8 answers
Sydney
Student
Perrysburg, Ohio
1
Question
Updated
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What was the most difficult aspect of starting your first business, what do you wish you knew before becoming an entrepreneur?
I am a high school senior about to go to college next year. I would love to start my own business one day, and become an entrepreneur. I would love to major in business and marketing.
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7 answers
Rebecca Aidoo
Fashion specialists
20
Answers
Accra, Greater Accra Region, Ghana
Updated
Rebecca’s Answer
The most difficult aspect of starting my first business was learning to work through uncertainty. There is no clear roadmap in entrepreneurship, and you often have to make decisions without knowing whether you are right. I originally believed success depended on having a great idea, but I later realized that execution, consistency, and learning from mistakes are what truly matter. I wish I knew earlier that you don’t need everything to be perfect before starting; taking small steps and testing ideas is the real way to build confidence and gain experience. I also learned the importance of networking and surrounding yourself with the right people—mentors, peers, and partners can accelerate your growth more than trying to figure everything out alone. Most importantly, failure is not the end; it is feedback that helps you improve. If you are planning to study business and marketing, you are already on the right path. Start early, stay curious, and remember that progress comes from action, not perfection.
Hagen Finley
Technical Sales DELL Alliances
58
Answers
Fort Collins, CO
Updated
Hagen’s Answer
Hello Sydney.
Great question. I started my own business while I was in college at Berkeley in part to pay for tuition which was a steal back in the 80s and 90s. Here's what I learned.
The short answer is running your own business can be a nightmare of risk and stressors if you're too inexperienced. I was an electrical contractor in the Bay Area and while I had a skill - I knew how to install electrical wiring I literally knew nothing about running a business. Therefore, my education came mostly through mistakes which were worrisome and expensive.
So what to do?
First, figure out what you want to do. It's easy to think of business generally but real businesses are very specific. You must have a product or a service (skill) to sell. That doesn't just fall from the sky. It takes interest, even passion, for a kind of work and then the patience to learn that skill well enough that you can predictably deliver something people will pay for.
Second, the best way to acquire that skill and business experience at that same time is to work for someone else. Unfortunately, that can take a long time - 5 to 10 years generally. During that time you also grow up and ideally settle some personal issues such as marriage, children a home etc..
I tried to do all that at the same time while in school no less. That was pretty crazy and there were lots of harrowing moments.
Third, running your own business takes a lot of capital - your own money. There are business cycles where sales are good and then sometimes suddenly, sales are bad. You have to have enough cash flow and savings to pay the bills even when the sales aren't there.
That reminds me of one of my favorite jokes. How do you become a millionaire? Start with $3M and buy a horse. Running your own business can be like that - start with $3M and start a business. That's not say you won't make money in the long run only that you need a substantial financial cushion backing your business and usually, that takes time to accrue which means later in your life - dare I say it, "after 30". ;-)
So maybe not the answer you were hoping for, but a real world tale from someone who lived it. :-)
Decide what kind of business you want to do and will also be good at. People, including you, are slow to pay for anything but tangible benefits to them.
Start learning the skills associated with that business
READ! There are 100s of books on business. Running a business is challenging so the more you know the better
Give some thoughts to your strengths and weaknesses. If you're a sole proprietor you have to do it all and no one's good at everything. It's good to be honest about that and delegate or outsource things you're not going to perform well.
Great question. I started my own business while I was in college at Berkeley in part to pay for tuition which was a steal back in the 80s and 90s. Here's what I learned.
The short answer is running your own business can be a nightmare of risk and stressors if you're too inexperienced. I was an electrical contractor in the Bay Area and while I had a skill - I knew how to install electrical wiring I literally knew nothing about running a business. Therefore, my education came mostly through mistakes which were worrisome and expensive.
So what to do?
First, figure out what you want to do. It's easy to think of business generally but real businesses are very specific. You must have a product or a service (skill) to sell. That doesn't just fall from the sky. It takes interest, even passion, for a kind of work and then the patience to learn that skill well enough that you can predictably deliver something people will pay for.
Second, the best way to acquire that skill and business experience at that same time is to work for someone else. Unfortunately, that can take a long time - 5 to 10 years generally. During that time you also grow up and ideally settle some personal issues such as marriage, children a home etc..
I tried to do all that at the same time while in school no less. That was pretty crazy and there were lots of harrowing moments.
Third, running your own business takes a lot of capital - your own money. There are business cycles where sales are good and then sometimes suddenly, sales are bad. You have to have enough cash flow and savings to pay the bills even when the sales aren't there.
