Thinking to start your own business? Here are 10 tips for first timer from young entrepreneur Scott Gerber.
- Focus. Focus. Focus.
Many first-time entrepreneurs feel the need to jump at every “opportunity” they come across. Opportunities are often wolves in sheep’s clothing. Avoid getting side-tracked.
- Know what you do. Do what you know.
Don’t start a business simply because it seems sexy or boasts large hypothetical profit margins and returns. Do what you love.
- Say it in 30 seconds or don’t say it all.
From a chance encounter with an investor to a curious customer, always be ready to pitch your business. State your mission, service and goals in a clear and concise manner.
- Know what you know, what you don’t know and who knows what you don’t.
No one knows everything, so don’t come off as a know-it-all. Surround yourself with advisors and mentors who will nurture you to become a better leader and businessman.
- Act like a startup.
Forget about fancy offices, fast cars and fat expense accounts. Your wallet is your company’s life-blood.
- Learn under fire.
No business book or business plan can predict the future or fully prepare you to become a successful entrepreneur. There is no such thing as the perfect plan. Never jump right into a new business without any thought or planning, but don’t spend months or years waiting to execute.
- No one will give you money.
No one will invest in you. Simplify the idea until it’s manageable as an early stage venture.
- Be healthy.
You will be much more productive when you take better care of yourself.
- Don’t fall victim to your own B.S.
Impress with action not conversation. Endorse your business enthusiastically, yet tastefully. Avoid exaggerating truths and touting far reaching goals as certainties.
- Know when to call it quits.
If your idea doesn’t pan out, reflect on what went wrong and the mistakes that were made. Assess what you would have done differently. Determine how you will utilize these hard-learned lessons to better yourself and your future entrepreneurial endeavors.
Have another tip? Post in on our comment box, we would like to hear your experiences.