Starting something new (especially a business!) can be overwhelming, intimidating and downright scary. And since I have already written extensively about this topic, I decided to reach out to the CarolRoth.com contributor network of business owners, experts, advisors and entrepreneurs to find out their best advice for new entrepreneurs. Their answers are presented below in no particular order.
You may notice some similar ideas listed, but I kept them separate, as something in the way one is framed may resonate differently with you.
1. Partner-Up!
Going it alone is great. But if you want to build a company rather than just a solo gig, starting out solo is probably not going to work. A strong partner in business is essential for ideas, to challenge you, and to fill the gaps in your experience.
It is hard to pick up a trusted partner after things get started, so think twice if you are not already joined at the hip in business when you start out.
Thanks to: Phil Ayres of Consected.
2. Slap Overwhelm Down!
It's easier said than done, right?
For most entrepreneurs, one of the biggest challenges comes from within and a 'to-do list' the size of a giant's arm!
The best advice that I can offer is to be methodical in your planning. A rational approach can go a long way in helping your concept become a reality.
3 things that you can do:
1. Prioritize (leverage your strengths)
2. Leverage Technology (it's there to help)
3. Seek Help (outsource the activities that drain you and take up your time)
Thanks to: Michael Trow of Michael Trow Enterprises LLC.
3. I Thought I Heard a "NO"
Don't be afraid and don't be too possessive about your work or company. You must surround yourself quickly with people that share your passion for your work and move forward with ideas. As a new entrepreneur, strive to be influenced by some of the greatest minds in the business industry. Use this knowledge and add your own experiences to build your path.
Thanks to: Rich Bhati of Sizzlestrapz.
4. Time is Funny, Honey, & Money
Time is Funny - Catch yourself overworking? Smile and do something else. Take breaks, use a watch if you have to, turn on your version of disco, and dance! A biz balance buddy helps.
Time is Honey - Give yourself enough rest and peace that you give the people you meet with for your venture your sweet, unhurried, focused time. You don't need to meet everyone.
Time is Money - Outsource processes that would take more time to be an expert at than is worth it - like designing your own website.
Thanks to: Barbara Ann Michaels of Jester Of The Peace.
5. Know Your Numbers!
When seeking funding from potential investors, be sure to know your financial numbers, your market and costs of production. And above all, know what your business is worth - its valuation. Many entrepreneurs place an excessively high valuation on their business.
Thanks to: Jim Taggart of Changing Winds.
6. Market or Die!
Many new entrepreneurs open their doors, hang out their shingle (docs and lawyers too) but don't market or promote their new enterprise! It's surprising how many newbies don't plan for any promotion, marketing, public relations or advertising. Yet, they expect people to buy their product/service. You must promote in order to SELL! Marketing is what will make your new business take off. Test different marketing ideas. No marketing is the #1 reason new businesses fail.
Thanks to: Mark Alyn of Mark Alyn Communications, Inc.
7. The NEXT Great Idea
You don't need a million dollar idea - just model someone else who's been successful and add your own twist to it (better service, transparency, etc)
Ex #1: Microsoft (Excel vs. Lotus; Word vs. Word Perfect, Explorer vs. Netscape) - they just did it "better"
Ex #2: Samsung Galaxy and the iPhone
Or, find a problem and solve it - people will pay you (outsource) to handle their problems.
Thanks to: Matthew Hudgins of Mosaic Wealth Management, LLC.
8. Get Out of Your Head
If you have a vision of doing something really BIG, then there is a way to make it possible. Too frequently, we lead with our heads. And then, we hold ourselves back, stay small and try to avoid failure. But when you're deeply connected to WHY you're doing this, then you lead from your heart. Your heart always shows you the way. Sometimes, it appears BIG and overwhelming. So, realize that when it feels uncomfortable, then it's probably the right action to take.
Thanks to: Loren Fogelman of Expert Sports Performance.com.
9. Don't Go it Alone
Many entrepreneurs believe that their business should be self-sufficient and not require the services of others. This is a sure recipe for failure! Begin your business by planning to bring others aboard – whether they be employees, contractors & subcontractors, or virtual assistants – as soon as possible. This includes budgeting for the expenses involved. You'll rest a lot easier knowing that someone else is there to do the things that you don't know how to do, don't do well, or don't like to do.
Thanks to: Monique Y. Wells of Getting over Overwhelm.
10. Your Own Boss? Really!
I hear it all the time. I want to be my own boss. I tell my students that if that's their reason for wanting to be an entrepreneur, they are better off in a job. My reasoning and personal experience as the founder of three successful business' tells me that when you own a business, the business has a tendency to own you-24/7. You answer to customers, government, employees with "issues", your family and just maybe, if you are lucky, you can make an independent decision for yourself once in a while.
Thanks to: Gerry Patnode of Graham School of Business@York Coll.
11. Vital!
Any small business must launch from day 1 with the mindset that one day you will be the size of Apple (even if size is not your goal). Too many small biz downfalls occur as a result of not tending to each and every aspect of your business equally. Yes, you will have fires to put out, but you cannot neglect sales for accounting or accounting for inventory or marketing for hiring. Plan to devote equal time to each aspect of your business every day. As one segment grows, so too will the rest follow.
Thanks to: Rick Gillis of The Really Useful Job Search Co.
12. Never Stop Learning
Once you start a business and get a few clients, it's easy to rest on your existing knowledge. What differentiates the best business people from the average, however, is consistently learning and evolving.
