6 Best Tips for Young and Aspiring Entrepreneurs

Top 6 Tips for Entrepreneurs From Eric Paley of Founder Collective

Go online, and you’ll never run out of advice on how to successfully run your business. It seems like everyone has a pearl of wisdom to share, and the sheer number of articles on improving your entrepreneurial savvy can be overwhelming. It’s especially hard to distinguish between the advice or rank amateurs and the true professionals, but at least you can trust the advice of Eric Paley.

Eric Paley is a Managing Partner for a venture capital fund and has been in the business of funding startups for the last 9 years. His fund has poured money into businesses like BuzzFeed and Uber, so he really knows what he’s doing. With his knowledge and experience, he has some useful advice to share if you ever decide to start your own business.

Success Tips for Young and Aspiring Entrepreneurs

It’s Not Just About the Money

If money is your sole motivation for starting a business, you may as well desist in your efforts. That’s because the odds are against you and most startups fail. So you should only go ahead if you’re certain about your determination to solve a problem or to offer a service—not just to make money.

A Single Idea Is Never Enough

Success is built over time, and you need to come up with new ideas or tweak old ones. You can’t just rely on a single unchanging idea and think that it will work through the years of many changes.

Be Open to New Ideas from Others

Sometimes the ideas that can help your business don’t come from your own creativity. It may come from other experts, most likely from people with more knowledge and experience than you do. While it’s never a good idea to blindly follow the advice of anyone, it’s still sensible to at least give expert tips their due consideration. Think about the advice you receive before you use it or discard it.

Work with a Co-Founder

This model works. Just ask Sergey Brin and Larry Page of Google. Even Bill Gates co-founded Microsoft with Paul Allen. Potential investors feel safer putting their money on 2 smart entrepreneurs, rather than just one person.

Get Experienced Senior Managers

It’s easy enough to feel wary of experienced senior managers when you have outside investors. They may feel like they’re your replacements just waiting in the wings for your inevitable failure. But the mark of a great CEO is one who can recruit and lead team leaders with ample experience. The fact that you’re able to convince more experienced people to work for you shows off your ability to inspire others to follow your lead.

Don’t Wait for Your Business to Go Viral

While having other consumers tout your brand is terrific, the truth is that the business sector is full of successful companies that have thrived without their products ever going viral.

These lessons are just the tip of the iceberg, but they can help you become a better leader for your brand. Take time to consider them all, and see how it can improve your business.

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