Entrepreneurs Share Their Best Business Advice

No matter how you look at it, starting a business is hard. One of the hardest things you may ever have to do. There’s the business plan to think over, a name, government policies to consider, how it will affect your family, finances and the list rolls on from there. Some hardened entrepreneurs suggest spending a long time thinking about if that’s really the path you want to take. If so, there is plenty of advice floating around to help you with the grueling journey. Entrepreneurs are always willing to lend their words to the younger generation of business seekers and give them assistance when the time comes. Below we have asked entrepreneurs for their best business advice.

Take every advantage possible to meet new people

The most important lesson I’ve learned in business (which I’d wish I’d known years ago) is to take every advantage possible to meet new people; Efficiently communicating and never dismissing a single soul– you never know who you’re talking to, who they might know or how they’d be able to contribute to your business. You’ve got one shot out there. The only thing you have to lose is an opportunity.

Make cyber security a priority

Cyber security probably isn’t a priority for small businesses – but it should be. Contrary to popular belief, neither your bank nor the Federal Deposit Insurance Corp. (FDIC) is obligated to cover losses to business accounts. The usual advice – choose difficult-to-guess passwords, keep your firewall on, install antivirus software and so on – applies, but you need to do more. Consider having a separate computer solely for financial transactions and authenticate everything (hackers start small, so that unknown 23-cent transaction may be a warning sign). And consider buying insurance specifically for cyber theft protection; the policies are inexpensive, offer peace of mind and protect you from the type of event that can kill your business.

Don’t get overwhelmed by growth

In the early stages of a company, it is easy to become preoccupied. Over the years we have gotten overwhelmed by our company’s growth. While keeping your start up afloat can be challenging, a number one tip we have learned to not get overwhelmed with growth is to keep Accounts Receivable a top priority. We have learned to keep our invoices on time, every time, because late invoices result in a shortage of cash and show disorganization. We also adjust terms to require deposits for product or services and offer incentives to prepay in advance. For example, we offer free after-hour support in exchange for our services prepaid quarterly. All of the above means more cash to afford a next new hire, paying vendors on time, and keeping credit in good standing.

Run your business, don’t let it run you

1. Run your business-don’t let it run you. Instead of simply attempting to feverishly grow my business wherever I can, I look first at what I am seeking personally. I then adjust my business growth and development plan to suit these goals. It’s now no longer just about getting more; it’s about finding a reason for wanting to get more. 2. There is no such thing as self-made. Not only is it important to have your own vision but it’s important to understand the vision of those around you. I really hate all of the I-did-it-all-myself style business stories. Everyone needs help, or has had help at some stage from someone. Years ago, I used to think I was the epicenter of my business success. It wasn’t until my business almost wasn’t a success that I realized I needed the help of those around me. 3. Know the difference between confidence and arrogance. Confidence is driven by ability, truth and honesty; arrogance is based on ego and fear. A confident leader inspires people such that they want to be led. An arrogant leader threatens people to follow.

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