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Most often when I get pitched ideas from first-time entrepreneurs, I ask how is this different from [x]? Seriously, because it takes so much time and effort to go all-in on a business idea, you might as well wait for a truly great one
Probably the most costly mistake many entrepreneurs make is in choosing the people that they work with or hire. It’s a mistake I’ve made. And it’s a mistake I’ve seen over and over again
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Instead, work to come up with a creative solution that costs little to no money. That forced discipline will help you spend less than you make, even when you’re not making a lot. Sometimes capital is necessary, but at some point there must be return on that capital. There’s nothing wrong with taking equity investment, investing for the future, even losing money for a few years. But your plan has to get you back to that simple equation of making more than you spend."
The biggest mistake I see entrepreneurs make is over-estimating the novelty of their big idea."
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The reality is that there is no way to know how long it will take or whether it will work at all. So my advice is to approach it with humility, grit and a willingness to do whatever it takes to succeed, even if that means you have to work really hard for a long time."
Never forget that your business needs to take in more money than it spends. I know that sounds too simple, but so many people lose sight of that. That’s also why so many first-time entrepreneurs over-invest (or spend so much of their time looking for investors) early on.
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