Read industry publications and blogs, stay up on the latest tech and developments. Remember: there's always something new to learn and try. Trust me, your business and your clients will benefit from your efforts.
Thanks to: Kari DePhillips of The Content Factory.
13. "Squirrel" Retained Earnings
Only 1/10 of 1% of species that have ever lived on earth survive today. Maybe entrepreneurs can learn some powerful strategies for survival from them. Squirrels store nuts so they’ll have food throughout the winter. Those that do not store sufficient amounts risk losing their lives. Nearly every business experiences “long, hard winters” at times. I recommend retaining a minimum of 75% of net income each year, which would go a long way toward assuring survival during tough times.
Thanks to: Tom Porter of Business Lessons From Nature.
14. Focus, Focus, Focus
My advice is simple. Stay focused on your goal. It's very easy to get distracted, sidetracked, and/or bogged down in minutia, as well as possibly influenced by meaningful, helpful people. However, stay on the main highway to your goal; don't get off an exit too soon. Don't stop before the miracle. Focus, focus, and re-focus.
Thanks to: Rosanne Dausilio, PhD of Human Technologies Global Inc.
15. Define Your Market!
Rather than pursuing a very broad marketing effort, consider honing in very tightly on your niche. You need to know who your customer is and where they spend their time. Then, go meet them both online and offline. This takes trial with error, but in the end, it will save your precious resources. Never stop creating!
Thanks to: Jerry Pollio of Franchise Futures.
16. Strengthen Your Strengths
As you start your business, keep in mind that if you will strengthen your strengths and hire your weaknesses you will grow quickly and have a very happy team of people working for you. You can't do it all yourself, so leverage yourself quickly, grow, have fun and be profitable. Also, remember, you aren't in the business of doing what you do, but instead, you are the marketer of what you do - that's an important business distinction!
Thanks to: Diane Conklin of Complete Marketing Systems.
17. Everything is Beta
There's an overwhelming feeling when you first launch that everything has to be perfect. That perfectionism can hold you back and keep you stuck for a long, long time.
Forget it.
Everything is beta. Allow yourself to move forward. Realize that your website, your mission, your copy... and pretty much everything is going to shift and grow over time.
By calling it 'beta', you give yourself permission to evolve.
Beta rocks.
Thanks to: Share Ross of Video Rockstar University.
18. Honestly Ask Yourself
So, you want to be an entrepreneur?
Ask yourself and only accept from yourself honest answers:
Do you have the time?
Do you have the drive?
Do you have the funding?
Do you have a tough skin?
Do you have tenacity?
Do you have a great idea or business model?
Do you have marketing skills?
Thanks to: Haralee Weintraub of Haralee.Com Sleepwear.
19. Do This Now!
As an entrepreneur myself, here is my short list of do's & don'ts.
Do:
1. Write down every conceivable worse case scenario that your journey may take you and absolutely share it with your spouse, who must be as committed as are you or you will be in deep trouble if the project fails.
2. Make sure you have the funds from savings, selling assets and least preferred credit lines, but
Don't:
3. Initially borrow from family, friends or raise money from investors as this is the kiss of death.
Thanks to: R J Mitchellette of New Venture Coach, LLC.
20. Learning From Failure
Don't be afraid to take risks. Those who don't take risks do not fail, those who don't fail do not learn and those who don't learn do not eventually succeed. The key is to take calculated risks without being afraid of failure and learn from it.
Thanks to: Harry Vaishnav of Angel Business Advisors.
21. Questions Create Possibilities
As you start out, it's tempting to look for the answer and the "right way" to do things. What if instead of looking for that answer, you were to ask questions instead? Have you noticed questions create more possibilities and provide useful information, whereas answers stop all creating? Great questions are: "How does it get even better than this?", "What else is possible?" and "How could this turn out even better than I imagined?" Then, wait for the universe to send the info you've asked for!
Thanks to: Dr. Kacie Crisp of Dr. Kacie Crisp Coaching.
22. Commit to Knowing Your Numbers
A lot of new entrepreneurs lack finance knowledge. That need not be a barrier to entrepreneurship - so that's the first tip - but to really kick ass, you have to learn to read a balance sheet, project your sales (hint: they won't grow in a straight line at a 45 degree upward angle), and know the difference between net profit and cash balance. So, obsess with the numbers until you understand them enough to talk about them with people who need to know - banks, investors, and VCs.
Thanks to: Jessica Oman of Write Ahead.
23. Reverse the Risk
I started my business just after 9/11 in Manhattan and I didn't know how to get clients. I asked a mentor and he said that I had to reverse the risk of working with me. I didn't have an office, website, or even business cards at the time. I created a presentation "Innovations In Financial Services" and sent it to everyone I knew. The Managing Director of one of the largest consulting firms in Japan came to NYC to meet me. They were a client for 10 years. Give value up front and offer a guarantee.
Thanks to: John Paul Engel of Knowledge Capital Consulting.
24. Go With Your Gut!
Starting a business is difficult enough, but if you don't believe in yourself, it will be 100 times tougher. Entrepreneurs must be leaders and leaders need self confidence so others will follow. Yet, everyone you know will give you advice and expect you to take it. Remind yourself why you are launching your business and make your decisions based on your gut. It's your business, so it has to be your gut directing it. Better to make a mistake doing it your way--it's just a lesson learned.
Thanks to: Vicki Donlan of VickiDonlan.
25. Tough Love Advice!
1: Doing a particular function in the corporate world, like