Four Critical Rules to consider before starting a business

There are so many people out there who don't have good business plans and they end up regretting. It is very imperative that you fully understand the DOs and DONTs in business before jumping into it. I wouldn't say I'm there yet as I am working towards being a successful entrepreneur. I did a research and I decided to use this medium to share just four rules to consider before starting a business and I believe they are very key.

Rule Number One- Understand that your ideas are worthless .
I believe an idea by itself is worthless and it is important to prove that your idea is worth pursuing. Don't you think only the FFF(Fools, Friends and Family) fund would invest in ideas? It's time to get smarter.
Remember not to ignore the core the Lean Startup Methology by following it to validate your idea. From my research, I learned that pre-sales is the only proof of a good idea worth pursuing. More importantly, there is a need to be cautious about social validation . You can use the website 'kickstarter' to validate ideas.

Rule Number Two- Never attempt starting a business with a loan!!!
Obviously, starting a business is risky but I would never encourage my friend to get a loan to start a business because as far as I'm concerned, it is too dangerous! NO EXCEPTIONS! Never try it!
Business loans should temporarily be used to finance inventory to increase your sales. It's important to always have the product pre-sold before you use credit lines.

Rule Number Three- The need to be aware of disruptive technologies that will impact your future business.
This part is one of the biggest dangers to every business and folks worldwide as speedily move into he Digital Age. Try picking a business in a growing market and watch out for shrinking disrupted market. Be careful!

Rule Number Four- Do not be afraid to fail.
You need to take action, be informed and do not stop learning. You will get there if you are decisive and smart - Strategy will win over force.

There you have it! If you benefited from this little post, you can leave a comment and let us know how you are doing as far as business is concerned.

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