Guest Post: Helpful Hints For Entrepreneurs

This is a guest post that gives great advice for entrepreneurs! After reading this you should feel more comfortable starting or managing your own business.


Starting any new venture is scary and for most entrepreneurs it means learning through trial and error.  Unfortunately, the trial and error method of learning a business can be very costly so here are some helpful hints to help future entrepreneurs avoid some of the most common mistakes a first time business owner is likely to make.

Know Yourself 

Never begin a business because it promises huge profits or seems sexy, or chic.  The best chances for business success are those businesses that you build around your talents and strengths. Knowing what you love to do and the things that you can do best will result in building a business you enjoy working in that is also profitable. If you do not love what you do the chances of success are minimal because if you are not vested in it you will not give the business the care and attention it needs to be successful.

Be Selective

Many new entrepreneurs feel the need to act on every opportunity that presents itself.  Focus only on opportunities you have the skill set to do perfectly. Research opportunities thoroughly and focus in on the opportunities that most closely fit your skill set.  Trying to do multiple ventures is dangerous because it splits your focus making you less effective and efficient. Focus on one thing and do it to the best of your ability.

Elevator Pitches

Always be prepared to sell your business. You never know when you will have a chance encounter with a potential investor, or customer. Learn to be brief and concise. You should be able to state your business mission, goals and services in 30 seconds or less. Any longer than 30 seconds and you lose the attention of the person you are speaking with.

You Are a Start-up so act like one

New businesses need to conserve as much cash as possible.  Start small and be frugal.  Cash is the lifeblood of any company; so do not squander it on fancy offices, big expense accounts, or company cars.  Triple-check all expenses and keep a close eye on every dollar that is spent.  Keep a tight rein on your cash flow and strive to keep your overhead costs as low as possible.

Learn What You Do Not Know

Never think or act like a know it all.  Recognize that there is a lot about business you do not know and make sure to surround yourself with plenty of advisors and mentors with knowledge in all areas that are willing to mentor and nurture you so you become a better leader and business person.  Look for successful, knowledgeable business leaders that share your interests and business goals that also have the vision to see the value in working with you long into the future.


Being an entrepreneur means depending on your self so it is best to take good care of yourself. You will be much more productive when you sleep, eat, exercise and see your doctor for regular checkups.

No, Virginia. There Is No Money Fairy

Contrary to anything you may have heard about how easy it is to find investors, the truth is no one will invest in you.  If your idea requires large sums of money rethink your plan. Simplify your idea and prove your business model on a shoestring budget.  You need to be able to demonstrate your worth before anyone will invest.  If you can prove your concept works the chances of raising capital improve considerably.

Know When It Is Time To Quit

Know when it is time to walk away from your business. If the idea fails, reflect on what went right, what went wrong and the mistakes made along the way. Identify things you would have done differently. The lessons learned will help you become a better entrepreneur.  Failure is inevitable but if you are a true entrepreneur you will ultimately succeed and triumph.


Being a first time entrepreneur is a true challenge.  Focus your business around your skills and strengths and seek out mentors and others that have the skills you need to be successful in your venture. Above all, build your business around something you are passionate about so you can maintain and grow the business over the long term.

Author Bio:

Erica is a graduate student of the faculty of Economy. She has started her own business at She dreams of becoming a successful entrepreneur. 

  • Tom Nadler

    Very valuable and important tips for first time business owners! As an entrepreneur myself I really understand the challenges along the way. Really like this part: “You should be able to state your business goals and services in 30 seconds or less”. This is still a challenge for me.

    • BRIC Language Systems

      Thanks for the input Tom. Very much appreciated. The elevator pitch is a tough one to master but as you know it is essential for anyone running a startup. We’re glad you’re enjoying the posts, and love the feedback.