10 Do’s & Don'ts for Aspiring Entrepreneurs : Under30CEO 10 Do’s & Don'ts for Aspiring Entrepreneurs : Under30CEO
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10 Do’s & Don’ts for Aspiring Entrepreneurs

| July 14, 2009 | 36 Comments

Do:

1. Start something, a blog, a website, a group, anything. Action is what counts so, take action, even if its not a very significant progress towards your business, this step would get the ball rolling. Try it.

2. Get rid of all your debts. This is very important, you don’t want to be in debt while you start your business because you’ll have many things to worry about in your business and you might very well need occasional credit card swipes to support your business so the last thing you need to hear is a call from your bank or collection…

3. Solve a problem. To find out what business, look at the current players and their services, interview a few customers and identify a problem or issue with current product and service. Then, solve it.

4. KISS – Keep it simple, stupid. No matter what you do, nothing beats simple, be it a business plan or an email communication or anything in between. Staying simple would make you far more efficient and save a lot of time, headache and money too.

5. Network. Talk to anyone and everyone, tell them about your business when they ask what you do, soon you’ll master your business pitch and be connected to lots of people, you never know who you’ll bump into?

Don’t:

6. Buy another $1.99 get rich quick report or that $195 worth 6 DVD program to financial freedom or any other get rich overnight program… You’ve better odds winning a Russian roulette.

7. Wait for the perfect time, it’s an illusion. Tell me about one thing you did in perfect time…Perfect timing doesn’t exist. It’s either now or never. What’s your pick?

8. Hire friends unless they are equally (if not more) excited and motivated for the business. Enough said.

9. Try to do it all by yourself. No one can. So learn the art of delegation and outsourcing.

10. Fall in love with your idea. This one is the most important because you don’t want to blindfold yourselves to the feasibility part of the business. A business in order to be profitable has to be feasible and sustainable.

Devesh Dwivedi is a successful Business Consultant in NYC. He is the Founder of “Breaking The 9 to 5 Jail” a support group for aspiring entrepreneurs, Devesh truly enjoys working with the members because he loves the energy, excitement, creativity and enthusiasm around startups. In his spare time Devesh enjoys blogging, cooking, traveling, and golfing (although not necessarily in that order)… For more info: http://BreakingThe9to5Jail.com

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Category: Startup Advice

  • http://www.careermakeovercoach.com/ Name

    I especially agree with number #7 – the longer you wait the more reasons you find to wait. Brilliant entrepreneurs create the right environment because they are willing to do the work.

  • under30ceo

    U30 is all about taking the leap! So many people suffer from analysis paralysis.

    My favorite analogy for this is driving a car down the road. You know where your destination is going, but sometimes there are roadblocks in the way that you can't see yet–and sometimes there are shortcuts down the road you can't see yet–instead of worrying if they are dead ends you have to have the confidence to move forward and go for it!

  • http://Under30CEO.com Jared O'Toole

    Start something!!! Most important part. Stop talking, stop bitching about your job – get out there and try something! Trust me the world wont come crashing down if it doesn't work out. You just pick up the pieces and try something else.

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  • http://blog.brand-yourself.com Trace Cohen

    #10 is the killer and is what separates success from failure. This is something my dad always said to me but it didn't make sense to me until I had started my own company. You work on it for so long, it's your baby and you watched it grow but sometimes you need to learn to let go.

  • http://under30ceo.com MattWilsontv

    It's what we always talk about @Under30CEO. So if this fails in a year I'll still be broke and 24 with a good education, lots of experience and a huge network of people!

  • http://under30ceo.com MattWilsontv

    I am guilty of violating the rule: don't fall in love w/ your biz idea. It's what motivates me everyday!

  • http://Under30CEO.com Jared O'Toole

    I agree its slippery slope. You need to love what your doing and your idea so you think about it and want to work on it day and night. But you can also easily blind yourself.

  • http://under30ceo.com MattWilsontv

    I'm good with being blind for now (insert cheesy smiley face here that I refuse to use)

  • http://www.breakingthe9to5jail.com/ Devesh

    Let me add little details on #10, You absolutely have to love your business, your idea and everything around it, the point however is do not blind yourself on the feasibility side of the business, don't be that loosing gambler who would bet the last dollar hoping the table to turn around and might end up hitch-hiking back home :)

    Sleep over your new idea, do some research, build a prototype, proof of concept, testing etc to make sure you're on to something profitable as well as sustainable… Set some realistic and well thought standards in terms of time, revenue and future, so that you know when to call quits… Afterall there's no point beating the dead. Right?

  • http://under30ceo.com MattWilsontv

    Devesh, thanks for clarifying. There is no sense of having a business if you are the only one in love with it. The trick is having other people in love with your brand. So do the due diligence, see what your friends have to say and then go for it!

  • http://twitter.com/jfeldstein jfeldstein

    Just don't work with friends: period.

    Help them get jobs, but they should always be working with someone else. You don't want money getting between you, and thats pretty much what money does.

