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There is a ton of information out there about the dos and don’ts of starting your own business. The information is usually the same, and it has even become a cliché’. The popular advice is always to find a niche you have affinity with or experience in, pick a strong business team, innovate and solicit funding. Although these tips are great and effective, they hardly scratch the surface. An honest and successful entrepreneur can tell you that success in business doesn’t have a defined path. That’s means that many people disregard some key aspects required to start a business. Here are those few things that tend to be overlooked when starting a business:

You don’t have to start a business alone

Most entrepreneurs tend to go it alone, borrowing a lot of capital to fund the business so that they can have a stranglehold on the market. But this approach can be risky. It can lead to overstretching of resources and burnout. A company like Webvan tried to go it alone but lost it big time. AmazonFresh picked up the same idea, and it’s now doing well. The lesson here is that bright startup entrepreneurs don’t go it alone. They look out for partnerships that can prop up their day-to-day business activities.

When looking to start a business, know that your best business partner may not be the person you spend the most time with

While some Silicon Valley partnerships were founded in classrooms, the reality is that most big business partnerships were forged from unlikely sources. Your partner in business may not necessarily be your classmate or the friend you hang out with the most. As a new business owner, you should embrace the practice of developing networks and expanding them beyond your immediate comrades. You can get creative business partners this way, plus you can get more insights into the kind of business you intend to start.

Some people start a business and think that going public is a sign of success

Some people think that a business has achieved success when it starts offering shares to the public. While an IPO can generate the required capital to expand the business, people should not mistake it as a sign of success. Many small and large businesses have achieved greater success without going public.

Setting aside a hefty budget to start a business may not guarantee success

Most startups are always lucky enough to get financing. But they make a big mistake by setting aside a big chunk of the money for advertising. This doesn’t guarantee success, as there is already a ton of statistics of businesses that burnt money doing advertisements but failed eventually. Some companies even shell money to the tune of $50 million dollars to appear on front covers of major magazines. These days, selling a lot is not about how much you spend on advertising, but the quality of products, and level of customer service you offer. In fact, most businesses today are setting aside a big chunk of their budgets to perfect their technology in order to produce high-quality products consistently.

When you start a small business, competition should be your main motivator

This is the most important piece of advice you’ll rarely get from accustomed entrepreneurs. If you’re looking to start a business, then you must be ready to embrace competitors. Competitors tend to keep you working hard to stay on top. Competitors force you to go hard every day to innovate and evolve and this can cause your business to grow quickly. So, as a startup entrepreneur, always keep tabs on your competitors to stay motivated.


The rule of thumb to staying competitive in business and succeeding in the long run hinges on your ability to be resilient, not to be intimidated and to look at what competitors are doing. This way, you will endure and thrive for the long term.


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