For most entrepreneurs, the startup process is both challenging and exciting. It involves a learning curve—usually one shaped around mistakes made over time. A mistake is always a learning opportunity, yet learning can also come from seeking the advice of others who have already walked the path ahead of you—and those lessons can be a lot less painful.
Many members of Forbes Coaches Council offer outstanding advice for entrepreneurs not only because of their studies and expertise, but because they are entrepreneurs themselves. Below, 15 of them detail the things they’d wish they’d known when starting out on their entrepreneurial journeys.
1. Don’t Do Everything Yourself
As a new entrepreneur, I was short on capital and tried to do everything myself. I realized that I was spending way too much time on the back end. Eventually, I chose to hire freelancers to avoid the stress of learning something new in eight hours when it could take the freelancer an hour or less to get it done because they already know how to do the task. - Claudette Gadsden, Coach Claudette & Associates
2. Hire To Your Weaknesses
I wish that I had learned to hire to my weaknesses when I first started life as an entrepreneur. Instead, I hired people who had the same skill sets that I had, and we were initially overwhelmed with brilliant people who could produce brilliant results while we sweated the small stuff. That “small stuff” was marketing, branding and social media. - Sharon M. Weinstein
3. Don’t Be Afraid Of Being Broke
I’m a deliberate entrepreneur—meaning that I planned and planned and planned and then failed. Twice. This third time around, I was much less afraid of being broke and instead just focused on the work itself—giving high-quality work and value to my prospective clients. That’s when the work started pouring in. - Brian M Harman, Business Management Hallmark
4. Offer The Products Your Clients Want
When I first launched my business, I created products and services that I thought people would like because I liked them—only to find out that people came to me for services that I hated but were in the scope of the work that I did. I realized that what I enjoyed doing and what clients thought of my industry were quite different. This would’ve been fixed if I had done a focus group of my audience. - Dr. Aikyna Finch, Finch and Associates LLC
5. Be Prepared For The Long Haul
The one thing I wished I had grasped before venturing into entrepreneurship was how committed to the long haul I had to be. In my first foray, I failed miserably because I wasn’t effectively equipped to respond appropriately when my short-term projections failed. I would advise entrepreneurs to find mentors who will provide guidance and to resist the urge to isolate their ideas from feedback. - Dr. Flo Falayi, Hybrid Leaders, Inc.
6. Feel The Fear
Starting a business is scary. No matter how much training or support you have, there is no experience that compares to the actual endeavor of starting a business. Understand that there will be scary moments. There will be times you question yourself and doubt your abilities. Know that this is part of the process. It is okay to be afraid, but do not quit. Feel the fear and do it anyway! - Brooke Schultz, Brooke Schultz LLC
7. Understand Success Is A Process
One thing I wish I knew when I first launched my business is that success is not a singular event, but a continual process. Not only does sustainable success never arrive overnight, but it also requires constant stewardship. Don’t wish it would come faster. Don’t hope you get “there” quickly. Understand it will always be something to work toward. And the higher you climb, the bigger the vision. - Rebecca T. Dickson
8. Become Skilled At Sales And Marketing
Like many entrepreneurs, I am passionate about what I offer my customers. But in the beginning, I didn’t understand that success was really built on effective sales and marketing. For too many years, I thought just providing a high-quality service was enough. Once I accepted that I needed to become skilled at sales, my business finally began to gain traction and grow. - Christian Muntean, Vantage Consulting
9. Trust Yourself And Your Skill Set
The difference between those who make it and those who don’t is that those who make it don’t quit. No one knows what they’re doing when they start. Start now. Decide to trust yourself. Your unique skill set, experience and point of view tend to all come together for your good when you allow them to. You will figure out what you don’t know as you go. Do it now. Do it afraid. Don’t give up. - Amanda Frances, Amanda Frances Inc.
10. Mind The Perception
The one thing I wish I knew when I started was the difference between perception and reality. Logical and deductive reasoning abilities are great and reliable; however, not everyone perceives them the same way. In essence, many people interpret those in their own framework that is based on their personal experiences. Hence, it is vital to be aware of how individuals perceive and implement an organizational vision and mission. - Kamyar Shah, World Consulting Group
11. Find The Best Contractors You Afford
I wish I had known the importance of having experts lined up to help with IT/computer issues, organization, bookkeeping and calendaring. I advise anyone starting a new business to find the best contractors they can afford. If you are determined to do everything yourself, you will severely hamper your ability to devote the time and energy needed for the primary focus of building your business. - Barrett McBride, Ph.D., MCC, Barrett McBride & Associates
12. Ask Questions
Asking questions is very important to know what the next steps are in a process. Do not be afraid to ask questions of others who have gone through the process. A coach having another coach as a mentor is a very smart thing, because they know what it takes to be successful. Remember you will always need help as you move forward to move to the next level in your business. - Michelle Weathersby, LENS Consulting Firm
13. Say It In One Word
One thing that I wish I knew when I first launched—and that I coach my clients on constantly—is to own one word. That one word is something you own in your client’s mind, and when they hear it, they know it solves their problem and clears up what you do. It is a word that you market and build your strategy around. Own the word, because it is in perfect alignment with your soul and your business. - Jon Dwoskin, The Jon Dwoskin Experience
14. Be More Patient
I think many of us struggle with patience. We launch our business and have so much excitement, but it takes a while to get off the ground, and we can become deflated and frustrated. There’s no overnight success. It takes time, and you have to be committed for the long haul. Learn to focus on patience and showing up every day. Do the right actions and the results will come. - Clara Capano, Capano Consulting
15. Pay Attention To Your Financials
Entrepreneurs are known for “squirrel” syndrome. Fast-moving objects get our attention. Hunkering down to reality requires the discipline of financials. Seek out knowledgeable financial guidance and follow prudent advice. The numbers make it real. Without cash flow, panic mode ensues and you’re not capable of delivering the highest service to your clients. - Mary Pat Knight, Leaders Inspired
