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What is your best advice for first time entrepreneurs?

A good friend is taking the leap of faith and starting her own business. Would love to hear your words of wisdom so that I can share with her :)

91 Replies

Jeff Perlman
2
0
Jeff Perlman Advisor
CEO helping all your business apps get along. OneSaas. Now everyone's happy.
When you take that leap of faith do so with the knowledge that there is no safety net like you may have enjoyed in a corporate environment. Learn how to fly quickly our the bottom will approach rapidly. Almost every first time entrepreneur I know has either hit the bottom hard or come very close before finding their wings. And nobody knows how to fly when they first take that leap even if they believe they can. Be ready to fail, learn and try different approaches very quickly. Terminal velocity does not wait for you to over-deliberate.
Nakeisha Turner
4
0
Nakeisha Turner Entrepreneur
Social Engagement Strategist | Creative Marketing Innovator
Bounce back

It's all about how you bounce back from disappointment and defeat and things not going your way. Because that's a part of the trial and error process of being an entrepreneur
Sudarshan P
1
0
Sudarshan P Entrepreneur
CEO at Association of Schools & Colleges of Optometry
TENACITY!
Chuck Bartok
2
0
Chuck Bartok Entrepreneur
Marketing and Sales Manager at MD Building Systems of Florida, Inc
Belief in self.
Ignore 90% of the "consultants" and act from within your 6th sense
Joe Albano, PhD
3
1
Joe Albano, PhD Advisor
Using the business of entrepreneurialism to turn ideas into products and products into sustainable businesses.
The biggest reason that startupsfail is because they produce a productor service that no one wants. The best way to avoid this is to build, test, refine, and validate a business MODEL - not a business plan.
Myles Fuchs
0
0
Myles Fuchs Entrepreneur
Sales Marketing Business Development
What is the business?
John Bailey
1
0
John Bailey Advisor
Accomplished Leader, Business Partner, Integrative Thinker, Startup CFO
A clear plan and persistence
Michael Meinberg
2
0
Michael Meinberg Entrepreneur
Teacher (iOS Development) at The Mobile Makers Academy (A Hack Reactor School)
Plan on no income for the first half year to a full year. Be flexible: Your original business model may not work, if it doesn't, learn from that and adapt it.
David Evans
6
0
David Evans Advisor
Fractional CTO and Investor
Don't quit your day job!

1) You are your first investor. Cash flow from operations can be used to grow rather than cover your costs.
2) Most startups fail. Having another source of income allows you to pivot when things aren't working
3) It will take longer to scale than you think...and more money.
4) The extra demands on your time will force you to focus on only what's important. When you do leave your job, hopefully, keep that focus.
Dave McCarty
1
0
Dave McCarty Entrepreneur
Sales & Marketing Consultant w/ Startup Success
Cash Flow Analysis must coincide with Plan! If you can't make it work within your anticipated funding and revenue generation then you need to adjust strategies / activities
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