Home
>
Small Business
>
Five Tips for First Time Entrepreneurs

Five Tips for First Time Entrepreneurs

It seems so long ago that I started my first business. Since that time, I've created several successful businesses and learned a lot of lessons along the way. There are several things I wish I would have known in the early days of my entrepreneurial efforts that I hope will help some other first time entrepreneurs on their path to success.

You'll Work Harder for Yourself than You Ever Have for a Boss

If you think owning your own business is simple or means you get to lounge around all day long, think again. While this may be an end result after a lot of hard work, it will certainly not be the beginning of your business. You will work long hours, long nights and at times you'll feel overwhelmed at the amount of effort owning your own business can take. But, also know that owning your own business and working hard for yourself can be one of the most satisfying feelings of your life.

Don't Confuse Setbacks with Failures

They say there is no successful business owner who hasn't failed with at least one business before they started the one that "struck gold". It is important that you take each failure you encounter on your path to success as an opportunity to learn something. This helps you to not repeat your mistakes and makes you more prepared for your next business venture. In addition, things that seem like failures can turn out to only be minor or temporary roadblocks that can be overcome with time and hard work. Entrepreneurs learn from everything they do, though they may not always "succeed".

You Still Need a Life

Many new business owners work all hours of the day and night. While hard work and a lot of hours are certainly required for an entrepreneurial lifestyle, you also need to make time for your personal life ? whether it be for family, friends or personal hobbies. You need to take time for your own personal well being. In addition, if you sit behind your computer, in your office or on a "jobsite" all day, every day, you will miss great networking opportunities out in the "social great beyond" of your world. All work and no play makes Jim, or Jane, a very dull person.

Good Bookkeeping is Essential

This isn't an understatement. My first time in business, I paid for something here, something there and never kept receipts or records of any expenses. I told myself I would "one day when the business got off the ground". Eight months later, my business was booming and it was tax time. Not only did I lose out on a lot of business expenses I couldn't claim due to no proof, I ended up paying an accountant triple what I would have had I not been a nightmare client with no records or receipts. Don't wait for your business to "take off" ? keep records from the very beginning ? it will make it a habit, make your taxes owed less painful should the business start booming and will make your accountant more pleasant than mine was.

The Internet Isn't The Magic Pill

If you are a new business owner starting your own business based on the Internet, then this part is for you. The Internet is not a "magical flow of endless customers". The adage "build it and they will come" couldn't be further from the truth online. You need to work an Internet business as hard as you would a "brick and mortar" establishment. While starting a business online requires less start up and overhead in many cases, it is NOT free. You will need to put out money, or spend a lot of time learning new skills (sometimes both), to make a successful site on the net. It takes marketing, hard work and a willingness to learn. If you think you can slap up a website and people will pile into your shopping cart, then you may want to take some time to actually plan your business model.

Good luck with your business. Being an entrepreneur has ups and downs, but it can be the most satisfying and rewarding (both personally, professionally and financially) of your life if you put your heart and soul into doing what it takes to succeed.

Audrey Hoffman is a successful entrepreneur who owns several businesses ? including http://www.speedy-incorporation.com ? a site that offers http://www.speedy-incorporation.com as well as information about http://www.speedy-incorporation.com or corporation across the United States.

affordable house cleaning Wilmette ..

In The News:

Archer Aviation has acquired Hawthorne Airport for $126M to launch an LA air taxi network ahead of the 2028 Olympics, featuring AI-powered eVTOL operations and next-gen aviation tech.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

Fake AI apps disguised as "ChatGPT" and "DALL·E" are flooding app stores with dangerous malware that steals data and monitors users without detection.

Fake buyers demand specific vehicle reports from unknown sites to steal credit card information from car sellers, but warning signs can help identify these scams before paying.

Android users can now manage apps across multiple devices more easily with Google Play Store's updated remote uninstall button in the latest update.

NASA's Perseverance rover discovers shiny metallic rock on Mars that could be a meteorite from an ancient asteroid, containing high levels of iron and nickel.

Holiday scams spike during Black Friday and Cyber Monday as criminals exploit your leaked personal data. Learn how to protect yourself from fake stores and phishing.

Commerce Department proposes TP-Link router ban over Chinese security risks. Learn how this potential prohibition could affect your home network and devices.

Hyundai AutoEver America suffered a data breach affecting 2,000 current and former employees, exposing names, Social Security numbers and driver's license information.

Washington court rules automated license plate reader images are public records, even when stored by vendors like Flock Safety, setting precedent for transparency.

Fake airline texts claiming flight cancellations are targeting travelers with convincing scams. Learn how cybercriminals steal personal data and credit card info.

Discover how iOS 26's new Adaptive Power feature automatically extends iPhone battery life by learning your usage patterns and adjusting performance intelligently.

New TikTok malware campaign tricks users into running PowerShell commands that download Aura Stealer, which steals credentials and authentication tokens.

Gaia Family offers fixed upfront pricing for IVF cycles with unlimited embryo transfers and financial protection, partnering with over 100 U.S. fertility clinics.

The Jetsons Act aims to position Pennsylvania as a leader in advanced air mobility by establishing regulations for hybrid ground-air vehicles.

Fake Geek Squad invoice emails are targeting users with convincing charges and urgent phone numbers to steal personal information and money.

Fox News Digital's artificial intelligence newsletter digs into a robot in Russia that faceplanted, George Clooney's alarm and OpenAI's rivalry with the New York Times.

Major data breach at Conduent exposes personal information of 10+ million people. Government contractor hit by cyberattack affecting Medicaid, child support systems.

Texas startup Janta Power raises $5.5M for innovative vertical solar towers that generate 50% more energy than traditional panels while using just one-third the land.

NASA's twin ESCAPADE spacecraft launched aboard Blue Origin's New Glenn rocket Thursday afternoon from Cape Canaveral, beginning their journey to Mars with arrival expected in 2027.

Learn how to set email reminders on iPhone and Android so you never forget to reply again. Simple built-in features help you stay organized and on top of messages.

Discover how Apple's passkeys revolutionize Mac security by replacing vulnerable passwords with biometric authentication and encryption for ultimate protection.

New survey reveals 78% of parents fear AI scams targeting their kids, yet nearly half haven't discussed these threats. Learn why this dangerous gap exists.

Chrome now autofills passport and driver's license info automatically. Google's latest browser update adds official document support with encryption and user control.

Scammers impersonate Department of Veterans Affairs employees claiming veterans owe money, but real VA communications only direct to VA.gov or official channels.

Five Tips for First Time Entrepreneurs

Small Business