…about running a small business, what would it be?
I know other small-business-owners and entrepreneurs read my blog. So if there is one thing you can share with me from your experience, please do.
A lesson learned.
A mistake made (and how to not repeat it).
A wise principle.
A guiding concept.
Whatever it might be, towards helping one achieve success.
For example, Michael Lazerow says the #1 mistake entrepreneurs make?
…FOCUSING ON THE WRONG THINGS.
Successful entrepreneurs focus exclusively on efforts that matter and are able to tune out the rest. People who focus succeed. It’s that simple.
So, what can you teach me? I’m ready to listen. Please add a comment.
Stuff From Hsoi 
In the past 6-7 months I have started 2 businesses. They have been both excellent experiences but also sources of at least a little stress. So far I can say the good has outweighed the bad.
The biggest thing I learned was that everything costs more and takes more time than you think it will. For me it was all the legal stuff. Two months ago I opened a dojo and the costs of all the legal research, filing to register with the state, working out leases, writing liability releases, and all the other things you just wouldn’t initially expect took a lot more time and funds to get done. If you come up with an initial budget and timeline for your startup be fully prepared for it to be twice as time consuming and twice as expensive.
Good advice to keep in mind when planning. Thank you.
You want to make sure you always keep in mind that you are creating a business not a job. You want to have the perspective in every day to day decision of an investor. If you build your business from the begining with the perspective that you are building value to later sell it, you will have a much more efficient enterprise that does not depend on you and will thrive and provide a continuous income stream even if you never sell. Read the book ” Built to Sell: Creating a Business That Can Thrive Without You.”
Hrm. Good perspective to keep. Thank you. I’ll add that book to the list.
From the beginning, before you ever buy a piece of equipment or open a bank account; get help.
Get a mentor or mentors.
Most cities/states have Small Business Assistance centers. Look at the Fed Small Business Administration. Check out Service Corp of Retired Executives (SCORE).
If you were going to give advice to a new shooters; wouldn’t it include — start with – get training from experts?
I’ve been speaking with numerous folks that have started/run their own businesses. I’m old enough to know that I don’t know, so yeah… I’m soliciting all the help I can get. And if I can find a dedicated mentor or two in this area, all the better.
I did discover SCORE a little while ago. I’m working on making time to devour all of their website resources.
Thanx.
Manage things, but lead people.
That speaks to me on so many levels right now…
Buy Quickbooks and track your Profits and Losses like a madman!
I’ve soured on Intuit over the years (sorry, Intuit recruiters that keep trying to get me to work there). Just too many years of neglecting Mac users. I switched to Moneydance and have been mostly happy.
But yeah, switching to more dedicated business accounting software would probably be good.
I am running Parallels on my laptop so I could buy the PC version of QB, you are correct the Apple version is inferior. I use Turbotax and do my own books, the integration is why I use QB. I originated my S-Corp without any assistance and have been running it for 8 years without an audit. I do my own books and I track P&L daily. If you are running a business you have to embrace the PC side unfortunately, I like Parallels over Nfusion.
Good Luck!
Yeah, the integration is something my accountant likes too… alas, I am the speed bump in his workflow. 😉
But that all sounds good. Thank you for sharing!