When it comes time to make decisions as an entrepreneur, what not to do can oftentimes be as important as what to do. Time Magazine talked to Pedro Hernandez of Small Business Computing to get his top five surefire ways to sink a business. Here's what he had to say:
1.) Don't Get Distracted
Too many ideas, even good ones, can slow you down or even prevent you from reaching your goal. You're better off selecting the three most important priorities and focusing on them exclusively for the next year.
2.) Don't Scare Off Investors
Protecting your business idea and the intellectual property it requires is important but be mindful you don't frighten off the very people whose help you seek.
3.) Don't Forget the Humans
Many of today's startups depend heavily on technology, but building a strong business also requires the human touch. Don't think mobile and social media technology are substitutes for picking up the phone or talking face-to-face.
4.) Don't Ignore the Cloud
Instead of investing money on servers, storage, networking and software, invest in the budget-friendly cloud. It offers just about every IT infrastructure service and business application your startup could need.
5.) Don't Rest on Your Laurels
When you get your business to the point where it's running smoothly and money actually flows into your accounts, not just out of them, you might be tempted to sit back and relax. Definitely don't go there.
To read the original post by Time Magazine, click here.