Three Pieces of Business Advice For Young Entrepreneurs Tuesday February 18, 2014

Earlier this month a group of management students from the University of Calgary students reached out to me to partake in a class assignment. The project was to interview an entrepreneur or someone tied to startup world to get their insight into process of starting a business or new venture.

Never one to shy away from sharing my own experiences or vomiting out advice, I gladly accepted the request. During the interview, I was asked for my favourite general advice I was willing to give the group. As usual, I spewed out my three pillars that I’ve based my own business process and deals. (They also happened to be the same advice that I give anyone who approaches me on business topics)

So out conversation, I decided I’d try something different this weekend and flex my design skills by posterfy these “quotes” and sharing them with the internets. Now, anyone who knows me already understands that I’m not really one for motivational posters and Pinterest quote boards, but I figured I’d share them in a visual manner would be a bit more fun.

So here we go. For all you entrepreneurs and budding young start-up gurus, here are the three pillars of business that I try and live by.

Fail In Obscurity

Fail In Obscurity

Now, in all honesty this is a direct quote from 37 Signals and software developer guru, Jason Fried.

The concept is pretty simple. In any business venture people will make mistakes and we all know that mistakes are the best way to learn. So rather than making those mistakes when there is angel/investment money on the line or a reputation at stake – it’s far better to make mistakes, when you’re small and nobody cares.

No business is perfect from day one of operations. So make your mistakes in obscurity. Fail when there is nothing on the line.

Share Knowledge. It Will Come Back in Spades

Share Knowledge | It Will Come Back in Spades

Everyone has heard the quote that in business knowledge is power. In the past, there was an outdated interpretation that to succeed in business you needed to secure your knowledge. To not share it and to lock it away in vault of secrecy. Well in the age of the internet and a new society where personal branding is almost as powerful as corporate branding, this concept is pretty ridiculous. See the most successful people in my industry (and others around the world) are the ones who are now openly sharing their own knowledge.

In my experience, every time I’ve shared knowledge, whether it’s from a blog post, coffee conversation, presentation or media interview, I have always been rewarded far more than expected. It’s human nature for us to appreciate a hand or helpful advice. We always tend to want to reward or thank others who have helped us out. So by sharing your own expertise or knowledge with someone, they are more than likely to remember to recommend or reward you when another opportunity arise.

Let me put it this way. Let’s say someone comes into an auto repair shop with a frantic issue and they have no idea how to fix it. Unknown to them the issues is relatively minor and actually will cost less than ten bucks in parts off the rack and maybe ten minutes of work. As a business owner, you can either charge the client 100 dollars to fix it and try to up-sell them something OR you can tell them the truth and explain how easy of a fix it is. Nine times out of ten the customer would rather you tell them the truth and save them money then pad your own bottom line. Sure you may have just walked away from an easy sell and income, but more than likely that customer will remember that honest and knowledgable advice and recommend you to a whole slew of people. Which in the long run is far more profitable than hundred bucks.

While that’s a pretty rudimentary example, it does show you the difference between the old way of thinking and this new paradigm. Sharing your knowledge will provide far more rewards than not sharing it. It may not seem like it at first, but in the log run the rewards will be much stronger.

So share knowledge. It will come back in spades.

Never Stop Reading

Never Stop Reading

I personally struggle with this one, but my biggest advice for people is to never stop reading and learning. When I started Armadillo Studios, I used to digest at least one key business book every two months, which for me is a lot. But even though I don’t have the same appetite form business books that I used to, I do spend a huge percentage of my time learning – whether its through business books, startup blogs, articles or networking events.

I always find it fascinating when I come across someone in my industry who doesn’t know who Gary Vanyerchuk is, what 37signals and Basecamp is, where SXSW is held or even what is happening in the local tech industry. When starting a business, knowledge is key. So the more you learn and know, the better off you’ll be in the long run.

So it goes without saying, but *never stop reading, learning and evolving.

There you go. My three mantras to live by in business and for those looking to break into the start-up world.

Categories: The-Corporation, The-Blogosphere,

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