There are too few resources for the trials and tribulations new entrepreneurs face during their journey. Whenever possible, the Active Gray Matter staff encourage emerging and established entrepreneurs to mentor other dream-seekers. It’s this wisdom and experience that provides insights for the new entrepreneurs. Here are 10 pieces of advice that will probably come in handy for new entrepreneurs launching their first venture.
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Stay focused.
Many new entrepreneurs feel obligated to jump at every “opportunity” that presents itself. Opportunities can be wolves in sheep’s clothing. Avoid getting side-tracked. Juggling multiple ventures limits both your effectiveness and productivity, spreading you too thin. Do one thing well, not 10 things badly.
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Love what you do. Do what you know.
Don’t start a venture simply because it promises huge profit margins and returns. Do what interests you. Do what you love. Businesses built around your strengths and talents have a greater chance of being successful. It’s not only important to create a profitable business, it’s also important that you’re happy growing it, managing the day to day tasks. Remember if your heart isn’t in it, your start-up probably won’t be successful. -
Know what you know and what you don’t.
No one knows everything. Surround yourself with individuals and mentors who will encourage you to become a better leader and businessperson. Build strategic relationships with successful, knowledgeable people that you share common interests and mutual business goals with. It’s these people who will see the value in working with you for the long-term. -
Learn under fire.
No business plan can predict the future. No business book can completely prepare you to become a successful entrepreneur. There’s no such thing as the perfect plan;no perfect path or road less traveled. You don’t want to jump right into a new venture without any thought or planning, but you don’t want to don’t spend months or years waiting to execute either. One of the most important things you can do for your start-up is to learn from your mistakes and never make the same mistake twice.
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Be healthy.
You’ll be much more productive when you take good care of yourself, whatever that means for you. Being self-employed is a lifestyle and statistics show entrepreneurs work more and longer hours. Working to the point of exhaustion will burn you out and make you less productive. Don’t make excuses. Eat right, exercise and make time for yourself and those that love you. -
Don’t fall victim to your own B.S.
Action speaks way louder than words. Show people what you can do rather than telling them what you can do. Endorse your business enthusiastically, yet tastefully and avoid posturing. Don’t exaggerate truths and or tout far reaching goals as givens. Walk your talk.
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Let go, if it’s time.
Know when it’s time to walk away. If your idea doesn’t pan out, learn from what went wrong and the mistakes that were made. Determine what you would have done differently and how you will utilize these hard-learned lessons to better yourself and your future ventures. Failure on some level is inevitable, but an entrepreneur’s tenacity will prevail over adversity.
