Build a business, not a hobby: Five tips for starting out
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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?
- Know the difference between a hobby and a business – what is the market size for what you are planning to launch?
- 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.
- Systems will set you free (1% idea – 99% execution).
- 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.
- 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