Friday, 30 March 2012

Things Entrepreneurs Wish They Knew at 21 so if you're just 21 then this is for You!

  • “I wish I knew at 21 that my 20’s were a special time that can’t be enjoyed in your 30’s. While I still would have likely been a workaholic given my nature, I would have taken more time to do things that you can only get away with at 21.” – Amanda Vega
  •  “If you surround yourself with good, creative people who bring out the best in you, everything else almost always takes care of itself. Good ideas will flow more readily and your team will find ways to make them work. Every good start-up needs a solid idea, but we believe that collaboration, which is key in this day in age, will facilitate more creativity and improve ideas.” – Shaun Walker @ HERO|farm
  •  “Find a wonderful mentor & make sure you carry the relationship so it continues. Choose them wisely and find a genuine reason for why you want them to be your mentor. I had a mentor later that made a huge difference in my life.” – Connie Thanasoulis-Cerrachio @ Six Figure Start
  •  “Good sales skills can be learned and trained. It isn’t a mysterious skill you are born with. I used to have a fear that even with all of my education, I was not a good salesperson and, therefore ,would not be a successful entrepreneur. Boy was I wrong!” – Lianna Ling @ WSI Web Connect

  • “Be weary of potential clients who say things like: ‘I just want to start small and we want you to grow with us.’ Nonsense. People get used to paying that initial price and it is very difficult to raise their rates and retainers. This is a classic line to get you to do work for cheap. It usually stays that way.” – Micah Warren @ Large Media Inc
  • “The only difference between $1,000 and $10,000 is a zero. Don’t be afraid of a bigger account just because of the number.” – Mike Wolfe @ WAM Marketing Solutions
  • “Recurring revenue business models rock. If you can package your service as subscription, then do it. If you can get a large subscriber base that pays you month after month then your life will be much easier than if you sell a product where you start at $0 on the 1st of each month (for revenue).” – Mike Scanlin @ Born to Sell
  • “Be mindful of your reputation and image. A good reputation can carry a lot of weight and a bad reputation can destroy you overnight.” – Norm Bour @ Boomers Success Guide
  • “CASH FLOW IS THE KEY. Most people at the age of 21 don’t grasp the importance of cash flow and having cash on hand. Many rely on credit cards, and that’s generally NOT the way to go. Make sure that customers pay you upfront, at least a 50% deposit with the balance due before you finish your service/they buy your product. Keep things lean and mean and cut costs where ever you can.” - Joyce Weinberg @ City Food Tours
  • “Ask people you know that are successful what they do to stay motivated. Use those resources ALL the time. Watch the videos they recommend. Watch TED talks. Do things that infuse your day with inspiration and energy. Remove all things that do not.” – Tucker Robeson @ CDL Helpers
  • “Be flexible; let the market dictate your business: Don’t get caught up with a product that you are in love with, but isn’t selling. Be flexible in shaping your business with trends and customer demand.” – Morgan @ King Soleil
  • “Fire negative people immediately. They only serve to bring down the energy and morale of the entire organization.” – Susan Southerland @ Just Marry
  • “They say to fail fast and often – while this has merits, it still costs time, money, and emotions to fail, do it intelligently.” – Punit Shah @ My Trio Rings
  • “The power of compound interest. Einstein once said that ‘nothing in mathematics was more amazing to him than the power of compound interest.’ I would have liked to have fully grasp that concept earlier in my life and put it to work for me sooner. The light did not fully come until I was nearly 30.” – Pablo Salomon
  • “There is a big misconception about being a “failure” at something and “failing” at something. You are either succeeding or failing but are neither a failure or a success. Did I fail to get that deal, yes. But am I failing as a businessman because of that deal? No. Once you can accept that failure (like rejection) happens and WILL happen again, then you will only then become a mature entrepreneur. If you quit after one failed attempt, then well, you shouldn’t be in this business in the first place.” – Richie Frieman @ Pens Eye View
  • “Keep minimum debt. Most individuals in their early 20s want to purchase goods on a credit card and pay off over time. Maintaining a minimum debt-to-equity ratio helps your business especially when seeking investors and VC.” – Kenneth C. Wisnefski @ Webimax
  • “Make sure the view is right: Sometimes you need to step back and see the bigger picture, sometimes you need to get your head out of the clouds and look at the fine details in front of you. It’s always important to examine our ideas from different points of view in order to understand the possible pitfalls as well as opportunities.” – Simon Tam
  • “Expect setbacks and even some failures. Those are the best teachers and, if you learn the lessons well, they can yield great rewards. Don’t give up. Remember, as Henry David Thoreau once said, “If one advances confidently in the direction of his dreams, and endeavors to live the life which he has imagined, he will meet with a success unexpected in common hours.” – Luis Hernandez @ The Motor Bookstore
  • “Travel. Having a global perspective about business, people and cultures changes the way you look at problems – spending a significant amount of time *away* from your home city will do you wonders.” – Joseph Fung @ Tribe HR
  • “Get two monitors, it makes you more productive, even if you have to buy your own at your office.” – Jake Sigal @ Livio Radio
  • “At 21 ­there is nothing to lose! Go after your dreams, you have no responsibilities weighing you down and you will learn more if you fail, then you will at a corporate job. Go for it! It only gets harder to leave your job and chase your dream, the older you get.” – Aron Susman @ The Square Foot
  • “In the beginning I would focus on all the grunt work and admin stuff, and get back to client’s email in a day or two. No more. Clients and customer service come first. Take care of them.” - Emily Grace
  • “Be diligent about gathering names and contact info early on. Social networks (Linkedin, etc.) which didn’t exist 22 years ago, make it easier to stay current in today’s world, but you should have your own data base.” – Kim Wilkerson @ Wilkerson Consulting Group
  • “If your business model can only scale by hiring more people, don’t do it. the biggest and most profitable businesses do not bill hourly for a human’s time. Sell software, information, pills, or goods that can be priced at many times the cost it takes to produce a single unit.” – David Friedman @ Boston Logic
  • “A happy customer will tell 2 people, an unhappy customer, 10 people. Your objective is to “show your love” to unhappy customers by blowing them away with your customer service. I’ve had unhappy customers become my best mouth pieces. Why? They know no one is perfect and were thrilled with how I handled the situation.” – Catherine Fiehn @ Catherine Fiehn Photogra

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