{"id":75529,"date":"2015-11-02T15:30:14","date_gmt":"2015-11-02T22:30:14","guid":{"rendered":"https:\/\/www.biggerpockets.com\/renewsblog\/?p=75529"},"modified":"2021-03-16T11:47:35","modified_gmt":"2021-03-16T17:47:35","slug":"2015-11-02-15-newbie-starting-business","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/2015-11-02-15-newbie-starting-business","title":{"rendered":"15 Things Every Newbie Needs to Know About Starting a Business"},"content":{"rendered":"<p>Starting a business is exciting &#8212;\u00a0and\u00a0scary.<\/p>\n<p>I&#8217;ve started more businesses than I&#8217;d care to admit.<\/p>\n<p>In my experience,\u00a0it&#8217;s a bit like driving through a heavy fog where you are only\u00a0able to see a few feet in front of the windshield &#8212; you don&#8217;t know what&#8217;s up ahead until it&#8217;s upon you.<\/p>\n<p>However,\u00a0the longer you are an entrepreneur, the better you can navigate through that fog.<\/p>\n<p>As I&#8217;ve been driving through the fog for over a decade now, I thought I would take today&#8217;s post and\u00a0boil\u00a0down 15\u00a0of the biggest lessons I&#8217;ve learned over the past decade of building and growing businesses.<\/p>\n<p><em>Consider these\u00a0tips\u00a0&#8220;stuff I wish I had known when I was young and stupid.&#8221;\u00a0<\/em><\/p>\n<p>Let&#8217;s get to them.<\/p>\n<p><a href=\"https:\/\/www.biggerpockets.com\/webinar\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-64497\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2014\/11\/Webinar-Jpeg-294x300.png\" alt=\"Webinar Jpeg\" width=\"88\" height=\"89\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2014\/11\/Webinar-Jpeg-294x300.png 294w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2014\/11\/Webinar-Jpeg-150x150.png 150w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2014\/11\/Webinar-Jpeg.png 618w\" sizes=\"auto, (max-width: 88px) 100vw, 88px\" \/><\/a>(*****<strong>Important<\/strong>: Before I get to the 15, I&#8217;d like to take a second and invite YOU to this week&#8217;s webinar here on BiggerPockets! This week we&#8217;ll be talking about &#8220;<em><strong>How to Analyze Rental Properties for Maximum Cash Flow<\/strong><\/em>.&#8221; It&#8217;s going to be pretty awesome, inspiring, and nerdy! Hope you can make it. <a href=\"https:\/\/www.biggerpockets.com\/webinar\" target=\"_blank\" rel=\"noopener noreferrer\">Click here to hold your spot!<\/a>\u00a0Okay, on to the 15!)<\/p>\n<h2>1. Don&#8217;t listen to statistics.<\/h2>\n<p>People love to throw around the statistic that 95 percent of business fail. Don&#8217;t listen to that &#8212; it&#8217;s an excuse to make you feel comfortable about giving up.\u00a0If that number is even correct, it&#8217;s because most people don&#8217;t commit,\u00a0they don&#8217;t follow through to the end\u00a0or they are stupid in how they manage their money.<\/p>\n<h2>2. Do something you like.<\/h2>\n<p>Don&#8217;t start something you won&#8217;t want to do in five years. Because if you are successful, you&#8217;ll still be doing this in five years.<\/p>\n<p><a href=\"\/renewsblog\/wp-content\/uploads\/2015\/09\/buy-first-property.jpg\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-75056 size-full\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2015\/09\/buy-first-property.jpg\" alt=\"buy-first-property\" width=\"702\" height=\"336\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2015\/09\/buy-first-property.jpg 702w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2015\/09\/buy-first-property-300x144.jpg 300w\" sizes=\"auto, (max-width: 702px) 100vw, 702px\" \/><\/a><\/p>\n<h2>3. You are not going to know everything.<\/h2>\n<p>In fact, you probably won&#8217;t know anything when you first start. Start anyway. When I first got into real estate investing, I had no idea how to buy a property, rent a house, <a href=\"https:\/\/www.biggerpockets.com\/blog\/evicting-tenant\" target=\"_blank\" rel=\"noopener noreferrer\">or evict a tenant<\/a>. I figured it all out &#8220;on the job.&#8221; You will too.<\/p>\n<h2>4. Finish what you start.<\/h2>\n<p>Nearly every entrepreneur I know suffers from the same curse: We like to start things more than we like to finish them. In other words, if you are a good entrepreneur, you&#8217;ll have a lot of great ideas. Most of them would probably work out well and make you a lot of money. However, that doesn&#8217;t mean you should pursue them. Pick one and go with it until it dies or it makes you rich enough to buy a private island.<\/p>\n<p><em><strong>Related:<\/strong> <a href=\"\/renewsblog\/2015\/06\/11\/fear-of-failure-real-estate\/\" target=\"_blank\">How Top Entrepreneurs Overcome the Dreaded Fear of Failure<\/a><\/em><\/p>\n<h2>5. Never partner with someone because it&#8217;s convenient.<\/h2>\n<p>Partner with someone because it makes you stronger. The wrong partner will drive you crazy, make you hate your work\u00a0and end up causing more problems than they solve.<\/p>\n<h2>6. You are going to suck at managing people.<\/h2>\n<p>It&#8217;s ok, we all do at first. However, this is one task you <em>must<\/em> get better at. Hire an assistant right now, even if it&#8217;s only a <a href=\"http:\/\/www.entrepreneur.com\/article\/245561\" target=\"_blank\" rel=\"noopener\">virtual one<\/a> for $3 an hour. It will give you some great training on managing, with little downside.<\/p>\n<h2>7. Social media probably isn&#8217;t that important.