All around me, there are people who are taking the leap into entrepreneurship. I think it is an exciting time when startups are hot again.
As a person who was fortunate enough to be involved in six different startups as a minority founder to sole founder, I get excited every time I hear about a friend launching a new venture. Many times, I’m asked for advice. Unfortunately, I have nothing to novel to say.
All I have to offer are these simple things:
- Make sure that the purpose of the new venture represents something you are passionate about, not just to make money
- No matter the business plan, focus on cash flow, cash flow, and more cash flow. If you’re building something from scratch, at least double or triple your projection for cash flow.
- You will inevitably second-guess, regret your decision to start your own venture at some point. It has happened to me each and every time. At such times, focus back your passions.
- Be flexible. As your business plan rolls out, be attentive for subtle market reactions and be prepared adjust course accordingly.
- Remember, it’s about the people, your team. Treat them well and fairly, and they will make things happen for you.