The lessons you WISH you’d been given before starting a business!
Over the years I have noted a lack of genuine understanding to the challenges facing Business Start-ups & aspiring entrepreneurs in particular Women & Young entrepreneurs. There are very few public organisations that provide a sufficient standard of service that functions to the speed & pace of the real business world but more importantly many public organisations demonstrate an ignorance of the simplest frustrations & obstacles of the business start-up or small business.
Here are 20 lessons that every entrepreneur wishes they had known before starting a business! So you don’t have to!
TOP 20 BUSINESS LESSONS
No.1 Find a “Mentor” a veteran entrepreneur whom has built their business from scratch & operated it for over 15 years.( If inherited has ran it themselves for 15 yrs+)
No.2 Study the life stories of the Entrepreneurial Greats; be inspired, take notes, learn from their challenges, successes & failures.
No.3 Understand your financial’s better than your accountant; your operating costs, break even per month, bank balance, tax bill forecast, outstanding balances of debtors or creditors (if you don’t know what these are get learning quick).
No.4 Master the skills of both buying as importantly as selling for your crucial business start-up capital spend research, shop around, negotiate & haggle.
No.5 Get your business name & logo right first time, secure; URL’s(domains), check conflicting trademarks & brands, registered company names.
No.6 Take the time to write a concise business plan, with your start-up costs, cash flow & profit & loss projections. Primarily for yourself to question the vision and viability of your business and secondary to assert your level of commitment to your bank manager or investors.
No.7 With any major business decision; always follow your first instinct.
No.8 Remember Banks are a business like everyone else and are in business to make a profit; Start-up Loans, leases, credit agreements, business terms; always read the small print, don’t be afraid to ask questions (even if it sounds stupid) and like any agreements only sign what you fully understand.
No.9 If establishing a Partnership clarify that both parties share the same vision, commitment and values to make the business a success in terms of time, labor and financing. And most importantly from the outset establish clearly your individual & defined roles, functions and responsibilities. (Plus who has the final decisions if you cannot agree)
No.10 From the outset decide what is most important; the need & speed to start trading by raising funds yourself or put up with delays to secure public funding or grants. If you are dealing with organizations with independent consultants many are oblivious to your need for momentum & getting your business up & running & turning a profit a.s.a.p.