That reminds me of one of my favorite jokes. How do you become a millionaire? Start with $3M and buy a horse. Running your own business can be like that - start with $3M and start a business. That's not say you won't make money in the long run only that you need a substantial financial cushion backing your business and usually, that takes time to accrue which means later in your life - dare I say it, "after 30". ;-)
So maybe not the answer you were hoping for, but a real world tale from someone who lived it. :-)
Hagen recommends the following next steps:
Thank you so much Mr. Finley for taking the time to answer my question. Your response is very insightful, and has a lot of great feedback for me to consider. I will make sure to keep your experiences in mind as I continue to find the right career path for me. Thank you so much again, and have a great rest of your day! 😊
Sydney
I just added a little more color and a horse joke :-)
Hagen Finley
Anthony Kofi Hene-Amoah
Translation, Editing, Project Management, Research and Evangelism
203
Answers
Jema, Brong Ahafo Region
Updated
Anthony’s Answer
Please, note the following, concerning starting your own business:-
1. Your deep knowledge in the business is very paramount.
2. Getting the requisite capital to start.
3. The need to be diligent and hardworking.
4. Checking up if there are favourable marketing conditions, and good government policies to enable you start the business.
Best regards.
1. Your deep knowledge in the business is very paramount.
2. Getting the requisite capital to start.
3. The need to be diligent and hardworking.
4. Checking up if there are favourable marketing conditions, and good government policies to enable you start the business.
Best regards.
George Evlogimenos
Area Director
2
Answers
Miami, Florida
Updated
George’s Answer
Have thick skin and understand setbacks are opportunities for experience and growth.
Life itself has not guarantees dont expect any but make never stop until you succeed. Also be prepared to make the difficult decision of letting go when the cost is untenable.
In business enter a field you love and have some experience. That is a good start
Life itself has not guarantees dont expect any but make never stop until you succeed. Also be prepared to make the difficult decision of letting go when the cost is untenable.
In business enter a field you love and have some experience. That is a good start
julian infante
sales
8
Answers
Santiago, Santiago Metropolitan Region, Chile
Updated
julian’s Answer
The most hard thing was not been able to cop with all stuff. But deling with things one by one is a key success factor and teh supoort of does that work with you
Voight Thornton, MBA
Debt Consultant
2
Answers
Phoenix, Arizona
Updated
Voight’s Answer
The hardest part of starting my first business was learning sales and marketing, especially how to market myself and build a sales process that could actually scale.
When you are starting out, you think the business is about the service you provide, but the truth is your ability to communicate value and bring in revenue consistently controls everything.
If you cannot get clients, you cannot grow, hire a team, or reinvest back into the business. I wish I knew earlier that sales skills are essential, marketing is what allows you to scale, and documenting your progress publicly builds credibility long before you need it.
If you plan to study business and marketing, that is a strong path, but pair it with real action such as side hustles, freelance gigs, internships, or anything that helps you practice selling and promoting what you do.
You do not need a complicated plan to start. You need a simple system to get clients, deliver results, and collect testimonials.
Most importantly, put yourself in the right rooms early. The right people, mentors, and environments will speed up your growth faster than any class.
When you are starting out, you think the business is about the service you provide, but the truth is your ability to communicate value and bring in revenue consistently controls everything.
If you cannot get clients, you cannot grow, hire a team, or reinvest back into the business. I wish I knew earlier that sales skills are essential, marketing is what allows you to scale, and documenting your progress publicly builds credibility long before you need it.
If you plan to study business and marketing, that is a strong path, but pair it with real action such as side hustles, freelance gigs, internships, or anything that helps you practice selling and promoting what you do.
You do not need a complicated plan to start. You need a simple system to get clients, deliver results, and collect testimonials.
Most importantly, put yourself in the right rooms early. The right people, mentors, and environments will speed up your growth faster than any class.
Dana Kinsella
Sales Enablement
4
Answers
Belmar, New Jersey
Updated
Dana’s Answer
Hi Sydney,
Congrats on reaching your senior year! That's a great question. I started my own tech company with two partners, and one thing I wish I knew beforehand was how much money is needed to grow a business. We had a great idea, amazing people, and strong contracts, but we needed more money than we expected to keep up with growth. Having a clear financial plan from the start is very important.
I hope this helps!
Dana
Congrats on reaching your senior year! That's a great question. I started my own tech company with two partners, and one thing I wish I knew beforehand was how much money is needed to grow a business. We had a great idea, amazing people, and strong contracts, but we needed more money than we expected to keep up with growth. Having a clear financial plan from the start is very important.
I hope this helps!
Dana