After having started seven businesses over the last 10 years and as an enterprise ambassador for The Prince’s Trust, I have been fortunate to view startup businesses and entrepreneurs in a variety of contexts. Below are seven lessons about starting up I have learned along the way.
1. Don’t start out with capital. It doesn’t matter how great an entrepreneur you are or will be. If you have a big pot of money up front, you’ll likely waste it. I know I wasted some of what I managed to pull together when I started my first business (printing too many copies, having an unfocused marketing plan, etc.), and if I had more I would have wasted more. Instead, you need to complete the “hard yard” first. Get out there and test the concept with your customers. Nothing ever works out as planned and there will be unexpected problems. Find them before you waste money on them. Once you’ve proven the concept and have a better understanding of how the business will work, then it’s time to use capital.
2. Don’t call yourself a CEO…unless you are actually running an executive board. When I started my first business I was embarrassed to have the title of managing director when I had no staff. When I hear people introduce themselves as CEO of a small business, my first thought is they are simply in it for the prestige associated with the title. Work to put the business first and try to sustain and grow something exciting.
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