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Rules for Small Business Owners

Sunday, January 22, 2012   (0 Comments)
Posted by: Ester Venouziou
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Nellie Akalp, CEO of, has formed more than 100,000 corporations and LLCs across the U.S. So, we figure, she has seen her share of startup blunders. In an article published by Mashable, Akalp lists some common mistakes entrepreneurs make. Here is a quick summary:

1. Don’t Underestimate a Business Plan: Making a plan isn't just for those seeking investors, she writes. A good business plan can help keep you focused.

2. Don't Get Stuck in the Past: Just because something worked for you or for others before, it doesn't mean it's the best way to do it.

3. Don't Hire Friends: Enough said.

4. Don't Dive Without a Plan: New ideas are great, but they often get you sidetracked from your overall goal. Stay focused, and before embarking on new ideas or projects, ask yourself how they fit in with your overall goals.

5. Don’t Fall Into a Discount Trap: Common mistake, she writes, is for entrepreneurs to undervalue their services or products in order to gain new customers. Better option? Add value and stick with market prices.

6. Don't Be Afraid to Fail: Keep in mind that for with every misstep, you're closer to success.

And here's one we'd like to add: Follow your passion, but don't ignore what your brain tells you, too.

What are your tips for those starting a business?