Posted by 2014-03-11
Title: Best advice you never took
What is the best advice you got - but didn't take - and wish you had?
"Make sure you have adequate funding in the start up phase." This was advice from a seasoned entrepreneur and venture capitalist when I was first starting a business a number of years ago. Had I followed this advice I would not have been put in a difficult position later where I had to give up a significant equity position at a less-than-attractive valuation in order to keep the business on the path to profitability.
make sure you have a million bucks before you start a magazine!!!! Actually, it's not a single piece of advice as much as realizing what "building relationships" actually means to sales. A sales person told me not to even mention my magazine in the first conversation with a contact. To ask questions and find out about what the company needs before anything else. It took a year, but I get it now.
Save, save, save! Both my father and step father are in the finance business and constantly told me to save my money! I, as a teenager, of course thought "are you crazy?! I can buy random things!!" And now, I realize, I should have saved every penny. It would have allowed me to buy what really mattered later on and kept me some cash for rainy days too!
Wait at least 24 hrs before responding to less than savoury email. That old adage: "patience is a virtue" is SO true! Wish I had practiced more patience.