Question: What is a piece of advice you received and didn’t expect to be helpful but was when starting your business?
Question: What is a piece of advice you received and didn’t expect to be helpful but was when starting your business?
Be Conservative in Financial Modeling
"One of our early mentors was my business partner's dad. An entrepreneur himself, he always used to say "growth eats cash" to us. Working in his basement, it felt irrelevant.Now, with 20 employees, I see his warning was about cash flow and the need to be extremely conservative in your financial modeling. Our conservative financial approach has lead to six years of secure, stable growth."
@Brenomics
Know Your Vices and How to Use Them
"Entrepreneurship is hard, and it's not for the faint-hearted. Rudy Karsan, the CEO of Kenexa, recently said entrepreneurship is often about ego because you can't take an idea no one believes in and make it successful. Having an ego is a vice, but if you can accept that you have an ego, you can harness it and make it work for you."
@benishshah
Work Smarter, Not Harder
"So many entrepreneurs think they'll become successful by working 100 hours per week. Instead, business owners should focus on time management and eliminating what is unnecessary, as well as keeping a keen eye out for burnout. If any signs of burning out start to present themselves, take a break or step away for a half day or so."
@moneycrashers
Don't Try to Please Everyone
"Some people, by nature, will never be happy. They complain about everything and demand endless attention. These types of clients are poisonous to your business because they zap time, resources and employee morale. No amount of money is worth dealing with a problem client who makes your life, and the lives of your staff, miserable. Cut these clients loose to preserve your sanity and happiness."
@brittanyhodak
Exit Your Comfort Zone
"I was told that if I only did the things I was comfortable doing, I'd never grow. And while there are still certain situations that "scare" me, I've learned that it's only by doing that I can develop key entrepreneurial skills. Best of all, the more of these situations I confront, the fewer "scary" ones materialize. "
@FreeEbooksNet
Ignore the "Right" Way to Do Things
"During business school, one professor harped on the fact that as a startup, you should do "risky" things. He advised us not to incorporate immediately, but rather, use that time to work on the business until we knew the form it should take. He also advised selling from day one while we worried about gaining permission. Figure out if you have a good business and "standardize" it later."
@MosesOfWatches
Schedule Your Personal Time
"I wish this advice wasn't necessary, but it most certainly is. As your company grows, your time becomes increasingly precious. If you don't schedule time to work out and see friends and family, it won't happen. Along with your meetings and project goals, you need to put personal time in your calendar. Stick to the schedule no matter what. Personal time needs to be sacrosanct!"
@mitchgordongo
