Realize entrepreneurship is a marathon
The Nasdaq crashed one year after we started Bluemercury. For a year and a half, there was no way to raise venture capital and we had to figure out how to build our business with revenue and cash flow. Now the company has been through two recessions.
Many entrepreneurs focus on how they can exit their business in a few years. But things are always changing, and life rarely works out like you plan. Instead, focus on building a great company for the long term. Remember, entrepreneurship is a marathon, not a sprint. —Marla Beck, co-founder and CEO of Blue mercury, which was acquired by Macy’s for $210 million; creator of M-61 Skincare and Lune+Aster cosmetics
Ensure there is a demand for your product or service.
Entrepreneurship requires working harder and learning more about yourself than you can imagine. It has lucrative rewards — but no guarantees. When things get intense, you’re running out of cash, and you want to quit, remember that sales may not cure all issues, but you can’t cure the issues without sales.
Companies that thrive focus on being consistently profitable so they can withstand unforeseen events like economic downturns. Before you start a business, do your research, know your numbers, and be certain there’s a market and demand for your product or service. Every sale should be profitable, ideally by 50 percent. Then you’ll have money to hire A-list players so you can focus on the work you want... (More)