How to profit from knowing what NOT to do in business.

After reading the thousands of articles of so called experts discussing and pontificating on HOW TO RUN A BUSINESS. I hope to share my thoughts on what NOT to do. *** Disclosure, you learn from your mistakes faster than your successes. ***

Here is my top 10...

Difficulty: Moderate

Instructions

Things You'll Need:

• The willingness to dispose of all of your politically correct thinking
• The guts to say NO.
• The nerve to say NO WAY.
• Willingness to tell anyone that you are in business to make money not to do charity work.

1. Number 10: What not to do in business.
   
   Do Not ever go into business thinking about how noble you can be.
   
   Please, can you be anymore of a wus.

2. Number 9: What not to do in business.
   
   Do Not ever hire friends or family.
   
   You might as well hire a pet rock to keep you company, at least you don't have to pay the pet rock.

3. Number 8: What not to do in business.
   
   Do Not ever do work for friends or family.
   
   You will only see smiles to your face and knives in your back. (This statement applies to Number 9 as well). Also you will probably have to put them on a finance plan and most likely not get paid everything.

4. Number 7: What not to do in business.
   
   Do not ever give your lowest price first.
   
   Always quote about 10-15% more than you hope to make on a job and you can always negotiate down, if they accept it this is not so much as to create resentment but enough to make up for losses on discounted deals.

5. Number 6: What not to do in business.
   
   Do not ever be afraid to tell a customer that he/she is not a good match for your company.
   
   If you are or will over time lose money or resources because of a high maintenance customer the best thing for both you and them is not to do business with each other.

6. Number 5: What not to do in business.
   
   Do not ever let you clients sell you...
   
   You will, I promise you will have customers tell you how great they are, how great there credit is, how much business they will bring you, how much this, how much that.
   
   THEY WANT YOU TO PROVE YOURSELF TO THEM //// THEY NEED TO PROVE THEMSELVES TO YOU also. Don't be SOLD....

7. Number 4: What not to do in business.
   
   Do not ever give a discount just because you like someone.
   
   Your in business not charity work.

8. Number 3: What not to do in business.
   
   Do Not ever think it's ok to break even...
   
   Yeah,,, you will tell yourself that I can break even and make it up on future projects. All you will manage to do is train your customers to expect discounts and breed complaints when you try to make an actual profit. (They will think that you did the bait and switch and you will soon be out the door.)

9. Number 2: What not to do in business.
   
   Do Not Work for Free.
   
   EVER....

10. Number 1: What not to do in business.
    
    Do not ever forget this phrase, "No Good Deed Goes Un-punished".
    
    Tattoo it on your forehead in reverse print so you can read it in the mirror each morning.

Tips & Warnings

• Be skeptical
• Be trusting but always have that trust verified before acting on trust.
• Be direct but polite
• Create a lessons learned list and put it in writing. Read it once a month.
• Don't ever be a jerk or other words that might apply here.
• Don't ever be afraid to go to the highest mountain and tell the world that you are an idiot and you don't know as much as you thought you did. You will gain a lot of respect from everyone by being verbally honest with all.

[Miragi]

on 10/2/2008 Exactly! Great points!

[TxLady]

on 8/23/2008 Thanks for the tips! Very well written.

[Tsunami]

on 5/12/2008 My name is Tab I authored this artical and this is the highest mountain I can find.

I am an idiot and I don't know everything. I have done all of these business sins and have experienced great agony over each one.

Thanks
Tab..