This week, two different articles were posted indepently from each other, but both strongly related. The first article posted 5 reasons not to start a business and the other one gave us 5 reasons for startups to go bankrupt.

What you should think about before starting a startup:

  • If you don’t understand business basics, don’t start a startup.
  • If you don’t have industry experience or knowledge, don’t start a startup.
  • If you haven’t got a strong backbone, don’t start a startup.
  • If you haven’t thought of the consequences – for instance for your family life – don’t start a startup.
  • If you got a hole in your pocket, don’t a start a startup.

And what could doom your startup during the initiating phase:

  • Don’t try to do everything yourself.
  • Make sure your plan is scalable.
  • Don’t forget to continuously increase customer value.
  • Don’t be unwilling to kill your darlings.
  • Never forget to measure progress.

These tips came from Tabitha Jean Naylor and Brent Beshore.

Read full article: 10 reasons why you should think twice before starting a start-up.