Carol McManus

I recently got caught up in a discussion thread on this subject and decided to poll me of the most (and least) successful entrepreneurs I knew to investigate this premise. What I found was that we truly do learn from our mistakes and that entrepreneurs are willing to share their successes and failures in the hopes that those that follow will have a shorter trip to the profit bank. Here is what they said:

1. You have to begin with realistic expectations about what your company will do. It's fine to hope for the best, but you have to plan for the worst.

2. Consumer adaption to new ideas, products, service providers, or businesses are often lengthy. It is imperative to be properly capitalized from the beginning. Investigate previous trends in your business/industry and then determine how long you need to pay the bills before revenue stabilizes.

3. Business plans are tedious but they are imperative to get clarity on what you will need to do; who and when will execute; and how you will go about raising capital.

4. Business plans, however, need to be somewhat flexible and in today's world, you have to be nimble and willing to tweak along the way (without losing focus on the goal).

5. Don't try to do it all yourself. The success of any business takes effort. If everything is being done by one person or dependent on one person's approval at every step along the way, it will take much longer to achieve results.

6. Maintain a balance between strategic intent and day-to-day execution. It's too easy to get caught up in the minutiae and lose sight of the big picture.

7. Business owners must understand cash flow and how to manage it, control it, and rescue it (if needed). This can be especially challenging for new entrepreneurs who come out of corporate positions where others managed the cash.

8. It is important not to make emotional decisions. When ego, family, or blinders get in the way of facts, poor decisions result in poor results.

9. Don't take on too much debt at the beginning without a clear sense of when and how the business revenues will stabilize. This is the opposite of point number 2 above. A good financial advisor and attorney can help.

10. Friendship and partnership is not the same thing. Be careful about who you choose as a partner.

11. Spending significant amounts of money on advertising and marketing and then waiting for the phone to ring. Every possible effort needs to be made to let the world know about your business.

12. Choosing the right people to be on the team. Entrepreneurs often choose the team based on personal perception about the individual instead of the skills and core competencies they will bring to the job.

13. Don't wait until every detail is right before you take your product or service to market. Let your users take you the last mile of your journey. They will not only improve on your plan but they will be loyal consumers if you respond to their needs.

14. Analyze your pricing and make sure the market will bear what you intend to charge. Profits only come when products and services are sold.

15. Share information with your staff. Your team can only help you realize your vision if they truly understand it. They need to know the good, the bad, and the ugly in order to support you and adjust their efforts as needed.

16. Do not under spend - especially on internet support if that is going to be key to your business. Seek out solutions that will give you the launching pad you need and will grow with you as your business grows.

17. Know when to quit. Not all businesses succeed. In fact, the majority fail. If you have chosen a path that is not succeeding, pull the plug before it's too late to move on to another venture.

18. The most important suggestion is the one I saved for last: Have a true passion for what you do and the commitment to see it through. A good idea without passion will not succeed in any way that will have made the effort worthwhile.

At this time of economic turmoil and rising unemployment, the opportunities for entrepreneurs it limitless. In fact, this is probably the very BEST time to begin a new venture. If we look back over time, the real winners are the ones who step into the spotlight at times when everyone else is zipping the tent waiting for the sandstorm to blow by.

Whatever your idea, your business, your product, or your service, YOU can be as successful as your dream. The sky's the limit!