The Top 7 Things NOT to Do When Starting a Business

Evan explains the failures of businesses, especially startups. He presents the top 7 “NOTs” to consider when starting a business.

DO NOT 1: Pick the Wrong Business: Many businesses fail because they focus solely on making money rather than having a positive impact. Successful entrepreneurs like Oprah Winfrey, Bill Gates, and Steve Jobs started with a passion to change something.

DO NOT 2: Wait for the Perfect Plan: Waiting for everything to be perfect before starting can hold you back. Instead, start with a basic plan, gather feedback, and adapt along the way. Don’t wait too long trying to figure out the perfect plan.

DO NOT 3: Spending Too Much Money: Stop trying to figure out ways to spend money. Instead, focus on working hard, talking to customers, and getting feedback. Money isn’t necessary to make money initially; invest your time and hustle.

DO NOT 4: Trying to Do It Alone: Building a business requires support. Surround yourself with like-minded people, have volunteers or interns, and join mastermind groups. You can’t do everything alone, and it’s essential to have help.

DO NOT 5: Jump into the Wrong Partnership: Be cautious when partnering with others. Test compatibility by working on small projects together and ensuring you share the same vision and values. A partnership is as important as a marriage.

DO NOT 6: Operate in a Bubble: Don’t try to figure everything out on your own. Learn from others, model success, and stretch your comfort zone. Don’t limit yourself by operating in isolation.

DO NOT 7: Start a Product: Starting with a service-based business is recommended to get cash flowing and build a customer base before launching a product. It allows for flexibility and understanding customer needs.  [VWAH Editor (not Evan): But if you have a great product, and no service-based business to speak of, go for selling the product — with careful planning, of course.]