Young Entrepreneur Advice: 100 Things You Must Know!

Under30CEO | February 25, 2010 | 43 Comments and 1007 Reactions

We wanted to create an article addressing some of the problems start-up companies and young entrepreneurs have. So we asked! What do you wish you knew before you started a 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, http://www.607magazine.com 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 www.keleventsllc.com 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 youre an entrepreneur. - Deborah Osgood www.bdki.com 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 http://www.sochomebusiness.com/

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 http://www.bonvoy.com 6. That whatever my start-up budget is I should have multiplied it by three - Aliya Jiwa http://spunkystork.com 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, its necessary to understand that one person cant 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. Thats a huge mistake. Tom Coalson http://www.tomcoalsonconsulting.com/ 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 www.WorkAtHomeNoScams.com 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 http://www.debtfreeassociates.com/ 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 www.boostlabs.com 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 http://www.fortepromo.com 12. Never pay full price for anything online (office supplies, stock photography, services, etc.)always Google for coupons. Bill Even www.TheComingWave.com 13. Location, location, location. It really is true! Tanya Peila www.tanyapeila.com 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 http://www.abcom-inc.com 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 http://www.inn-photo.com 16. Its important to get customer validation early on. You can have the greatest technology, or website, or service, or whatever, but its ultimately meaningless if you havent verified that there are actually customers willing to spend money on or around what you do. - Adam Rodnitzky www.reteltechnologies.com

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 www.CuttingEdgeLaw.com 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 www.certifiedKsolutions.com 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 http://www.jayweinberg.com 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 http://www.RobFrankel.com 21. I did not realize the level of sacrifice that would be required to become not only an entrepreneur, but a successful entrepreneur. Dont 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 http://www.rufflebutts.com/ 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 http://www.ITLawGroup.com/ 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 http://jlpeducationservices.vpweb.com 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 didnt 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 www.okadaco.com 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 http://www.odintechnologies.com/ 26. I wish that I would have known that my MBA wasnt 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 dont. Janice RobinsonCeleste www.CelesteStudios.com 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 www.yippeeprinting.com

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 http://www.vaceos.org 30. I wish I had understood the value of investing in high-level talent. As a start-up, its scary to think about hiring someone whose experience demands a higher-level salary. So you tend to hire less experienced individuals, but they typically dont bring the intellectual capital or business savvy that can help you grow faster. Susan Wilson Solovic www.SusanSolovicOnline.com 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 http://elizamagazine.com 32. The biggest thing Ive 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 theyre the same thing. Theyre not. - Scott D. Mashuda http://www.RiversEdgeAlliance.com 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 www.innovative-memories.com 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 http://www.custsolutions.net/ 35. You cant 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 http://www.shadowlightpictures.com 36. Admittedly, we went into GiveForward knowing wed 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 www.GiveForward.org 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 http://www.processspecialist.com 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 http://www.firststeporganic.com/

39. I wish Id have known that the only thing important in business is building a product that someone will buy. Thats it. Its 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 http://www.chrometa.com/ 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 http://www.thesocialtweep.com 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 http://www.cailenascher.bravehost.com/ 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 www.jhilldesign.com 43. I wish I knew exactly how important it is to prioritize tasks and goals. One of the most important lessons Ive 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 www.chatterBLAST.com 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 www.ErgonomicsSimplified.com 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 http://imaneed.com 46. I wish Id 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 www.barrymaher.com 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 http://www.powerwomenmagazine.com 48. Ive learned that I cant 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 www.cupcakestop.com 49. I wish someone would have explained the difference between sales verses marketing. Tom Pryor WWW.SBDCEXCELLENCE.ORG

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 http://rosebridgecreations.com 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 www.ryankohnen.com 52. I wish I had taken a class, or gotten practical experience in, using business accounting software. The investment wouldve been minimal, and it wouldve 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 www.fischer-law.com 53. What I didnt 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 www.fkmagency.com 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 www.cakes4occasions.com 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 http://www.bluegrassautoglass.com 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 http://www.RaisingCEOKids.com 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 www.naturalhealthctr.net 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 www.thedsmgroup.com 59. I wish that early on I had sought out more business leaders in my field. It wasnt 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 Aladanmediagroup.com 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 http://www.becomeintertwined.com

