Particularly in the first year, what are the things you only found out once you started and you would avoid / focus on if you were to start a business again?
If any advice specifically to the UK please also include.
I’ve always wondered about the prospect of starting a business, but would have literally no idea where to start.
I’ve worked in tech sales for 10+ years so wonder whether any skills would benefit me if venturing out, or whether I’d be mad to leave what I do.
Cheers!
What are the five most important bits of advice for someone starting a business?
byu/game_review inEntrepreneur
Posted by game_review
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here’s one – “**Give me six hours to chop down a tree and I will spend the first four sharpening the axe.**” – Abraham Lincoln
FOUNDATIONS: if your house has bad foundations it will fall, same for business
I don’t know if this counts as advice but you need just a lot of courage. Without courage you won’t risk it, if you don’t risk it you won’t stand out and if you don’t stand out you are just average.
Branding marketing branding. What problem what does your business solve? Create a story around that and market the hell out of it, more than you think you will need to. And be prepared for the long journey and how much you’re going to learn.
1. Get your money right from the jump. If you don’t understand the numbers, you’re setting yourself up to fail. Make sure your finances are tight know where every dollar’s going and how it’s coming back. Get a good accountant, and don’t mess around when it comes to cash flow.
2. Build a team you can trust. You can’t do everything yourself, and trying to will only burn you out. Find people who are just as hungry as you are, who bring different strengths to the table, and trust them to handle their business. Delegation is key, but trust is even bigger.
3. Expect setbacks, but don’t let them stop you. This game isn’t easy, and you’re going to take a few Ls along the way. The difference between winners and losers? Winners get back up. Learn from every mistake, but don’t let them make you second-guess your grind.
In short, know your finances inside and out, build a trustworthy team to help carry the load, and be ready to face setbacks head-on without letting them derail your progress. Stay focused, stay resilient, and keep pushing forward.