1. Entrepreneurs: Do’s and Don’ts Avimanyu Datta, Ph.D.

2. Take a good look at yourself Courage Action Oriented Leadership Positive Attitude Optimistic Enthusiastic Passionate Confident Innovative Creative Opportunistic Visionary Architect and Builder High Need for Achievement Not Afraid of Failure Determined and Persistent Promoter Flexible and Adaptable Pioneer Agent of Change Tolerant of Risk Tolerant of Ambiguity Pragmatic Independent Not Willing to Work for Others Clever Resourceful Note: Never start a venture if you are tired of what you are doing Never Start a Venture if you think it as a quick cash opportunity

3. Time: You will never have enough Budget time carefully Success takes time. Spend a lot of time in developing relationships with suppliers, distributers and customers. Don’t forget about running the business while you are out generating new business.

4. Preparation Invest a lot of time in finding new business, franchise Don’t share ideas with everyone. Find an ide and an industry that excites you. Set up an advisory committee Hire professionals with complementary skills. Get a good Accountant and an Attorney. Network Talk to entrepreneurs, bankers in the area

5. Preparation Invest a lot of time in finding new business, franchise. Visit people in other cities, towns who have started new ventures Visit other franchise locations Join industry groups that share best practices. Invest time to prepare your Business Plan.

6. Management Never Easy Be perceptive and flexible Be willing to adapt your strategy Learn to say NO. Never do too many things at one time Listen to customer’s and employees complaints and ideas. Learn about innovations by suppliers.

7. Business Plan Everything cannot be planned. Formalize a business strategy, especially an exit strategy Identify as many potential pitfalls as possible. Translating a good idea into a profitable business is the key. Don’t treat risks as gamble. Formalize a strategy for every risk. Reality will be different from expectations

8. Strategy Dare to be different Be opportunistic and receptive to feedback Differentiate your business on the basis of quality, service and other value added services. Never cut corners. Always maintain strong support and quality despite economic downturns. Expand only when you know you can meet the rising demand that comes with expansion. You will be spending a lot of time attracting new businesses. Be committed to continuous improvement and continuous innovation Be prepared for change…nothing remains the same.

9. Human Resources Your business is as good as your people. Hire the best and compensate them well Delegate based on your shortcomings. Trust your employees Don’t hire friends.

10. Legal Consult a legal counsel when you start your business. Don’t represent yourself in legal matters Create an Incorporate (Inc.). This one someone can sue the business not the partners as individuals Follow all regulations and obtain all permits

11. Finance Have proper funds to cover unexpected spending Resist Temptation to spend profits freely. Reinvest Forecast how long you will have negative cash flows before it becomes positive. Get a credit line immediately Don’t jeopardize life savings on business. Banks rarely lend money to start businesses. Don’t buy things that you don’t need. If you do, you may need to sell things that you need.

12. Business Opportunity Select a product or service with a clear demand. Or create a string case for a future demand. Sell something that people need and want in any economy. Look for a niche in existing market Don’t enter a market where a product is readily available and is inexpensive (commodity). Don’t get into an over saturated market Exploit opportunity in emerging and or changing industries.

13. Suppliers Value and establish relationship with suppliers Don’t tie your entire business with one vendor Don’t be afraid to ask your supplier for lower proce

14. Closing Point! Start a Business that someone else will be willing to buy. Know when to exit. Sell when things are good.