Top Shelf Tips on Entrepreneurship
Tony Kereluke • December 27, 2018
Thinking of becoming an Entrepreneur? Or already one? This can help looking at things through different lenses.
- Make sure you invest your hard working money & savings into something you are controlling daily. Give consideration if you will be managing your cash to determine the success or failure of the business. This is on your hands and don't let anyone else be in control of your hard working money. As know one cares about your bank account like you do.
- Staying on the offense at all times is very key as a entrepreneur. If something isn't working do not get discouraged. Try scoring an immediate goal as goals win games in sports. Life is very similar in this retrospect. Keep trying for more goals is key then it is just a matter of time before you score a big game goal.
- It is fine to own 25% of something rather than 100% of nothing in business. This is how I got started as an entrepreneur in Calgary, Alberta. I joined partnerships that were win win for both sides. We carefully laid out roles within the partnership. This gave us a defined way of where we needed to go and be day in day out.
- Plan out and forecast for storms that come into your world, and ride out windy days as an entrepreneur. Have operating cash flow set aside as you will often times need to dip into this and then can replenish later.
- Consistently market yourself and always be promoting your business at all times. To often people open a business and then expect customers to walk through the door. Life and business does not work this way. Don't be afraid to get out there and let then entire community know what you do each month and stick with this mentality.
Learn what buyers look for in a business, from cash flow and recurring revenue to owner dependence, risk, systems and growth potential.
Learn how to organize financial records, document earnings, identify add-backs, and prepare for buyer due diligence before selling your business.
Learn when to sell your business, when to wait, and how market conditions, valuation, buyer demand, and exit strategy affect your decision.
Learn the biggest mistakes owners make when selling their business and how to avoid pricing, timing, confidentiality, and negotiation issues.
Learn how to sell a business confidentially without alerting staff or competitors. Proven strategies to protect value, control information, & close discreetly.
Learn how long it takes to sell a business, the key stages involved, and what to expect from preparation to closing so you can plan your exit with confidence.
Learn how to value your business using SDE, EBITDA, and market multiples. Understand key factors that affect valuation before you sell your business.
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