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Things I've Learned Since Starting a Business #22
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In this episode I share with you some important words of wisdom about running a business. This comes from a LinkedIn post by Dave Borski:
8 years ago today, I left a great job at SwRI to pursue my dreams of starting a business. It's been a winding road with lots of challenges, victories and defeats. Popcorn list of Things I've learned since then:
- Payroll doesn't happen with a push of a button
- Annual Health insurance premium for a self-employed family is on par with paying cash for a nice 2-year old Honda Accord every year
- Premiums don't cover your deductible, and lots of services are not covered
- Finding good partners/suppliers is critical to early growth
- You need a lot of money (or access to it) to make big projects run before the client pays you
- Nobody can sell your business as well as you can
- You can hire better people than you to work the components of your business.
- It's better to be the architect of your business than the manager
- Self motivation is a key - but you have to plan for it to work
- It's great to have a mentor (or a few) who are invested in your success; it's even greater if they've been successful and know what it takes
- It's important to say no when your strategic plan doesn't allow for it
Dave Borski's LinkedIn profile
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