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  • http://under30ceo.com MattWilsontv

    I've never had good experiences working with friends. Except for Jared… I think it's because we are both very level headed and laid back. Most importantly we feed off each other really well and both want to live the dream! We did an entire ustream on this actually. I don't think any business partnership is ideal actually, but we have come to an agreement that we were friends first and business partners second.

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  • eskatasfaw

    great tips

  • eskatasfaw

    great tips

  • heatherwhite

    Another great post, I just love under30ceo! I'd add under DO: set measurable goals/objectives and have someone hold you accountable.

  • http://hameedullah.com Hameedullah Khan

    What a great post. Wish if I had read that earlier. The mention of “Hire friends” in Don't is so true.

  • http://under30ceo.com MattWilsontv

    One of my biggest challenges as an entrepreneur is being held accountable. How do you do this when there is no boss breathing down your neck?

  • http://under30ceo.com MattWilsontv

    Hameedullah, I think hiring friends is even worse then being partners with a friend. When I have an employee, he/she is working for me and they need to perform like it. I want to fire them up to execute or I'll find someone who I can motivate. Also, the top talent usually does not come from your pool of friends. If it doesn't work out, now you are stuck firing a friend. Ouch.

  • jannscott

    Have a person or people show up at 9:00 am that work for you. have a 9 am sales meeting. set sales calls at 9;00 am; work out at 7am, lunch meetings, phone sales witha secretary from 9;30 to noon. in essence. trick your self. It is the bain on all of us.

  • http://under30ceo.com MattWilsontv

    Not a bad strategy. Entrepreneurs are so many times alone, developing their business with only themselves to answer to. When you put yourself in a position when you are letting other people down you feel the pressure from outside.

  • heatherwhite

    Hey Matt,

    Well, at risk of sounding like I'm pimping myself out, as a business coach, accountability is by far the greatest value I'm giving my clients. If you can't afford a one on one business coach, another great tool is a mastermind group. The key, as has been mentioned in this blog, is that it can't be a group of your friends as they just don't carry the 'weight' to actually hold you accountable to doing the work. Another suggestion would be to seek out a mentor, someone who's been there done that but who is a no BS kind of person. You buy the scotch, they give you advise on what to do next, and you do the work. The important fact here is that you have that feeling that you'd rather 'die' than show up to your next meeting having not done what you said you would. Last suggestion would be to build a volunteer Board of Directors. This would be a small group of business professionals that would come together once a month to support your business development. You buy the pizza and beer, they volunteer an hour of their time once a month to help steer the business development in the right way.

    I hope that helps, but, feel free to call or email me to chat further.

  • http://hameedullah.com Hameedullah Khan

    Agree!! Perfect time is now or never.

  • http://under30ceo.com MattWilsontv

    Hey Heather, thanks for the help, I like your “you buy the scotch/beer” attitude.

    One of the things I can see at Under30 is a mastermind group coming to life. Part of our philosophy behind the site is getting people to stop “going it alone”. We want to connect all these like minded people and bring them together on a platform. Now that we give them the inspiration through the magazine, we'd love to see some mastermind groups get going.

    Let's chat sometime after the holiday weekend and I can learn a bit more about what you do.

  • heatherwhite

    That sounds great. I love what you guys are doing and I'm happy to support you in any way that I can. I've lead many mastermind groups, and I'm happy to give you the coles notes on how to run an effective one. Let's face it, no one needs another thing to do that isn't adding value to their personal or professional lives. Let's tee up a time to chat or skype – whatever your preference.

  • http://under30ceo.com MattWilsontv

    Heather, can't wait to chat sometimes Tues-Fri next week. Have a great weekend.

  • riofranzman

    #1 Start something- I am happy to gloat I am pursuing my first business venture at the ripe age of 22. I am opening a wedding/reception/event house in a historic theater and ballroom in St. George, Utah. I am eager, and excited about the adventure I am about to take!

    Thanks for the advice udder30ceo.com!

  • executees

    Network, Network, Network. My first year in business, I literally hit the streets. Sending out samples, tradeshows, events, and any place where I could meet people to talk about my business. Three years later we now get our orders online, primarily through word of mouth, because our customers love our custom t-shirts. Executees.net

  • bt925j

    WOW!! Great discussion going here… Where was I all this while? ;-)… Anyways, better late than never…

    @ Heather and everyone who mentioned 'accountability': Join a local entrepreneur's club or create your own group of a few startup entrepreneurs who meet monthly or quarterly. Act as an advisor/ devil's advocate with each other…

  • http://entrepreneurinmaking.com Devesh

    WOW!! Great discussion going here… Where was I all this while? ;-)… Anyways, better late than never…

    @ Heather and everyone who mentioned 'accountability': Join a local entrepreneur's club or create your own group of a few startup entrepreneurs who meet monthly or quarterly. Act as an advisor/ devil's advocate with each other…

    Devesh

  • http://iamcolby.com/ Colby

    A common theme is the suggestion of starting blogs. And it’s true, it may be a small step, but it is something that gets you moving in the right direction and gives you a ‘small’ victory. Great for the morale.

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