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I'm starting my own business: What words of wisdom do those of you who have already done this successfully have for me?

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  • by Anonymous on February 8th, 2010

    Anonymous

    Don't overpay your employees through profit sharing, etc. You're not running a charity. Very often people go into business because they wish to be their own boss, giving out orders instead of taking them. It's usually the opposite of that in reality. The customer is always king. Good employees expect to have some autonomy. Never, ever adopt the attitude of "My way or the highway." Businesses are about making money, not massaging egos. Micromanaging and surrounding one's self with yes men are the most common mistakes, in my humble opinion.

  • by Wellduh on February 8th, 2010

    Wellduh

    Consult an attorney to be certain that you have done everything legally. You want to have everything right with the IRS, city, county, state and federal permits (if necessary). You don't want to put lots of time, effort and money into something and then lose it because you forgot to dot an i or cross a t.

  • by TimeFlies on February 8th, 2010

    TimeFlies

    Yes - if you plan on having employees take a mangement course FIRST! 

  • by Twisted Taco on February 8th, 2010

    Twisted Taco

    Don't take a partner

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