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Unique insights to drive your family and family office forward, authored by Family Capital Strategy

Ten Lessons I’ve Learned from Being an Entrepreneur

10 lessons I’ve learned after ~4 years as an entrepreneur

  1. It will take twice as long to get where you want to be – no matter how prepared you are, it will take longer than you think
  2. The hardest time in the startup is at the “growth plateau” – 7-12 months after you’ve started, the initial momentum will have waned, but the new initiatives won’t have taken root as quickly as you have liked
  3. Having a good partner and working on your partnership is as important – learn how other person communicates, be willing to have tough conversations, be willing to move first if something needs addressing
  4. Cost management is key – Minimize the nonessentials, and spend the big $ on the folks that allow you to do your job better
  5. Do not forget to work “on your business,” not just “for your business” – think about processes/standardization, etc. – Read the E-Myth for more info
  6. Have a healthy outlet for stress – work-out, walk, etc. or you can become unbearable to live with
  7. In addition to your partner, having a close friend who has done / is doing a start-up is invaluable – they can empathize with the struggles, but are not so close to the situation
  8. “The road to success is paved with mistakes well handled” – Stanley Marcus of Neiman Marcus
  9. Don’t be afraid to ask / everything is negotiable
  10. Celebrate the small wins / enjoy the journey – you can get too focused on the 1,2,5, and 10 year plans that you forget to enjoy where you are.

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