1. Do business from home. Save money on renting office space by
doing business out of your own living space. Install a separate phone line
or purchase a cell phone for business use only. Print your own letterhead
and business cards. Your clients will never suspect that “Suite 12-B” is
really “Apartment 12-B.”
2. Try to fund it yourself, or mostly yourself. It pays to go
after the least amount of funding that is necessary. When you’re starting
out, it feels good to say that some venture-capital firm invested millions
of dollars in your idea. But a few years down the road, when you’re doing
well, it will not feel so great to know that you own only 25 percent of your
company.
3. Put a positive spin on things. Does the timing of your
entrepreneurial project coincide with you having been recently laid off?
Don’t include that in your pitch to customers or investors. Nobody wants to
think they’re doing business with someone who’s only there because they have
to be.
4. Build a culture of action and enthusiasm. During your first
year, you will face a lot of questions about your experience. The best—and
probably only—way to overcome them is to impress clients with your vigor and
dynamism. If you want to be perceived as youthful, forward-thinking, and
results-oriented, be proactive! Reward your people for taking the
initiative. You’ll have a huge competitive advantage over established
companies. Many clients will pay, and even take a bit of a risk, to get
young, energetic minds on their side.
5. Stay balanced. During the first year, and all the years
thereafter, you will have to find a way to achieve balance. Basically, this
means avoiding the temptation to work eighteen hours a day, seven days a
week, without a break. Find an outlet—a hobby, an amateur sport, or an
exercise activity—that gets your mind off work and relieves stress. It’s
essential to maintaining perspective and the energy you need to keep your
business thriving.
About the Author:
Robert Tuchman is the Founder of TSE Sports & Entertainment, a company he
started out of his one-bedroom apartment in Manhattan at the age of 25. TSE
has gone on to appear on Inc. 500’s list of America’s Fastest Growing
Privately Owned Companies. Tuchman now serves as President of Premiere
Corporate Events, a division of Premiere Global Sports. A frequent guest on
"Your World with Neil Cavuto," he has also appeared on CNN, the “CBS Morning
News,” BET, and has been the subject of features in USA Today, The New York
Times, The Wall Street Journal, and Entrepreneur. He lives in New York City.
Title: Young Guns:
The Fearless Entrepreneur’s Guide to Chasing Your Dreams and Breaking Out on
Your Own
Author: Robert Tuchman
ISBN-13: 978-0-8144-1070-7
Pub. Date: May 1, 2009
Price: $21.95 Hardcover
Pages: 224
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