I stumble upon a blog post title “Advice From 100 Successful Entrepreneurs On Starting Your Own Business” from Addicted2Success. The blog post pulls together 100 answers from 100 successful entrepreneurs over one simple question. “What do you wish you knew before you started a business?” Personally I think we don’t know unless we try. We can only predict and take our chances. We just have to know if there is a possibility of success. That is good enough for entrepreneurs to pursuit for their goals and money making opportunities. “Life is like a box of chocolate. You never knew what you’ll get unless you try.” Below is my interpretation from the 100 answers.
1. Things are unpredictable always. Learn to adapt to changes.
2. Have a group of people that are experts in various business related function, cheerleaders and coaches.
3. Keep it simple. Focus on what sells, why and at what price.
4. Learning is a never ending progress and it takes a lot of time.
5. Focus on yourself as much as your product or service.
6. You will spend more than your startup budget.
7. One person cannot do it all. Build a team.
8. Get a great accountant. Learn from people that know more than you.
9. Hire an IT guy and a shrink.
10. Networking is the key to bring in more business.
11. Outsource administrative tasks.
12. Never pay full price for anything online. Google for coupons.
14. Find the right accounting or financial manager.
15. It takes a lot of time and knowledge to setup business.
16. Get customer validation early.
17. Business partners are like marriages.
18. Find a partner and a kindred spirit before launching business.
19. Build referral sources through all contacts.
20. Never rely on anyone else.
21. It requires certain level of sacrifices in order to become a successful entrepreneur.
22. Spend time and energy on revenue generating matters. Spend the money necessary to get help.
23. Hard to manage employees and have good competent help.
24. Make business sellable, transferable, and self-sustain without everyday presence.
25. Get client and receive commitment to buy before starting business.
26. MBA wasn’t necessary to be an entrepreneur.
27. Expensive to run a business.
28. Hire best people that you can afford.
29. The best source of advice and peer support is fellow entrepreneurs.
30. Invest in high level talent.
31. Starting a business is like getting married.
32. Sales and marketing is not the same thing.
33. Draft a business plan, marketing strategy and exit strategy before start.
34. How consumers bought things online.
35. You can’t put your life on hold while waiting for your venture to hit.
36. Wait can be emotionally draining.
37. Effective marketing.
38. It is all about SEO.
39. Building a product that someone will buy.
40. It can be difficult to start a business.
41. The benefit of networking.
42. The important of outsource.
43. Prioritize tasks and goals.
44. Success is not guarantee even if having a great product with lowest price that helped people.
45. Don’t have to be right with first iteration of business plan. Listen to feedback and adapt.
46. Get the right executive assistant.
47. Hire someone with good marketing skill.
49. The difference between sales and marketing.
50. Thoughts affect business.
51. Cash flow.
52. Hire an accountant.
53. The value of networking
54. Cash flow. Live within a budget. Hire the correct people.
55. Know your own strengths.
56. Legal issue regarding trademark and copyright.
57. Get the right coach.
58. Capitalize small opportunities and turn them onto “larger than life” success stories.
59. Learn from veteran industry players.
61. Don’t change just because a client wants you to.
62. Make things happen. Don’t expect things to happen.
63. Think about exit strategy.
64. Build a business around an established market that is already looking for a solution to its problem.
65. It is challenging to get people to pay for our service.
66. Have passion. Don’t expect every day to be bliss.
67. It doesn’t require tons of money to get started.
68. Get a good location.
69. Get the most talented resource.
70. Get a coach.
71. Marketing plan.
72. Free goods to promote products.
73. Fine line between self-employment and un-employment. Hire the right people.
74. Starting a business gives happiness and worry.
75. Starting a business requires a lot of work.
76. Not everyone will be happy or supportive of you starting a business.
77. Don’t work with your spouse.
78. Relationship marketing.
79. Having a core group of target customers.
80. Set up a pricing structure that is in line with your business plan.
81. Setup system and process documentation.
82. Get a great business advisor.
83. It takes a long time to build a steady stream of clients and establish strong relationships with customers and vendors.
84. The meaning of home business owner.
85. Entrepreneurship is demanding on the whole family.
87. You won’t make a lot of money at the beginning.
88. Cash flow is not the same as profits.
89. Don’t spend money on advertising offers that don’t pay off.
90. Success is less about the idea but more execution.
91. The important of network.
92. It is better to charge higher price.
93. Referrals and networking are the best types of leads.
94. Starting a business can be frustrating in the beginning. You need to be determined to succeed.
95. Careful with advice from people who have never started a business.
96. Managing a business is about people skills.
97. Starting a business is like riding an emotional roller coaster.
98. Trust your instincts.
99. Spend more time screening and building strong partnerships with influential journalist, writers, editors and TV producers.
100. Things don’t always work out as planned. There is always another opportunity around the corner.