61. If you have taken the time to think through things (price, service, contracts, delivery) dont be so quick to change it up just because a Client wants you to. Joni Daniels http://www.jonidaniels.com/ 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 http://www.thrillist.com/ 63. At the time of founding it I was so focused on survival I didnt think about the exit strategy. Laurence J. Stybel stybelpeabody.com 64. I wish Id know how much easier it is to build a business around an established market thats already looking for a solution to its problems rather than trying to build the market around the business I wanted to start. John Crickett http://www.businessopportunitiesandideas.co.uk/ 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 www.GoodForYourself.com 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. Dont expect every day to be bliss. Andy Hayes www.travelonlinepartners.com 67. I wish I knew it didnt 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 http://www.ThreeMusesClothing.com 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 www.assuranceadvertising.com 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 moneyboth short term and long term Jennifer Myers Robb http://www.hergameface.com 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 moveand fastbut using a map is so much smarter than not. Richard J. Atkins HTTP://WWW.IMPROVINGCOMMUNICATIONS.COM/ 71. I wish Id known it would not be enough to know my stuff cold. (Im 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 www.judyhoffman.com

72. I just wish I knew how much free goods I would have to give out in order to promote my products. Jacqui Rosshandler www.eat-whatever.com 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 www.guidetogreatness.com 74. I wish I had known that starting a business would give me so much happiness, and worry. I knew that it would be hard, but I had no ideas of the hills and valleys that would come with being a business owner. Shay Olivarria www.BiggerThanYourBlock.com 75. I knew that starting a business was going to be a lot of work, but I didnt know much work and that it was going to go slower than I had expected. I wish I had known that there was going to be a lot that I didnt know, but that its ok because Ive figured it out (and am still figuring it out!) along with way. Grace Bateman http://www.perupaper.com 76. Everyone will not be happy or supportive of you starting a business or succeeding in it, and thats okay, as you do not need their nod, their vote of confidence or their praise you have your own. Anahid Derbabian www.integritycommunicationsco.com 77. Dont work with your spouse. If you want to wreck a marriage, be together 24/7 with one person exerting power over the other. Susan Schell http://www.citadeladvisory.com 78. Relationship Marketing I wish I had understood the importance of staying connected with past clients and nurturing relationships with current clients. Your personal life, your spiritual life and your professional life is all about the relationship. Sandie Glass http://www.sandstormideas.com/ 79. I wish I would have realized earlier the importance of having a core group of target customers. Find a handful of people and build a trust with them. Test various products and services on them and eventually use their passion and your business to fuel evangelism to grow as you refine your business model. Dayne Shuda http://huntingbusinessmarketing.com 80. If youre young, and especially if youre a woman, you may be tempted to undersell your product or service or worse, give them away in order to get into the game. Dont. Set up a pricing structure thats in line with your business plan and allows you to grow your business. Ruth Danielson http://www.msmarketintel.com 81. I wished I had learned about the need for business systems and process documentation and why they are important. I have found they are a life saver to developing a work environment that thrives since everyone in the company knows what they are supposed to be doing and can easily reference the steps. Adam Sayler http://arthurwinn.com 82. What I wish I knew before I started a business was a really great business advisor! Most of us go into a business with a big heart for the product and lots of excitement. Few of us really know how to run a business. Kelley Small www.smolakfarms.com

