NO ONE WILL GIVE YOU MONEY
This one comes top of the list because it’s the first thing you need to know. No one will give you money. No one will invest in you. Your chances of getting any sort of business investment or loan, from a bank are nil or very close to it. It goes without saying that you shouldn’t go looking for even more dodgy ways of being potentially funded.
Unfortunately you are going to have to come up with the capital for your business idea or product on your lonesome. Sorry about that!
DON’T QUIT THE DAY JOB
Kind of following on from point one, this one is essential knowledge. Far too many entrepreneurs or business ventures fail because of a lack of capital.
Cash flow is one of the biggest problems you are going to encounter in trying to go self employed – in any capacity. Particularly if your enterprise is one that requires heavy investment before you see any sort of return – which to be fair would be most businesses or enterprises in their first year or even first few years.
If you were planning to quit your nine to five job, unfortunately, you might have to think again about this one.
Most new businesses only get themselves off the ground after months or many cases years of part time effort. You will need the money from your fulltime position to keep paying the bills and feeding yourself, never mind to plough into your venture. This is doubly true if your business relies on fresh cash to purchase goods for either sale or manufacture.
LOOK AFTER YOURSELF
This isn’t some airy fairy new age bullshit, you actually need to concentrate on making sure that you eat and sleep right whilst you try and get your new venture off the ground.
Being hospitalized for exhaustion is not a joke and it can happen all too often to ordinary people, not just celebs in expensive clinics. Not eating and not sleeping are the fastest tickets into the hospital ward you can buy.
We know that, especially if you are working by yourself, not having the regulation meal breaks and work breaks, that you may have been used to taking whilst employed, can make it easy for you to work all through your sleep and eat time, but don’t.
And it shouldn’t all just be work, work, work punctuated with sleep and eat (although that is still an improvement on it just being work, work, work). Try and make room for your family and friends and that person you share a bathroom with, you know, your wife!
ENJOY WHAT YOU DO
This is a biggie. Starting a new venture has to be something that you feel passionately about and can feel in your soul. This is not a ropey r ‘n’ b lyric, honestly! If you aren’t feeling the love about your business or venture, or your heart’s not in it, then it is time to quit and get another job.
BE PREPARED TO FAIL
….And finally…. Be prepared to know where to stop. Now this one is particularly difficult for most people to take on board. After all, you have been plugging away at this venture for what feels like forever and a day. And … it’s just not working.
Give it time, sure, but here is where you need to be guided by cold hard facts and your cool brain. Passion and excitement all have their place, but knowing when to put the brakes on an investment or business venture that are just hemorrhaging cash is a skill in itself and unfortunately, it is one that a lot of people only learn the hard way.
Don’t be one of them!