#failed #business #startups #entrepeneurship #businessmistakes What NOT to do when starting a BUSINESS? How to avoid #bankruptcy after starting a #business? 1. LUST vs. PASSION / DREAM vs. REALITY Always ensure that you're starting this #business because it's your mission. Understand what it entails, as it is genuinely part of your vision. See yourself doing it with enthusiasm every day, be passionate about the direction you're heading, and accept the price that must be paid (in advance and in full). Ensure you are DETERMINED and, above all, DISCIPLINED! Note: I recommend going through the test presented in the first part of this video! 2. PLAN and DIRECTION - what to do with the money? Define as precisely as possible what you will do with the money, even before you have the money. Otherwise, when you have #money, there's a risk that any investment direction becomes attractive, regardless of the resulting return. The plan provides us with some clarity and direction even if, when we obtain the desired capital, we may need to update or modify it! 3. ADDITIONAL - STRANGLING COSTS | PERSONAL vs BUSINESS COSTS Your lifestyle has changed, implying a much higher cost of living that burdens the business and suffocates the #cashflow, along with opportunities for business development. Note: Your business pocket is not your own pocket; higher expenses do not always lead to a higher yield! 3. GREED makes SHORTCUTS attractive! In the desire to milk/skim/squeeze/produce/generate more #profit from our business, there is a temptation to take shortcuts, abandoning what has brought us a reputation for the sake of immediate gain, but only in the short term. Note: Avoid such situations; do not deviate from the straight path that brought you here. Make sure you keep the #greed that is present in each of us in a tight corner and you don't allow it to grow once your business grows! 5. Getting comfortable = MISSED OPPORTUNITIES - from the mountaintop! Don't forget where you started, and don't start chasing opportunities that require ZERO effort but seem to attract #maximum #gain just because you consider yourself at a higher level and are only focused on frying bigger fish. Note: Falling from the mountaintop is easy and painful even if it took you years to get there! 6. Work with the right CONSULTANTS or EXPERTS - Access to #knowhow that is useful! If the #business #consultant hasn't delivered what was promised, ask yourself how #diligent your selection process was before starting that #partnership: - What were your selection criteria? - Was he or she well-spoken and presentable? - Did he or she tell you what you wanted to hear? - Did he or she mention reading 1000 books in that field? - Does he or she have advertising all over the city? - Was he or she recommended by a family friend's wife? Without such a thorough process, such "specialized help" could complicate things rather than actually help, while others might take full advantage of our situation. Note: Ask for details about their portfolio and case studies: - request recommendations - how many people have they coordinated, - what budgets, - what risks have they managed, - what problems have they solved and - what solutions have they found, - in what locations, - in what #context, and - under what pressure? #bonus If they can tell you specifics about their own PERSONAL such investments and the challenges faced, then you truly have a worthy and qualified #partner in front of you, to help you take your business to new horizons! Good luck for the next round in #business!

Full video YouTube episode (click here)