Go Back Five Years
Young entrepreneurs will tell you they often feel as if they've lived a lifetime—or two. I often wonder what I would have told myself had I known "back then" what I know now. I would have probably said, "brace for impact on a daily basis." Or "there's a long road ahead, so stay the course and remain on your toes." However, knowing me, I probably would say, "this is a hell of a lot better than getting a 'real' job" (
shameless plug not intended). I recently asked members of the Young Entrepreneur Council this question: “What business advice would you give to yourself 5 years ago if you could travel back in time?” Click through for their answers.
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Scott Gerber,
YEC
Dream Bigger
A coach once told me, "If you can dream it, you can do it." Don't be afraid to set ridiculously lofty goals. If you fall short, you're still kicking butt! Make sure you have one or two giant things you're working on so that you don't get caught up in the weeds. Don't wait for the perfect time or conditions to start; I wrote my book while working full time because I wasn't willing to wait for "someday."
—
Jenny Blake,
Life After College
Birds of a Feather
Get connected. Reach out to those 30 Under 30 folks you are seeing on assorted lists of business pros and start to build your network. Learn from those who have traveled the path you wish to take. They can save you from the mental blocks that get in the way of starting your business.
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Ambassador Bruny,
AmbassadorBruny.com
Work Smarter, Not Harder
It's trite but it's true. Before launching your business, do your homework. See what the market will bear. Identify what makes you different. Know your own value. And don't accept anything less. Knowing what you're worth—and saying no to low-paying clients—will make those early, low- or no-profit days end a lot sooner.
—
Steph Auteri,
Word Nerd Pro
Fail Faster
Don't spend so much time agonizing over decisions. Make them, commit to them, and move on. If you fail, so what? Pick yourself up and keep going. The faster you're willing to try and fail, the faster you'll be successful. There's no shortcut to your destiny, so put your seat belt on, and take the ride!
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Lisa Nicole Bell,
Inspired Life Media Group
Own the Infrastructure
You must have complete control of your data, whether it be your internal appointment and customer management system or your website. In addition, the ability to customize, expand, or otherwise refine the system is essential. We learned the hard way by hiring a software company that we licensed the software from, and I can't emphasize how much I wish we had developed it ourselves.
—
Nick Friedman,
College Hunks Hauling Junk
Get an Accountant
The biggest piece of business advice I would give myself five years ago was to get an accountant and bookkeeper and unload the financial part of business! There is a reason that these people exist, and tapping into their intelligence and know-how is crucial to business success. It's amazing how many businesses go long periods of time without financial support on the back end!
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Erin Blaskie,
BSETC
Keep Your 5-Year Plan Flexible
I never would have guessed how much my business has changed in the past five years. And I would have missed opportunities if I had not kept my plan flexible. It is great to be on a track and have goals, but keep reminding yourself along the way to look for new opportunities to shift as technology and the business environment changes.
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Vanessa Van Petten,
Science of People
Have the Strength to Say No
Too many times we start out wanting to take anything we can get, whether it's an opportunity to partner with people, run contests, do things for free, etc. But this will run you ragged and takes away from your own business. Focus on what you need to do to make your business succeed and what is the best thing for you rather than always saying yes to everyone else.
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Ashley Bodi,
Business Beware
Make the Extra Call
We've all been in this situation: You email a sales lead or a potential employer once, after never receiving a reply, you decide it's a failed opportunity. I have found that almost always the No. 1 reason why someone does not reply is they are simply too busy and forget. If you make an extra call or send a follow up email, being politely persistent will ensure that your message gets heard.
—
Joel Backaler,
The China Observer
Treat Yourself as an Asset
Lots of people invest by putting their money into savings accounts, bonds, stocks, and the like, but they may totally ignore their most important asset: themselves. Build up your levels of knowledge, wisdom, and skills, and you'll never encounter a problem you can't solve or desire you can't fulfill. Hands down, it's the best investment you can make.
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Colin Wright,
Exile Lifestyle
Start an Email List
The most powerful thing you can build is an email list. Even if you have no idea what direction you're going yet, offer people some tool or some piece of insightful content that's compelling and valuable in exchange for their email address. Tell them your story, and when you start rolling out services or develop new products, you'll have a community of people who will be interested to buy from you.
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Cody McKibben,
ThrillingHeroics.com
Bigger Isn't Always Better
When I first launched my company, we planned for multiple locations, a high degree of scale, and growth by replication. However, over time I realized that this growth pattern wasn't for me. It would have pulled my focus away from the parts of the business I loved the most and undermined what I really wanted my business to be known for. My advice? Success is about satisfaction, not size.
—
Adelaide Lancaster,
In Good Company
Get a Mentor
Dear Josh of 2005, Stop what you're doing right now and get a mentor. They will save you time, money, heartbreak, and headache. Stop being immature. Stop thinking you can do this all by yourself. Stop thinking you need to climb the mountain alone. Find someone more successful than you. Buy them lunch once a month. Ask them how you can improve. Then do what they say. Love, Josh Shipp of 2011
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Josh Shipp,
JSP, Inc.
Indecision is the Enemy of Progress
In any business, decisions need to be made with incomplete information. I have learned that many times making any decision, right or wrong, is better than not making a decision at all. By making a decision, you can begin to collect data and see whether it is right or wrong and adjust accordingly. Do not let the fear of making the wrong decision stifle progress you otherwise might be making.
—Nick Cronin,
ExpertBids.com
Fire Bad Vendors Quickly
I think it's human nature to want to give people, and companies, a "second chance" when they screw up. However, when a pattern emerges that points to trouble, don't hesitate to cut the cord, even if it's time consuming, painful, or you're friends with the person you're dealing with. At the end of the day, its all about business, and you owe it to your employees and investors to protect your company.
—
Matt Mickiewicz,
99designs
Never Forget Your Customers
Your customers are the most important people for your business, and you really do have to put them first and foremost for everything else to work right. After all, they're the first critics when things start going wrong.
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Danny Wong,
Blank Label Group, Inc.
Focus... Focus... Focus
All my business failures (of which there have been many) have come from building businesses that try to solve too many problems at the same time. When I focus a business on solving one problem and becoming the No. 1 solution for that one problem, that's where I've seen success. So my advice to myself would be to always stay hyperfocused on building businesses that solve only one problem.
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Derek Johnson,
Tatango
Don't Fake Anything
I used to live by the popular "fake it until you make it" mantra. This mind-set got me caught up in thinking my company was something it wasn't, and I was denying myself of the truth. I learned that whomever you are appealing to will appreciate you more if you are open and honest with them. Vulnerability is not necessarily a bad thing.
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Logan Lenz,
Endagon
Keep Calm and Carry On
Don't worry, Elizabeth. You will have customers go out of business. You will have an industry turnover. You will have times when you feel like a failure. You will have times when you don't know what's next. But that doesn't mean you aren't doing the right thing. Keep calm. Stay peaceful. Move forward on what you can control and have faith that what you can't control will all work out.
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Elizabeth Saunders,
Real Life E®
What Are You Waiting For?
You don't have to wait until you're big or successful or well known to create exactly what you want in your business—these ideas are constructs that you may never reach! Instead, stretch yourself to build your dream business now! Too many people wait for "someday." Go with your biggest, most outrageous idea and start bringing it into reality.
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Laura Roeder,
LauraRoeder.com
