Young Entrepreneur Advice: 100 Things You Must Know!

Posted:  April 21st, 2011 by:  YPN MIami comments:  0

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, 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 you’re 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 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 www.bonvoy.com

6. That whatever my start-up budget is… I should have multiplied it by three – Aliya Jiwa www.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, it’s necessary to understand that one person can’t 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. That’s a huge mistake. – Tom Coalson 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

Read the other 90 items at Under 30 CEO

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