Entrepreneurship is both exciting and nerve-wracking. Will I close enough deals? Will I make payroll this week? Am I doing the right things right? Is the cash flow there to keep the doors open?
here are 8 pieces of advice that I wish someone had given to me before I launched my first venture
Focus. Focus. Focus.
Many first-time entrepreneurs feel the need to jump at every “opportunity
No one will give you money. Be healthy. Don’t fall victim to your own B.S. Know when to call it quits.
There, I said it. No one will invest in you. If you need large sums of capital to launch your venture, go back to the drawing board. Find a starting point instead of an end point. Scale down pricey plans and grandiose expenditures. Simplify the idea until it's manageable as an early stage venture. Find ways to prove your business model on a shoestring budget. Demonstrate your worth before seeking investment. If your concept is successful, your chances of raising capital from investors will dramatically improve.
No, I'm not your mother. However, I promise that you will be much more productive when you take better care of yourself. Entrepreneurship is a lifestyle, not a 9-to-5 profession. Working to the point of exhaustion will burn you out and make you less productive. Don't make excuses. Eat right, exercise and find time for yourself.
Don’t talk the talk unless you can walk the walk. Impress with action not conversation. Endorse your business enthusiastically, yet tastefully. Avoid exaggerating truths and touting far reaching goals as certainties. In short, put up or shut up.
Contrary to popular belief, a smart captain does not go down with the ship. Don’t go on a fool’s errand for the sake of ego. Know when it’s time to walk away. If your idea doesn’t pan out, reflect on what went wrong and the mistakes that were made. Assess what you would have done differently. Determine how you will utilize these hard-learned lessons to better yourself and your future entrepreneurial endeavors. Failure is inevitable, but a true entrepreneur will prevail over adversity.
No one will give you money.
Don’t fall victim to your own B.S.
Know when to call it quits.
Know what you do. Do what you know.
Don’t start a business
Act like a startup.
Forget about fancy offices, fast cars and fat expense accounts. Your wallet is your company’s life-blood. Practice and perfect the art of being frugal. Watch every dollar and triple-check every expense. Maintain a low overhead and manage your cash flow effectively.
Learn under fire.
No business book or business plan can predict the future or fully prepare you to become a successful entrepreneur