Every business owner wants to have a successful business, but that can’t be possible when you don’t know the dos and don’ts in business. Knowing the positive and negative aspect of business, helps you avert the negative aspect and proffer the solutions beforehand. Today we will be taking a good look at the mistakes YOU must avoid as an entrepreneur or business owner of which include;
A good business is meant to revolve around different individuals in the business organization. A business that is dependent on a particular individual is more likely to fail once that individual in question quits or leaves.
INVOLVING A CLOSE FRIEND:
As an entrepreneur you shouldn’t involve a close friend in your business. There is “no” friend in the business world. What we have is “Business Associates”. In order to save the relationship you have with your friend and stability of your business, you are advised to avoid such.
NB: There are some cases where by having friends as an associates pays off.
LOW CUSTOMER SERVICE:
For your business to move well, your customer care service ought to be at its peak. Avoid stressing your clients. Your business must be made accessible to them.
This is when the tax payer deliberately misrepresents the true state of their affairs to the tax authorities so as to reduce their tax liability [credit: Wikipedia].
This could lead to the downfall of a company or an organization once they are detected by the appropriate Authority. A true entrepreneur doesn’t engage in tax evading because we know how to use the Law in our own favour.
LACK OF INSURANCE:
This increases the risk in business. No matter how small your company is, it is always advisable to insure it so as to protect it from sudden negative events. There are different types of insurance. In order to get the appropriate one that suits your business, you are advised to get the proper information on Insurance before you engage in it.