What is the best advice you've received as an entrepreneur?
I am a recent graduate from Boston College with a Business degree and English Journalism minor. I've recently begun putting together my own portfolio of personal content creation. I'm dabbling in the idea of doing a piece on entrepreneurship. Any answers to why you became an entrepreneur or great advice you've received will be really appreciated in giving me a better understanding of the career.
Morgan, The best advice for going out on my own - don't listen to the naysayers who tell you that you can't do it, you are crazy to give up the security of a paycheck, you won't be able to do it on your own, and so many other 'you can't' comments. Believe in yourself and do it.
As far as my area of expertise...business consulting and coaching is in my blood. Cut me and I bleed business - I just love it, and I love helping others build the business they dream of.
I hope that helps. Can't wait as well to hear from others.
The best advice I've received is from the book Blink by Malcolm Gladwell. The book helps analyze why some people are such great decision makers and why other people struggle. The book helped me realize the factors I can control and the factors I cannot.. as an entrepreneur it's helped me not focus on the little product changes or hiccups I can't change, but look at the overall picture to meet my goals. You should check out the whole series by Malcolm as a reference for your personal content. Good luck!
You will eventually fail at a lot of different things, but there is two ways to deal with it. First, don't complain and fix the problem. Second, learn from it and move on. Anything else is a waste of time and energy.
In my experience, it is best to meet as many people as you can - ask them about their businesses - everyone has a story - even if you do not get them as a customer, they are a valuable resource. They may know someone who needs your services or they may need your services in the future. Networking is so valuable to the new business owner.
Focus on developing your niche and your brand. Stay as narrow as you can and still be profitable. Avoid the temptation to be all things to all people. It is hard to say no when just starting out but it is often the best response so that you are able to develop a unique and identifiable brand.
Have a dream and stay focused and never compromise your values, regardless if do so would mean success. Ask questions of people and listen to understand and follow up with why and if not clear ask why again. Plus one other thing many get 'surprised' when the tax man calls. Set aside you tax money plus 10% even if you have to struggle and when you become successful have the discipline to continue setting aside money for the future. When success comes don't get caught up in it stay focused.
Journalism and business is a match that works very well. I am in media and have come up with great media solutions for everyday changes! The best advice as a consultant and a partner in media ventures is to always disrupt the common clichés- or as I like to say "Why do we re-invent the wheel? Because I still don't like changing flat tires!"
Where do success come from?...Good Decisions!
How to take good decisions?...From Experience!
Where to get Experience?...From Bad decisions!
Not a single day is wasted - if you succeed you are a step ahead; if you fail you have learned a lesson! When you lose, don't lose the lesson...!
Always have a back up plan and a back up for the back up. We plan so well still things happen. So having that back up helps us make better or more confident last minute decisions. Best of success. Gil
The short answer to your question is "Because I was tired of hearing 'You can't do that' from my managers and peers.". In any position or career you choose in life, there is nothing more gratifying than to know that your work, your contribution, is appreciated and that you have made the world a little bit better for your efforts. Yes, it is also good to get paid for those efforts, but if you do your job well, the money will naturally follow. As a business owner, I am free to pick and choose the projects that I wish to work on...and hopefully they all bring me gratification. There are still some loser projects from time to time, but at least I am charting my own course and not being told what I am allowed or not allowed to do.
My advice? Have a clear long-term goal (10-20 years out). Then break up that goal into a number of short-term goals (or sprints) that can be achieved in a year or so each.
Entrepreneurship is not about a profession or a career, it is a lifestyle!
When I asked a wealthy and succesful business man the secret of his succes his answe was 'he sold too soon,'
Worry less about doing it right and more about getting it done.
I became an entrepreneur through an idea about an innovative product that if available would be profitable. But as you go along w/ your business endeavor the idea itself is not enough thus business prudence, strategies and others were required.
From my experience it is really a good start to have a branding brief then comes the rudiments of business development. As an entrepreneur one must throw himself in the dirt and in the frontline, be the God of your product then hope for the best and plan for the worst keep w/ you a contingency plan always.
Along the way and working for some great people on the journey, three thoughts come to mind as regards great advice. 1. No customers = no business 2. Always pay your accountant and attorney on time. 3. Learn more about people than you do about your product or service.. Each of these was passed on to me and as time has progressed, I have come to see the relevance in each piece of advice.
Believe in yourself. Set clear goals. Do the work (Persistence).
Pinpoint what you do best. Become extremely good at it, and hire everything else. You may have heard it put "Do what you do best and hire the rest"
Because I wanted people to add a tWist to their lives. This has been driving me for 15 months. The big picture: Start with a purpose, aka: a real problem. Otherwise its just impossible to survive the hurdles.
Build a close circle of professionals whose strengths are your weaknesses and foster those relationships. With that done, you can tackle any problem. It's all about acknowledging your strengths and weaknesses and using that information to be better.
1. Avoid hiring mistakes. Be very careful to check references. Learn how to interview. Hiring mistakes can sink your business quickly.
2. Know why you are doing what you are doing. If the answer is to make money, try again.
3. Once you've completed #2, make certain your actions show it.
4. Develop intellectual property to achieve credibility and set yourself apart.
5. Gain a reputation of being a great employer. Happy employees make for happy clients
6. Don't skimp when it comes to good accounting and/or legal advice.
7. Develop a trusted relationship(s) with your #2 person.
8. Constantly read...EVERYTHING you can get your hands on both business and non-business related.
9. Become a public speaker
10. Be open to helping others who are about to start on the path you once took.