I Wish Someone Had Told Me...

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There' s no easy way to learn to be more comfortable saying "no" when that' s really the best thing for you and your company. Trust your instincts, though. Take the confidence and strength that it took to start your business to begin with, and use it. With time and experience, it gets easier to trust yourself more fully, and to apply a stricter discipline to what work you take on -- and what work you can turn down.

Gary Fails, President, City Theatrical Inc
Inner City 100 ranking: #52
Company founded: 1986
If only I' d known...: A lot of things!
Advice: Don' t underestimate the business know-how you' ll need.

I started my business without one bit of business knowledge or experience, and learned every lesson the hardest way possible. Now at age 49, I'm enrolled in Columbia University's Executive MBA program and I'm learning the skills to continue to grow and manage my company.

If I was starting over, or starting another business, there are quite a few things that I would do that I didn't do when first starting out:

1. Write a business plan. (I had no idea where my business was going for several years in the beginning.)
2. Use knowledgeable people as advisors. (I was too isolated.)
3. Acquire all the capital needed to get fully underway. (I tried to finance 40% per year growth out of cash flow.)
4. Understand the financials. (Learn the difference between cashflow and building wealth.)
5. Think big. (Think national and international as soon as possible.)
6. Hire the best people, using equity if necessary. (I tried to do too much myself.)
7. Don't be a tightrope walker. (Be careful of the level of risk you assume. My risk often was too large.)
8. Don't always rely on your gut instincts. (Get trained in business, or hire people who are.)

Of course, I violated every one of these principles and still grew my company at record speed through boldness and hard work. Someone with more business skills may well have done it faster -- and with much less risk.

Brenda Hill-Riggins, President, M.A.R.S. Plumbing
Inner City 100 ranking: #23
If only I' d known...: Networking is an art.
Advice: Learn how to take best advantage of networking opportunities.

I wish I' d known more about the art of networking. I wish I' d had someone who could teach me more about how to network, and what it takes to take advantage of networking situations. There' s a difference between passing business cards back and forth and having an agenda that helps you understand what you really want from people and what you can offer them in return. Networking is really all about salesmanship. Like a salesperson, you need to be properly prepared for opportunities where you can sell yourself or your business. There are lots of easy ways to improve your networking opportunities and skills:

Don' t join just your local Chamber of Commerce. Join industry associations as well. The people there will be more likely to provide easier and better networking opportunities because they' re familiar with your business and industry specifically.

Have an agenda when you go to conferences or gatherings -- know what you plan to get out of them ahead of time. Have an action plan and goal. Be specific when you approach people to meet them and talk with them -- tell them who you are and why you think you should know each other. Before you go to a conference, find out who' s going to be there, figure out if you can help them, and decide if you think any of them might be able to help you. Always have a brochure in your pocket -- not just a business card. Have your 30-second pitch prepared at all times. Step out of your comfort zone when you' re there and talk to people who you don' t already know. I' ve gone to so many meetings and conferences where people just stood around in groups with people they already know. That' s not how to network effectively. It' s not as easy or comfortable to go up to strangers, but that' s what networking is about.

Seek out larger companies who are willing to share some of their knowledge base with you -- who are willing to share information about their infrastructure with you. Often what small companies need is a larger company who will share information about how they set up their infrastructure.

Additional Resources:

Finding a Trustworthy Financial Partner
The Sting: Don't Get Conned Out of Cash
How can I be sure that a venture capital firm will be a good fit with my company and our goals?
Some Assembly Required

Exit Strategy
Exit Strategy: What's Yours?
The Exit Strategy
Before You Sell Your Biz (Guide)
Tips on Selling a Business

Saying NO To Work
When to Say When
Collection: Just Say No
Just Say No
The Following Client Has been Rated R

Lots to Learn
Bootstrapping Guide
Raising Startup Capital
Recruiting Guide
Track Your Critical Numbers

The Art of Networking
The Don'ts of Networking
Quick Tips for Networking Success
Research Your Industry Thorugh Associations

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