Hire outside experts. No one has the expertise to pull it all off on their own. Hire good accountants, lawyers and bookkeepers.
Innovate. There is always a better way to do things. Search for alternatives and get your staff to participate in the process. The only constant is change and those who do not adapt will be left behind.
Exceed client expectations. If your customers perceive that you provide value for the dollars they spend, they will forgive you when you make mistakes.
Get a mentor. Someone who has done it before and successfully. Trying to learn things through trial and error is a waste of time.
Avoid commodity industries. A new product or service may seem like a great idea on paper, but customer demand will often force industries to compete so aggressively that essentially the product or service becomes a commodity. At this stage, only a few large players will emerge victorious.
Think about risks and rewards. Each day is a new opportunity to win or to lose. Be realistic, look at all the risks and rewards, understand what you are getting into, and talk to your mentors.
Be realistic on revenue assumptions. Especially for a new business - predicting when and how much revenue will come in will be critical to surviving. Being overly optimistic will put pressure on cash-flow and jeopardize your business.
Be mindful of the key success factors. Every business has key success factors - things that need to be done and done right which are critical to surviving.
Plan first, action second. Only lucky people can jump into an unknown situation and do well. Research thoroughly what you are trying to do and where you want to go before jumping in with both feet.
Be creative on your financing. Money is hard to come by and does not grow on trees, but even unexpected sources of financing can surprize you.
Don't get into paralysis by analysis. Any situation can be analyzed to death. Often a swift decision and execution, even if it is the wrong thing to do in the short term, will be preferable to no decision and no execution.
Treat the people around you fairly. What goes around comes around and treating people fairly, even if it is costly to you, will pay dividends in the end.
Get back on the horse. If you get knocked down, get up, brush yourself off, and get back on the horse. Be tenacious.
Keep a sense of humour. If you take things too seriously and internalize the turmoil, your health will only suffer.
Keep your perspective. Have a life outside work. Keep a balance in your life.
