10 entrepreneurs share their top business plan writing tips on forbes com

A step-by-step guide to writing a business plan that will boost your startup's chance at success

• For all of the popularity of pitch decks , business plans still serve an important function for entrepreneurs who are building a business.
• A 2017 study of more than 1,000 entrepreneurs found that those with a business plan were more successful than those without.
• Business Insider asked entrepreneur, business mentor, and former Wall Street bank executive Cate Luzio to distill her decades of experience into a guide.
• Her advice is the basis for these eight essential elements founders should include in a business plan, and why they matter.
• Visit BI Prime for more stories.

A pitch deck is not a plan.

For all of the popularity of pitch decks, business plans still serve an important function for entrepreneurs who are building a business.

A 2017 study of more than 1,000 entrepreneurs found that those with a business plan were more successful than those without. Among pairs of otherwise identical founders, planners were 16% more likely to be profitable for at least 6 months out of the preceding year.

Professor Francis Greene, who co-authored the study with Christian Hopp, told Business Insider the pairs of entrepreneurs were "like twins" in every observable way, and that the results were "fairly definitive."

"It's pretty clear that if you plan, it pays," Greene said.

Of course, a fancy plan won't save a bad business model, but a thoughtful strategy can give a promising idea the winning edge in a competitive market.

And that edge doesn't exclusively apply to startups seeking venture funding. Just ask former Wall Street bank executive Cate Luzio, who left her 17-year corporate career to launch Luminary NYC, a co-working and event hub for professional women.

The importance of time — and timing

Luzio attributes Luminary's success to the business plan she wrote in one week, a feat that Greene says typically takes founders about 2 months to produce. 

Greene also stresses that his research shows that much of the value of a plan is tied to when you write it. In an earlier study, he and Hopp found a sort of Goldilocks zone of time — roughly 7-12 months after the initial idea, and usually 1-2 years before launching the product or service — as the optimal time to start writing.

Still, Greene says there can be significant internal value to the practice of writing a plan beyond simply raising funds, and Luzio would agree. As a self-financed bootstrapper, Luzio told Business Insider that she's often asked why she wrote a plan if she's not out raising money.

"I need a business plan to run the business," she said. "Business plans weren't created 50 years ago for founders to sell their companies. Business plans were created to build their business, understand cash flow and, and manage the business."

For first-time founders and seasoned pros

As Managing Director and the Global Head of Multinational Corporate Banking at HSBC, Luzio had a $2 billion portfolio and a team of more than 2,000 people across 72 countries.

"It's important for startups to make sure their product/service produces value and meets needs," Luzon said. "It's not about any method being the preferred way. I think it's important to have a plan with actionable-steps and a mission 'North Star' for your business."

Greene describes a good business plan as a "pre-mortem," or an analysis of everything that could go wrong with the business, from which even serial founders with numerous exits under their belt could benefit.

"A plan is a corrective device for solving for your biases," he said.

A strategic framework for your business' growth

Over the years, Luzio has reviewed countless plans and she regularly helps entrepreneurs write their own. This February, she will lead a business plan bootcamp at Luminary in New York.

Business Insider asked Luzio to distill her decades of experience into a guide, which she emphasizes is exactly that: a guide, not a rubric.

"I don't want to focus on a one size fits all approach. I want to underscore for new entrepreneurs the importance of fully mapping out their vision," she said. "Whatever the plan or the framework you use, you have to be able to execute."

A business plan simply happens to be a very useful framework, and Luzio's advice is the basis for these 8 essential elements founders should include in their plans, and why they matter.

If you have written a plan for your business that you'd like to share with Business Insider, please get in touch via email at dreuter[at]businessinsider.com .

1. Executive Summary

The first section of a business plan is best written last, once you've worked through the questions raised in the other sections.

Here is where you introduce your company's narrative, and define what success will look like. What problem or opportunity will your business address, and who are your target customers?

This is also where you'll introduce your finance strategy. Are you looking for equity investors, taking on debt, or working with existing cash? How much financing will you need from different sources, and when will you be profitable enough to deliver returns?

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Boil down the work you've done in the following sections into a few sentences that get straight to the point.

2. Company Overview

If you have an elevator pitch prepared, this is where it belongs. Summarize what your company stands for, and what its guiding principles are. Why does your business do what it does ? Who are the stakeholders that are concerned with your company's success?

Briefly introduce your target market or customer base, how your product or service will meet a demand, and what operational and staffing considerations are necessary for the business to function.

Lastly, Luzio said you should be very upfront about your financial needs and goals, like start-up costs and revenue forecasts. Businesses depend on cash flow, so don't be coy about how you're going to manage that necessity.

3. Business Description

Here is where you start to delve into the details of the market opportunity your company will capitalize on. Consider factors like geographies, demographics, and industries, and demonstrate how your product or service is different.

Identify who the key suppliers or partners are and the extent to which your business will depend on those relationships.

As before, remember to think carefully about the financial picture. Base your revenue and pricing models on thoughtful research and design a structure that can compete in your target market. If you're charging more or less than the competition, provide a solid rationale as to why.

4. Market Research and Analysis

Expand on the market discussion from the previous section, and demonstrate how well you understand your competitive landscape. Who are the dominant players, and what are the growth trends in your industry?

With nearly eight billion people in the world, your odds of success are improved if you can narrow your target to a more specific segment. Depending on your competition, what percentage of that segment do you realistically think your business can address, and how big does your business need to be to handle that percentage?

Round out the section with a good old-fashioned SWOT analysis . Listing the strengths, weaknesses, opportunities, and threats, is a time-honored method of keeping track of the concerns you'll need to manage for your company.

5. Operating Plan

Your company's operations will possibly be the hardest thing to plan in advance. Do your best to spell out how you will generate sales, deliver your product or service to the market, and handle payments from customers.

Think about what you'll need in terms of facilities (like offices, warehouses, storefronts, coworking spaces) and technology (like web services, payment processing, customer resource management), or other capital investments that may be specific to your business.

Review your mission-critical suppliers from earlier, and also identify any key customer relationships that could have a significant impact on your success. Luzio categorizes a key partners as any single customer who delivers more than 10% of your annual revenue.

This is also the beginning of one of the biggest ongoing challenges all business owners face: building your team. Luzio recommends outlining the key roles that need filling in the first two years of operation for your company to succeed. Determine if these must be hires or can be contracted out.

In addition to defining an organizational structure and each position's responsibilities, make a plan for recruiting, retaining, and compensating your team. You may need professional consultation to navigate HR issues, or if you'll be offering equity ownership of the company.

6. Marketing and Sales Plan

Once you've established your target customer segment, you'll need to develop a strategy for crafting the right messaging to reach them.

"How you promote the business is an important element of your success," Luzio said.

With the vast array of available marketing channels, you may need some help from public relations and marketing professionals to choose the right ones for your business and shaping the messaging that's appropriate for each.

This also figures into your hiring plan, since you many need to staff up for sales and support.

7. Financial Plan

Luzio said estimating your startup costs and projected earnings growth "is critical to see when the business becomes profitable or is targeted to be."

Startup costs include one-time and ongoing expenses that are essential to get the business up and running, and should be summarized here and laid out in greater detail in the Appendix.

Your profit-and-loss (P&L) model, also known as a pro forma income statement, is a projection of your expected income and expenses for the first 12 months, and up to a period up to five years. A summary P&L will suffice here, but be based on a more thorough model that is included in the Appendix.

Much as you would love to see the so-called hockey-stick growth curve for your business, few founders will ever see that sort of rapid scale-up. If you've done your diligence in preparing your startup costs and P&L projections, you should have a reasonable idea of when your business will break even and start earning profits.

Equity investors appear to exempt some companies or industries from expectations of foreseeable profitability, but debt investors and lenders are generally less tolerant of cash-burning businesses. They'll want to know when you expect to become EBITDA-positive, since that's when they'll begin seeing repayment on your loans.

8. Appendix

The appendix is the home for any other matters you need to include, but may not merit a fully fleshed-out section.

It's also that place for the tables, charts, and analyses that are summarized in earlier sections, such as:

• Estimated start-up costs: A more detailed breakdown of the expenses and investments required to get your business up and running.
• P&L projections: Also known as pro-forma income statements, here's where you'd go into more detail about your revenues and expenses, forecast up to five years out.
• Additional market research: Provide more specific details about the basis for the analysis and assumptions discussed in section four.
• Competitive analysis: Deeper analysis of individual competitors or potential competitors that could challenge your model.

Now that you've completed all the sections, you're ready to return to the top and work on the Executive Summary.

You can use this guide to inform your own original plan, or if you would like more detailed instructions, check out the Startup Business Plan Template from SCORE, the business mentoring organization .

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How to Write the Perfect Business Plan: 10 Essential Steps

Whether you’re starting a new small business or are already years into operating one, a business plan is one of the best ways to clarify your long-term vision. Follow our step-by-step guide to writing a highly effective business plan.

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hether you’re starting a new small business or are already years into operating one, a business plan is one of the best ways to clarify your long-term vision. While every business plan is different, there are several key elements to consider that will benefit you in the long run. 

Follow our step-by-step guide to writing a highly effective business plan. 

What is a business plan?

A business plan is a document that outlines your business goals and how you plan to achieve them. Ideally, this will become your roadmap for marketing, sales, finance, and growth. 

In other words, a business plan is...

• An explanation of your overall vision.
• A valuable tool to plan and track your business fundamentals.
• An overview of your path to profitability, which can help get funding for your company.

Do You Need A Business Plan?

While it’s not a requirement, having a business plan is strongly recommended. In a recent QuickBooks survey , nearly 70% of current business owners recommended writing a business plan.

Creating a business plan is especially useful in the following scenarios:

• Applying for business loans
• Seeking additional rounds of funding or investors 
• Growing your employee headcount  
• Attracting top-level management candidates 
• Looking for opportunities to scale your business

10 Steps To Creating A Comprehensive Business Plan

While not every business plan is the same, there are a few key steps you should take to create an effective and comprehensive document:

1. Create an executive summary

Think of an executive summary as your company's elevator pitch in written form. It should be 1 to 2 pages in length and summarize important information about your company and goals. If you are pitching your business plan to get funding, you should ensure your executive summary appeals to investors.

What should you include in an executive summary?

• An overview of your business
• Your company mission statement
• A concise description of products or services offered
• A description of your target market and customer demographics
• A brief analysis of your competition
• Financial projections and funding requirements
• Information about your management team
• Future plans and growth opportunities
• An overall summary of your business plan

2. Write your company description

Your company description is a more detailed and comprehensive explanation of your business. It should provide a thorough overview of your company, including your company history, your mission, your objectives, and your vision. A company description should help the reader understand the context and background of the business, as well as the key factors that contribute to its success.

What should you include in your company description?

• Official company name 
• Type of business structure
• Physical address(es)
• Company history and background information
• Mission statement and core values
• Management team members and their qualifications
• Products and services offered
• Target market and customer segmentation
• Marketing and sales strategy
• Goals (both short- and long-term)
• Vision statement

Novo Note : The company description is your chance to expound on the pain points your company solves. It should also give a reader an accurate impression of who you are. 

3. Conduct and outline market analysis

This is one of the most important steps in building a business plan. Here, you will assess the size and dynamics of the market your business operates in.

How to conduct a market analysis

Market analyses include both quantitative and qualitative data. You may want to conduct surveys or lean on existing industry research to gather this information. You’ll want to answer:

• What is the size of the market?
• How much revenue does your industry generate?
• What trends are impacting this industry?
• Where are opportunities for innovation?
• What are the most well-known companies in the industry? What tactics do they use to sell to customers? How do they price their offering?
• Where are there gaps in the market? 
• What are your customer demographics? What problems do they have that need solving? What are their values, desires, and purchasing habits?
• What barriers to entry, if any, exist? These could include startup costs, legal requirements, environmental conditions that impact consumer behavior, and market saturation.

What is your target market?

In this section, you will specify the customer segment(s) you’re targeting . You can divide customers into small segments organized by age, location, income, and lifestyle. The goal is to describe what type of consumer will be most interested in your offering.

Novo Note : Regardless of your company’s size, understanding the trends and opportunities within your target market enables you to build a more effective marketing plan to distinguish yourself from the marketplace and grow your business. This analysis might also help you find potential customers or new products you could offer. 

4. Analyze your competitors

After conducting a market analysis, you need to do a deep dive into your competitors. Look at how the competition is succeeding or failing and how each competitor has positioned itself. For example, you might want to evaluate your competitors’ brand, pricing, and distribution strategies. 

How to conduct a competitive analysis

You’ll want to research your competitors and ask the following questions:

• What are their strengths?
• What are their weaknesses?
• What are their customer reviews like?
• How do they price their offering(s)?
• What are their value propositions?
• What marketing and sales channels do they leverage?
• How are they growing and evolving?

Novo Note : After you develop a strong understanding of the competitive landscape, consider how your business is unique. Solidifying your competitive advantage can help you appeal to your target audience.  

5. Describe your products or services

This is your chance to go into more detail about the products and services you offer! Use this opportunity to note where your offering or service differs from others in the industry. Highlight the standout features of your product, your company’s unique ability to solve customer problems, and your product roadmap.

What to include:

• Your product catalog
• Key differentiating features
• Information about the production process
• The resources required for production
• Plans for future product releases

6. Define your marketing and sales strategy

Your marketing plan describes your strategy for connecting with your target market and generating leads. It doesn't need to be full-fledged at this point, but it should answer who you're trying to sell to and how you plan to target them. Investors also want to know how you plan on selling your brand and breaking into the market, so make sure to consider their perspective as you develop your marketing strategy.

