Cash Flow Potentials

There are few resources helping the non-academic understand the trials and tribulations that young entrepreneurs face in their journey. Whenever possible, I encourage entrepreneurs to mentor and network to help the next generation of new business builders. It is the journey and insider education through stories  that will provide the foundation for the entrepreneurs of tomorrow.

In that spirit, here are 10 pieces of advice that I wish someone had given to me before I launched my first business.

Passion, Passion. Passion - Don’t start a business to simply chase money. Do what you love. Businesses built around your passion, strengths and talents will have a greater chance of success. It’s not only important to create a profitable business, it’s also important that you’re happy managing and growing it day in and day out. If your heart isn’t in it, chances are you will not be successful.

Focus. Focus. Focus - Many first-time entrepreneurs have the need to jump at every “opportunity” that comes their way because it may look good. I suggest you first do your due diligence and avoid getting side-tracked. Juggling to many opportunities will spread you too thin and limit your effectiveness, growth, and productivity.

Say It Don't Spray It - First understand when it is appropriate to talk about your business.  When you have a chance encounter with potential customer, always be ready with your 30 second (or less)elevator speech. State your mission, service and goals in a clear and concise manner. Fit the pitch to the person. Less is always more.

Find Good Partners - Find people who know what you don’t.  Rarely does one person know all aspects of the business, so don’t come off as a know-it-all. Surround yourself with advisors and mentors who will nurture you to become a better leader and businessman. Find successful, knowledgeable individuals with whom you share common interests and mutual business goals that see value in working with you for the long-term.

Fire Burns But It Heals - No one can predict the future or fully prepare you to become a successful entrepreneur. There is no such thing as the perfect plan. There is no perfect road or one less traveled. Never jump right into a new business without any thought or planning, but don’t spend months developing it either. You will become a well-rounded entrepreneur when tested under fire. The most important thing you can do is learn from your mistakes--and never make the same mistake twice.

Be Frugal -  Forget about the fancy offices, fast cars and expensive dinners. Your wallet is your company’s life-blood. Practice and perfect the art of being frugal. Watch every dollar and triple-check every expense. Maintain a low overhead and manage your cash efficiently.

No One Gives Away Money - If you need someone to give you money to run your business,or are expecting someone to "build it for you", go back to the drawing board.  Look at other sources to fund your business such as social lending or liquidating items not needed. Find ways to build your business on a shoestring budget, your budget, not someone els.

Stay Healthy -  Money comes and goes, but you can never get your time back. I promise that you will be much more productive when you take better care of Yourself. Entrepreneurship is a lifestyle, not a 9-to-5 profession. Working to the point of exhaustion will burn you out and make you less productive. Don't make excuses. Eat right, exercise and find time for yourself.

Don’t Fall In Love With Your Own Voice. - Don’t talk the talk unless you can walk the walk. Impress others with action not conversation. Endorse your business enthusiastically, yet tastefully. Avoid exaggerating truths and touting far reaching goals as certainties. In short, put up or shut up.

Keep Your Values And Integrity - Once lost, never gained. In business the successful know the value of their name. Most successful individuals hold dear to them their core values, integrity, and ethics. In business your value is in your network. Let your word be your word so the next time you need someone, they know it is good.

And a bonus -

Know When To Quit - Contrary to popular belief, a smart captain does not go down with the ship. Know when it’s time to walk away. If your business doesn’t pan out then reflect on what went wrong and the mistakes that were made. Assess what you would have done differently. Determine how you will utilize these hard-learned lessons to better yourself and your future entrepreneurial endeavors. Failure is inevitable, but a true entrepreneur will prevail over adversity.