We see a lot of things about ways to make your small business succeed. But there’s also another set of advice that you can follow. And that is advice about avoiding failure. In other words, you can use the tips and techniques that will move you down a pathway to avoid the ruination of your perfect small business idea.
So, approaching this from a reverse psychology perspective, what are four of these ways that you can ruin your small business opportunities? A good one to put on the list is to drink and drive. Getting caught intoxicated while operating a motor vehicle will bring your business to a quick and violent halt.
Second, gamble as much as possible. Want to lose all of your ability to invest in your company? Blow it on roulette or horse racing. Third, operating without a business plan. Who needs a pathway forward when you can act on gut instincts? And lastly, don’t research your competition.
Whatever idea you have is perfect as it is, and no one has ever had that idea before. You are home free to sell your design at will.
#1 Drink and Drive
If you end up with a DWI or DUI because of your drinking habits, that can quickly bring your small business ideas to a close.
You’ll have to spend so much time, energy, and money on court cases that you won’t have the opportunity to move your business idea forward. If you hurt someone else, that can even mean potential jail time.
Want to keep your business afloat? Don’t do questionable behaviors on the road.
Another great way to lose business capital is by gambling. If you’ve ever seen anyone with a gambling addiction, you know that it’s a real issue in the behavioral realm.
If you know you have any problems with gambling at all, then don’t give yourself the option to risk any of your money at all.
Even if it’s your personal finances, going into debt because of gambling has an immediate effect on your ability to put money into your business idea.
#3 Operate Without a Business Plan
The first thing that you should do when you have a business idea is to create a business plan. If you want your business to fail, don’t bother with this structural framework. Just go into the situation totally blind.
You will quickly become a statistic that suggests that no one knows as much about business as they assume they did at the beginning.
#4 Don’t Research Your Competition
A final bad piece of advice would be about researching your competition. If you assume that your big idea comes from space and no one has ever had it before, then you are delusional.
Always research your competition in-depth, especially if you are selling a physical object in a local geographical region.
What are you doing to not ruin your business opportunity?