• Your sales and marketing budget
• Your key sales and marketing objectives
• Details about your sales process and sales goals
• Platforms or strategies you’ll employ to reach your target audience
• PR initiatives, content ideas, and social media strategies

7. Gather your business financials and outline financial projections

Your financials section lays out your company's past and current performance. You can also include a roadmap that dives into financial projections for your business. Aim to include projections for the next five years at a minimum.

• Income statements
• Cash flow statements
• Balance sheets
• Explanation of any significant changes

Novo Note : Novo offers integrations with accounting software like Quickbooks and Xero , allowing you to seamlessly access all your financial information within your business checking account .

8. Describe your organization

Your business plan should also include an organizational chart that maps your company’s structure. 

What to include :

• Company’s management structure
• Other key personnel, along with their roles and responsibilities
• Expertise of your team (feature any specialists or experts)

Novo Note : This is also a good place to explain the legal structure of your company — for example, if you are an LLC , a corporation, or a sole proprietorship . 

9. Outline your funding requests

If you’re looking for business funding, include an outline of any funding requests and requirements.

• Why you are requesting funding
• What the funding will be used for specifically
• Desired terms and conditions of funding
• The length of time over which the funding will be used
• Type of funding required (for example, debt or equity)

Novo Note : Propose a five-year funding plan, and aim to be as detailed as possible about how you will utilize the funds to grow your business. 

10. Create an appendix

The last section, the appendix, includes supporting documents and additional information not listed elsewhere in your business plan. Not all of these items are necessary to include, so you’ll need to evaluate which are most relevant to your business. You might also want to include a table of contents to help keep the appendix organized.

Items to consider including:

• Bank statements
• Business credit history
• Legal documents
• Letters of reference

Sample Business Plans

Need an example to help you through the process? Check out the Small Business Administration’s downloadable examples or this even more in-depth one from Harvard Business School.

Tips For Creating A Great Business Plan

Here are some of our favorite tips for creating the most effective and efficient business plan:

• Keep it short and sweet : You want to be sure people will actually read your business plan, so stay on topic and to the point.
• Make it digestible : No need to use the fanciest terminology or draft up the most complex graphs. Keep wording and ideas simple and straightforward — it’s the most impactful way to get your information across.
• Triple-check your work : There’s nothing worse than noticing a grammar, spelling, or mathematical error when you’re presenting your vision. So proofread… and then proofread again!
• Start early : It’s never too late to write a business plan, but the earlier you do it, the stronger your strategy for growth and expansion will be from the start.
• Reference credible sources : If you are going to reference third-party research in your business plan, lean on sources that are widely recognized as authorities. Try tapping into trade associations and government resources, like U.S. Census data or data from the Bureau of Labor Statistics.
• Set yourself apart : Wherever you can, explain why your product or service stands out and how it can solve a problem.
• Be objective : Avoid the instinct to only showcase the good. Stakeholders and investors want to know that you are realistic and have a contingency plan if you hit a bump in the road.

Updating Your Business Plan

As with most situations in business (and life), things change! So don’t think that your business plan has to be set in stone after you create it. Instead, you should plan to return to it once a year and make updates.

Be sure to do the following when you review and update your business plan:

• Analyze your progress: Review your original business plan and compare it to your actual financial data. Are you moving in the right direction, or do you need to reevaluate your strategy?
• Consider whether your product offerings need to be adjusted: For example, decide if you want to diversify your product offerings or scale back and focus on a singular product. 
• Reassess your overall goals: Perhaps your sales goals have changed with your new marketing strategy. Or maybe your customer’s needs have changed. In any case, be flexible where needed. 

We know there’s a lot that goes into creating a business plan, but it’s worth it. There’s no one-size-fits-all formula for developing a business plan, but our steps outlined above will put you on the right track for developing a comprehensive, investor-friendly document.

Take time to review your business plan annually and make changes as your needs and goals change.

Novo Platform Inc. strives to provide accurate information but cannot guarantee that this content is correct, complete, or up-to-date. This page is for informational purposes only and is not financial or legal advice nor an endorsement of any third-party products or services. All products and services are presented without warranty. Novo Platform Inc. does not provide any financial or legal advice, and you should consult your own financial, legal, or tax advisors.

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Research: Writing a Business Plan Makes Your Startup More Likely to Succeed

• Francis J. Greene
• Christian Hopp

It’s particularly important if you plan to raise money.

When asked about an opponent’s plan for their impending fight, former world heavyweight champion Mike Tyson once said: “everyone has a plan until they get punched in the mouth.” It is a school of thought now fashionable in entrepreneurship circles. The truth, though, is that we just don’t know if it pays to plan. For every study that shows that it does, another study comes along and says that start-ups should just learn by doing. We wanted to study entrepreneurial planning, but with more context than previous efforts. We found that it pays to plan. Entrepreneurs who write formal plans are 16% more likely to achieve viability than the otherwise identical non-planning entrepreneurs. More than that, we were also able to see what makes people write business plans in the first place.

When asked about an opponent’s plan for their impending fight, former world heavyweight champion Mike Tyson once said: “Everyone has a plan until they get punched in the mouth.”

• FG Francis J. Greene is Chair in Entrepreneurship in the University of Edinburgh Business School.
• CH Christian Hopp is Chair in Technology Entrepreneurship in the TIME Research Area, the Faculty of Business and Economics, RWTH Aachen University.

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10 Simple Tips to Write a Successful Business Plan

"The absolute biggest business plan mistake you can make is to not plan at all." So writes Noah Parsons in his helpful blog post 17 Key Business Plan Mistakes to Avoid in 2023 . But how does one pull together all of the necessary components of a cohesive plan? It can feel overwhelming.

Eric Butow, CEO of online marketing ROI improvement firm Butow Communications Group, has teamed up with Entrepreneur Media to update the second edition of our best-selling book Write Your Business Plan to provide you with a simple, step-by-step process for creating a successful business plan. In the following excerpt, he gives ten tips to gather all of the critical information you will need to succeed.

1. Know your competition.

You need to name them and point out what makes you different from (and better than) each of them. But do not disparage your competition.

2. Know your audience.

You may need several versions of your business plan. For example, you may need one for bankers or venture capitalists, one for individual investors, and one for companies that may want to do a joint venture with you rather than fund you.

3. Have proof to back up every claim you make.

If you expect to be the leader in your field in six months, you have to say why you think that is. If you say your product will take the market by storm, you have to support this statement with facts. If you say your management team is fully qualified to make the business a success, be sure staff resumes demonstrate their experience.

Order Write Your Own Business Plan Now and Get 1 Month of Free Access to Business Planning Software Liveplan Premium

• Easy step-by-step business plan generator
• Built-in financial calculators
• 500+ sample plans and templates

4. Be conservative in all financial estimates and projections.

If you feel certain you'll capture 50 percent of the market in the first year, you can say why you think so and hint at what those numbers may be. But make your financial projections more conservative. For example, a 10 percent market share is much more credible.

5. Be realistic with time and resources available.

If you're working with a big company before you buy a business, you may think things will happen faster than they will once you have to buy the supplies, write the checks, and answer the phones yourself. Being overly optimistic with time and resources is a common error entrepreneurs make. Being realistic is important because it lends credibility to your presentation. Always assume things will take 20 percent longer than you anticipated. Therefore, twenty weeks is now twenty-four weeks.

6. Be logical.

Think like a banker and write what they would want to see.

7. Have a strong management team.

Make sure it has good credentials and expertise. Your team members don't have to have worked in the field. However, you need to draw parallels between what they've done and the skills needed to make your venture succeed. Don't have all the skills you need? Consider adding an advisory board of people skilled in your field and include their resumes.

Write Your Own Business Plan is available now at Entrepreneur Bookstore | Barnes & Noble | Amazon

8. Document why your idea will work.

Have others done something similar that was successful? Have you made a prototype? Include all the variables that can have an impact on the result or outcome of your idea. Show why some of the variables don't apply to your situation or explain how you intend to overcome them or make them better.

9. Describe your facilities and location for performing the work.

That includes equipment you use to create your products and/or services. If you'll need to expand, discuss when, where, and why.

10. Discuss payout options for the investors.

Some investors want a hands-on role. Some want to put associates on your board of directors. Some don't want to be involved in day-to-day activities at all. All investors want to know when they can get their money back and at what rate of return. Most want out within three to five years. Provide a brief description of options for investors, or at least mention that you're ready to discuss options with any serious prospect.

To dig deeper, buy Write Your Own Business Plan and get 1 month of free access to business planning software Liveplan Premium.

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10 Game-Changing Tips for Crafting an Unbeatable Business Plan

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Whether you’re starting your first business or a seasoned entrepreneur, a solid business plan is the foundation for success. It can help you anticipate essential issues and challenges before you start your business.

Studies show that entrepreneurs who take the time to write a business plan are 2.5 times more likely to follow through and get their business off the ground.

With over two decades of experience as an entrepreneur, I’ve crafted or assisted in developing business plans for countless startups and small businesses. From traditional 100-page plans to concise one-page strategies, my business plans have secured millions of dollars from investors. As a mentor, I’ve guided thousands of entrepreneurs in the U.S. and across the globe, helping them establish, manage, and expand their businesses.

Over the past three decades, I’ve tackled countless challenges in building successful businesses. In this guide, I share my experience, insights, and best practices for crafting traditional and one-page business plans.

What is a business plan, and why does it matter?

What is a business plan.

A business plan is a vital strategic tool that outlines a company's goals, strategies, and resources required to achieve those goals. It is essentially a blueprint for the future of the business, providing detailed plans in areas such as marketing, finance, operations, and management.

How can a business plan help you?

A well-crafted business plan provides clarity and direction for your team and helps attract potential investors by showcasing the viability and growth potential of the business. Furthermore, it helps identify potential risks and provides a roadmap for mitigating them.

A business plan can help you in the following ways:

• Clarity of vision. A well-crafted business plan serves as a roadmap, providing clear direction for the business. For instance, an organic skincare brand can use a business plan to detail how it will source ethically-produced ingredients and establish partnerships with eco-conscious retailers. A tech startup may use its business plan to illustrate the development pathway of its revolutionary app, from prototyping to market launch.
• Mitigating risks. Business plans can identify potential risks and provide strategies to reduce them through a risk management process . A restaurant, for instance, can outline risks such as food safety concerns or fluctuating food prices and propose risk management strategies. Meanwhile, a manufacturing company can use its business plan to address potential supply chain disruptions or machinery breakdowns and outline contingency plans.
• Attracting investors. Business plans can be invaluable tools for attracting investment. For example, a biotech firm might detail its innovative research and projected market share to attract investors. On the other hand, a sustainable fashion brand can highlight its unique business model and commitment to ethical practices to attract socially responsible investors.
• Strategic planning. A business plan is essential for strategic planning. A digital marketing agency, for instance, can outline its strategies for acquiring new clients and retaining current ones. Similarly, a logistics company could use its business plan to strategize about optimizing routes and improving delivery efficiency.
• Performance monitoring. Business plans can be used as benchmarks to monitor the company’s performance. For example, a fitness studio might have membership growth and retention targets, which can be tracked against the business plan. A retail business could similarly set sales targets for each product line and compare actual sales to projections in the plan.

In this article, we will distill the key concepts from our comprehensive guide on how to write a business plan . However, we strongly recommend you read the complete guide to gain an in-depth understanding and effectively tailor a plan to your unique business needs.

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Ten business plan types

Although most people think there’s only one type of business plan, this isn’t accurate. Businesses have different needs, and some require specialized business plan types. Here are some common types:

Mini business plans. These are short, concise plans that provide a high-level overview of a business. For a consultancy firm, a mini-plan could quickly outline services, target clients, and revenue streams.

Working plans. These are more detailed and include operational information. A retail store might use a working plan to detail its inventory management, supply chain logistics, and day-to-day operations.

Presentation plans are formal business plans that are presented to outsiders like investors or banks. A tech startup seeking venture capital would likely prepare a presentation plan emphasizing market potential and growth strategy.

Growth plans. These plans are for businesses that intend to scale. An e-commerce platform planning to expand its market might use a growth plan to chart out customer acquisition strategies and operational scalability.

Feasibility plans. These plans are used to determine if a business idea is worth pursuing. A restaurant chain looking to introduce a new menu item could create a feasibility plan to analyze cost, demand, and potential return.

Operations plans. These focus on the logistics of running a business. A manufacturing company could use an operations plan to detail production processes, equipment maintenance, and quality control measures.

Strategic plans. These provide an overview of a company’s strategy and how it plans to achieve its goals. A digital marketing agency might use a strategic plan to set client acquisition and retention targets and outline strategies to meet those targets.

Internal plans. These are designed for internal use to track the implementation of a strategy or project. An events management company could use an internal plan to track progress on organizing a major conference, detailing tasks, responsibilities, and timelines.

Lean startup plans. These are high-level summaries of your business strategy, often used by startups. A software development company might use a lean startup plan to summarize its business model, target customer segments, and key performance indicators (KPIs).

Exit plans. These outline a business’s strategy for exiting the market, usually through a sale, merger, or IPO. A health tech startup could have an exit plan detailing potential paths, such as acquisition by a larger company or an IPO.

How to develop a business plan and the six sections every plan needs

A traditional business plan has six sections. You might need to add other sections depending on your business and industry. But be sure you include at least the six sections we list below:

1. Executive summary

The Executive Summary is the first section of your business plan, but you should write it last. It’s a concise overview of your plan, covering the critical points in a high-level snapshot.

For example, a food delivery service’s executive summary might highlight the unique selling proposition of delivering locally sourced, organic meals. A tech startup, on the other hand, might emphasize its innovative AI-powered product that disrupts current market practices.

2. The opportunity

This section describes the problem your business solves or the need it fulfills. It should detail your target market and explain why your solution is uniquely positioned to address the problem.

For instance, a biotech firm might discuss the opportunity to develop a new drug to treat a prevalent health condition. Meanwhile, a children’s educational toy company might highlight the need for entertaining and cognitively stimulating toys for children’s development.

