4 answers

Any advice for aspiring entrepreneurs who are too hesitant to start their business?

Asked Rockville, Maryland

4 answers

Joseph’s Answer

I am NOT an entrepreneur, but I have participated in think tanks for creating start ups. I think the biggest advice I would have from my experience would be that every failure is a step closer to success. It is going to take a lot of hard work to get an idea from just being an idea to something tangible. Don't be afraid to share your ideas with others because it's a misconception that if you share your idea that people will steal it and take it for their own. In the same vein, don't fall in love with your idea like its your baby. Sometimes your original idea isn't perfect but because it's your "baby" you think it is. I hope all that made sense.


Good luck!

Cindy’s Answer

Updated

As Warren Buffet said, "You're looking for three things generally, in a person: intelligence, energy and integrity, and if they don' have the last one, don't even bother with the first two.

Here's what I say from my own experiences: Ask yourself are you a self starter, I mean really a self-starter. Do you have the drive or something to say that you will express through a small business? Is it your idea, or did someone push you into it? Will you make sure everything is handled and quality check by you everyday - you can't let someone else do this for you - they will either not do it properly or they will cheat you out of a customer or two, or many.(yes that happens)

I loved having a business for 4 years. It was great. I started with $500 and worked out of my home. There were hard things, like customers not paying you, but you having to pay your people for the work they did at that customer. There were great successes like getting a project I thought I couldn't get. Best of all standing on my own two feet and making it all come together for myself and my employees.

When I closed my business, I did what was right, I transferred all my customers to my best competitors, and got all my employees jobs.

I say go for it if you are ready!

Cindy recommends the following next steps:

  • Read Crossing the Chasm (small)
  • Read How to build a fort (small)
  • Read all the rules for starting a business for your city, state, county, country.
  • Get a good accountant, they will save your life and your business
  • Get a good small business lawyer, they will save your life and your business

Steve’s Answer

Updated Agoura Hills, California

You cant succeed if you don't try. Use it all as a learning experience along the way, both the good and the bad. You will probably have some of both, but it's not bad to face adversity, use it to your advantage. You will use this knowledge as you move along with your business.

Phil’s Answer

Updated Simi Valley, California

Make sure to start a business in a field that you are interested in and enjoy. You will want to educate yourself as much as possible through schooling, trade related trainings, trade publications, etc. The more you know about your business, the easier it is to educate your consumers on why they need your services and products. Success will be directly correlated to your efforts and hard work.

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