My Important Advice for Wanna Be Entrepreneurs!
Do you have an amazing idea or marketable skill? Do you hate answering to others? Are you highly motivated and driven to succeed? Do you have excellent time-management skills and know how to prioritize, delegate, budget, and meet deadlines? Do you have a decent stash of cash set aside? These are some of the characteristics that could make you an excellent entrepreneur. If you’re considering starting your own business, I say “Go for it!” After all, you cannot succeed if you don’t try!
There is no shortage of advice out there for people who want to start their own business. There are myriad classes, books, and websites available to explain the ABCs of going into business for yourself. When I first became an entrepreneur, I learned as much as I could. You should too. My current business is It Crowd Marketing – a DFW marketing agency. This is my most successful business, by far. Before launching this marketing firm in Dallas, I launched (and later sold) five previous businesses. Yes, I am a serial entrepreneur and I’ve learned a few things along the way – not from books, but from trial and error.
My Number 1 piece of advice for aspiring entrepreneurs is to do it on your own if it is even remotely possible! This advice is based on lessons I learned the hard way. One of my first startups was a clothing store. I thought it would be fun to partner up with a friend who, like me, loved fashion. We were so excited about the business that we jumped right in. We didn’t bother having any formal legal papers drawn up because, obviously, we were friends!
To make a very long story short, my “friend” stole thousands of dollars from the company by using the company credit card for her personal and living expenses. When I discovered this, I had to hire attorneys to force her out of the business and try to recoup some of the stolen money. Going into business with a friend cost me a friendship, a significant amount of lost time money, and caused me immeasurable stress.
Personally, I will never go into business again with anyone again. If you must have a partner, even if it is a friend or relative, make sure you have an ironclad legal contracts spelling out the terms of the partnership! There are few things as rewarding as being your own boss and pursuing your passion, whatever that may be. My passion is using my growing Dallas digital marketing agency to help clients achieve their goals. Best of luck as you take the plunge to pursue your passion!