3. Marketing and sales plan

You outline your strategies for reaching your target audience and driving sales here. This can include pricing, promotion, distribution, and sales strategies.

A retail clothing store, for example, might focus on social media marketing and host pop-up events in trendy neighborhoods. A B2B software company might emphasize inbound marketing through content creation and a direct sales model targeting specific industries. It’s also essential to deliberate on whether or not to put your prices on your website .

4. The management team and company

This section presents your team’s qualifications and your company’s organizational structure. Highlight the skills and experience that each team member brings.

A fintech startup can emphasize its founders’ expertise in tech and finance. On the other hand, a restaurant should spotlight its team’s culinary and hospitality expertise.

5. Financial plan

The Financial Plan provides detailed projections of your business’s revenue, expenses, and profitability. It also outlines your funding requirements and how you plan to use the funds.

An e-commerce startup should present sales forecasts based on website traffic and conversion rates. A real estate development company could outline projected property sales and rental revenue.

6. Appendix

The Appendix contains supporting documents or additional information not included in the main body of the plan. This could include product photos, legal documents, or detailed market research.

For a manufacturing company, you could include product specifications or patent documentation. A service-based business like a consulting firm could include case studies demonstrating past success so that you can quickly show prospective investors supporting documents reinforcing the likelihood your business will succeed.

With a clear understanding of the traditional components of a business plan, let’s look at the process of constructing your plan. Here are ten crucial principles to guide you in crafting a business plan that fulfills its intended purpose and is a valuable reference in future years.

10 Tips for Crafting an Unbeatable Business Plan

Tip 1: Keep it simple and focused Tip 2: Conduct thorough market research Tip 3: Set realistic financial projections Tip 4: Define your operational processes Tip 5: Create a strong marketing plan Tip 6: Address legal and regulatory considerations Tip 7: Develop a financial plan Tip 8: Establish a marketing strategy Tip 9: Plan for scalability and growth Tip 10: Include an exit strategy

Here are ten proven tips to help you write a great business plan:

Tip 1: Keep it simple and focused

People are busy. Few read 50-page business plans. Even fewer read 100-page business plans. Most will read only the high-level executive summary and flip through other sections of your business plan.

A business plan doesn’t have to be complicated. Keep it simple, clear, and focused on your goals. Use readable fonts and a clean layout.

Your plan is a roadmap to guide your business, so make sure it’s easy to understand and follow.

Remember, you’re not reinventing the wheel here. For example, you can get a free business plan template for a traditional business plan and a one-page business plan .

And remember that there’s no universal business plan format. Use examples to compare what you like and don’t like, look at each plan’s business and revenue models, and build a business plan following the best practices you find in the example plans you read.

Pay special attention to executive summaries.

The executive summary of a business plan is designed to capture the reader’s attention and briefly explain your business, the problem you are solving, the target market, and critical financial projections. You can also include a brief mission statement in the summary.

If the executive summary lacks specific information or does not capture the reader’s attention, the rest of the plan might not be read.

If your executive summary is strong, you increase the prospects of having a further conversation with a potential investor or partner to make your pitch in person. So,

• Write the executive summary after you have written the rest of the business plan. This will allow you to summarize the larger details quickly.
• Keep it short. Include the essential steps with as little extra language as possible. Your goal is to excite the reader to read all the specific details in your business plan.
• Organize the executive summary based on the most vital points.
• Don’t talk about your management team’s passion for hard work.  These qualities are the minimum shared by all entrepreneurs.
• Don’t say you will be the next Facebook, Uber , or Amazon. Amateurs make this comparison to try and show how valuable their company could be. Instead, in your mission statement and business plan copy, focus on providing facts proving you have a strong company. It’s better if the investor gives you this accolade because they see the opportunity.

Here are five examples of how to keep focus and clarity when writing your business plan:

Example 1: Retail Clothing Store. A retail clothing store’s business plan should focus on its target market, the types of products it will offer, and its strategies for attracting customers. The plan should outline store location, pricing strategy, and merchandising techniques. Additionally, it should address seasonality and inventory management to ensure a balanced product offering throughout the year.

Example 2: E-commerce Business Selling Handmade Crafts. An e-commerce business selling handmade crafts should outline its product offerings, target audience , and marketing strategies for driving online traffic and sales. The plan must address shipping and fulfillment logistics, customer service policies, and procedures for dealing with returns and exchanges. Also, it should cover how the company will scale production to meet increased demand.

Example 3: Mobile App Development Company. A mobile app development company’s business plan should focus on the types of apps it specializes in, its target clientele, and its approach to app development and project management. The plan should outline the company’s pricing model, strategies for attracting clients, and methods for staying up-to-date with industry trends and technological advancements.

Example 4: Event Planning Agency. An event planning agency should focus its business plan on the types of events it specializes in (e.g., wedding planning , corporate events, nonprofit events ), its target market, and its approach to event management. The plan should outline the agency’s marketing and networking strategies, as well as its vendor relationships and strategies for managing event logistics, budgets, and client expectations.

Example 5: Boutique Fitness Studio. A boutique fitness studio’s business plan should focus on its fitness niche (e.g., yoga, pilates), target market, and strategies for attracting and retaining clients. The plan should outline the studio’s class offerings, membership options, and pricing strategy. Additionally, it should address instructor recruitment and training, facility management, and strategies for maintaining a positive and engaging studio atmosphere.

Tip 2: Conduct thorough market research

Market research is vital for understanding your industry, target audience, and competition. Gather market size, trends, and consumer preferences data for business decisions.

Don’t mess around – research everything thoroughly.

If you are launching a new business and expect to be the market leader in 2 years, you must demonstrate why this is possible and how you’ll meet this goal.

If you say your product will be viral , you must support this statement with facts.

If you say your management team is experienced and qualified to help the business succeed, you have to support that claim with resumes that demonstrate the experience of your team members.

It’s easy to lose credibility – and investors – if you’re making claims you can’t fully support.

Need specific insights on how to write a great business plan?

Here are five examples of the type of research businesses in different industries must do when writing a business plan:

Example 1: New Restaurant . To identify market gaps and opportunities, a new restaurant should research the local food scene, competitors, and customer preferences. The plan should include an analysis of the area’s demographics, popular cuisine types, and existing restaurants’ strengths and weaknesses. This research will inform menu development, pricing strategy, and overall restaurant concept .

Example 2: Online Tutoring Service. An online tutoring service should analyze the market for similar services, the demand for tutors in various subjects, and the target demographic’s preferences for online learning. The plan should address strategies for attracting tutors, developing a user-friendly platform, and marketing to students and parents. Additionally, it should consider differentiating itself from competitors by offering specialized subject matter expertise or personalized learning plans.

Example 3: Green Cleaning Service. A green cleaning service should research the demand for eco-friendly options, local competitors, and potential customers’ preferences and concerns. The plan should outline the company’s environmental policies, its selection of non-toxic cleaning products, and strategies for marketing its eco-friendly services. Additionally, it should consider potential partnerships with environmentally conscious organizations or businesses.

Example 4: Coworking Space. A coworking space should research the demand for shared office spaces in its target area, the existing supply, and potential customer’s preferences and needs. The plan should address the coworking space’s design, amenities, membership plans, and pricing strategy. It should also outline strategies for attracting and retaining members and potential partnerships with local businesses or networking events to foster a sense of community.

Example 5: Subscription Box Service. A subscription box service should research the market for similar offerings, target customer preferences, and trends in the subscription box industry. The plan should outline the service’s product curation process, packaging design, pricing strategy, and shipping logistics. It should also address marketing strategies to attract and retain subscribers and potential partnerships with influencers or niche communities to grow its customer base.

Tip 3: Set realistic financial projections

Accurate financial projections are crucial for securing funding and managing your business’s growth. Be realistic about your revenue, expenses, and growth potential, and be prepared to adjust your projections as your business evolves.

Here are five examples of the types of financial projections businesses in different industries must make in their business plan:

Example 1: Food Truck Business. A food truck business should create financial projections that account for the initial investment in the truck, equipment, and inventory. The plan should also factor in ongoing expenses such as fuel, permits, insurance, and staffing. Revenue projections should consider the truck’s daily sales, seasonality, and potential catering opportunities.

Example 2: Digital Marketing Agency. A digital marketing agency should create financial projections considering client acquisition costs, retainer fees, and potential project-based revenue. The plan should factor overhead costs such as office space, equipment, and staffing. Projections should also account for the time needed to establish a client base and the potential for fluctuating income based on client retention and project completion.

Example 3: Independent Bookstore. An independent bookstore should create financial projections considering the initial investment in inventory, store fixtures, and leasehold improvements. The plan should also consider ongoing expenses such as rent, utilities, and staffing. Revenue projections should consider the store’s sales, the potential for hosting events, and additional income streams like in-store cafes or merchandise sales.

Example 4: Home-Based Catering Business. A home-based catering business should create financial projections considering the initial kitchen equipment and inventory investment. The plan should also factor in ongoing expenses such as food costs, permits, insurance, and marketing. Revenue projections should consider the number and size of catering events, potential corporate clients, and seasonal demand.

Example 5: Mobile App Startup. A mobile app startup should create financial projections for the initial investment in app development, marketing, and user acquisition. The plan should also factor in ongoing expenses such as app maintenance, updates, and staffing. Revenue projections should consider potential income streams like in-app purchases, advertising, and subscription fees.

Tip 4: Define your operational processes

Clearly outline your business’s operational processes to ensure efficiency and consistency.

Detail how you will manage production, inventory, staffing, and distribution to provide a seamless experience to customers .

Here are five examples of the operational processes businesses in different industries must define in their business plan:

Example 1: Bakery. A bakery should detail its production schedule, inventory management, staff roles, and distribution channels to ensure consistent product availability and quality. The plan should also address strategies for managing seasonal demand, such as offering holiday-themed products or adjusting staffing levels.

Example 2: Software Development Company. A software development company must define its project management processes, team structure, and communication channels to keep projects on track and meet client expectations. The plan should also address strategies for acquiring new clients, such as networking events, online marketing, and strategic partnerships.

Example 3: Real Estate Agency. A real estate agency should outline its processes for listing properties, managing client relationships, and closing transactions. The plan should also address strategies for attracting new clients, such as hosting open houses, utilizing digital marketing, and participating in local community events.

Example 4: Pet Grooming Business. A pet grooming business should detail its grooming process, appointment scheduling, and inventory management to ensure a smooth and efficient customer experience. The plan should also address strategies for attracting new clients, such as offering loyalty programs, partnering with local pet stores or veterinarians, and utilizing social media marketing.

Example 5: Online Coaching Business. An online coaching business should outline its processes for onboarding new clients, delivering coaching sessions, and tracking clients’ progress. The plan should also address strategies for attracting new clients, such as offering free discovery calls, leveraging social media marketing , and creating valuable content like blog posts or webinars.

Tip 5: Create a strong marketing plan

A well-defined marketing plan is crucial for attracting and retaining customers.

Develop a plan that outlines your target audience, competitors, marketing channels, and strategies for promoting your products or services.

Some business owners avoid talking about potential competitors.

This is a mistake.

Unless you’re creating a new industry, you will have competitors. And you’ll need to figure out how to beat or compete with them.

You must do market research to understand your competitors and the industry. A good business plan that carefully lays out this information in a detailed target market analysis appears more credible and will better prepare you for success with your new business.

And potential investors and banks tend to trust business owners more when they see a detailed target market analysis in a business plan and a strategy for finding potential customers. They are more comfortable seeing this level of detail because they will see that the business owner is better prepared to launch their business and make money over the long term.

There are multiple methods for conveying this data, referred to as TAM, SAM, and SOM .

TAM is the Total Addressable Market. This would show investors the yearly revenue opportunity or units sold for your product or service if you achieved 100% of the available market. It’s a quick way to address the potential size of your operating space.

SAM is the Serviceable Addressable Market. You intend to serve this subset of TAM (Total Addressable Market) with your service or product.

SOM is the Serviceable Obtainable Market. This is the subset of SAM (Serviceable Addressable Market) that is realistic to achieve. If you can get your business to meet this goal, you will have succeeded.

Invest some time and effort and do it correctly. A business can’t succeed if the owners don’t understand their industry, target customers, or the competition.

Here are five examples of the ways to focus the marketing plan of your business plan:

Example 1: Specialty Coffee Shop. A specialty coffee shop should develop a marketing plan that targets coffee enthusiasts, local professionals, and students. The plan should leverage social media, local print media, and in-store promotions to showcase its unique offerings, such as artisanal coffee, specialty drinks, and a cozy atmosphere.

Example 2: Graphic Design Studio. A graphic design studio should create a marketing plan that targets local businesses, entrepreneurs, and organizations. The plan should utilize online marketing (e.g., social media, email marketing), networking events, and local partnerships to showcase the studio’s design expertise in creating unique company logos and website design , and attracting new clients.

Example 3: Organic Skin Care Brand. An organic skincare brand should develop a marketing plan that targets eco-conscious consumers and those interested in natural beauty products . The plan should leverage influencer marketing, content marketing, and online advertising to promote the brand’s unique selling points , such as sustainable packaging and ethically sourced ingredients.

Example 4: Fitness Center. A fitness center should create a marketing plan that targets local residents interested in improving their health and wellness. The plan should utilize traditional advertising (e.g., billboards and local radio ads) and digital marketing (e.g., social media and email campaigns ) to promote its membership options, class offerings, and state-of-the-art facilities.

Example 5: Virtual Reality Arcade. A virtual reality arcade should develop a marketing plan that targets gamers, tech enthusiasts, and families looking for unique entertainment options. The plan should utilize online advertising, social media, and local partnerships to showcase the arcade’s cutting-edge technology and immersive gaming experiences.

