Thirty years ago today was the first day in business for a tiny company, WeatherData, Inc., that I founded August 31, 1981. The chances of a startup company making it to the 30-year mark are far less than 1%. So, I thought our readers might like to know some of the principles of our success.
- · 100% of the entrepreneurs I have known say creating and running a business is harder than they expected. I know I expected it to be hard but I, too, found it to be extraordinarily difficult, especially since mine was 24/7. There is no way I could have stuck it out unless I was passionate about my goal of saving lives and property.
- · Every entrepreneur to whom I have given this advice has later told me it was one of the most important pieces of advice they received. If you get overly depressed when bad news occurs, entrepreneurship probably isn’t for you.
- · Until you actually become a business owner, you cannot possibly appreciate how much responsibility you have and how heavily, at times, it will weigh on you.
- · Unless you have plans to go public or raise venture capital in the near future, the time required to write a detailed, formal business plan isn’t worth it. But, a set of rock-solid principles are vital. It is what your business stands for and what will set it apart.