Digital Economy, StartUp

What not to do in business: 5 lessons you should learn

What not to do in business: 5 lessons you should learn
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Business lessons

Even when companies have the passion, planning and intelligence needed to theoretically achieve success, they have simply fallen by the wayside as a result of internal and external problems. 

There are, of course, certain things that should not be done in business, and we want to talk about that.

Do not promise too much

It is true that having ambitious goals in business is something important, however, the success of your company should not be based on something that is not ready to offer. While it is true that desire is a powerful catalyst for any company, the reality is that you can never let it lead you to a precipice.

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Value your workforce

When it comes to intangible assets, consumer confidence is just one of many to consider and whose value can not be overstated. A slightly more tangible asset is the workforce. Whether it is a company in development with a few employees or a consolidated company that employs thousands of workers, you should always bear in mind that the people on the payroll are really the ones who keep the company running and not giving them the value that corresponds, is counterproductive.

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Be realistic

After receiving a lot of valuations, without a doubt it is understood that many companies have simply been carried away by an exaggerated optimism. The truth is that the temptation to invest too much as if your company were already a consolidated corporation, can make you fall sharply if you still are not at that level. The best thing is to grow realistically as this gives you solid bases to avoid falling as your company grows.

Honesty as a fundamental principle

Customers are undoubtedly the most valuable assets of your company and if you are not honest with them, then inevitably your business will suffer the consequences. It may be the case that even using commercial strategies or tactics fundamentally dishonest, you obtain a certain success in the short term. The problem, however, is that the influence and scope of your business will be significantly reduced.

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Be prepared for the competition

Having a great business idea does not necessarily mean you will succeed, particularly when you do not think you could have large-scale competitors in the future. As your company grows, it is necessary to be prepared to face the different interests of the competition that already exist in the segment. 

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