12/10/2016
Focus. Focus. Focus.
Many first-time entrepreneurs feel the need to
jump at every "opportunity" they come across.
Opportunities are often wolves in sheep's
clothing. Avoid getting side-tracked. Juggling
multiple ventures will spread you thin and limit
both your effectiveness and productivity. Do one
thing perfectly, not 10 things poorly. If you feel
the need to jump onto another project, that might
mean something about your original concept.
2. Know what you do. Do what you know.
Don't start a business simply because it seems
sexy or boasts large hypothetical profit margins
and returns. Do what you love. Businesses built
around your strengths and talents will have a
greater chance of success. It's not only important
to create a profitable business, it's also important
that you're happy managing and growing it day
in and day out. If your heart isn't in it, you will
not be successful.
3. Say it in 30 seconds or don't say it at all.
From a chance encounter with an investor to a
curious customer, always be ready to pitch your
business. State your mission, service and goals in
a clear and concise manner. Fit the pitch to the
person. Less is always more.
4. Know what you know, what you don't know and who
knows what you don't.
No one knows everything, so don't come off as a
know-it-all. Surround yourself with advisors and
mentors who will nurture you to become a better
leader and businessman. Find successful,
knowledgeable individuals with whom you share
common interests and mutual business goals that
see value in working with you for the long-term.
5. 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.
6. Learn under fire.
No business book or business plan can predict
the future or fully prepare you to become a
successful entrepreneur. There is no such thing
as the perfect plan. There is no perfect road or
one less traveled. Never jump right into a new
business without any thought or planning, but
don't spend months or years waiting to execute.
You will become a well-rounded entrepreneur
when tested under fire. The most important thing
you can do is learn from your mistakes--and
never make the same mistake twice.
7. No one will give you money.
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.
8. Be healthy.
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.
9. Don't fall victim to your own B.S.
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.
10. Know when to call it quits.
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.
