The advise contained on the title is well known to all entrepreneurs.  The Canadian magazine PROFIT asked its PROFIT 500 list of business leaders to share some of their often hard learnt lessons. The following are some quotes from them (number in brackets signify their position on the list). It is my experience that these quotes are good and realistic advise.  However, do not accept them because they are right and you are wrong, but because you must think through all possible alternatives. If you are to discard something is because you thought it through and does not apply to your business. Do not follow because the guru said so, it may have worked for her/him, but it does not mean it will for you (if your reasoning is sound, of course).  Think each advise thoroughly:

• “Avoid debt when you are first starting up. Risk only what you can lose. Once things get rolling, there is a place for debt.” —Marija Pavkovic, managing director, MaKami College Inc. (No. 62)

• “There’s only one job you have while starting a company, and that’s to bring in sales. Do your research, then go out there and sell.“ —Grail Noble, CEO, YellowHouse Events Inc. (No. 72)

• “Be clear on where you want to go with what you’re trying to do, and expect to work your ass off and not get paid for a while.” —Jay Bousada, president Thrillworks Inc. (No. 153)

• “Be prepared to work shockingly hard for shocking low pay for a shockingly long time. Some people are lucky enough to make money quickly in spite of themselves. Most businesses don’t.” —Ed Hennessey, Safety First-SFC Ltd. (No. 392)

• “Behave like the company you want to be some day, not the company you are today. That was a big one for us. We didn’t want to work out of our basements. Decide who you want to be and be that from day one.” —Tracey Bochner, president, Paradigm Public Relations Inc. (No. 124)

• “Expect to go prematurely grey before your time.” —Sean McCormick, CEO, Manitobah Mukluks (No. 201)

• “Know your limits. A lot of people start businesses and get so excited about having ‘President’ or ‘CEO’ on their business card that they forget there’s a lot of responsibility that comes with that. As a business owner it was important for me not just to figure out what my strengths were, but it was more important for me to figure out what my weaknesses are so I could find the right people to fill those gaps.” —Orit Koren, president & CEO, Trillium FSB Inc. (No. 130)

• “Get a mentor. Don’t wait and get a mentor.” —Darryl Bodnar, president, Brogan Safety Supply Ltd. (No. 164)

Some more advise tomorrow.  Follow us then.