Priceless Business Lessons Learned that will Help you Succeed

Version 1

    1) Don't go into debt - Start Small and work Big; if you cannot make a profit  being small; you probably will not be able to make a profit being  large.

     

    2) If you do your business plan and your calculations show you  making massive amounts of money in the first few years; realize that you  probably are way off in your calculations and need to do more research. There is  way too much competition out there to make super high profits on just about  anything. Competition brings prices down, so don't expect making $100,000 profit  in your first few years. In fact if you think you are going to make this much, I  would bet you are ill prepared to start a business.

     

    3) Starting a  business is easy money. This could not be further from the truth. When starting  a business you have to do something you love because you need to spend every  minute working on the business, thinking about the business, dreaming about the  business. You need to make your business your passion and your obsession. If it  is not, then you are probably not going to make it. To make it succeed, it takes  just too much effort to do if you are not passionate about it.

     

    4) Take it  slow; just like a new girlfriend sometimes you become infatuated. You don't  marry your girlfriend after one month of knowing her; take some time to do some  research. In fact, I would recommend spending at least year doing research on  the business plan before spending any money on it. Then after a year, if you are  still interested in it, spend a little money and do it on the side until you  learned enough and become profitable enough to do it on your own.

     

    5)  Everything takes twice as long and costs three times as much as you thought it  would.

     

    6) If there are no barriers to entry "such as lawn care or  painting"; expect small profit margins - especially now in the  recession

     

    7) Save up money prior to starting, not only do I recommend not  going in debt. I also recommend at least having a year worth of disposable  income in savings as a buffer; incase things don't go as planned. The other  option is to find a sugar momma or daddy so that you can rely on their income to  support you when things don't go as planned.

     

    8) Get the "buy in" of your  family; you will need their support. It's too hard to do it alone.

     

    9) If  you think you cannot lose money, run away from the business idea and don't look  back!