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Advice for New Business Owners

I saw an article asking business owners for advice that they might give to prospective new business owners.  Here is some advice that I might give …

A busy woman handling multiple tasks at once

1.  Be 100% committed … do all the soul searching, “pros and cons” and analysis before, and once the decision is made then really GO FOR IT.  At the end of the day it will be successful because you will make it successful.

2.  Belong to a peer group with whom you can share your trials, tribulations, challenges, successes and experiences … and who will be an informal advisory board.

3.  If you have partners then treat them like gold … like any relationship, a partner relationship requires nurturing and you will go through some tough times together, so the effort is worth it.

4.  Expect to work long and hard.

5.  Find time for your family and friends … business success is not so sweet when you are alone!

6.  Hire people smarter than you … and always be looking for your next hire.

7.   Keep your feet on the ground … there will of course be plenty of help with that :)

8.  You will be working hard IN your business, but you must find regular time to work ON your business … the vision, the culture and the strategy.

9.  Get as much advice as you can, from wherever you can … and listen!

10.  Be focused … it is very easy to be distracted by other opportunities.  Be great at what you do!

11.  Bonus … watch the pennies!  Being a business owner does not mean you should act like you are “loaded” … fly cheap, stay in reasonable hotels, don’t go to the fanciest restaurants, remember that you are also setting an example for everyone who will work for your company in the future.