Five Important Tips For Starting A Business
Since starting in business over 43 years ago, I have not only started and built businesses, but also witnessed other people’s success and failures as well as my own.
The hardest step is to get started. A good idea does not make a good business; action does. With that in mind, I figured I would share my five tips to help you gets started in your own business.
Enjoy what you are about to do
You are about to spend a lot of time working so make sure you enjoy what you are about to do. While every entrepreneurs dream is to control time and money, not all achieve it. What all entrepreneurs do experience is long days and long work weeks if not continuous.
Make sure you love what you do.
Invest in your own business
You may not have much cash, but you had better put “skin in the game”. Later in your venture you may be an expert at using OPM (Other People’s Money) but even then, the biggest indication of your commitment to a venture capitalist is how much you have on the line.
A good idea has no value, a book of orders does
On the subject of raising money, remember that a good idea has no value. The biggest mistake an entrepreneur makes is to start drinking their own Kool Aid. No idea has value, they have potential. Value comes from action.
You build value, you don't invent it.
Find some good mentors
Lets face it, you are going to make mistakes.
Mentors can do two things for you, firstly help you to avoid making mistakes and secondly to let you know that they made the same mistake that you just made (the most comforting words in the world) and now they can help you out of the mess.
Even when you think your business is over, it is not over. There is always a plan. Even businesses that sadly have to enter bankruptcy retain some value to someone.
The worst thing to do is put your head in the sand and pretend it is over. Your success comes not from what happens to you and your business, but more from how you react to what happens to you and your business.
Entrepreneurs do not stay down.
Remember that very few people decide to become an entrepreneur. Many do not have college or university degrees but many learn the most current management ideologies on the job and become equally as qualified as a degree’d business school graduate.
It is a wonderful and privileged option to take.
But don’t quit.