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5 things that entrepreneurs do not (and should) do to succeed in business

When it comes to having a company of your own, it is not enough to "get the urge" or have the best ideas.

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When it comes to being your own boss, it is not enough to “get the better of you” or to have the best ideas.

Being an entrepreneur is not easy. After challenging the status quo and deciding to be your own boss, undertaking is a constant learning.

Below, we present five points that all entrepreneurs must take into account if they really want to succeed in business and not lose money or time.

Training in legal and accounting matters

“The understanding of the responsibilities and needs of a business, beyond an idea or innovative concept by which it arises, is of vital importance for better management and administration of the company.”

Development and implementation of financial strategies

“The lines of action within the accounting area should not be limited to a fiscal approach, it is essential to propose and design an extended approach that allows the company to survive. Also, generate an action plan to strengthen and not be absorbed by the requirements that the law contemplates month by month or by unforeseen changes. ”

If the business is going to close

“The governmental instances grant terms and alternatives so that the employer does not choose to close his business when it is not possible to comply with the procedures, such as the payment of taxes or the IMSS fee. Therefore, if there are difficulties in making these payments, it is the employer who must approach the corresponding instance. This option does not solve the underlying problem, but allows time to correct errors and position again. ”

Formal closure of the company

“While this procedure depends on generating the conditions to encourage formal business closures, the employer must contribute by taking an active role. Closing a business as indicated by the legal framework allows for effective impact evaluations, understanding the reality of entrepreneurship in Mexico and not disguising the figures further.”

Active participation in clusters and business associations

“Working in teams and associations offers the possibility of making a problem visible in the public agenda and of functioning as pressure groups that urge the government and institutions to make changes that promote competition and the development of business in Mexico.”

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