Advice To A New Entrepreneur: 10 Truths About Being A Business Owner

Knowing what you know now, what advice would you give to a new entrepreneur?

I’m often asked this question as I travel around the country speaking to groups on 21st century capitalism and leadership. This is a great question.

I would offer these 10 11 truths:

The moment you decide to create something for others you are a leader. Act as such. Be an example. An example to your employees. An example to your vendors. An example to your customers. And, most importantly, be an example to your family. Your job as a business is to solve problems, not create them. For far too long too many businesses have created more problems then they are solving. (e.g. energy industry, food industry, health industry) Let that not be you. Make the commitment to be a business that focuses less on the bottom line and more on improving the well-being of others. You must have the willingness to do whatever it takes. Ask yourself, “Am I willing to do whatever it takes?” If your answer is anything less than, “Hell yeah!” close up shop and go do something else. Your business is about service, not personal achievement. Often when I ask entrepreneurs why they started their business they give answers like, “freedom of my schedule,” ”be my own boss,” or “make money.” I cannot stress enough that if you start a business based solely on your own personal acheivements you will fail. Your purpose has to be bigger than that. Much bigger. One that serves others. You just get to enjoy some of the rewards along the way. Treat your business like your baby. And know that, just like your baby, it matures and you have to let go of perceived control so it will flourish. There will come a time in your business’s life-cycle that YOU are the problem. Be aware enough to recognize it when it arrives and humble enough to bring others on to the team who are more talented than you. Being a founder is about stewardship, not ownership. Being a steward is different than being an owner. We’re all just temporary custodians of whatever we think we own, including our business. Remember, some day you will no longer be the owner, but you will always be the founder. Make business decisions based on the founder’s legacy you want to build. If you think you have competition you really don’t know who you are. While there may be others in your industry there should never be another like you. Some people will say it’s too expensive no matter how low the price. Other people would gladly pay more no matter how high the price. It’s never about price. It’s always about value. Don’t bet your business on the illusive home run. Focus on a steady diet of daily disciplined improvements. You’ll score more runs (make more money) in the end. Without the fun quotient the chances of success are severely diminished. Have fun. Lots of it.

Oh, and one last thing…

Take care of yourself.

Make your spiritual, emotional, and physical health a priority. When owning and running a business you will experience more stress than you can ever imagine. But if you are unhealthy you will be of no use to anyone including those most important to you. There will never be anything more important than your health. Never. Always remember that.

So let me ask you, knowing what you know now, what advice would you give to a new entrepreneur?