Hannah SulcovKeymaster8 months, 2 weeks ago
What is the best advice for a first-time entrepreneur?
Starting a business is a dream for many, but it can be overwhelming! Share with the FSB Community your best business advice and success tips here!26 Replies
Sean EliasParticipant8 months, 2 weeks ago
Study those who have already traveled the path!
Pain is unwanted, however, a necessity to grow.
If what you’re going through is tough – it’s likely a growth opportunity. Learn from it and push through it!
“When life pushes you down, stand up, stand straight, and push it back!” – Anik Singal
Christina GarnettParticipant8 months, 2 weeks ago
I would look and see if there is an SBDC (small business development center) near you. They offer free counseling for marketing, business planning, financial, grant, and startup assistance. As the former Marketing Director for the Roanoke SBDC, I understand the passion that the SBDC counselors have for small business. They truly want to help others and come with a treasure trove of knowledge.
Stephen Koranda, CDME, CTAParticipant8 months, 2 weeks ago
Know it isn’t easy. Seek help and advice at every opportunity. Oh, and you don’t know it all! Thus, why you’re seeking help and advice.
Here’s two good articles with great advice as well: https://www.entrepreneur.com/article/245697 and https://www.garyvaynerchuk.com/advice-first-time-entrepreneurs/
Melanie Patterson, MA, CBAParticipant8 months, 2 weeks ago
Understand your “Why?” for going into business. Is it strong enough to carry you through the difficult times?
Launch early. Don’t get caught up in “analysis paralysis,” remembering that “done is better than perfect.” You can always improve as you move along.
Get a business coach, advisor, or mentor.
Everything will take twice as long and cost three times as much as you anticipated, so make sure you have resources to carry you through the lean period.
Do a cash flow forecast. I cannot stress this strongly enough. It will allow you to set financial goals, and stick to them when you’re being drawn toward throwing money at a problem. Have a marketing budget and plan and stick to it.
Relax a little and have fun. You’re in it for the long haul. Rome was not built in a day. Just keep going and iterate as needed.
Kelly MainModerator8 months, 2 weeks ago
Ultimately, I would say that what every entrepreneur needs is relentless motivation that gives them perseverance and consistency. A large number of startups fail because owners burn out and become inconsistent with their efforts. Starting a company is undeniably hard, and it takes an incredible amount of perseverance to reach (and maintain) success.
Also, be willing to recognize that you don’t know everything and with that, take advantage of the immense amount of knowledge and resources online. Whether it be from learning how to make your own website using Youtube, finding people to help with things you don’t have the ability to (properly) do on your own with sites like Upwork, or finding manufacturers and supplies on sites like Alibaba. The internet is a world of resources and information, so no matter which industry you’re in or type of business you’re starting theres info from product development to building contact lists. The info you need is most likely available, so be diligent in finding it.
Daisy Wright, Chief Encouragement OfficerParticipant8 months, 2 weeks ago
Shereese Maynard, MS, MBAParticipant8 months, 2 weeks ago
You can do all the soul searching you like, but if you want to be a successful entrepreneur, have an actionable business plan with a kick-ass entrance strategy. Most people are unaware of the first rule of business. Whenever asked, “why are you starting a business,” regardless of your passion, the answer is always, “to build value”. It’s that simple and that complicated. Remember, it’s fine to be in business for yourself but not by yourself; seek out mentors and consultants. Last, don’t give up so easily. If you haven’t heard “no” at least 25 times, you’re not there yet. Keep going.
Edward McCallisterParticipant8 months ago
Renea HanksParticipant7 months, 4 weeks ago
Arnaldo CasadiegoParticipant7 months, 2 weeks ago
Douglas HernandezParticipant7 months, 2 weeks ago
The most important thing when you want to undertake is to have clear Your Why?
Why do you do what you do? What is your motivation to move forward and even take risks and commitments that may become uncomfortable throughout your journey?
Being clear about your motivations will allow you to stay firm and not decay when difficulties take hold.
Alma BaileyParticipant7 months, 1 week ago
In my humble opinion there are 5 Key Reasons I see businesses in my region of Canada fail and close-up their doors.
It is so important to build a community around your business and brand, be transparent and trustworthy, constantly look for new tools/resources to add to your tool belt, create strong partnerships and be clear in messaging.
Christy DuncanParticipant7 months, 1 week ago
1. Keep moving forward and change course if something isn’t working sooner rather than later.
2. Make sure your significant other is on board and ready to support the journey. There will be times that you feel like this was the worst mistake of your life and other times you will feel like you are on top of the world – stay the course and your significant other will ultimately ride this wave with you, even if they aren’t involved directly with the business. It makes it a lot easier when you’ve got their support for the long haul.
3. You will take some hits, remain confident in your product and stay strong!