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a2k · 03-03-2005, 01:19 PM

What type of business are you thinking about starting?

I'm a believer that the best teacher is experience! But my perspective is biased, I've started three businesses and have no business degree. I've had MBA's working for me from some of the best schools in the country who didn't have the slightest clue about how to run a business and employees without a college degree with as good a grasp on business operations as you'll find anywhere.

My advice to any potential business owners:

1. Learn quickbooks and don't outsource your bookkeeping until you know what's going on with the numbers absolutely intuitively. Otherwise, you can end up in big trouble.
2. Know EXACTLY how you are going to get customers. No matter what your business does, this is going to be your #1 job and what keeps you up at night. Build it and they will come just doesn't work.
3. Your bank is your best friend. Find a local bank, introduce yourself to them, and every few months drop them some information about what's going on with your business. You'd never believe how much capital is available at 6% from a bank that knows you and trusts you. You need to start cultivating the relationship before you need money, though.

03-03-2005, 01:19 PM	#7 (permalink)
a2k Crazy Location: Seattle	What type of business are you thinking about starting? I'm a believer that the best teacher is experience! But my perspective is biased, I've started three businesses and have no business degree. I've had MBA's working for me from some of the best schools in the country who didn't have the slightest clue about how to run a business and employees without a college degree with as good a grasp on business operations as you'll find anywhere. My advice to any potential business owners: 1. Learn quickbooks and don't outsource your bookkeeping until you know what's going on with the numbers absolutely intuitively. Otherwise, you can end up in big trouble. 2. Know EXACTLY how you are going to get customers. No matter what your business does, this is going to be your #1 job and what keeps you up at night. Build it and they will come just doesn't work. 3. Your bank is your best friend. Find a local bank, introduce yourself to them, and every few months drop them some information about what's going on with your business. You'd never believe how much capital is available at 6% from a bank that knows you and trusts you. You need to start cultivating the relationship before you need money, though. Last edited by a2k; 03-03-2005 at 02:16 PM..