You do not want to bring down your company? Read!

Wrongly convictions of a beginning entrepreneur may lead to a company’s bankruptcy in a longer perspective. service published the list of traps – in order to warn owners of small and medium enterprises.

What does have a meaning? Of course MONEY!

It is good to have noble motivation, but while establishing a company, primarily you have to be commercially-oriented. It does not matter if you open your own business because you do not like working “for someone” and you want to have more freedom. While hiring employees and paying for Social Insurance Institution and tax office, first and foremost you need money. “Business is not about money” slogan will not convince someone who will not get the payment on time.

You cannot stand still

If you want to lead profitable business, you cannot forget about development. By putting money aside on your account and not investing in new solutions, you will quickly find out the competition on your way and you will not be able to come up to them. You should save for a rainy day and collect money for the better future, but most of all – you should develop you company.

Think about what you need

Office in the center and car of the newest generation tempt every entrepreneur. However, you cannot afford unwise spending on the beginning of your business way. The main determinant of a company on the beginning of its functioning should be competences. First attract clients, then change office, buy a better car and provide your employees attractive services.

Not everything belongs to you

Certainly, you take care about your company and you like to have everything under control. However, you have to learn referring tasks to your employees. If you unduly focus on every detail of the project, you may overlook more important things. Do not pursue Nokia which missed a chance of conquering the smartphone market because it focused too much on working out its cheaper products.

On the other hand, you always have to keep your finger on the pulse. Finally, it is you – an entrepreneur and owner – who determines development directions of your business. You do not have to have detailed knowledge but the orientation in the base of each aspect of the company’s functioning is necessary. Steve Jobs, in spite of not having higher education, knew the modern electronics market and was interested in technological news, thanks to which he could have demanded of his employees maximum of creativity.

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