10 Do’s and Don’ts for a Start-Up Entrepreneur

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If you are a newbie entrepreneur who wants to start a business in Singapore or elsewhere, here are the top do’s and don’ts you need to follow:

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  1. Do ditch perfectionism. Nobody and nothing is perfect. Don’t wait for things to happen just because you need to complete and perfect each step. Let it go and launch as soon as possible. You can perfect it along the way.

 

  1. Do develop your strategic business plan. You need to have your own business plan including marketing and of course back up plan in case your business won’t fly. You need to be specific in terms of identifying what you want to do and where you want to go a few years from now.

 

  1. Do hire people that will help you. You are not an expert in everything so you need to hire people to help you out in areas that you find difficult.

 

  1. Do choose a company and brand name that is catchy and memorable. Your company or brand name will carry your business as you start and as you develop through the years. You need to create something that would catch your customers’ attention and be able to sustain it.

 

  1. Do live beneath your means. Even if you have already started and the profit so far is doing well, try to live below your means for a while and save your earnings up until you are confident to splurge.

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  1. Don’t invest in unnecessary things. Don’t invest or buy things that you know won’t help your business at the moment. Limit your expenses since you are still starting.

 

  1. Don’t quit your day job yet. If you do have a day job, don’t quit just yet if you are not 100% confident that your business can be successful. You still need those extra cash for emergency expenses for your business.

 

  1. Don’t get easily distracted. There can be too many distractions but you need to focus your attention to your vision. Just believe that you can achieve what you want by staying focused and disciplined.

 

  1. Don’t let competition wear you down. Competition can be very intimidating but don’t get scared. If you know you have an edge, give your competition a good fight and a run for their money.

 

  1. Don’t try to do all things on your own. You are not superman or a superwoman. Since you are still a start-up, try to delegate some tasks to your partner or other family members who are supportive enough to help you out. Your success will after all become theirs in the near future.

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