Tip 6: Address legal and regulatory considerations

Outline any legal and regulatory requirements relevant to your industry, the type of business structure you’ve selected, and how your business will meet these requirements.

Here are five examples of the legal and regulatory requirements businesses in different industries should address in a business plan:

Example 1: Food Truck Business. A food truck business must comply with local health department regulations, obtain necessary permits, and adhere to zoning requirements. The business plan should outline the steps required to obtain the necessary permits and the strategy for ensuring ongoing compliance with health and safety regulations.

Example 2: E-commerce Store. An e-commerce store must navigate various legal considerations, including privacy policies, data protection regulations, and sales tax collection. The business plan should outline how the store will comply with these requirements and any additional industry-specific rules that may apply.

Example 3: Home Health Care Agency. A home health care agency must adhere to strict licensing and accreditation requirements and HIPAA regulations for protecting patient information. The business plan should detail the steps required to obtain proper licensing, maintain accreditation, and ensure ongoing compliance with healthcare regulations.

Example 4: Real Estate Agency. A real estate agency must comply with state licensing requirements, adhere to fair housing laws, and maintain proper records. The business plan should outline how the agency will obtain the necessary licenses, ensure compliance with fair housing laws, and establish record-keeping procedures.

Example 5: Craft Brewery. A craft brewery must navigate a complex landscape of federal, state, and local regulations related to alcohol production, distribution, and sales. The business plan should detail how the brewery will obtain the required permits, maintain compliance with alcohol regulations, and establish relationships with distributors and retailers.

Tip 7: Develop a financial plan

A comprehensive financial plan is essential for any business. Include a detailed financial forecast outlining your revenue projections, expenses, and cash flow analysis.

Here are five examples of what a financial plan for businesses in different industries should address in a business plan:

Example 1: Subscription Box Service. A subscription box service should include a financial plan detailing the costs of sourcing products, packaging, shipping, and marketing. The plan should also outline revenue projections based on the number of subscribers, average customer lifetime value, and potential upsell opportunities.

Example 2: Clothing Boutique. A clothing boutique should develop a financial plan for inventory costs, rent, utilities, marketing expenses, and employee wages. The plan should also include revenue projections based on foot traffic, average transaction value, and seasonal trends.

Example 3: Mobile App Development Company. A mobile app development company should create a financial plan that outlines the costs of software development , marketing, and ongoing maintenance. The plan should also include revenue projections based on app sales, in-app purchases, and potential partnerships or licensing deals.

Example 4: Coworking Space. A coworking space should develop a financial plan for lease costs, utilities, insurance, marketing expenses, and staff wages. The plan should also include revenue projections based on the number of members, membership pricing tiers, and ancillary services like event rentals or meeting room bookings.

Example 5: Catering Business. A catering business should create a financial plan outlining food, equipment, transportation, and marketing costs. The plan should also include revenue projections based on the number of events, average event size, and pricing structure.

Tip 8: Establish a marketing strategy

Develop a comprehensive marketing strategy outlining how to reach your target audience, build brand awareness, and drive sales.

Here are five examples of what should be included in the marketing strategy for businesses in different industries:

Example 1: Fitness Studio. A fitness studio should develop a marketing strategy that includes social media campaigns, influencer partnerships , and local community outreach. The plan should also outline promotional offers, such as introductory pricing or referral incentives, to attract new members and retain existing ones.

Example 2: Organic Grocery Store. An organic grocery store should create a marketing strategy that emphasizes the store’s commitment to sustainability , local sourcing, and high-quality products. The plan should include strategies for reaching eco-conscious consumers, such as targeted social media ads, partnerships with local farmers, and participation in community events.

Example 3: Software-as-a-Service (SaaS) Company. A SaaS company should develop a marketing strategy focusing on content marketing, SEO , and targeted advertising to reach potential customers. The plan should also include strategies for customer retention, such as email marketing campaigns and personalized onboarding experiences .

Example 4: Restaurant. A restaurant should create a marketing strategy that includes a mix of online and offline tactics, such as social media promotions, local print advertising, and hosting special events. The plan should also outline strategies for generating positive reviews and word-of-mouth referrals.

Example 5: Digital Marketing Agency. A digital marketing agency should develop a marketing strategy that showcases its expertise and success stories through case studies, blog posts, and webinars. The plan should include targeted advertising campaigns and networking events to attract new clients and build industry relationships.

Tip 9: Plan for scalability and growth

Consider how your business can scale and grow over time, and outline strategies for managing this growth in your business plan.

Here are five examples of how businesses in different industries should address scalability and growth in their business plan:

Example 1: Online Tutoring Platform. An online tutoring platform should outline plans to expand its tutor network, improve its technology, and enter new markets. The plan should also consider potential partnerships with schools or educational institutions to drive growth.

Example 2: Bakery. A bakery should include plans for scaling its operations, such as opening additional locations, expanding its product line, or offering catering services. The plan should also outline strategies for managing increased production and staffing needs as the business grows.

Example 3: Graphic Design Agency. A graphic design agency should outline plans for scaling its services, such as hiring additional designers, expanding into new service areas, or partnering with complementary businesses. The plan should also include strategies for managing increased project volume and maintaining quality standards.

Example 4: Solar Panel Installation Company. A solar panel installation company should plan for growth by outlining strategies for entering new markets, expanding its service offerings, or forming partnerships with complementary businesses. The plan should also consider the potential impact of regulatory changes or technological advancements on the industry.

Example 5: Event Planning Company. An event planning company should outline growth plans, such as expanding its service offerings, targeting new market segments, or forming partnerships with complementary businesses. The plan should also include strategies for managing increased demand and maintaining high levels of customer satisfaction.

Tip 10: Include an exit strategy

Outline potential exit strategies for your business, such as a merger, acquisition, or initial public offering (IPO). This will help you plan for the future and demonstrate to investors that you have a long-term vision for your business.

Here are five examples of how businesses in different industries can summarize their exit strategy in a business plan:

Example 1: Mobile Game Development Studio. A mobile game development studio might plan for an exit strategy that includes being acquired by a larger gaming company, merging with another studio, or pursuing an IPO if the company achieves significant success.

Example 2: Healthtech Startup. A health tech startup could consider exit strategies such as being acquired by a larger healthcare or technology company, merging with a complementary business, or pursuing an IPO if the company experiences rapid growth and widespread adoption of its products or services.

Example 3: E-commerce Platform. An e-commerce platform might plan for exit strategies such as being acquired by a larger retailer, merging with a complementary business, or pursuing an IPO if the platform achieves significant market share and revenue growth.

Example 4: Boutique Marketing Agency. A boutique marketing agency could consider exit strategies like being acquired by a larger agency, merging with a complementary business to expand its service offerings, or pursuing a management buyout if the founders wish to retire or move on to other ventures.

Example 5: Green Energy Company. A green energy company might plan for exit strategies such as being acquired by a larger energy company, merging with a complementary business in the renewable energy space, or pursuing an IPO if the company achieves significant market share and technological advancements.

When crafting a comprehensive business plan, remember to focus on your target audience, clearly define your business model, conduct thorough market research, establish a strong organizational structure, create realistic financial projections, set strategic goals, develop a marketing strategy, plan for scalability and growth, and include an exit strategy.

But remember that most people don’t invest in a business plan.

Most people invest in a person.

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14 Entrepreneurs Share Their Views on Writing a Business Plan or Not

In the realm of great business ideas, a well-crafted business plan takes center stage. It's your persuasive pitch to potential investors, outlining your startup's objectives and profitability strategy. Beyond that, it acts as your business's guiding roadmap, ensuring you stay aligned with your goals as your operations adapt to evolving circumstances. As a dynamic document, it remains rooted in your business's core objectives while flexibly responding to change.

We asked entrepreneurs and CEOs about having a business plan and here is what they had to say.

Related Posts

14 entrepreneurs share ideas on the industries that need technology innovation the most, #1- yes, to help in setting long-term objectives.

I write business plans all the time to help me stay organized and keep track of my business goals. Writing a business plan is an important tool for businesses, especially small businesses since it helps in setting long-term objectives, outlining strategies, and organizing resources.  By presenting your plans in an organized manner to potential investors and lenders, you increase the chances of them taking action and providing the resources necessary for you to get started or expand.

Thanks to Evan Tunis, Florida Healthcare Insurance !

#2- Yes, to build a customer-centric business model

We based and built it around the idea that our industry could, and should do better and that was the model that we were going to implement that idea as our core objective. We based and built it around the idea that our industry could, and should do better and that was the model that we were going to implement that idea as our core objective. And by believing in the idea that our customers and their families should always come first, we’re slowly but surely changing the face of the industry that we’re a part of.

Thanks to David Brewer, Protect Line !

#3- No, to get funds just based on business potential

I didn't write a business plan because I believed that I could get the funding necessary to get my company off the ground without having to prove that I had a solid business plan. However, this turned out to be a mistake, as investors were reluctant to invest in my idea until they saw evidence that it would work. In the end, I had to change directions and focus on something else entirely. I learned that in order to attract investment capital for your business idea, you need to have a solid business plan at hand.

Thanks to Mac Steer, Simify !

#4- Yes, to maintain focus and accountability

As a business  owner with ADHD, writing a  business   plan wasn't just an academic exercise; or something to present to the accountants, it was an absolute necessity. The business   plan serves as a structured blueprint that helps me maintain focus and accountability . The time-lined  plan enables me to evaluate progress through clearly defined and measurable KPIs, so we can get a snapshot of where we're at and what may need to be adapted.

Thanks to Thomas Phillips, Pet Portraits !

#5- Yes, to adapt to market changes

It's helped our three Founders stay on the same page, project our roadmap of growth, and provide clarity on our goals, strategies, and financial projections, making it easier to communicate our vision to all of our stakeholders and clients. A well-documented plan  has allowed us to adapt to market changes and pivot when necessary. In our mission to bridge the integrator talent gap, having a  business   plan  is like having a compass to navigate the ever-evolving landscape of entrepreneurship.

Thanks to Sammi Jaeger, Independent Executives !

#6- Yes, to focus on growth and profitability

I learned that there are actually two types of plans: one is called the “ business   plan ,” and the other is called the “operations manual.” They help you  decide what  you  want your company to do, how  you  want it to grow and change, and how  you ‘re going to get there. And making these decisions before  you  start working on your company means that when  you  do start working on your company, those decisions will already be made for  you ! That way  you can focus on what's important and not  worry about whether or  not your marketing strategy or product development process makes sense.

Thanks to Jason Williams, Automate Your Life !

#7- Yes, to help navigate the path to success

A business plan is essential. It's like having a detailed blueprint that outlines your business's goals, strategies, and the tactics needed to achieve them. This document provides essential clarity on your business vision and mission. Moreover, it's a valuable tool when you're seeking financing from investors or lenders because it demonstrates your thorough understanding of your business's potential for profitability. Plus, it helps you manage your resources efficiently, sets achievable milestones, and guides you in making well-informed decisions along the way.

Thanks to Steven Light, Avenue B !

#8- Yes, to pave the way to success

Writing a business plan paves the way for success. Take inspiration from other successful entrepreneurs, and look for opportunities to receive mentorship. Having someone take you under their wing as you embark on bringing your ideas to fruition can be a truly priceless gift. Realize that you don’t have to reinvent the wheel when it comes to writing your business plan, and you don’t have to be a copycat, either. Take aspects that resonate with you and weave them in with your own ideas.

Thanks Stephanie Venn Watson, Fatty15 !

#9- Yes, to mitigate risk and have an exit strategy

Business plans are also useful for sharing your vision with partners, employees, or potential collaborators, ensuring everyone is on the same page. By conducting thorough market research and financial projections within a  business   plan , entrepreneurs can identify potential risks and develop strategies to mitigate them. If entrepreneurs have an exit plan  in mind, such as selling the  business , a well-documented  business   plan  can make the transition smoother and more attractive to potential buyers.

Thanks to Cyble Rizwan, Social Sharings !

#10- Yes, to evaluate ideas

Always. Business planning has helped me recognize when I am wasting my time persevering with a bad idea, freeing up time to double down on a good one. Business plans help me by removing emotion from much of the decision-making. It also gives room for a celebration now and then when I hit my goals. I value my time and that of others, so I make sure it is not wasted by using a business plan on an ongoing basis.

Thanks to Mark Nolan

#11- Yes, to ensure accountability

We have a  business   plan . Although one person needs to drive the entire process, I believe it's very powerful to engage with your team when preparing a  business   plan . Doing so ensures we are all pulling in the same direction and that goals are shared. It also helps to ensure ongoing accountability , particularly if the  plan  is revisited regularly.

Thanks to David Walsh, SEO Web Logistics !

#12- Yes, to establish viability of ideas

Yes, I have a business plan and update it annually. I make sure I have a well-thought-out business plan and update it at least once annually. The reason I rely on the business plan is to prove that all the ideas (from me and my teams) are viable. It has been helping us which goals are actually achievable and which ones might need adjustments or further planning. With a plan in hand, we can also determine estimated costs, a profit and loss forecast, a break-even analysis, and a cash flow statement, which are essential components for assessing the financial feasibility of our business endeavors.

Thanks to Andre Oentoro, Breadnbeyond !

#13- Yes, to get a clear roadmap of business objectives

I firmly believe in the importance of a well-thought-out business plan. It served as our roadmap, clarifying our goals, target market, financial projections, and growth strategies. It helped us secure funding, make informed decisions, and clearly focus on our long-term objectives. In the fast-paced world of e-commerce, where competition is fierce, having a solid plan has been instrumental to our success. It's not just a document; it's a dynamic tool that continues to guide our business's evolution.

Thanks to Jordan Adair, Shirt Max !