83. I wish I knew how long it would take to build a steady stream of clients and establish strong relationships with customers and vendors. - Alexis Avila www.preppedandpolished.com 84. I didnt take into account what being a home business owner would mean I mean Im in my house a lot! I have to eat 3 times a day and there are very few delivery places where I live so making a mess in the kitchen 3 times a day, and cleaning the office myself. Maria Marsala http://www.ElevatingYourBusiness.com 85. I wish I had known how demanding entrepreneurship is on the entire family. It took me months to realize that they were giving as much or more than me by picking up the slack around home and giving me space to pursue a dream. Carrie Rocha http://www.pocketyourdollars.com/ 86. To be patient. When I first started, I expected results instantly. Id get frustrated when things didnt work the way I planned. Luckily, I didnt have any hang-ups about failing, so I kept trying new things and slowly built upon those things that worked. Naveed Usman http://www.theusmangroup.com 87. How much money would I make in the first couple years of operation. Obviously, this answer would of told me to find a steady job and do this on the side until I really got it going 3-4 years later. Marc Anderson TalktoCanada.com 88. I wish I knew that cash flow wasnt the same as profits, that employees are not paid friends and that you should always trust but never let anyone open your bank statements. Anne-Marie www.brambleberry.com 89. The one thing I wish I had done differently is not spent money on advertising offers that dont pay off. This is business people dont often do things out of the goodness of their heart. Ive learned to be a lot more skeptical of opportunities I get offered. Adrien TheNakedHippie 90. One piece advice I would give to people just starting up that I wish knew is that success is less about the idea and more execution. Dont wait until you have the great idea or have refined all the plans, just get something up and start iterating. Ben Hatten www.legalriver.com 91. How important it is to network, instead of attempting to fly solo. Fortunately, my belated learning didnt negatively impact my company for too long but the soaring would definitely have occurred sooner had I considered the value of self-promotion. Marlene Caroselli www.caroselli.biz 92. I wish I knew how much my time was really worth and the best way to set my rates. I made an early mistake by charging too little and booking myself so tightly that I didnt have enough time to work on some projects the way I wanted to and I couldnt hire anyone to help me because I didnt allow for the added cost. Susan Bender Phelps www.OdysseyMentoring.com

93. I wish I knew the importance of networking when I first started my web design company. It took me a few months to realize that referrals and networking are the best types of leads. People want to do business with people they like! Becky McKinnell www.iBecCreative.com 94. First, that being successful causes growing pains that are a major headache. A good headache to have, but difficult challenges nevertheless. Second, it would have been nice to know it can take a year or so for things to take off. Starting a business can be frustrating in the beginning and you really have to be determined to succeed. Nick Veneris Xomba.com 95. Dont listen too closely your friends who might be good business people but who have never started a business. They mean well, but their assumptions are way different as an employee of a company than they could ever be as a principal shareholder in a business. Elizabeth Pitt CaregiverNeeded.com 96. I wish that someone had told me that managing a business isnt about numbers, but rather all about people skills. During my first management foray I fell face first in the dirt. People called me a micro-manager because I got too much into the nitty gritty of how to do the job rather than allowing them to find their own way. Steve Richard www.vorsight.com 97. I wish I had known that starting a business requires you to ride an emotional roller coaster. You can go from the highest highs to the lowest lows in a matter of hours because a startup company always seems be on the verge of either collapsing or taking off like a rocket. Now making my business grow is all the more exhilarating because I survived demoralizing low points to get it off the ground. Alex Andon http://www.jellyfishart.com 98. That it is OK to trust your instincts even when they are not necessarily backed up by years of finance/accounting or business school credentials Jenn Benz www.benzcommunications.com 99. Less time spent on paid marketing/advertising efforts and more time screening and building strong partnerships with influential journalists, writers, editors and television producers. Philip Farina http://www.farina-associates.com 100. I now know that businesses are extremely organic & have a way of taking on a life of their own now I know that though things dont always work out as planned, there is always another opportunity around the cornerunderstanding this from the beginning wouldve saved me a lot of stress! Rina Jakubowicz http://www.rinayoga.com Now thats a lot to take in before you start! There are a lot of hardships, problems and things to consider but to sum it up I think Kat Gordon of www.maternalinstinct.net says it best In short, I manage my own destiny. And Id have it no other way.