67 Business Owners Share Entrepreneurial Advice to Their Younger Self

Every entrepreneur, newbie, or serial, can use valuable entrepreneurial advice when it comes to running their business or learning from other’s mistakes. Towards this, we spoke with 67 business owners, professionals, and entrepreneurs and requested them to share one key piece of entrepreneurial advice with their younger selves. Read on!

1. Ben Taylor has been a serial solopreneur since 2004. His primary project these days is homeworkingclub

Entrepreneurial advice to my younger self:

The number one piece of business advice I would give to my younger self is to follow your passion, rather than money. Far too many people try to work out where the money is and form a business around making it.

For example, I managed to make myself very unhappy providing lucrative computer support for several years, despite finding it largely thankless and draining!

If you start a business around a passion instead, it’s far easier to stay motivated, and it helps if you’re “making a difference” in some way. There are plenty of very miserable wealthy people out there, and it’s far better to aim for a sustainable business that involves doing what you enjoy.

If you don’t want to get out of bed and do it every morning, you may as well get a job instead of taking the road of entrepreneurship.”

2. Toby Townrow is the Co-Founder and Communications Director at Drone Evolution

Entrepreneurial advice to my younger self:

1) What is the big vision for your product or service? How are you making things easier for people or what problem are you solving? Ours is “Making people safer and organizations better”.

This is the output of what we do, not the how. The how comes in the mission statement. But without a “Why”, you can easily get muddled and lose focus.

2) Where should your business focus? Find the way that people can understand your business and by keeping it down to one thing, you’ll get to your market much more quickly.

In our case, we could have looked at lots of different types of drones, lots of different products to develop, and lots of different ways they could be used by clients.

In the end, we settled on one — tethered drones (they stay up in the air for hours). Once we hit on that, our business model and marketing plan suddenly became much easier to put together.

It was like we had been wading through treacle and now we were just running across an open plain. There was a running theme throughout what we were doing, and it became very easy to explain to investors and clients.

3. Esther Marie is the CEO & Founder of Virtual Assistant Internship

Entrepreneurial advice to my younger self:

Trusting your gut when working with clients is so important when first starting out. When you are just starting it’s hard to trust yourself that you know whether something is a good fit or not.

But that weird feeling you get when on an initial consultation or them not showing up and being unresponsive are all the signs you need to pay attention to! I wish I’d let clients go away before they finally disappeared, I would have lost a lot less money and time.

Know that there is a TON of work out there so there is no need to settle for being treated poorly, paid badly, or stressed all the time. Remember you chose this route for freedom and not trusting your gut and dealing with bad clients is taking a step backward.

4. James Lamb is the Managing Director at Idea Reality Ltd

Entrepreneurial advice to my younger self:

As someone with a new product idea who wants to turn it into an exciting new business, one of the first things you think is “I must get a patent to protect my idea”.

My advice would be to think about this carefully and decide if it is right for your project. Sure, if you are a big corporate, with a budget to spend on IP, patents are a no brainer. However, as a start-up with limited funds, finances are usually very tight, so what is the best use of this money?

A great question to ask yourself is; could this money (typically $4k upwards for simple product designs) be used best for marketing or even developing the next iteration of the product rather than being used defensively.

After all, what’s the point of spending all that money when you are left with an inability to sell sufficient quantities or innovate ahead of competitors?

Read the full article here.

Originally published at https://get.tech on February 20, 2019.

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Namify is a brand builder for passionate people in a hurry to get their ideas floating on the Internet.

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www.namify.tech

Namify is a brand builder for passionate people in a hurry to get their ideas floating on the Internet.