#14- No, as I relied on customer feedback

I relied on agility and adaptability. My journey in the culinary world demanded flexibility as tastes and trends evolved rapidly. Rather than locking myself into a rigid plan, I focused on continuous experimentation, refining my concept through customer feedback and real-world testing. This allowed me to stay nimble, pivot when necessary, and align with the ever-changing demands of the health-conscious food market. My venture, BowlakeChinese, thrives on innovation and adaptability, proving that in entrepreneurship, there's no one-size-fits-all approach.

Thanks to Michael E. Mastin, BowlakeChinese !

Did you write a business plan? Why or why not? Tell us in the comments below. Don’t forget to join our #IamCEO Community .

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Expert Advice: 10 Tips to Craft a Strong Business Plan A business plan writing expert weighs in what to include and what not to include to create a winning business plan.

By Entrepreneur Staff Jan 15, 2015

In their book Write Your Business Plan , the staff of Entrepreneur Media, Inc. offer an in-depth understanding of what's essential to any business plan, what's appropriate for your venture, and what it takes to ensure success. In this edited excerpt, guest contributor Kaye Vivian, an expert in writing business plans, offers advice on how you can improve your business plan content and presentation.

When it comes to content, these 10 tips will help:

1. Know your competition. Be prepared to name them and tell what makes you different from (and better than) each of them. But do not disparage your competition.

2. Know your audience. You'll probably want several versions of your business plan—one for bankers or venture capitalists, one for individual investors, one for companies that may want to do a joint venture with you rather than fund you, etc.

3. Have proof to back up every claim you make. If you expect to be the leader in your field in six months, you have to say why you think so. If you say your product will take the market by storm, you have to support this statement with facts. If you say your management team is fully qualified to make the business a success, be sure staff resumes demonstrate the experience needed.

4. Be conservative in all financial estimates and projections. If you feel certain you'll capture 50 percent of the market in the first year, you can say why you think so and hint at what those numbers may be. But make your financial projections more conservative—for example, a 10 percent market share is much more credible.

5. Be realistic with time and resources available. If you're working with a big company now, you may think things will happen faster than they will once you have to buy the supplies, write the checks and answer the phones yourself. Being overly optimistic with time and resources is a common error entrepreneurs make. Being realistic is important because it lends credibility to your presentation. Always assume things will take 15 percent longer than you anticipated. Therefore, 20 weeks is now 23 weeks.

6. Be logical. Think like a banker, and write what they would want to see.

7. Have a strong management team. Make sure it has good credentials and expertise. Your team members don't have to have worked in the field, but you do need to draw parallels between what they've done and the skills needed to make your venture succeed. Don't have all the skills you need? Consider adding an advisory board of people skilled in your field, and include their resumes.

8. Document why your idea will work. Have others done something similar that was successful? Have you made a prototype? Include all the variables that can have an impact on the result or outcome of your idea. Show why some of the variables don't apply to your situation or explain how you intend to overcome them or make them better.

9. Describe your facilities and location for performing the work. If you'll need to expand, discuss when, where and why.

10. Discuss payout options for the investors. Some investors want a hands-on role; some want to put associates on your board of directors; some don't want to be involved in day-to-day activities. All investors want to know when they can get their money back and at what rate of return. Most want out within three to five years. Provide a brief description of options for investors, or at least mention that you're ready to discuss options with any serious prospect.

And here's what not to include in your business plan:

1. Form over substance. If it looks good but doesn't have a solid basis in fact and research, you might as well save your energy.

2. Empty claims. If you make a statement without supporting it, you may as well leave it out. You need to follow-up what you say in the next sentence with a statistic, fact or even a quote from a knowledgeable source that supports the claim.

3. Rumors about the competition. If you know for sure a competitor is going out of business, you can allude to it, but avoid listing its weaknesses or hearsay. Stick to facts.

4. Superlatives and strong adjectives. Words like "major," "incredible," "amazing," "outstanding," "unbelievable," "terrific," "great," "most," "best" and "fabulous" don't have a place in a business plan. Avoid "unique" unless you can demonstrate with facts that the product or service is truly one of a kind. (Hint: Chances are, it isn't.)

5. Long documents. If readers want more, they'll ask.

6. Overestimating on your financial projections. Sure you want to look good, but resist optimism here. Use half of what you think is reasonable. It's better to underestimate than set expectations that aren't fulfilled.

7. Overly optimistic time frames. Ask around or do research on the Internet. If it takes most companies six to 12 months to get up and running, that's what it'll take yours. If you think it'll take three months to develop your prototype, double it. You'll face delays you don't know about yet—ones you can't control. Remember to be conservative in your time predictions.

8. Gimmicks. Serious investors want facts, not gimmicks. They may eat the chocolate rose that accompanies the business plan for your new florist shop, but it won't make them any more interested in investing in the venture.

9. Amateurish financial projections. Spend some money and get an accountant to do these for you. They'll help you think through the financial side of your venture, plus put the numbers into a standard business format that a businessperson expects.

This article is included in Entrepreneur Voices on Elevator Pitches , a new book containing insights from both sides of the board room to help you craft the perfect pitch. Buy it online from Amazon | Barnes & Noble | Apple Books | IndieBound

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How to Write a Business Book: In-Depth Guide 

Think your years of experience and business acumen can translate into a bestselling business book? At Forbes Books, we’ve helped thousands of authors turn their expert insights into published books, backed with the name of Forbes. This guide is designed to explain how to write a business book with a publisher. 

We’ve created this guide to support your journey toward authorship. While a simple guide cannot account for every step you’ll encounter, it provides a workable roadmap for you to use. And remember, with Forbes Books, you’ll work with seasoned publishers through each step of the process. 

Step 1: Determine Your Premise

Not every author has a burning idea for their book. Yet, they know that they have enough experiences and authority in their field to fill a book, or even two or three. Before you begin, start by brainstorming what you want to communicate and how you want to use it. This is what we call the purpose of your book.

Know Your Purpose in Writing a Book

Alternatively, some authors want to chronicle their experiences in a specific industry. Others still choose to write so they can offer fresh perspectives in their field and support the movement of ideas. 

Whatever your impetus is, it’s important to identify it early on. A book written for prospective customers must be constructed differently than a book written to business peers. 

Evaluate Your Experience 

One of the easiest ways to narrow down your book’s topic is by evaluating your own experiences. What stands out as a unique quality, skill, or experience you have that others don’t?

If you’re able to provide fresh insight on a relevant topic, you carve out a space for yourself among the thongs of other books available to your audience. By following this Blue Ocean Strategy, you create new demand and eliminate competition. 

Determine Your Audience’s Needs

A published book is an impressive achievement. But as a business owner, CEO, or thought leader, you know that isn’t enough. Aim for something beyond personal fulfillment in your writing. Aim for delighting your audience by providing value, entertainment, and a wealth of knowledge. 

To do this, you must understand who your audience is and what they are seeking. Do you understand their frustrations, questions, and needs? The better you can identify these factors, the better your book will resonate with your audience and become a valuable resource. 

Step 2: Determine Your Manuscript Preferences

If you’ve done your research, you know many authors don’t pen the manuscript themselves. While some authors prefer to write the manuscript, others prefer to leave the writing to a professional. In these cases, the authors offer their insights to a ghostwriter via dialogue or text. For those who need writing support, a third option exists — coaching. 

Before you spend too long laboring over your Word document, decide which method you prefer for manuscript creation.

Using a Ghostwriter

Many business leaders prefer to use the talents of a ghostwriter to turn their ideas into text. The book itself remains the intellectual property of the author — not the ghostwriter. The ghostwriter acts as an aid to communicate the author’s ideas into an appealing format and structure.

For more information on the ghostwriting process, read our blog, Why Ghostwriting May Be Right for You .

Using a Writing Coach or Book Doctor

A book coach or book doctor are alternatives for authors who prefer to write the manuscript. Writing coaches offer support for overall structure and make high-level recommendations. Book doctors provide greater support for those who want greater direction or require more writing help.

For more information on using a book coach or doctor, read our blog, Editing a Manuscript? Work with a Book Doctor .

Step 3: Find Your Book Publisher

Who you choose for your book publisher will determine many aspects of your publishing process. Your publisher may provide complimentary services, such as ghostwriting, or book promotion packages.

Your publisher will also determine the distribution of your book and your rights to your book. After you know what support you’d like in your manuscript creation, it’s time to evaluate your choices for the book publisher.

Publishing House vs. Self-Publishing

An author has three options: work with a traditional publisher, an independent publisher, or publish the book themselves. When you work with a publisher, the process is outlined for you, creating an inclusive one-stop shop for everything you need.

A designer is provided for your book cover. A team of editing experts edit your manuscript and correct errors. And a distributor makes deals with retailers to carry your book. Everything you need to publish your book is offered at a publishing house.

If you choose to self-publish, you will need to do these things yourself or hire accordingly. You will keep all rights to your book, but your distribution channels are minimized as no one is presenting your book on your behalf. However, self-publishing may be preferable for those who don’t want to suffer rejection from a traditional publishing house or arrange for an agent.

Independent vs. Traditional Publishers

If you choose to use a publisher , you have yet another decision to make — independent or traditional . Traditional publishers are likely what you think of when you consider a publishing house. The “ Big 5″ publishers dominate much of the traditional publishing market.

Still, only a fraction of book proposals are accepted by traditional publishers. Even if you make the cut, you resign creative control to your book and many of the rights to your book.

Independent publishers offer a different path for those who want support and prestige, without the hassle of traditional publishing. As an author with an independent publisher, like Forbes Books, you keep all the rights to your book. Furthermore, you maintain all creative control over your work and have access to additional services, such as media services or book promotions. Only the top projected books at traditional publishers receive promotional support.

The decision depends on your preferences and desire for creative control, rights, and promotional services.

Learn more about your publishing options in our blog, What is Independent Publishing? | Publishing Models .

Decide Your Book Distribution Preferences

Do you expect to see your book in retail stores and brick and mortar stores across the country? If so, you need a distribution team working on your behalf. Most retail stores will only accept books from publishers, putting self-published titles at a disadvantage.

Most retailers only accept Offset print books, as opposed to Print on Demand (POD) titles. If you’re serious about your distribution reach, ensure your publisher accommodates offset printing.

For information on POD and Offset printing, read our blog, Print on Demand Versus Offset Printing .

Step 4: Build Your Outline or Blueprint

Before you spend hours laboring over a manuscript, you need an outline. Before you even begin your outline, you need an overarching blueprint of your publishing plan.

At Forbes Books, we help our authors create a blueprint. These blueprints offer a customized plan for their book and include recommended promotional or media services. This blueprint is converted to a detailed Master Book Plan so you know exactly what is needed of you during each stage of the publishing process.

Part of the blueprint process is creating an outline. Even the best writers need an outline to ensure that each chapter intentionally contributes to the book’s structure. For those creating their own outline, create a chapter by chapter outline and then fill in the main points of each chapter.

Step 5: Build a Promotional Plan

Don’t wait until the manuscript is finished to build your promotional plan. If you’re working with an independent publishing company, they will help you cultivate your plan from the beginning.

If you’re self-publishing, you will need to create your own promotional plan and/or seek a promotional PR team to help you develop your plan.

Your promotional plan may include:

• A reader reviewer plan via NetGallery and Goodreads
• Book award submission plan
• PR placement campaigns
• Best seller campaigns

While most of your promotional plans aren’t activated until just prior to your launch, you need to solidify your plan.

Step 6: Create a Writing Schedule

Once your preliminary steps are complete, it’s time to turn your plan into action. If you’re writing the book yourself, this includes creating a set writing schedule. By creating a discipline, you will increase your productivity and find the process more rewarding.

Your writing schedule can be determined by three things:

• Location: Try writing in the same place every time you write. Carve out a space with minimal distractions that has everything you need. Have a stash of pens, notepads, chargers, and even food and drink to keep you focused as you write.
• Time: You may wish to set a specific time for you to write, such as 5pm Mondays, Wednesdays, and Fridays. Others put a bookend on their time, such as two hours of writing. This helps you maintain balance as you’re writing and ensures you’re refreshed as you write.
• Amount of time or word count: Some authors prefer to set an expected word count per writing session, rather than a time limit.

Step 7: Know Your Deadlines

To keep your book on schedule, you need to know and meet your deadlines. Your distribution team uses your projected launch date to pitch your book to retailers. Thus, it’s important to meet your deadlines. During the book publishing process, you will write your book (if elected), approve developmental edits, cover art, and front matter. And much more!

Pin up a calendar of your important deadlines to stay on top of your schedule. If you’re working with a publishing house, ask them to give you the key dates well in advance so you have plenty of time to accomplish your tasks.

Step 8: Celebrate the Milestones

There are many smaller accomplishments on the way to book-launch day. Take time to celebrate each milestone as a mark of your success. With each milestone, update your followers on social media and remember to promote the book to your customer base.

Finished Manuscript: Whether you worked with a ghostwriter or wrote each word yourself, the first draft of your manuscript is celebration-worthy!

Developmental Edits: Making it through the developmental edits stage is an outstanding achievement. Your book now has much of the structure as it will on publication.

Final Line Edit Sign Off: Your book is ready to be laid out and completed for the printer! Let your followers know and begin prepping your social media calendar, leading up to its official launch.

Step 9: Build Momentum For Your Book

With your book nearing publication, it’s time to ramp up your promotion plans and build momentum for your book launch.

Reader Reviews

Reader reviews are an important part of building awareness and positive buzz around your book. To do this, you will want to use NetGallery and/or Goodreads to connect with reviewers. By offering your book as a free digital download, you encourage readers to read and review.

Book Publicity Campaigns

Gain local and national exposure with a book publicity campaign leading up to your book launch. This method gets your book in newspapers, magazines, and trade publications to support a wider awareness with your target audience.

Best Sellers Campaign

For your book to become a bestseller, you need a strategy. Take advantage of best seller campaigns to help your book receive the needed purchases to achieve this lauded title. These campaigns can be conducted through Forbes for Amazon and Wall Street Journal.

