When you’re starting out in business, there’s just so much to learn -- including all the things you don’t yet know you don’t know! We believe a great way to save time, reduce stress, make smart decisions and avoid costly mistakes is by learning from others who have been there, done that. So here are some valuable insights from entrepreneurs in our QB Community who have already experienced the good, the bad and the ugly of starting a small business -- and who are happy to share what they’ve learned.

Get excited but stay realistic 

Erin Williamson, Founder of Pier Coffee, Co-founder of Engender International: “If a new entrepreneur has a mix of blind faith, enthusiasm and a little bit of doubt all at the same time they will succeed. The drive and excitement to do something regardless of its potential to fail gets everything started. I have enthusiasm and faith in spades, but I don’t have enough of the naysayer. If I started all over again as an entrepreneur, I would figure out how to build some naysayer into the process from the get go.” - @Anonymous

Nikki Pendleton Bell, Founder of Domestic Divas, LLC: “Focus on one thing at a time, and perfect that one thing before going on to the next endeavor. It can be a double-edged sword when too many opportunities present themselves at one time and you try to have a hand in all of them.” - @TheDomesticDiva

Know your customer

Danielle Vincent, Founder of Outlaw Soaps: “Make sure you build a business that reflects who you really are. Authenticity helps you make real connections with customers. And maybe most importantly, the quicker you can identify, correct and move on from a problem, the better. Starting your own business leaves you very vulnerable. A negative comment or feedback can break you if you don’t have a thick skin. I used to get really worked up over a one-star review or a nasty letter from a customer. Now I just hit delete and move on.” - @OutlawSoaps

Carly Patterson, Owner of CarlyMegan Clothing: “You will have lots of ups and downs, so try not to get discouraged. Just keep working and stay focused. Find your ideal customer and accept that not everyone will love what you offer. Always remember that building a business is a marathon, not a sprint. Be patient with yourself and your business - it takes time to build something great.”

Value what you offer

Erica Taylor Haskins, Co-founder of TINSEL Experiential Design: “1) Identify your biggest areas of strength to focus on, then hire people to take care of everything else. 2) If you are entering an already saturated market, identify what makes your product or service different. Make that your brand. Talk about it early and often. 3) Be your own biggest cheerleader. We find that women in particular are often shy about sharing the news about the businesses they are growing. For whatever reason, they feel guilty about tooting their own horn. But if you don't, who will? 4) Enter the market at the right price-point. As people often do, we naively underpriced ourselves in the beginning, making the excuse that we were still learning our trade. But then as we got better and better, we found ourselves fighting an uphill battle against ourselves to raise our prices because our audience had already established where they thought we sat in the market (as a 'bargain' option instead of a luxury service). 5) Be religious about negotiating in your favor. Understand your value and advocate for it. If you aren't making money, you don't have a business. You have a time-consuming hobby." - @TINSEL

Cheri Drake, Owner of Sisters Staging: “I’ve learned the hard way how important it is to have a signed contract and to get paid upfront. I work with many different real estate agents, and not everyone knows what they’re doing. I’ve rented furniture and then discovered the agent can’t pay me! Now I take my Square with me everywhere. I always ask for payment upfront.” - @StagingCheri

Believe in yourself

SJ Barakony, Founder of Service Before Self Leadership: “I like this quote: 'Be a student, be humble or be teachable. Do not equate education and credentials.' Remember, you can be very well-educated without a degree or diploma."- @SBSL-Founder-SJ

Monique Greenwood, Owner of Akwaaba Inns: “Use your fear as your fuel and ultimately have faith. Over-prepare and reach out to those who can help in your journey. If you've identified a product or service that the consumer wants (not what you think they should have), you're well on your way.” - @AkwaabaInns  

Hire great people

Michelle Kagarmanov, Mystic Hills Hideaway RV Resort: “Part of having a successful business is figuring out how to make enough revenue to hire other people, because no matter now motivated or dedicated you are, you can’t expect to work all the time. If you get burned out and lose perspective -- even if your business is doing well -- you’re not going to succeed. Finding good-hearted, dedicated, full time employees who have our best-interest in mind has been so important.”

Megan Corazza, Fishing Boat Captain: “Be a good boss. Keeping great people on your team is key to having a successful business. Don't treat them like a tool that can be replaced. My people are essential for me to run this fishing operation.”

QB Community members, what is your best tip for an entrepreneur just starting out?

Further Reading:

• Been There, Done That! 9 Entrepreneurs on What They’d Do Differently If They Started All Over Again