What advice would you give to a person who is planning to start a business?originally appeared on Quora: the place to gain and share knowledge, empowering people to learn from others and better understand the world.
I'll write this in list format because there's so much to touch on:
- Budget the year ahead of you and project 0 revenue. Then, multiply that budget by 3. This is how much you'll need at the very least. Imagine you won't make money and that you'll encounter unsuspected costs. The fog of war is real.
- Ask for help and advice. The world is full of smart people. Engage them. Their experiences can be your knowledge.
- Take care of your mental health. This journey is a hard one. Most people aren't cut out for it. You decide how you will act in the face of challenges.
- Hire people smarter than you. If you're the smartest person in the room, you're in the wrong room. Trust me, they won't care if they're smarter than you - that's why they're there. They will care if you're insecure in your own intelligence; no one wants a leader who is insecure. Embrace what you aren't good at and let the expert take charge.
- If you're running a startup, be prepared to pivot. Every startup that made it big, from Facebook to Google to Uber, has pivoted. There's no shame in changing and adapting to survive and thrive; there is shame in being too stubborn and prideful to change.
- Practice stoicism. Read Marcus Aurelius' Meditations, Seneca's On the Shortness of Life, and Ryan Holliday's Obstacle Is the Way. These books will prepare you for those sleepless nights.
- Empower your employees and let them take charge. If you hire A players, they'll figure it out.
- Don't quit your day job unless you're positive that the time freed up in your schedule will lead to greater business revenue. Work on your business after hours.
Best of luck. The journey is tough, wild, scary, but you will face the great truth of your life if you take the leap of faith and earnestly pursue your dream.
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