Step 10: Release Your Book

With the release of your book, it’s time to celebrate your new status as an author. While you may wish to revel in your success, it’s an ideal time to continue promoting your book and your personal image.

With a book title to your name, you may achieve greater speaking engagements and business opportunities. It’s time to position yourself as an expert and discover how to use your book for increased ROI for years to come.

Ready to become an Forbes Books author? Discover our different publishing programs and find out if you qualify

Lissie Kidd

Sr. marketing copywriter.

Lissie Kidd is a Sr. Copywriter with several hundred articles in her portfolio and even more edited and published under her supervision. Lissie holds a MA in Communications from Grand…

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How to Write a Good Business Plan? 

A good business plan includes sensible entrepreneurial strategies. It outlines the steps for launching and growing a start-up. According to Professor Sahlman from Harvard Business School, the following four factors are crucial to any new venture and are strongly recommended for inclusion in your business plan.   

Here, “people” refers to those who start and run the venture, as well as external third parties providing key services or resources. Without the right team, the venture is unlikely to succeed.   

The team should be competent, insightful and have relevant business experience. They should have good knowledge of the market, from competitors to customers. They are familiar with industry players and dynamics.  

2. Opportunity 

“Opportunity” describes the profile of the business: 

What it will sell and to whom 

How fast the business will grow 

What are its economics  

Who and what are its barriers to success 

The opportunity should have a viable, sustainable business model. It is possible to develop a competitive edge and defend it.  

A good business plan will focus on two questions regarding the industry of the new venture: 

Is the market for the venture’s product or service large and/or rapidly growing?  

Is the industry structurally attractive?  

The plan should describe how the company will build and launch its product or service. Important discussions should include ones about customer profile, revenue and the cost of producing and marketing. A sound proposal also assesses the business model from an investment perspective, including the balance sheet and cash flow projection.  

3. The Context 

Opportunities occur in a context. The context is the big picture about the regulatory and macroeconomic environments. These factors are fluid and beyond the entrepreneur’s control.  

Context has an impact on every aspect of the entrepreneurial process. A business plan will describe the context of the new venture and how it will help the business. It also considers what the entrepreneur can do when the context grows unfavourable.  

4. Risk and Reward 

A good plan will have an assessment of everything that can go wrong and right; and how to manage risk. People, opportunity and the context are likely to change over time as a company evolves from start-up to ongoing enterprise. A good business plan will address these as investors will want to know the kind of risk and reward they can expect with a new venture.  

Other business plan writing tips 

These are some additional tips for writing a good business plan: 

Be clear about your selling points 

Writing a business plan helps to sharpen your focus and zoom in on future challenges. 

A comprehensive plan ensures you are clear on the selling points and the go-to-market strategy for your start-up. 

Know your audience 

Knowing why you need the plan, whether for potential investors, your own benefit or new employees, will make you create something constructive. 

A plan for investors includes specific financial projections and clear explanations of your business goals. 

Break down your vision into actionable goals 

• List down your core competencies and limitations. 

Aim for substance over form 

• It is important that your plan has substance – a marketable product, a systematic plan for increasing revenue and a good knowledge of competitive pressures. 

References 

Cantero-Gomez, Paloma. (2019, July 4). “How to Get Started With a Business Plan”. https://www.forbes.com/sites/palomacanterogomez/2019/07/04/how-to-get-started-with-a-business-plan/  

Sahlman, William A. “How to Write a Great Business Plan”. In HBR’s 10 Must Reads on Entrepreneurship and Startups , 13-33. Boston, Massachusetts: Harvard Business Review Press, 2018. 

Young Entrepreneur Council. (2020, June 15). “10 Entrepreneurs Share Their Top Business Plan Writing Tips”. https://www.forbes.com/sites/theyec/2020/06/15/10-entrepreneurs-share-their-top-business-plan-writing-tips/

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60 Top Entrepreneurs Share Best Business Advice and Tips for Success

As an entrepreneur, I’ve painstakingly learned the importance of heeding the best business advice I’ve received from many of the world’s top entrepreneurs. The bottom line: It takes a lot to start a business and grow it to profitability. Funny enough, the most impactful lessons have come from my biggest failures though.

All in all, despite receiving great business advice and success tips back during my college days, I’ve gone on to learn more about how not to start a business through my experiences. Still, my early failures haven’t stopped me in learning from my mistakes and moving on to become gainfully self-employed.

Over the past five years, I’ve gone from starting my blog and growing it to more than 400,000 monthly readers. I’ve launched online courses, started a profitable freelance business , built physical products and more.

I grew my side business to over six figures in revenue before quitting my job in 2016.

Now, I’m teaching other entrepreneurs how to do get started in my free course, Find a Profitable Business Idea today.

But this post isn’t really about me (surprise).

Today, I’m bringing in some of the world’s most successful and respected entrepreneurs to share their best business advice and success tips so you’ll be prepared to start a business in today’s climate.

From Richard Branson to Arianna Huffington , Tim Ferriss, Mark Cuban, Sophia Amoruso and many more, the business advice from this group of entrepreneurs is collectively worth billions.

They’ve created products and services we’ve all heard of, turned entire industries upside down, redefined what it means to be successful when you start a business and many have also written business books or taught online business courses about it. Suffice it to say, their business advice is worth its weight in gold.

Not surprisingly, many of these entrepreneurs had very similar pieces of business advice to share, based on what’s worked for them when it comes to learning how to start a business.

Here were some of the biggest trends in their business advice:

• Business ideas alone are worth very little . If you want to start a business and become successful with it , you need to solve meaningful problems. Execution is everything in business.
• Don’t just start a blog (or any type of business) unless you’ll be doing something you truly love and are good at , or unless you can dedicate yourself to becoming that expert over the coming years. And if you do want to start a blog, be sure to get started on the right foot with the advice from one of these blogging courses .
• Becoming successful in business is more about your mentality, psychology and determination than it is about finding little tips, tricks, hacks and exploitations in the marketplace.
• Start today . The only true way to learn is by doing and you can’t afford to sit around waiting for funding, hoping someone else will come along to help you execute on your idea or complain that you don’t have the time. Making excuses won’t help you start a business and it sure as hell won’t help you create the lifestyle you want for yourself.
• Launch before you feel ready . If you wait until your product or service feels perfect, someone else will already be doing a better job of helping your customers solve their problems. Validate your business idea by launching fast, bringing on a small group of paying customers and adapting to make your solution great for them over time. You’ll learn how to validate ideas quickly and cheaply in my course, 30 Days to Validate .
• How you choose to manage your time and decide which opportunities to pursue will greatly impact your success when starting a business. Outsource everything you can, so that you can focus on doing what only you can do in your business.
• Do everything in your power to avoid spending money when you start a business. Build a lean solution that provides value to your customers and only spend money on the absolute essentials at the moment you need them.
• Never stop building meaningful relationships with customers and other people in your industry. Choosing to instead view competitors as potential partners and collaborators can positively impact your business in a big way.
• Focus on setting and achieving small incremental goals rather than trying to start a business and instantly build your vision of what the company should be in the years to come. Setting realistic goals and milestones is a major component of building long-term success. This mentality is how I went from learning what a blog is , to eventually choosing a website builder to growing my blog with tactics like guest blogging and social promotion.
• And much, much more…

Whether you want to start a business for the first time or you’re an experienced entrepreneur, you’ll find incredible value in the best business advice and success tips these entrepreneurs have to share today—some of them even made their way over to my list of the best motivational quotes I’ve heard.

You really don't want to miss #14, #26, #32, #43 and #49 especially.

60 Top Entrepreneurs Share Their Best Business Advice and Tips for Success

Let's kick this off with one of my biggest heroes in the world of business, Sir Richard Branson.

1. Richard Branson.

Sir Richard Branson , one of the world’s most recognizable billionaires, and the founder of Virgin Group , has built an empire comprised of more than 400 companies including airlines, record stores, publishing organizations and he's even tackling commercial space travel. He's also the author of more than a dozen business books, including his latest (fantastic) autobiography, Finding My Virginity that shares from behind-the-scenes of the ups and downs throughout Branson's more than fifty year career as an entrepreneur. During his interview on 30 Days of Genius with CreativeLive, I got to hear his best business advice for aspiring entrepreneurs who want to start a business of their own, first-hand:

“The best businesses come from people’s bad personal experiences. If you just keep your eyes open, you’re going to find something that frustrates you, and then you think, ‘well I could maybe do it better than it’s being done,’ and there you have a business.”

“If you can improve people’s lives, you have a business. People think, ‘well everything’s been thought of,’ but actually, all of the time, there are gaps in the market here and gaps in the market there.”

2. Arianna Huffington.

Arianna is a co-founder of The Huffington Post , author of the recent New York Times best-seller The Sleep Revolution and recently stepped down as Editor-in-Chief of The Huffington Post to pursue her new wellness startup, Thrive Global, which will offer wellness trainings and workshops on stress reduction. Here's her business advice for entrepreneurs who want to start a business for the first time:

"If you're going to start a business, you need to really love it, because not everybody is going to love it. When The Huffington Post was first launched in 2005, there were so many detractors. I remember a critic who wrote that The Huffington Post was an unsurvivable failure."

"When you get reviews like that and detractors like that, you have to really believe in your product. When you really believe in your product, you are willing to deal with all the naysayers and persevere."

3. Mark Cuban.

Mark is an entrepreneur and investor on ABC's Shark Tank . He's the owner of the NBA's Dallas Mavericks, Landmark Theatres, Magnolia Pictures, and is the chairman of the HDTV cable network AXS TV. In his recent interview on 30 Days of Genius with CreativeLive, Mark talked a lot about the mistakes many new entrepreneurs make when they think they've found a profitable business idea . Here's his business advice to those who want to start a business:

"What I always ask people is, (1) is it something you love to do and (2) is this something you're good at?"

"Then, taking that first step is always the hardest. It's terrifying, but really, it’s about preparation. We all go through this process where you’ve got the business idea , you get that feeling in your stomach and you get all excited. Then you talk to a friend, and your friend says, ‘oh wow that’s pretty cool, I’ve never heard of anything like that. I’d buy that.’ And then you do the Google search.”

“The first thing I’ll tell you, is that just because you don’t see it on Google, doesn’t mean one hundred companies haven’t gone out of business doing the same thing. It hasn’t been done for a reason, because every company that’s tried it, has gone out of business.”

4. Robert Herjavec.

Robert is a seasoned entrepreneur and investor who's built and sold several companies to major brands like ATandT. Now a leading authority on information security technology, he's also one of the most recognizable faces from ABC's award-winning show, Shark Tank where he's earned a reputation for sharing down-to-earth business advice to young entrepreneurs. Here's Robert's best business advice for aspiring entrepreneurs when it comes to pitching your idea:

"You have 90 seconds, if you’re lucky. If you can’t make your point persuasively in that time, you’ve lost the chance for impact. Facts and figures are important, but it’s not the only criteria, you must present in a manner that generates expertise and confidence."

"If you’re not prepared to make your pitch, you may just miss your next big opportunity."

For more advice on how to successfully pitch investors, check out my friend Jock's guide on how to pitch a Shark .

5. Sophia Amoruso.

Sophia transformed Nasty Gal from an eBay store into a multi-million dollar empire with her own clothing line that was named the fastest growing retailer in 2012. She's also the author of the New York Times best-seller #GIRLBOSS . Here's her best piece of business advice to aspiring entrepreneurs who want to start a business:

"Don't give up, don't take anything personally, and don't take no for an answer; you never know what you're going to learn along the way."

"The people who told me no, were the people that eventually told me yes; so don't forget it."

6. Tony Robbins.

Tony is an entrepreneur, best-selling author, philanthropist and the nation’s #1 life and business strategist. A recognized authority on the psychology of leadership, negotiations and organizational turnaround, he has served as an advisor to leaders around the world for more than 38 years. He's also the author of five internationally bestselling books, including the recent New York Times #1 best-seller MONEY: Master The Game . Tony has empowered more than 50 million people from 100 countries through his audio, video and life training programs. Here's his business advice for aspiring entrepreneurs who want to start a business:

"The most painful mistake I see in first-time entrepreneurs is thinking that just having a business plan or a great concept is enough to guarantee success. It’s not. Business success is 80% psychology and 20% mechanics . And, frankly, most people’s psychology is not meant for building a business."

"My business advice? Think honestly about who you are, what you want to accomplish, and what mindset you need to have to get there. Because the biggest thing that will hold you back is your own nature. Few people are natural risk-takers or emotionally ready for the challenges of building a business. You can’t just sign up for a marathon and run it without ever training. You have to increase your capacity and become fit. Being an entrepreneur requires similar kinds of emotional and psychological fitness so that you don’t become the chokehold on your business’s success."

7. Tim Ferriss.

Tim is a New York Times best-selling author of three books, including the The 4-Hour Workweek . He's also an investor, host of what's usually the #1-ranked business podcast and an entrepreneur in his own rite. Today, he's passing on the best business advice he's received:

“The best advice I’ve ever received is that you're the average of the 5 people you associate with most."

"I’ve actually heard this from more than one person, including bestselling authors, Drew Houston of Dropbox, and many others who are icons of Silicon Valley. It’s something I re-read every morning. It’s also said that ‘your network is your net worth.’ These two work well together.”

8. Guy Kawasaki.

Guy is Chief Evangelist of Canva , the author of thirteen books including the acclaimed Art of the Start , which has been hailed as a weapon of mass creation by entrepreneurs around the world. He's also the former chief evangelist of Apple. Here's his business advice to aspiring entrepreneurs who want to start a business of their own:

“My best business tip is to focus on the prototype. Don't focus on your pitch deck, business plan or financial projections."

"If you get a prototype out and you get enough people using it, you never have to write a business plan, do a forecast or do anything like that. A prototype is where you separate the BS from the reality.”

