Advice From 100 Successful Entrepreneurs On Starting Your Own Business
1. I wish I would have known how unpredictable things can be at ALL
times. I read a lot before starting my business and realized unexpected
things happen, but never did I realize the frequency in which they do.
You really need to learn how to adapt everyday to things you may not
have forseen waking up that morning. –
Scott Fineout
2. Before going into business I wish I knew the importance of having
an established “Advisory Board”. Having a mentor is one thing but
having a counsel of people who are not only experts in various
business related functions but are also cheerleaders and coaches for
your success is another. –
Kellie L. Posey
3. I wish I knew about the value of keeping it simple. Starting out
young with plenty of energy and great ideas led me down many paths of
distraction. Instead, by focusing first on what sells, why and at what
price and then staying true to that over time, I would have saved a lot
of headaches, time and supported profitability a lot sooner. The saying
KISS is popular for a reason and particularly applicable when you’re an
entrepreneur. –
Deborah Osgood
4. The one thing that I wish I knew before starting a business was
how much time you spend learning – it is constant – from self
development, to business basics, to social media, – talk about wearing
many hats! Oh my and thought motherhood was challenging. I love to learn
new things but had no idea it was going to be like this. You have to
learn how to act, how to present, how to close, how to keep in contact,
how to prospect, and how to keep customers! – Michelle Morton
5. Focus on yourself as much as your product/service. The recipe is only as good as the Chef preparing the dish. –
Mujteba H. Naqvi
6. That whatever my start-up budget is… I should have multiplied it by three –
Aliya Jiwa
7. The most important, and costly, lesson I had to learn is that in
order to grow in a good economy, and in order to survive in a bad one,
it’s necessary to understand that one person can’t do it all. It
requires the efforts of a team (sales, accounting, production-service
delivery, management, etc.) to be effective. Too many young
entrepreneurs, myself included, feel they can do it all. That’s a huge
mistake. –
Tom Coalson
8. Financially, I learned that you should get incorporated and need
to have a great accountant that specializes in small business taxes.I
also discovered that success is easier to achieve if you learn from
people that know more than you instead of going it alone. –
Eddy Salomon
9. I wish I would have known that the hardest part of owning and
operating my own business would NOT have been how to create revenue on a
monthly basis. I wish I would have hired a full time IT guy and a
shrink to manage with my sales force! –
Bradley W. Smith
10. I really wished I developed more social skills early on to spend
more time developing relationships. Networking has been key to bringing
in more business and I had practice this social ability more, then
business may have come sooner rather than later. –
Ali Allage
11. The best thing i did is to outsource all my administrative tasks.
Now i have enough time to focus on other important tasks. –
Gagan
12. Never pay full price for anything online (office supplies, stock photography, services, etc.)–always Google for coupons. –
Bill Even
13. Location, location, location. It really is true! –
Tanya Peila
14. Finding the right Accounting / Financial Manager right up front
was our biggest learning and biggest mistake. Completely changed our
financial performance and caused us to hit a wall we should have
avoided. –
Mike Cleary
15. I wish I knew how much general information I would need to know
and how long the process would take. Almost three years later Im still
in the “set-up” phase to my business and teaching myself all about
websites, graphic design, business law, bookkeeping, customer service,
etc. –
Leslie Boudreau
16. It’s important to get customer validation early on. You can have
the greatest technology, or website, or service, or whatever, but it’s
ultimately meaningless if you haven’t verified that there are actually
customers willing to spend money on or around what you do. –
Adam Rodnitzky
17. Business partnerships are like marriages and should be entered
with the same care. Like marriages, there are a lot of assumptions
about what the partnership is/is not and communication about those will
lead to better success. –
J. Kim Wright
18. I wish I had known how few true entrepreneurs there are out
there. Every time I thought I had a kindred spirit with whom to share
experiences, lean on for support and provide support to them, it turned
out that they were looking for a paycheck. Find a partner and a kindred
spirit BEFORE you launch. –
Tom Reid
19. Small business owners should carefully reflect on how they can
tastefully build referral sources through all contacts, and how to
utilize social networks, including the vast resources of the internet,
to build a referral base and, in turn, a client base. –
Jay Weinberg
20. I wish I knew how important it is to never rely on anyone else.
I wasted a number of years “networking” in hopes of people referring
business. It never worked. My career took off when I assumed
responsibility for every aspect, including marketing and sales. –
Rob Frankel
21. I did not realize the level of sacrifice that would be required
to become not only an entrepreneur, but a successful entrepreneur. Don’t
get me wrong, it is worth every single second, but I had no idea that
friends and family would not be able to relate. –
Amber Schaub
22. I wish I had understood how little time I would have to do the
things that I need to do in order to “produce” and to make money. Make
sure that you spend your time and your energy on the revenue generating
matters. Spend the money necessary to get help. Pay someone else to take
care of all of the admin stuff. –
Francoise Gilbert
23. I wish I knew how hard it was to manage employees and have good, competent help. I also wish I knew how to market, advertise, and work these social media tools. –
