It is just as well entrepreneurs don’t listen to advice – because a lot of it is bad. I have received some very poor guidance over the years from various sources (who shall remain nameless), and I itemise here my greatest (or worst) hits. The dispensers of advice know who they are.
● Don’t leave the day job: if I had remained as an employee I would have always felt disappointed. The dangers of becoming your own boss are exaggerated – especially in an era when no job is safe. Fortunately I took the plunge anyhow, and despite plenty of mishaps, have never seriously regretted the decision. As Jack Welch said: “Control your own destiny, or someone else will.”
● Never borrow money: you are unlikely to succeed in a serious way with your own enterprise unless you obtain bank debt of one sort or another. But I was told that taking on overdrafts and even mortgages was akin to committing a mortal sin. Of course you can choose to stay small, or try to raise equity and dilute your shareholding, or perhaps fund growth slowly through retained profits. But if you are ambitious and restless, then I suggest you become acquainted with various bankers, and when the project is right – ask them for cash.