9. Derek Sivers.

Derek has been a musician, producer, circus performer, entrepreneur, TED speaker, and book publisher. He started CDBaby and HostBaby , which got way too big, so he gave them away . Now he's a writer, programmer and student. Here's his best business advice for aspiring entrepreneurs:

"Start now, you don't need funding. Watch out for when you want to do something big, but say you can't until you raise money to fund the idea. It usually means you're more in love with the idea of being big than with actually doing something useful."

"For an idea to get big, it has to be something useful--and being useful doesn't need funding. If you want to be useful, you can always start right now with just 1% of what you have in your grand vision. It'll be a humble prototype of your grand vision, but you'll be in the game. You'll be ahead of the rest because you actually started, when others waited for the finish line to magically appear at the starting line." Read this post from Derek for much more.

10. Nir Eyal.

Nir is the author of Hooked: How to Build Habit-Forming Products and blogs about the psychology of products at NirAndFar.com . Here's his two cents and success tips for first-time entrepreneurs who want to start a business:

"The easiest way to tell if someone is a first-time entrepreneur is when they're secretive about their ideas. I don't reply to people who ask me to sign an NDA. Real entrepreneurs know good ideas are cheap and that success comes from hard work, not a stroke of genius."

"The other big mistake I see entrepreneurs make is building a product for a customer they don't know well. That's why I always advise entrepreneurs to build a product for themselves--at least that way you ensure you've built something for a user you know intimately. All of the great tech companies of the past decade--Facebook, Twitter, Slack, Snapchat--were built by founders who were making products they wanted to use."

11. Tara Gentile.

Author, speaker, and the founder of Quiet Power Strategy® . Tara works with business owners to help them transition into more profitable business models, more compelling messaging, and more influence. She's featured in Fast Company, Forbes, Inc, and DailyWorth for the work she's done on TaraGentile.com . Here's Tara's take on the biggest mistake new entrepreneurs make when they want to start a business:

"They wait to get started. They wait until they have more information, more experience, more, more money, and a more perfect version of whatever they have created."

"All that waiting means they're not really learning. When you're an entrepreneur, the best way to learn is to do something, to put your idea into someone's hands, or to talk to the people you want to serve. Stop waiting and do... something."

Want to learn more from Tara? Check out her classes on CreativeLive covering a wide range of topics like turning your service into a product, building a community around your business, writing and selling eBooks , and more.

12. Chase Jarvis.

After becoming one of the world’s most well-known photographers at a relatively young age, Chase went on to co-found, CreativeLive , the world’s largest live streaming education company. Here's his business advice for new entrepreneurs who want to start a business of their own:

“Scratch your own itch. Go after solving a problem that you have. Something that’s near and dear to you, not some random market opportunity."

"Because, when things get hard, if you’re chasing just the dollars, or a random market opportunity, you’re not going to be able to have the fortitude, the passion, to stay with it.”

13. Noah Kagan.

Noah's the Chief Sumo at AppSumo , a community for entrepreneurs to discover and utilize the greatest products and blogging tools for growing businesses. He also runs Sumo , a powerful suite of tools for growing web traffic , and was employee #30 at Facebook before getting fired and moving on to be an early director of marketing at Mint . Here's his business advice for entrepreneurs wanting to start a business for the first time:

"Don't waste time or spend money on non-core issues when starting a business. In fact, don't spend any money until you make some."

In an interview on my podcast, The Side Hustle Project , Noah shared with me even more of his business advice and thoughts about how aspiring entrepreneurs should go about starting their projects—including how he earned $1,000 in 24hrs on a brand new idea... selling beef jerky. Give that interview a listen right here:

14. Steli Efti.

Steli is the CEO of Close , a high-powered inside sales communication platform (and my pick as the best CRM for small business ) that's powered by his years of experience driving millions of dollars in sales for hundreds of venture backed Silicon Valley startups. Here's what Steli has to share as far as business advice for aspiring entrepreneurs who want to start a business today:

"One of the most painful and common mistakes I see first-time entrepreneurs make is that they fall in love with their own business idea."

"They'll spend months building what they believe to be the next innovative, disruptive, game-changing startup. Then they launch... and nobody buys, nobody cares, nothing happens."

"Don't fall in love with your business idea. Instead, fall in love with the problem you're trying to solve for your customers, and validate your business idea early on that it is a problem worth solving."

15. Vanessa Van Edwards.

A Huffington Post columnist, Vanessa's groundbreaking work at Science of People has been featured on NPR, the Wall Street Journal, the Today Show and USA Today. Here's what she believes is the biggest mistake entrepreneurs make when they start a business for the first time:

"There is no path! I think the biggest mistake first-time entrepreneurs make is they desperately want a structured business plan and direct path."

"One of the most important things about starting a business is being flexible. Listening to customers, watching data and making iterations and changes as needed. Sometimes having a path or a rigid business plan can limit you. Think of your business like a meadow not a path, just play!"

16. Lewis Howes.

Lewis is the New York Times best-selling author of The School of Greatness , and host of the top-ranked podcast bearing the same name. He’s a writer, speaker, and online educator that teaches entrepreneurs how to start profitable online businesses—and he shares his story in this episode of my podcast, right here . Here's his single best piece of business advice for aspiring young entrepreneurs:

"Perfectionism cripples a lot of entrepreneurs. They won't launch their site or put their product up for sale until they think it's perfect, which is a big waste of time. It's never going to be perfect."

"Pitch your product or service as soon as you have the bare bones of it put together. This will give you valuable feedback about whether your market really wants it. You can polish it later."

17. Jon Acuff.

Jon is the New York Times best-selling author of five books, including Do Over . He’s helped some of the biggest brands in the world tell their story, including The Home Depot, Bose and Staples. Now, he speaks to hundreds of thousands of people annually and reaches over 4 million readers on his blogs. Here's his business advice for aspiring entrepreneurs who want to start a business:

"What I've learned, and what you're going to learn too, is that being an entrepreneur takes hustle . And here's the problem: Sometimes we think hustle is about becoming a workaholic or adding a lot of stuff to our lives."

“Hustle is an act of focus, not frenzy. Hustle is about subtraction and addition. It’s not about doing more, it’s about focusing on the things that you need to do, in order to move your business forward. Hustle the right way.”

18. Syed Balkhi.

As the founder of WPBeginner, Optinmonster and several more successful online businesses, Syed has learned a thing or two about starting a business in his 25 years as an entrepreneur. When asked to share his best business advice for young entrepreneurs, here's what he has to say:

"Perfect is a curse. Innovation is messy. Test, learn, and improve."

"Often new entrepreneurs wait too long to put their product out in the market. With limited resources at hand, its crucial that you get an MVP out ASAP and start getting traction. Take the user's feedback to iterate and improve your products."

"Not launching fast enough is a mistake you simply can't afford to make. If you want to get an edge over others, launch now!"

19. Sujan Patel.

Sujan is a growth marketer and co-founder of the content marketing agency, Web Profits . He also runs Mailshake , Narrow and jumps out of airplanes in his free time—but seriously, Sujan has some impressive marketing skills and he (unknowingly) taught me much of what I've learned about going from learning how to make a website to picking up how to drive traffic to my blog . Here's his best business advice for first-time entrepreneurs who want to start a business today:

"The most painful mistake I see inexperienced entrepreneurs make is copying or doing the same things that successful entrepreneurs have done, expecting similar results. What first-time entrepreneurs don't realize is that the world is not a vacuum and there's more going on behind the scenes than it appears. There's much more effort that has gone into creating the success they see on the surface, and there's no guarantee that a particular tactic or strategy will be successful for everyone."

"My advice to first time entrepreneurs is to not get caught up in the glamour and don't take things for face value. Rather, use these successes they read about as inspiration for what you can do too. I almost always recommend they set more realistic goals and forget about 'going viral' or trying to be like someone else."

20. Ilise Benun.

Ilise teaches creative professionals how to get better clients with bigger budgets. She mentors, coaches, and sells marketing tools for entrepreneurs on her site, the Marketing Mentor . Here's how she advises first-time entrepreneurs when it comes to setting expectations around what it takes to start a business:

"Most people start out with completely unrealistic expectations of what level of effort is required and how long it takes to get a business off the ground. They are easily discouraged and give up way too soon. I blame it on wishful thinking."

"The reality is that there is no way to know how long it will take or whether it will work at all. So my advice is to approach it with humility, grit and a willingness to do whatever it takes to succeed, even if that means you have to work really hard for a long time."

21. Jeff Haden.

Jeff is a ghostwriter, speaker, LinkedIn Influencer and contributing editor to Inc. He worked his way up to managing a 250-employee book plant and has become a sought-after ghostwriter for the world's top business leaders. He's written more than 50 books, including six Amazon Business and Investing No. 1's. He's collected four years of business advice in his most recent book, TransForm: Dramatically Improve Your Career, Business, Relationships, and Life ... One Simple Step at a Time. Here's his best piece of business advice to aspiring entrepreneurs who want to start a business of their own:

"Never forget that your business needs to take in more money than it spends. I know that sounds too simple, but so many people lose sight of that. That’s also why so many first-time entrepreneurs over-invest (or spend so much of their time looking for investors) early on."

"Instead, work to come up with a creative solution that costs little to no money. That forced discipline will help you spend less than you make, even when you’re not making a lot. Sometimes capital is necessary, but at some point there must be return on that capital. There’s nothing wrong with taking equity investment, investing for the future, even losing money for a few years. But your plan has to get you back to that simple equation of making more than you spend."

22. Larry Kim.

Larry is the founder of both Mobile Monkey , a next-generation chat bot for marketers, and Wordsream, a leading provider of AdWords, Facebook and keyword research tools used by over a million marketers worldwide. Larry is also a top columnist at Inc magazine, a Techstars mentor and keynote speaker for events around the world. Here's his best business advice for aspiring entrepreneurs:

"The biggest mistake I see entrepreneurs make is over-estimating the novelty of their big idea."

"Most often when I get pitched ideas from first-time entrepreneurs, I ask how is this different from [x]? Seriously, because it takes so much time and effort to go all-in on a business idea, you might as well wait for a truly great one."

23. Srinivas Rao.

Author of Unmistakable: Why Only is Better Than Best and host of the acclaimed podcast, The Unmistakable Creative , Srini has interviewed over 600 entrepreneurs, creatives and thought leaders from all walks of life. From Tim Ferriss to Seth Godin, Kevin Kelly, Ryan Holiday and more, Srini has learned from the best, what it takes to become successful in business. Here's his business advice for aspiring entrepreneur who want to start a business of their own:

"Probably the most costly mistake many entrepreneurs make is in choosing the people that they work with or hire. It’s a mistake I’ve made. And it’s a mistake I’ve seen over and over again."

"The way we’ve gotten around that is to always work with somebody on a project before we start handing over significant equity stakes or large sums of money. If the trial project goes well, then talk about expanding the scope of the relationship. Sam Altman from Y-Combinator once said something to the equivalent of 'a bad hire in the first few employees can be detrimental to a startup.' I've really taken that to heart in my business."

24. Michelle Schroeder.

Michelle is an entrepreneur and blogger that runs the personal finance and lifestyle blog, Making Sense of Cents . Since 2011, she’s been using her background in finance to write great content and grow her blog business to over $70,000 in revenue per month. Here's her business advice for new entrepreneurs who want to start a business and become gainfully self-employed:

"The most painful mistake I see first-time (or inexperienced) entrepreneurs make is that they see others in their industry or blog niche as competition. This can significantly hold you back, as you may never learn industry secrets and tips, make genuine friends, and more."

"Instead, I think you should see others in your industry or niche as colleagues and friends. You should network with others, attend conferences, reach out to people, and more."

25. Conrad Wadowski.

Founder of GrowHack , an email subscription of 17,000 founders and practitioners focused on repeatable monthly growth. Here's the business advice Conrad has to impart with entrepreneurs who want to start a business today:

"At this point, I've worked closely with dozens of new technology products. Across the board, the most painful mistake I see first-time entrepreneurs make is placing too much focus on building product versus learning from users. There usually isn't much risk in building software, but there's a lot of risk in bringing a new product to market."

"A few ways to solve this include: constantly talking to users, building an audience while or before you build and taking time to learn how users actually behave with your product. Not easy, but if you can really understand which type of user you want to optimize toward, you'll increase your odds of finding an initial wedge in the market."

26. Ankur Nagpal.

Ankur is the Founder and CEO at Teachable , the premier online course building platform that allows online educators to build beautiful course websites, self-host content, control the branding, student data, and pricing all from one place. Here's his business advice for new entrepreneurs who want to start a business:

"The most painful mistake I see people making repeatedly, particularly with their first project is striving for perfection over getting it done."

"Weeks turn into months, months into years. As a result, whatever they are trying to launch isn't out there gaining traction in the marketplace because of the fear of being perfect."

"My advice is to go out and break shit. It's easier to ask for forgiveness than permission when you start a business. The only way your project, your business idea or whatever is in your mind is going to become better, is by having people use it in the real-world. Listen to them and iterate until you have a solid product."

27. Laurence Bradford.

Laurence is the creator of Learn to Code With Me , where she empowers people to learn digital skills so they can get ahead in their careers and lives. Her writing has been featured on Forbes , Mashable, and more. Here's her business advice to first-time entrepreneurs who want to start a business of their own:

"The biggest mistake new entrepreneurs make is not putting themselves out there. If you want to succeed as an entrepreneur, you need to show others what you're doing."

"Instead of praying an audience (or customers) will find you, get in front of people in your space. Start a blog, podcast or create video content. Take advantage of social media. Attend in-person events. One way to make "putting yourself out there" easier is by making an effort to help others. (Sounds counterintuitive, I know!) On the individual level, maybe it's by making an introduction. For a larger audience, perhaps it's by pursuing and executing on an actionable blog post idea . However, by being helpful you'll make a lasting impression."