<\/h2>\n<p>We just pretend it is so we can look at cat pictures on Facebook. I&#8217;d recommend installing a Facebook newsfeed blocker, <a href=\"https:\/\/chrome.google.com\/webstore\/detail\/news-feed-eradicator-for\/fjcldmjmjhkklehbacihaiopjklihlgg?hl=en\" target=\"_blank\" rel=\"noopener noreferrer\">such as this one<\/a>.<\/p>\n<h2>8. Stop designing business cards,\u00a0logos,\u00a0business plans and stationery.<\/h2>\n<p>They don&#8217;t matter right now. Go build your business and stop doing busy work that makes you feel like you are accomplishing something.<\/p>\n<h2>9. There is a fine line between dedicated and obsessed.<\/h2>\n<p>Screw the line. Trample right over it.\u00a0You need to cross that line continually, so never let anyone tell you that you are too obsessed with your idea. I&#8217;m completely and overwhelmingly obsessed with real estate investing &#8212;\u00a0and it&#8217;s ok. What are you obsessed with?<\/p>\n<h2>10. Don&#8217;t quit your job too soon.<\/h2>\n<p>Yes, you&#8217;ll have more time to build your business, but let&#8217;s be honest: There are 168 hours in a week; only 40 are consumed by your job\u00a0and another 50\u00a0by sleep. You have plenty of time if you would just hustle and turn off Netflix. But don&#8217;t be afraid to quit your job if you can afford it.<\/p>\n<h2>11. Focus on your higher paying tasks.<\/h2>\n<p>Divide up your tasks and determine what your &#8220;$10 per hour&#8221; tasks are and what your &#8220;$1,000 per hour&#8221; tasks are. Focus on doing more &#8220;$1,000 per hour&#8221; tasks and fewer &#8220;$10 per hour&#8221; ones. For more on this, read &#8220;<a href=\"http:\/\/www.entrepreneur.com\/article\/245311\" target=\"_blank\" rel=\"noopener\">Want to Make $1,000 or More Per Hour?<\/a>&#8221;\u00a0And yes, you do a lot of $1,000 an hour tasks, even if you don&#8217;t realize it. Just do more of them.<\/p>\n<p><em><strong>Related:<\/strong> <a href=\"\/renewsblog\/2015\/07\/08\/daily-habits-reach-entrepreneurial-goals\/\" target=\"_blank\">5 Daily Habits to Help You Steadily Reach Your Entrepreneurial Goals<\/a><\/em><\/p>\n<h2>12. Your spouse and kids matter more than your business.<\/h2>\n<p>Never forget that.<\/p>\n<p><a href=\"\/renewsblog\/wp-content\/uploads\/2015\/08\/work-life-balance.jpg\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-74440 size-full\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2015\/08\/work-life-balance.jpg\" alt=\"work-life-balance\" width=\"702\" height=\"336\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2015\/08\/work-life-balance.jpg 702w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2015\/08\/work-life-balance-300x144.jpg 300w\" sizes=\"auto, (max-width: 702px) 100vw, 702px\" \/><\/a><\/p>\n<h2>13. Read &#8212; a lot.<\/h2>\n<p>If you don&#8217;t have time, <a href=\"http:\/\/www.entrepreneur.com\/article\/249710\" target=\"_blank\" rel=\"noopener\">listen to audiobooks.<\/a> And not just business books. Read motivational books, self-help books, success books, fiction books, biographies &#8212; whatever.<\/p>\n<h2>14.\u00a0Get up earlier.<\/h2>\n<p>Yes, you can, and you should.\u00a0I don&#8217;t care if you are not a morning person. That&#8217;s an excuse lazy people use.\u00a0For more advice on this, read\u00a0<em><a href=\"http:\/\/amzn.to\/2awHwok\" target=\"_blank\" rel=\"noopener noreferrer\">The Miracle Morning<\/a><\/em> by Hal Elrod. It&#8217;s life\u00a0changing.<\/p>\n<h2>15. Don&#8217;t worry about raising money.<\/h2>\n<p>Focus on building a business\u00a0so incredible people throw money at you.<\/p>\n<p>Like driving down a lonely highway on a dark, foggy night, entrepreneurship can be a little scary. But hopefully at least one of the above tips will help you navigate through the fog a little easier with more confidence. If you are just getting started with your business, just remember this: keep driving through the fog. Your future self will thank you.<\/p>\n<p><em>Do you have any additional tips you&#8217;d like to add? Or something you&#8217;d like to expand upon? <\/em><\/p>\n<p><strong>Leave your comments below and let&#8217;s continue the conversation.<\/strong><\/p>\n<p><strong>Finally, if you think this post could help one of your family members or friends, share it on your favorite social media channel. You never know whose life you might change.<\/strong><\/p>\n<p><em>This post originally appeared on <a href=\"http:\/\/www.entrepreneur.com\/article\/251188\" target=\"_blank\" rel=\"noopener noreferrer\">Entrepreneur.com<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Starting a business is exciting &#8212;\u00a0and\u00a0scary. I&#8217;ve started more businesses than I&#8217;d care to admit. In my experience,\u00a0it&#8217;s a bit like driving through a heavy fog where you are only\u00a0able [&hellip;]<\/p>\n","protected":false},"author":710,"featured_media":75534,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4241],"tags":[],"class_list":["post-75529","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-business-management"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/75529","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/users\/710"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=75529"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/75529\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/75534"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=75529"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=75529"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=75529"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}