What I would avoid if I could reboot my business:

I am putting down a few important points that I feel I could have / should have handled better over the last 17 years that I have run a business. I will put it in bullet points so that its straightforward. If anyone wants they can get clarification :  1. Be sure that you have the appetite and the stamina guts and sharpness to start a business. Just because your parents have a Real Estate Company dont just join it. 2. Staffing is the most crucial. Be very careful when you choose people. It is better to have two horses than ten donkeys. Keep your ears to the ground at all times, even after you get to know your staff well. Listen to multiple viewpoints, see the trend of advice from your colleagues. TO THE EXTENT POSSIBLE DO NOT EMPLOY THOSE WHO HAVE WORKED IN MORE THAN ONE FAILED COMPANY. These people do not know how to win. They drag you down and everyone in the company. Success is contagious - just like sports teams must learn how to win, your team must do so too. Remove deadwood and mainly remove those who lack ethics. 3. Whatever happens do NOT borrow from private financiers. It is the worst mistake you will do. While business is a marriage of equity and debt, sensible debt is very very important. I cannot emphasize more on this. 4. However bad the situation do NOT do anything that is unethical such as crazy financial transactions that are dangled in front of you and which will give you instant relief. You are NOT solving the problem but actually causing long term harm. The people who lead you here do NOT suffer, its you who does. 5. Learn to cut your losses. do NOT think that you have lost profit, just consider that you are surviving to fight another day. 6. Do NOT over promise please. Terrible habit among our fraternity. 7. Be fair but strict with clients. Do NOT allow them to bully you. Remember the old Jewish saying "This too shall pass'. In the end you are doing a business and not running a charity. As a follow up to this 8. Do NOT try and be popular with people if that is affecting your business. It doesnt matter if you are unpopular as long as your intent is right. 9. As I said earlier, get a good team, a team that will point out your mistakes, then delegate. make them take responsibility. Pay them well but do not pay them in a way by which you have to sell yoir underwear. They are as responsible of the success or failure of your organisation. If they do well you incentivize them, else they do not get anything. One of my greatest failures was with my staffing. 10. Last but not least - know your capacity. Do NOT take on more than you can chew. An old saying in Kerala - if a goat tries to shit like an elephant its arse will tear. When times are good we tend to over extend. Biggest mistake. There may be somethings I missed but I guess there is enough here to chew upon. I hope I have been of some help.