Jamie Puntumkhul
24. Have a serious exit strategy & plan prior to opening doors.
As an entrepreneur I was ready and willing to take the plunge to open my
own company, but didn’t realize I had to structure my company around
the exit strategy (i.e. make it sellable and transferable, and self
sustaining without my everyday presence). –
Christopher N. Okada
25. With my first companies I wished I had lined up a client and received a commitment to buy before I jumped in the water. –
Patrick J. Sweeny II
26. I wish that I would have known that my MBA wasn’t necessary to be
an entrepreneur. I started business before and thought the MBA+ would
give me a better insight to prevent me from making mistakes but I
believe you either have it or you don’t. –
Janice Robinson-Celeste
27. I wish I would have known how expensive running a business is –
mainly payroll taxes, medical insurance, etc. We researched all of our
fixed costs, however, the more we billed out, the less we keep. –
Marian H. Gordon
28. Find the very best, most knowledgeable people you can afford and
hire them with not just salary, but incentives. The better the people,
the better the job done and advice given. –
Ric Morgan American Business Arts Corporation
29. Several years after starting my business I learned that the best
source of advice and peer support are fellow entrepreneurs, especially
those who have attained the level of business success to which I aspire.
–
Charles E. McCabe
30. I wish I had understood the value of investing in high-level
talent. As a start-up, it’s scary to think about hiring someone whose
experience demands a higher-level salary. So you tend to hire less
experienced individuals, but they typically don’t bring the intellectual
capital or business savvy that can help you grow faster. –
Susan Wilson Solovic
31. Starting a business is like getting married, you think you know
what youre getting into and that youll be better then the median, but
when it comes down to it you have no idea. –
Summer Bellessa
32. The biggest thing I’ve learned and wish I would have known before
I had started our company is the difference between sales and
marketing. Everyone says sales and marketing together like they’re the
same
thing. They’re not. –
Scott D. Mashuda
33. I wish I would have known how important a real business plan was,
a marketing strategy, and exit strategy were. You should really plan
your first two years and have a hit list of sales/marketing
opportunities that are interested before you take the leap. –
Ben Wallace
34. Probably the most important thing I wish I had realized earlier
was how little I knew about how consumers bought things on the Internet.
I have been a web developer for years and knew all about technology,
but little about marketing and getting inside the mind of the consumer.
–
Sara Morgan
35. You can’t put your life on hold while waiting for your venture to
hit. I have tremendous regret around all of the family events,
vacations, and time with friends that I missed because I was working on
getting my film/company off the ground. –
Pamela Peacock
36. Admittedly, we went into GiveForward knowing we’d have to be
flexible and patient. All of the good books tell you this, but no one
really tells you how emotionally draining that wait can be. –
Desiree Vargas
37. Hands down without a doubt no questions asked – effective
marketing. It truly does not matter how great your product or service is
unless someone knows about it you are still behind the start line.
– Leanne Hoagland-Smith
38. I thought if I had a great product and an attractive, functioning
website customers would come. Boy, was I wrong! In the online world
its all about SEO! –
Semiha Manthei
39. I wish I’d have known that the only thing important in business
is building a product that someone will buy. That’s it. It’s real easy
for first time founders to get caught up in visions of grandeur – but in
reality, the only things that matter are having a great product, and
having customers that will pay actual money for it. –
Brett Owens
40. Business books and all the education in the world can give you
the foundation for starting a business, But they cannot show you the
cold hard truth about how difficult it can be to start a business. –
Michael Grosheim
41. One thing I wish I knew right off the bat is the benefit of
networking. I spent a lot of time trying to tackle everything on my
own, but its really important to reach out to fellow entrepreneurs,
complimentary businesses, family and friends for advice and support. –
Cailen Ascher Poles
42. I wish I had known how important it is to outsource to other
professionals instead of trying to do everything myself, and ultimately
not always doing everything correctly. –
Jennifer Hill
43. I wish I knew exactly how important it is to prioritize tasks and
goals. One of the most important lessons I’ve learned in the last few
months is to prioritize what is important, in order of its proportionate
worth. It is easy to do the little things that make you feel like you
are accomplishing something, but it is the big important things that
need your full attention – even if it is uncomfortable. –
Evan Urbania
44. I was naive enough to think that if I had a great product that
helped people and at the same time had the lowest prices available for
the products we did sell that word would spread and people would be
excited to use our product. –
Chris Sorrells
45. I wish I had known that you dont need to be right with your first
iteration of your business plan. Young businesses naturally deviate
from their roadmap as the founders ideas about what will work get tested
by reality. Smart entrepreneurs listen to the feedback they get and
adapt. –
Matt Lally
46. I wish I’d understood the incalculable value of having just the
right executive assistant, someone who can leverage your time and
actually be an extension of yourself. –
Barry Maher
47. I wish I had more marketing skills to take my business to the
next level. At this point I have to hire someone as I am super limited
in this area. –
Deb Bailey
48. I’ve learned that I can’t micromanage everything, no matter how
much I want to. Sometimes you have to delegate certain responsibilties
to others. Not only did this help keep me sane, but it was good for team
building amongst employees. –
Lev Ekster
49. I wish someone would have explained the difference between sales verses marketing. –
Tom Pryor
50. I wish I knew depth of the thought process needed in starting a
business, especially on a personal level. I wish I understood how my
thoughts would affect my business. –
Jennifer Ann Bowers
51. I wish I understand “cash flow”. I figured that as long as I
brought in lots of business, the business would be great. Cash is king
and always keep MORE of it than you forecast or expect to need. –
Ryan Kohnen
52. I wish I had taken a class, or gotten practical experience in,
using business accounting software. The investment would’ve been
minimal, and it would’ve saved me (and my accountant) hours of
frustration. Additionally, I wish I had spent a few bucks on an
accountant to set up my books properly. –
Shane Fischer
53. What I didn’t know then was the value of networking. You never
know where business will come from. And having friends and acquaintances
from political, business and social circles may prove to be your best
new business referral! –
Melissa Stevens
54. I wish I completely understood what “cash flow” meant and how
important it is to live within a budget and how important it is to hire
the correct people, rather than just able bodies. –
Kelly Delaney
55. The one thing that I wish I would have known before going into
business more, was my own strengths and how I use them on a daily basis.
