Be very thorough, list risks and challenges. People will tell you what you want to hear when reviewing a business strategy. Make sure to stay independent and not show your support one way or another until you've collected some data. Observation and input from others is the key when weighing risks.
I've always believed two sets of eyes are better than one.
Don't give up when things aren't going as planned. Too many people get down on themselves when they hit a bump in the road, and they want to give up right away. They start hearing all of the naysayers they had to listen to in the beginning, when they first started their business. They start to doubt the things that made them want to start the business in the first place. Instead, look for solutions to any problems that come up, and learn to look at the business objectively. Most importantly, keep pushing. Keep working, and keep coming up with new ideas that will help the business grow.
Make sure that you do not make penny-wise, closed in decisions in the beginning. Look for solutions that will grow and expand with your company and be flexible. Small amounts of increased costs up front can save thousands later.
Being such a broad answer.... #1 tip - read Michael Gerbers, EMyth Revisited. I give it to every client I do business with. Big or small company.....
practical advice, simple lessons, and clear best practices.
Join your professional association (or two). They have already invented the wheel and they are happy to share it with you. Mingle with the successful and you will learn a lot. In addition, remember that information about everything you are searching for is online. EVERYTHING. Your federal, state and city governments offer dozens or hundreds of tools for businesses on their website, in their offices, etc.
My lesson would be to never give up on either your patience or your perseverance. I can't tell you how many times I have caught myself repeating those two words. I know it sounds like fluff....but I'm telling these two P's have a way of snapping you back to reality and get you re-focused.
I will give only one simple advice. It is lonely at the top, successful or not.
Validation, Validation, Validation, continuously validate, try failing your business plan or idea, if it falls over, rebuild it differently & validate, with each rebuild comes personal strength and knowledge to either, continue or at least validate it wasn't such a good idea after all, eventually it will be strong enough to stand on its own, defend against the naysayers.....and deliver returns!!!
The term entrepreneur has become synonymous with small business owner. So that anyone who starts their own business is suddenly an entrepreneur. Personally I'd call them self-employed. Of course entrepreneur sounds better.
If you start a small business, e.g. you want to run a coffee shop, then you need a business plan, funding etc. and there is a wealth of information out there on that.
However an entrepreneur, in my opinion, is starting something that has never been started before or is doing something in away that has never been done before. So there is no real plan to follow when you are in start up mode. Start up is to see if the concept will work. A lot is trial and error.
My advise is be flexible. Maybe your first idea is not your ultimate idea. Maybe you will find your ultimate idea along the way.
So don't get fixated on it being a "coffee" shop. You might discover a way to make the best coffee maker instead.
By all means. have a vendor screening program in place to protect your business from unscrupulous or unqualified vendors, I will be happy to any one set up one.
It's such a wide world of opportunities in ENtrepreneurship, that evena little more narrowed quesion might lead to so many more desired and hopefully helpful answers...:-)
Be a "sponge" for knowledge! Most business owners have the skills to undertake their core business, but lack the skills to run a business. Be mindful of all the other aspects of the business that you, as the business owner, are responsible for. Those aspects must be addressed to keep your business running, so don't be too proud to seek help in the areas you are unsure of.
If you not making any profit after three years of marketing your project rather walk away.
In golf there is a saying you must be committed to every shot and starting a business is no different. Meaning, if you are standing over a 175 yard Par3 and must carry 160 yards of water; there can be no doubt in your mind on club selection and your confidence level to hit the shot! Starting a new business, in theory, is no different. If you are not committed to the business, you're sinking faster than the ball you just put in the water. If you want to be successful, you must give completely to the business.