’ts in detail.

Do’s

• Do have a business plan in place. Whether you are in a very nascent stage, seed stage, growth stage or any other stage in the business cycle. You have to know in which direction you want to continue growing.
• Do form a code of conduct. Work culture and work ethic are always passed down from the top management. It is very crucial to have a code of conduct so that the management and team members know exactly how things work in your organization, instead of everyone doing as they please.
• Do stay grounded and focussed. While dreaming big and having huge expansion plans are great aspirations, it is important to keep your feet firmly planted on the ground. Whether you are hiring new team members or raising money, make sure not to get too ahead of yourself.

Don’ts

• Don’t go overboard in the initial phase. Whether it is hiring too many people or borrowing too much capital, make sure to take small steps in the first few years of operations.
• Don’t shy from micromanaging. In the initial phase, in all likelihood, you will have a small team. Feel free to delegate and give responsibility, but make sure to hold all the reins of the business till your team members have completely won your trust and respect.
• Don’t talk a big game. It is important to walk the walk instead just talking the talk. Guard your plans and resources with a lot of care and caution instead over sharing with everyone.
• Don’t be disheartened by failures and setbacks. Let’s face it – things are not going to always go your way and sometimes you will feel that everything is like swimming against the tide. Accept that that’s just part of being an entrepreneur and do whatever needs to be done.

When it comes to running your own business, the learning is endless. There are always new challenges and milestones to be conquered.

Contributed by a Student at MET Institute Mumbai.