Nav

Do the hard stuff first and the fun stuff last.

HIVE TOPIC OPEN: Oct. 31, 2011 – Nov. 20, 2011

Your single best piece of advice about starting a business or remaking a career.

Do the hard stuff first and the fun stuff last.

I’m a venture capitalist with New Atlantic Ventures and started out as an entrepreneur. When I started my first company in 1990, it took our founding team three lean years to make our first million in revenue. It took us five years to go public. It is hard to get your first paying customers – who have little to gain and a lot to lose by working with the upstart company. So, don’t expect a steady paycheck for a while and get a job so you can pay the bills and afford to start your business on the side. Get it up and running, find a few paying customers, and if it is working, and you like it, THEN and ONLY then quit that day job. Perseverance and determination are the most important skills to have as an entrepreneur. Do the hard stuff first and the fun stuff last. And, hard work can’t be taught but lazy can be learned. Don’t be lazy. Just because a business fails doesn’t mean you are a failure. Again, don’t be lazy. Pick up and start over again. The lessons you learned by failing will be ones you remember, etched deep in your memory, for life. And remember, no company ever failed because it had too much cash in the bank. When you have it, hire the best and the brightest and pay them what they are worth.