Best Startup Advice from the PROFIT 500

IBF Entrepreneur Online – Proven tips from people who’ve been through the difficult task of starting a successful business

Starting up a company is, simply put, hard work.
The vast majority of PROFIT 500 leaders have been through it. While they’re successful now, the lessons they learned in the early years have stuck with them—so much so that they felt compelled to share them with us. If you’re considering starting your first business—or launching another one—consider this advice:

“Avoid debt when you are first starting up. Risk only what you can lose. Once things get rolling, there is a place for debt.”
—Marija Pavkovic, managing director, MaKami College Inc. (No. 62)
“There’s only one job you have while starting a company, and that’s to bring in sales. Do your research, then go out there and sell.”
—Grail Noble, CEO, YellowHouse Events Inc. (No. 72)

“Be clear on where you want to go with what you’re trying to do, and expect to work your ass offand not get paid for a while.”
—Jay Bousada, president Thrillworks Inc. (No. 153)

“Be prepared to work shockingly hard for shocking low pay for a shockingly long time. Some people are lucky enough to make money quickly in spite of themselves. Most businesses don’t.”
—Ed Hennessey, Safety First-SFC Ltd. (No. 392)

“Behave like the company you want to be some day, not the company you are today. That was a big one for us. We didn’t want to work out of our basements. Decide who you want to be and be that from day one.”
—Tracey Bochner, president, Paradigm Public Relations Inc. (No. 124)

“Expect to go prematurely grey before your time.”
—Sean McCormick, CEO, Manitobah Mukluks (No. 201)
“Know your limits. A lot of people start businesses and get so excited about having ‘President’ or ‘CEO’ on their business card that they forget there’s a lot of responsibility that comes with that. As a business owner it was important for me not just to figure out what my strengths were, but it was more important for me to figure out what my weaknesses are so I could find the right people to fill those gaps.”
—Orit Koren, president & CEO, Trillium FSB Inc. (No. 130)
“Get a mentor. Don’t wait and get a mentor.”
—Darryl Bodnar, president, Brogan Safety Supply Ltd. (No. 164)

“Be willing to commit everything to it. That could be family life, financial stability, emotional wellbeing, everything. You could be that rare person who is successful if you just give it a half effort, but if you want your organization to be successful, you have to put the organization first, for the first little while, anyway.
—John Nalli, president and CEO, People Store Staffing Solutions (No. 29)

“Have a good home life.”
—Jonathan Finley, president and CEO, Credit Bureau of Canada Collections (No. 178)
“If you’re going to get into a partnership with someone, make sure they’re good people to partner with, that they’re complementary and they’re good to get along with. And make sure you have good agreements in place, just in case something goes wrong.”
—Chris Rahbek-Nielsen, director, MAC Engineering Inc. (No.94)

“Burn the bridges and have no exit strategy. If you have an exit strategy, you’re going to use it. I’ve read almost all the business books, and everyone tells you that you need an exit strategy. But if you enter a marriage with an exit strategy, it won’t be good.”
—Nik Grgic, president, FourQuest Energy Inc. (No. 1)
“You have to remove any safety net; no working at a day job and doing it at night. We’ve found that it has to be all-encompassing to get going. You have to be walking the wire; you’re going to make it work or you’re not. Because if there is a safety net, more often than not you’re going to fall into it. It can be a little bit scary and daunting, but you have to have the right mindset: ‘This is it, I’m not trying it, I’m doing it. You have to realize that and believe it.”
—Paul Herron, managing partner, Copperstone Connect (No. 38)
“Stick it out. Accolades are fake things. Screwing up is where you’ll learn.”
—Sean Dawson, president, Bluelime Enterprises Inc. (No. 78)

“Know when to say no. It’s appealing to try and follow everyone who wants to work with you. But you can’t be all things to all people. Focus on your core offering.”
—Jeremy Greven, founder and CEO, Prompt Alert Inc. (No. 55)
“Hire people that are better than you, that are stronger than you and that compensate for (or complement) your weaknesses.”
—Jeff Quipp, CEO, Search Engine People Inc.
“Just start. The first iteration of your business is better than continuing to develop a business plan without testing it.”
—Matthew Horne, founder, Deco Windshield Repair Inc. (No. 180)

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Source: Profit Guide