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Build a business, not a hobby: Five tips for starting out

/ Oct 29, 2012 7:45AM / Print / () / STARTER

Build a business, not a hobby: Five tips for starting out

I was asked some questions for Kirsty Dunphey's newsletter so I thought I'd share some of them here too.

What five pieces of advice would you give to someone wanting to start their own business?

  1. Know the difference between a hobby and a business – what is the market size for what you are planning to launch?
  2. Love what you do and do what you love – if you love what you do you will never have to work another day in your life.
  3. Systems will set you free (1% idea – 99% execution).
  4. Understand cashflow. There is no business without cash in the bank – even if you are making a profit on paper. Business models evolve over time.
  5. Have a clear vision of what is your noble cause – you've got to know where you are going to make the first step. How do you want to make the planet a better place?

If you can operate from love and passion anything is possible.

"Companies either operate from the fears of the ego or the love of the soul." – Richard Barrett.

This story first appeared on SmartCompany

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