Running your first business

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May 22, 2021

by a searcher from University of Pennsylvania - The Wharton School in Philadelphia, PA, USA

We've all read the books, had the classes and watched the videos, but nothing beats first hand experience. What is the biggest lesson learned you have had from running your first business? If you could go back and change one approach or tactic, what would it be?

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Reply by an admin
from Stanford University in Honolulu, HI, USA
Hi, ^redacted‌: In addition to the answers you receive here, I encourage you to check out our library of videos and content on this subject. You'll find content by clicking the #interview and #operating tags in your post. You'll find playbacks of our live streams on the past events page by clicking the main menu ► next to your profile pic>> events and then past events. Here is the direct link: https://www.searchfunder.com/event/past.

You'll want to look for our Searcher Success Stories and our S.O.S.: Searchfunder Ops Sessions. Most recently, ^redacted‌ did an excellent job of talking about being a first time CEO here: https://www.searchfunder.com/event/view/463
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Reply by a searcher
from University of Calgary in 3553 31 St NW, Calgary, AB T2L 2K7, Canada
- People is your main asset. Invest in it. Hire the best people you can (for your size and budget) and get rid of the B players fast. Invest in training.
- Understand your cash flow and your numbers inside out. You’d be surprised how many CEOs don’t know their numbers and are surprised when they run out of cash.
- You will make mistakes for sure. Be ok with that fact. As long as you make more good decisions than bad ones you will be ahead in the long run.
- learn the business, spend time with clients and the people on the ground and learn what makes the business “tick”.
- Pay attention to your own psychology. The toughest part of being a CEO is keeping a cool head in hard times and not being overwhelmed with stress. You have to balance between being optimistic and paranoid. It’s not easy but you have to work on it.
- Join a peer group (YPO, EO).
- Surround yourself with a great management team. You don’t need to carry the whole burden alone
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