What should all first time entrepreneurs know before starting their very first business?

As you can see from all the other answers here, there are a lot of things that you should know. I think any information is valuable and you should learn as much as you can before you start. Don’t forget that it’s important to continue to learn as you go too. I think there are a few simple things that you should know.

First, focus on your strengths. Obviously that sounds simple, but entrepreneurs often venture away from what they are best at in favor of expanding to things that they are not good at. The key to focusing on your strengths is to evaluate and truthfully define what they are. Your business will stand out from others by doing one thing better than others, not by doing a variety of mediocre things. This goes for the business and the entrepreneur personally. The entrepreneur should also define personal strengths and weaknesses and learn how to delegate things that are not a strength.

Another thing is to understand that you are only as good as your team. Every person on your team may not have the same passion for your business as you do. That is okay, you just need to understand that and plan accordingly. Ideally, you will be able to inspire them to be passionate about the success of your business, but if not you may need to incentivize them.

Don’t be afraid to seek outside help. At some point, you will need to hire some outside professionals, like attorneys, accountants, etc., to help you with various tasks. Some entrepreneurs are hesitant to do this because they are usually strapped for cash and don’t want to spend extra money at the early stages.

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