What Every First Time Entrepreneur Should Know


The dream of building a business is not for everyone. Those who have been employed at a “big company” will have to hit the reset button in their thinking. Experience working in the corporate world does not necessarily translate into success as an entrepreneur. I am not trying to scare you but preparing you for a dose of reality which entails major ramping up of your energy, and enthusiasm. With these in high gear along with your relentless drive and the tips below, success may be within your grasp.

1. Prepare to roll up your sleeves and jump into action. Building a business is unlike working for a large corporation where one delegates various tasks and simply “manages.” Prepare to work and do the job alongside your teammates.

2. Nobody will want to work for you. When you’re a “no name” startup that’s bootstrapping your way to the top, you’ll find it difficult to pay for elite talent. Most potential candidates are hesitant to take a risk on what they may perceive as a shaky venture. That’s okay, you’ll fill the gap until you can staff up.

3. Get ready to wear multiple hats. That’s right, without the ability to fill every position you will have to become a generalist in many areas. It may be accounting, marketing, sales, product management, and any other sector in your company that needs attention. Actually, this will provide you with a great working knowledge of various positions. At a large corporation one can have specialized positions but as a beginning entrepreneur this is not feasible.

4. As a entrepreneur you must “become your brand.” Those working at any large well known company can hitch their title to the corporate name which imbues some prestige to most individuals. A startup company usually garners no respect. Can you handle that? That’s why it is mandatory that others see you personally as representing “your brand.”

5. Risks must be taken by you. Medical insurance costs will be higher when purchasing your own plan rather than being in a group plan. No more 401K plans with employer matching benefits or your anticipated two week vacations. All the bonuses and perks are gone. It is now up to you to forge ahead toward success. Most people won’t leave their comfort zone to reach for their dreams, but for those who do, the rewards and accomplishments can be well worth the effort.