I’m sure that anyone that has been involved with a startup can create a pretty hefty list of Do’s and Don’ts—especially years after the fact. The truth is, there is no one-size-fits-all approach to business, so the answers to the question will be just as unique as the person who writes it.
Here are a few from my perspective:
Do: Make mistakes. So much of this is going to be trial and error. And sometimes you might get so blinded by your own goal that you forget the bigger picture. I wrote a bit about thatLearn from them, grow from them. It’s truly how your business will thrive.
Don’t: Become a repeat offender. If things aren’t working out, change your direction. Mistakes are essential, but failure to learn from them is just poor business. Don’t wait around for things to miraculously get better, make calculated decisions based on what you learn.
Do: Choose investors wisely. Investors are a great way to get your business off the ground, especially in the early days when cash flow isn’t so great. Do your homework, and find investors that you can work with.
Don’t: Take the first offer that you get. If it sounds too good to be true, then it probably is. And think long and hard before you give away a significant amount of your company for cash now.
Do: Be frugal. Don’t waste money frivolously. When money is tight, evaluate each purchase. Is it necessary? Will it help you grow? If not, save it.
Don’t: Avoid necessary costs. Be prepared to invest where it matters. Certain resources, while an upfront cost now, will save you time and money in the future.
My companywith built with these principals in mind. I wanted to offer businesses an affordable solution to legal services that aren’t as accessible at traditional law firms. We provide a marketplace of attorneys that have already assisted over 1000 startups just like you. Or, if you prefer, we also have a new feature called where you can ask legal questions about your business (or other legal matters) and receive a customized response within 48 hours.