Advice to new entrepreneurs (both young and old)

I am often asked what one piece of advice I would give to someone who is thinking about starting their own business. I answered  this question recently in the following short video  http://www.youtube.com/watch?v=WMiQ6klGBLI

One of the criticisms of self-funded entrepreneurs is that we don’t think big enough. It’s not that we don’t think big, it’s just that we start small and build on our success.

Part of the self-funded entrepreneur’s philosophy is that it’s good to take a long-term view of business. There’s no need to hit monthly or quarterly forecasts. This is certainly not true of a public company.

So don’t be afraid to start small and build on your success. It will help build the foundation of a strong, sustainable company

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About Shark Tank Ratings

Author of "Unlocking Your Entrpreneurial Potential: Marketing, Money, and Management Strategies for the Self-Funded Entrepreneur"
This entry was posted in Entrepreneur, Mark Cuban and tagged , . Bookmark the permalink.

2 Responses to Advice to new entrepreneurs (both young and old)

  1. Self Funded companies do feel smaller, and “safer” when moving slowly, but at some point you need to think like a “big” company and get serious.

    “The second you start playing not to lose, you’re never sure to win. When you stand for something big, you like the work you do more. You make and fulfill more commitments. People notice you, so you make more money and close more sales”.

    Take the leap. The net will appear. If you truly are an entrepreneur, you somehow find a way. It takes an iron stomach, but you will come out on top.

  2. Well said, Kristin. In my case, our company started small and grew at a annual rate of 22% over 28 years. We ended up competing head-to-head with companies like SAP and Oracle. All of this was accomplished without outside investment.

    The idea of starting small and growing into a big company is the way to go. And yes, it does require an “iron stomach” as you suggest. It can be done!

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