Being a first-time entrepreneur

Being new to entrepreneurship I learn a lot every day from the misstakes I do and the misstakes I realize that I have done in the past. Sitting on the bus last night on my way home (no bicycle because I went out drinking beer the day before and was not in the mood for exercise), I thought about what we have done the last six months. I realised a few important things that I wrote down. These were: Do not spend all your time in front of your computer, spend more time talking to potential customers, partners and user. As I wrote earlier partners is important and can be crucial to achieve speed to market. Talking to customers helps you learn if they really have the need you think.

Looking through my news feeds this morning I found a very interesting article from SmartBiz talking about “The Right Mix for First-Time Entrepreneurs“. I agree to a lot of his advices.

I have myself felt a little frustrated with the businessplan. Its a great tool to get your thoughts and ideas down on paper. But a lot of time is spent on convincing the reader that the market is big enough and that your company will earn so much money. Its especially funny because everyone manipulates their numbers so the revenue graph looks like a hockey stick. Everyone tells you that the investors and everyone else reading your Business Plan is expecting a hockey stick, otherwise you won’t be successul!

Ryan Buchanan’s advice of just focusing on an executive summary of 2-3 pages is just perfect. No one reads all your 40 pages anyway.

Balance in life is something that often is neglected. You often burn for your idea and therefore spend maybe a little too much time thinking and working with it. Sleep for example, I realized that if I make sure that I sleep enough by going to work an hour later I will be so much more productive and creative. To avoid stress I try to do power yoga and exercise a lot. After doing a half marathon in May I really got into running and I try to get out in the nature and run a couple of times a week. Its so much better than working out in a noisy gym.

~ by Andreas Sigurdsson on July 27, 2006.

One Response to “Being a first-time entrepreneur”

  1. Couldn’t agree with you more about the difference between doing sports in the nature and the gym! I love walking, walk 45 minutes twice a day to and from work, while I could have so easily got a lift.

    The business plan thing, have to read more, an interesting topic for me… which reminds me that I have to start writing yet another report for my course which is to be ready for September!

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