Things We Wished We Had Learned in School About Running a Business.

Last week I spoke with Troy Pappas, a professor at Temple University who teaches entrepreneurship. An entrepreneur himself, we talked about things we wished we had learned in school about running a business. Here’s a few:

There are 3 major areas of your business that you must pay attention to:

1. Accounting: when starting out, spend money on a good CPA. Know how much cash you need for the first 1-2 years and make sure you have it. Banks are not likely lenders to new businesses. If you decide to have a partner, find one that has experience, that can open doors, and has cash.

2. Marketing: Know who your target audience is so that you have a clear picture of who you are marketing to. Do your “due diligence” – have a business plan. There are online programs that can help you with this step. Track your marketing results, otherwise you won’t know what’s working and what’s not working.

3. Management: Surround yourself with a “Circle of Success,” people who can advise and mentor you in your business.
Know that you will spend alot of time and money along the road of entrepreneurship. Have people around you who support this.

Warning Signs That You’re Headed In the Wrong Direction?
Watch your “burn rate” – if you’re spending more than you’re earning…wake up!

Things to Avoid?
• Missed trends and opportunities. Be a good listener and observe what’s going on around you.
• A weak message. You only get 1 true chance to make a first impression – give them a reason to buy.

Source: Troy Pappas, World Athlete