Biz Owners: What NOT to Do

Business owners get enough advice about what they should be doing (most of it can be as vague as “provide good customer service”), but here are several things that business owners should not do:

• Don’t hire your spouse, kids or cousins – unless they are truly right for the job. You might be desperate for cheap labor, but in this economy there are plenty of qualified people in need of work, and willing to work for much less than they’re worth.

• Don’t assume you’ll be able to raise more money for you venture later. If you’ve been lucky enough to get the loan or the venture capitalist to start your company, assume that’s all you’ll get and you’ll just have to turn a profit to keep going.

• Perhaps considered the Golden Rule of Business, don’t ask an employee, partner, investor or even a customer to do something you wouldn’t do yourself. Don’t want to work weekends? Neither does your minimum wage employee. Don’t want to create an account complete with password to get some company’s newsletter? Neither do your potential customers.

For even more tips, click on the source article below.

Source:

OPEN Forum by American Express: A Dozen Don’ts for Entreprenuers

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