This post is a part of the Money Blog Network group writing project for July.
My Best Thoughts For The New Entrepreneur –
Do Something You Love – When I started No Credit Needed, I never intended for it to be a money-making website. In fact, way back in 2005, I didn’t even know HOW to monetize a website. But, over time, I learned a little about monetizing, and the site began to make money. And, I love writing. I love writing about personal finance, I love writing about personal development, and I love connecting with other people. Find something you love – and then look for ways to monetize.
Beware Of Rookie Mistakes – A month or so after starting my site, I signed up with a particular advertiser. Foolishly, I didn’t understand that particular advertiser’s policies and I lost out on a chance to continue doing business with them. Take your time and follow the rules. Even an accidental mistake can be costly.
Connect With People Who Are (Much) Smarter Than You Are - I cannot tell you how many questions I’ve had over the last three years – questions about personal finance, taxes, forming an LLC, etc. And, many of those questions have been answered by my fellow bloggers. (I’d love to list them all, but there are too many to name. But, if you’ll take a look at my blogroll in the right-most column, many of them are listed there!)
Remember – You Are Your Product – There are millions of websites – and thousands of those websites are about personal finance. In order to stick out in the crowd, I had to learn to be myself. I had to “become” NCN. When I publish an article, I want each article to have a bit of me in it. No matter your product, repeat customers are returning because, in some way, they’ve connected with you. (If you look at the top right-hand side of my blog, you’ll see how you can “connect” with me, NCN. You can follow my Tweets over at Twitter, view my StumbleUpon profile, check out my FriendFeed, and subscribe to No Credit Needed – via RSS or via Email).
Don’t Cheat The System – Help others. Pay your taxes. Give to charity. Do the small things.
I considered calling this post – My Best Advice For The New Entrepreneur – but I don’t like to give advice. Instead, I just share my thoughts, and I’d love to read yours. I don’t consider myself to be an expert. I’m just a guy who found his voice and shared it with the world.  I’ve been blessed to find a ways to monetize my talents. If you decide to “go for it” – enjoy the journey, work hard, and be realistic. And, when you make it, share the blessings with others.
Final thought –
I should have started with this. Don’t go crazy and borrow money to start a new business. If you can’t start it with cash, wait. Start small and then build your business. There are enough failed businesses – and bankruptcies which have accompanied them. Don’t become a negative statistic. Find something that you can do, do it better than anyone else, and then expand – with cash! (Longtime readers will be happy to see that I included a little “No Credit Needed” philosophy in this post!)
Connecting with smarter people is a great point. You can learn a lot from meeting with someone successful in your market, even if they’re your “competition.”
There are so many things that would-be entrepreneurs need to be aware of, I’m not sure any one person can even come close to compiling a complete list. One of the most important things one needs to do is to keep and open mind and realize that there are areas where others know much more. It is easy for someone to fall into the whole DIY trap, but there comes a point when they must recognize that it is more cost- and time-effective to call a pro.
I wrote about this same topic back in June, and feel that it can act as an addendum to the original post:
http://letsblogmoney.com/2008/06/16/starting-your-own-business-take-your-time-and-do-it-correctly/
I can’t agree with the first point enough. I have seen so many people start businesses because they loved money not because they follow their passion.
My only addition is: Be prepared for the roller coaster ride. The highs will be really great and the lows are like the end of the world. The people that seem to make it are the ones that block out the extremes and march towards their goals in a steady and consistent approach.
start small and aim high, each and everyday you need to learn the market and know what most people in your local needs before you think of supplying to other places outside your locality.