–
Jason C. Raymer
56. Trademark/ Copyright
info – 3 months after we had started one of the businesses we had to
completely scrap all the branding and build a totally new site, social
media, EVERYTHING due to a legal issue regarding trademark. –
Sarah Cook
57. I wish I knew how to proficiently do marketing via the web,
newsletters and blogs. The other key thing is to get the right coach. I
eventually used www.onecoach.com, headed by John Assaraf of “The
Secret”, who finally helped me pull my business together. –
Nancey C. Savinelli
58. I really had to understand the “basics” of business and how to
capitalize on the small opportunities to given to me and turn them into
“larger than life” success stories. –
Darren Magarro
59. I wish that early on I had sought out more business leaders in my
field. It wasn’t until I was a bit older that I realized the value of
the knowledge to be learned from veteran industry players and how it
could help me grow my business. –
Jim Janosik
60. I wish I had seriously thought about branding and the longevity
of the brand. Looking back, I should have thought about what was going
to define my company, what would be a look that would last for years and
not go out with the trends, and what image I wanted my customers to see
when they first started researching my company. –
Katie Webb
61. If you have taken the time to think through things (price,
service, contracts, delivery) don’t be so quick to change it up just
because a Client wants you to. –
Joni Daniels
62. I wish I knew not to expect things to happen for us. Often times,
we were waiting to get lucky and not making our own luck. We learned
that nothing is going to get handed to us on a silver platter and if we
want it, we have to go out and get it. –
Ben Lerer
63. At the time of founding it I was so focused on survival I didn’t think about the exit strategy. –
Laurence J. Stybel
64. I wish I’d know how much easier it is to build a business around
an established market that’s already looking for a solution to its
problems rather than trying to build the market around the business I
wanted to start. –
John Crickett
65. How challenging it is to get people who request our services to
pay. Since we are a nonprofit/community organization, everyone thinks
our services are free because of grants or corporate giving. –
Candi Meridith
66. You have to have to have some sort of passion in order to be
successful. But no matter how much you want to believe it, doing what
you love because you love it and doing what you love as a business are
different. Don’t expect every day to be bliss. –
Andy Hayes
67. I wish I knew it didn’t take tons of money to get started, so I
would have started it sooner. I think that holds a lot of people back.
–
Candy Keane
68. When I was opening my first business, I made the near lethal
error of leasing a business location without a plan. Once I got in the
location I had to do three times the amount of marketing necessary just
to contend with the competition. I spent more on marketing than I would
have spent on the extra rent of a better spot on the street I was on. –
S. Zargari
69. I would have spent more time selecting the most qualified
technical resource by interviewing more people more strenously to ensure
we got the most talented resource for our money…both short term and
long term –
Jennifer Myers Robb
70. Get a coach – someone who can walk you through the jungle to get
you to the gold. Why bother flying blind, when others have blazed the
trail before you? Starting a business without a coach is like getting in
the car and driving. Sure you can move–and fast–but using a map is so
much smarter than not. –
Richard J. Atkins
71. I wish I’d known it would not be enough to know my stuff cold.
(I’m a subject matter expert, but the same would apply to someone with a
product.) You have to really know (or be willing to learn FAST) how
to market yourself and have a plan to do it. –
Judy Hoffman
72. I just wish I knew how much free goods I would have to give out in order to promote my products. –
Jacqui Rosshandler
73. I wish I knew that there was a fine line between self-employment
and un-employment. Second, I wish that I knew more about the
competitiveness of my type of business and had spent some time
interviewing people who were successfully doing what I wanted to do. –
Cyndi A. Laurin
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