4 things I wish I'd known before starting a company - John Halfpenny
It's easy to know the right thing to do after something has happened, but it's impossible to predict the future. We all make mistakes in life, however, The Invested Investor aims to help you make less mistakes.
John Halfpenny is an entrepreneur and investor with thirty plus year's experience in starting companies, working for corporations and angel investing. Here he outlines the four things he wished he'd known before setting up his first company.
1. Evaluate that your home life is willing to support a budding entrepreneur
- You need your partner and family to buy into your idea and business, as you will regularly bring home the ups and downs of running a new enterprise.
2. You need to be able to afford to be an entrepreneur
- Think carefully about your current situation before starting a new business. Can you afford, financially and emotionally, to fully invest in the venture. In the early day's you will be unlikely to be able to take a large, if any, salary or any time off. Evaluate whether you can support the immersion.
3. Make sure your business idea is viable.
- All too often people get sucked into a venture or project without scrutinising it first. Be willing to throw everything at your idea and accept everything anyone else throws too. Actively seek their views. This will allow you to really know if it is a great business prospect.
4. Use the networks around you
- Networking is one of the greatest resources available to an entrepreneur. Whether it's for mentoring, constructive feedback, or customers, it is paramount that you utilise your network. Alternatively, as scary as it may be, reach out and build your network.