While doing some Entrecard dropping earlier today, I came across a blog named “Entrepreneur Life” which seems to have been around since March of this year.  The author has a variety of posts about the challenges and successes of running their own business.

Today’s post was an interesting one, entitled “11 Things I Have Learned After 2 Years As A Business Owner.”  The eleven points listed are good advice to anyone starting up their own business.  I won’t comment on all eleven, but here’s a few to think about:

The first “thing” listed is:
“Keep your business plan flexible and know when something is not working that it is ok to change strategies.”
Excellent advice!  In fact, in most cases I’d even suggest to forget about a business plan and just get at it!  I don’t agree that a business plan is vital to the success of a new venture - once you’ve got yourself going, you can spend some time looking at where you came from, how you got there, and what you need to do to get bigger.  But get in the habit of taking action.

Point #2 on the list:

“Be prepared to work harder than you ever have before, hours will be longer.”


This is true, especially in the beginning.  But don’t forget to make time for yourself to recharge (I’ve provided some tips on this here). And although you may find yourself working longer hours running a full time business, you may also find the benefit of having more flexibility about your work hours.  That was an enormous advantage to me being able to schedule my time around my children’s school events and being able to attend some of them instead of worrying about the good graces and whim of my employer in having time off.

Number 5 on the list:

“You will never please everyone and sometimes it is better to let a problem customer go so you can focus attention on your less demanding customers.”

This is probably one of the most difficult ones to think about when you are first starting your business.  You’re thinking about cash flow, cash flow and of course, cash flow and it is very tempting to take on any opportunity or new business that you comes your way.  This can be draining both emotionally and financially if you don’t take control of the business, and have a mindset of “working on” the business instead of “working in” it.  Remember the 80-20 rule:

Probably 20% of your clients or customers will provide you with 80% of your income.  Focus on the most highly valued customers and clients, 80% of the time.

Number 8 on the list:

“Uncle Sam will get his money, either set it aside or hire an accountant.”

Actually, do both. Set aside at the minimum, 10% of your gross receipts and then work on reducing your expenses so you can set aside 20% and more.  And hire an accountant.

Uncle Sam, or “Leviathan” as I call it, has the ability to use force against you to take some portion of your hard earned monies.   Leviathan’s methods can be very harsh if you don’t comply.  I know this from personal experience when during a time of working on my business, filing a GST return was overlooked. The result? My bank manager called to advise me that all my bank accounts had been seized even though what I owed was far less than what had been seized.  Having no access to any cash for a few weeks is stressful!

Point #10 on the list:

“Take breaks for the simple things in life...”

Ah yes! If you don’t do this, burnout and stress will catch up to you. Again, read my earlier post on this subject here.

Now, unless this is your break time for the simple things in life (and if it is, what on earth are you doing reading blogs when you could be out with loved ones or taking a relaxing stroll and getting some exercise), take some action.  NOW!

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