Here’s some advice from entrepreneur Joe Ollivier, who has helped start or fund 27 companies in the past three decades. He is a member of the Utah Angels and runs First Capital Development in Provo, Utah. Joe explains what it takes to be an entrepreneur.
It’s a great list. I’ve printed it out and will keep it close. A few highlights are:
- It has to be a business that gives you an emotional high.
- Avoid any business that is labor or inventory intensive.
- Find a lifelong mentor as soon as possible. Have him continually play devil’s advocate.
- Have the attitude that everything that happens to you in your life is your own personal responsibility; you are never a victim.
- Remember that you will learn much more from your mistakes and failures than your successes.
- Expect to become wealthy – do a financial statement on yourself each quarter.