5 Simple Advice For Entrepreneurs

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:

  1. Make sure that the purpose of the new venture represents something you are passionate about, not just to make money
  2. 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.
  3. 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.
  4. Be flexible. As your business plan rolls out, be attentive for subtle market reactions and be prepared adjust course accordingly.
  5. Remember, it’s about the people, your team. Treat them well and fairly, and they will make things happen for you.