Any Small Business Advisor Must Tell Recent Grads the 4 Principles
If you are a small business advisor, you know the feeling of being approached by someone fresh out of business school, full of grandiose dreams. These entrepreneurs sometimes have realistic ideas and their feet on the ground, but more often than not, they need to be informed of the risks they are taking. Many young people get in way over their heads when it comes to small business ideas, and should be guided with sage, down to earth advice. Be sure to tell them the four most basic principles of business start-ups:
- Select your partner with care. A business partnership is like a marriage. It is a good idea to have a partner, but be sure it is someone in whom you can trust.
- Eschew perfectionism. If you have an idea—especially an idea for a new electronic gadget, launch it right away, even if it isn’t perfect. There is a lot to be said for being first. You can perfect the device along the way.
- Tap all your resources. Financing can come from a wide variety of sources, so don’t be too traditional in your thinking about sources of loans and grants.
- Get a good line of credit. that doesn’t mean you should borrow money you can’t afford. Simply keep it for emergencies. That is what credit is for. In the meantime, make smart decisions and pinch pennies wherever you can.
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