28. Nathan Latka.

Nathan is host of the fastest growing business podcast The Top Entrepreneurs, and CEO of Send Later, a company he recently acquired after failing to acquire Success Magazine for $5m. He founded the social giveaway SaaS startup, Heyo and is an experienced online educator at CreativeLive where he teaches Facebook Marketing for Small Business Owners . Here's his business advice for first-time entrepreneurs who want to start a business of their own:

"The most painful mistake I see first-time entrepreneurs make is that they try and invent something totally new because their ego tells them they have to."

"It's much smarter to copy a competitor you like, then tweak one or two things that you think will put you over the top."

29. Tony Stubbelbine.

Tony is the founder and CEO of Coach.me , an app that helps you put your goals into action by actively tracking your performance in diet, fitness, productivity and life. Here's his best business advice for aspiring entrepreneurs who want to start a business:

"I’ve been trying to start companies for years and I still make this mistake. Planning too far ahead. Many new entrepreneurs are stuck on this idea of what the company could be five years from now. They’re trying to make the five year version of the company happen tomorrow."

"What they need to realize is that if you have no customers, the next milestone is one customer. A very powerful tactic to overcome this is to help young entrepreneurs focus on building on momentum. That means focusing on the next step and trusting that those first few steps will build to the speed and impact you want."

30. Steve Rayson.

Steve is a serial entrepreneur and currently co-owner of BuzzSumo and Anders Pink . From his experience starting and growing four different businesses over the years, here's Steve's business advice for new entrepreneurs who want to start a business without falling flat:

"Avoid being a single founder."

"Creating a company is hard work, most startups fail. The one characteristic you need above all others is resilience. You need to be relentless and work harder than the competition, and even then you will have tough times. It is for this reason I have always started companies with more than one founder. It means there is someone to share the load, to reflect and to support each other."

"It's not impossible to be a single founder but in my experience it is easier to be resilient and successful as a team." You can read more from Steve about how BuzzSumo achieved $2.5 million in revenue during their first year right here . I'd also recommend reading my post about starting a business with a friend , in case you're considering going that route.

31. Preston Lee.

Founder of Millo.co , the premier destination for expert advice from the world's top freelancers and founders looking to score great work from home jobs . Here's Preston's biggest piece of business advice for new entrepreneurs, those looking to learn how to make money blogging and for more, listen to his episode on my podcast about how to get blog sponsorships :

"First-time entrepreneurs almost always focus too much on non-differentiating work. Work that doesn’t make a difference in their business. Work that definitely doesn’t increase revenue."

"A few simple examples: Redesigning your logo or website a dozen times, setting up every social media account possible, trying to stay on top of said social media. And the list goes on. Instead, focus on revenue. Do the tasks that will increase revenue and reduce costs. Without a focus on that, your business is just a hobby." To add to what Preston had to say, I'd double down and emphasize that in order to even consider doing work that makes a difference, you need to building and leveraging your entrepreneurial strength every day.

32. Ian Paget.

Also known as Logo Geek , Ian designs logos and brand identities for startups and SMEs. He also has over 80,000 Twitter followers and runs a popular social media group where he creates valuable resources for designers. Here's his best business advice specifically for freelancers, and for more check out his episode on my podcast about how to become a freelance designer :

"As a designer, I frequently hear horror stories from new freelancers who’ve had a client that vanishes without making a single payment. Designers who have worked for hours, sometimes weeks, yet received nothing in return. It’s upsetting for them, painful to watch, but easily avoidable."

"To prevent disasters like this, I recommend taking a 50% upfront payment before you even start, then taking the final 50% before any final files are provided. Any client not willing to work this way is unlikely to ever pay and should be avoided. I also strongly advise freelancers to have a written freelance contract , signed by the client, detailing what’s been agreed upon and what will happen in various different circumstances. This will give you ammo should your client be unreasonable, and will also add a level of professionalism and credibility to your service."

33. Navid Moazzez.

Navid is the world’s leading expert on producing profitable virtual summits . His media coverage includes Forbes, Entrepreneur, The Huffington Post, Business Insider and much more. His mission is to show entrepreneurs what's really working to build a profitable online business. Find out more about his courses, summits, and expertise on his website . For now, here's his business advice for first-time entrepreneurs who want to start a business:

"There's one incredibly painful mistake that I see new entrepreneurs make. It’s painful because it keeps them from success. They feel like they're working hard, but not making any progress. The mistake? Trying to do too many things at once ."

“Focus, by definition, means narrowing your field of vision and attention. It means choosing which opportunities , projects, and even customers you’re NOT going to pursue. And it’s really, really hard. When I first started online, I was trying to do it all: podcasting, writing epic guides, blogging and I wasn’t doing any of it well. I realized that each time I jumped from idea to idea, I was diluting my efforts."

It wasn’t until I decided to focus in on just ONE strategy, creating an incredibly high-value virtual summit, that I started to make serious progress in my business. After several months of super-hard concentrated effort, I launched the Branding Summit at the end of 2014, one of the largest virtual gatherings of experts on personal branding anywhere. I grew my email list by almost 3,000 highly engaged subscribers in a few weeks, and generated $20,000 in profit -- much more than I’d earned up to that point!"

"Choose the one thing that will move the needle for you and your business . When you try to be the best podcaster, blogger, author, business coach and event producer all at the same time, you end up being mediocre at all of them. Pick one (like learning how to master the art and science of cold emailing ). Focus. And work it, hard. One piece of bonus advice: As a newer business owner, one of the biggest ROI's you’ll get is from investing in growing your email list. Whether you plan on offering a mastermind, writing books or producing online summits, you’ll need a powerful, engaged email list. Make that a focus from day one. If you want to hear the best advice that over 60 online experts and world-class business owners have on list building, check out the online event of the year, List Building School . It’s free, and it’s epic. Ryan here is one of our amazing speakers too!"

34. Tim Soulo.

Tim is the head of marketing at Ahrefs and he runs a cozy little personal blog called BloggerJet . Here's Tim's best business advice for aspiring entrepreneurs:

"The most painful mistake that first-time entrepreneurs make is they rely on their business idea too much."

"They're convinced that success in business is pre-determined by the awesomeness of their business idea alone. And they couldn't be more wrong. Execution is equally (if not more) important than the actual idea. Ideation is the easy and fun part and execution is the hard and tedious one."

"That's why people would rather put faith in their ideas than invest countless hours of work towards making it happen. Like the character of Mark Zuckerberg famously said in "The Social Network" movie: "If you guys were the inventors of Facebook, you'd have invented Facebook."

35. Caroline Beaton.

Caroline is a writer and entrepreneur helping millennials uncover their professional purpose with stories, statistics and heart. You can find her at carolinebeaton.com , on Forbes and right here on my blog where she shares her incredible story of going from secretary to self-employed . Now, here's her best business advice for aspiring entrepreneurs who want to start a business the right way:

"The most painful mistake I see entrepreneurs make is launching before learning . For example, you may decide you want to launch a marketing consulting company, so you hastily make a website, content and reach out to people, but you haven’t yet figured out who your target clientele is. What people actually need help with or what you're specifically good at. So no one bites."

"Or you could launch a new app, but you don’t know what sells well in the app store or how to promote it. So even though you have a great product, no one sees it. Or you decide to write a book but haven’t really spent time with the key concept—researching, talking to people—so your book proposal falls flat and feels generic. Publishers ignore it."

"This common mistake could also be framed as an inspiration/perspiration problem. We’re so inspired by the end result that we forego the process — a lot of which is hard, un-fun work. In turn, we sacrifice the best possible outcome. And this is painful because the solution is retrospectively so obvious: patience. Take time with each new idea; flesh it out; design it fully; have a plan and not just hope."

36. Bobby Mukherjee.

Bobby is the CEO of Loka , a mobile app development company located in Silicon Valley. He previously started and sold two other companies in the technology space. He knows a thing or two about what it takes to build and sell a profitable business, and here's his best business advice to aspiring entrepreneurs:

"The biggest mistake first-time entrepreneurs make is being deathly afraid that someone will steal their secret idea. Spoiler alert: Ideas are worthless."

"It's the execution beyond the idea that really brings home the gold. So focus on getting out there and meeting as many folks as possible to join your team, give you feedback and point you in the right direction. Any successful entrepreneurial journey is the sum total of a rather large (and under-appreciated) team that came together in a magical way. Get cracking on building yours."

37. Jason Quey.

Jason helps entrepreneurs connect with influencers and experts to rapidly grow their business together at TheStoryTellerMarketer . He also co-hosts the Content Promotion Summit and teaches other entrepreneurs how to get more out of the content they create every day. Here's what Jason has to share with aspiring entrepreneurs who need some business advice before they start a business:

"The most painful mistake I see first-time entrepreneurs make is that they don't count the cost or figure out how they'll actually make money ahead of time. Since entrepreneurs don't create a business as a 'charitable deed to mankind,' they need to think about where their revenue and profit will be once the business scales."

"For example, when I launched the Content Promotion Summit with my partner Cody Lister, we started off by focusing on three things. What the costs would be, how much money we'd potentially make and what the key levers for generating more sales (traffic, email opt-ins, and affiliate partners) would be. This gave us key insights into whether or not the business would be worth investing into before we launched. It may surprise you, but by using Noah Kagan's quant-based marketing system and asking a few friends for benchmark numbers, it wasn't difficult to get an estimate. In fact, our numbers were only 7% off from our main target."

38. Lauren Holliday.

Lauren is a full-stack marketer who's been featured on Business Insider, Entrepreneur, The Muse and more. You can find her on Twitter , Medium, or you can subscribe to her email newsletter . Here's her business advice for millennials who want to start a business for the first time:

"The biggest mistake new entrepreneurs make is banking on an idea that isn't valuable to anyone with actual, real-world problems."

"You read about this new social media tool or this new game or social app. And it's like: What happened to solving REAL, big, hairy problems as opposed to helping privileged kids send pictures that explode in a day (sorry, Snapchat - first example I thought of)?"

"My advice is to spend time with people who are different than you. This will open up your mind to different people and different problems, allowing you to connect the dots faster and make a real contribution to the world, as opposed to just being the next Mark Zuck."

39. Cody Lister.

Cody is the founder of MarketDoc where he helps marketers, business owners, solopreneurs and bloggers get more customers from smarter content marketing. He's also a co-host of the Content Promotion Summit. Here's his business advice for aspiring entrepreneurs:

"Many first-time entrepreneurs don't follow the Customer Development Model (the Steve Blank school of thought). They won't presell their product. They avoid surveying their market, meeting or calling people from their target audience before they pony up substantial money and time building a product."

"In other words, too often first-timers build a product behind closed doors and don't get the feedback necessary to ensure they get buy in for their idea. As a result, they don't reach product-market fit and end up building a product that fails or succeeds by mere chance, not by calculated steps."

"I recommend that first-time entrepreneurs take this as a real wake up call to avoid making excuses for not getting meaningful product validation before spending resources on development. You need at least 95% confidence that the thing you're working on will be predisposed to some initial success. There are too many other factors out there working against you when you're first starting out and are tight on resources that make the road of entrepreneurship hard enough as-is. Don't make it more difficult for yourself by building a bunch of features no one really wants to pay for."

"Avoid the common mistake of aiming to be the next Facebook. Achieve product-market fit by focusing on building one core feature better than the competition and make sure that feature solves a big pain point for your audience. Don't get lost in creating a bunch of features off-the-bat."

"Keep your first product extremely barebones. Get clear product validation from your target customer before you spend any time or money building a Minimum Viable Product (MVP). Start small. Invest more resources in product development as you generate enough operating income to cover your ongoing research and development expenses. Hold off on executing your product roadmap before you have enough consistent sales revenue to support that vision."

As a fellow freelance content marketer myself who's spent years building out content marketing strategies for my clients, I highly recommend Cody's epic new online course and educational platform, Content Marketing School .

40. Vasil Azarov.

Vasil is a super connector for entrepreneurs. He's the CEO of Startup Socials , a global community of entrepreneurs that connects and empowers professionals working in the startup ecosystem. He's also the founder of Growth Marketing Conference , Silicon Valley's largest digital and growth marketing event. Here's his best business advice for aspiring entrepreneurs who want to start a business:

"We have an exciting tradition at Startup Socials. Every Friday we meet with entrepreneurs one-on-one and help them solve startup related challenges."

"One of the most costly and painful mistakes that I see over and over again is hiring in marketing and sales too early . Things tend to go VERY wrong when a founder brings on board a senior sales or marketing person who is lacking entrepreneurial spirit and/or experience working in startups. Instead of hiring full-time, founders should seek out and consult with experienced marketers and sales veterans who work with startups on a daily basis for a fixed fee or company stock based on specific goals."

"Ultimately, your need to become your startup's best sales person and best marketer before hiring ."

And remember, the fact that you can recite all the business slang and industry jargon that's pervasive within your niche, doesn't automatically make you a good salesperson. Connect with your target customers and learn how to truly help them.

41. Sol Orwell.

Sol is an entrepreneur with over 15 years of experience, 6 companies and 8 figures generated from his businesses, including Examine.com , the original authority featuring independent analysis on supplements and nutrition. He now writes about entrepreneurship on SJO.com . Here's Sol's best business advice for first-time entrepreneurs:

"I have to go with: inaction . New entrepreneurs tend to overthink things that don't really matter (logo, copy, etc.), but instead of validating their idea, they get lost in the weeds."

"The advice is simple - just do it . Do a minimum version, talk to some friends, and see if they would be interested in it. If so, make a quick version, and go from there."

42. Jen Kessler.

Jen Kessler is the CEO and cofounder of Bizzy , a state-of-the-art marketing platform for eEommerce businesses. Jen studied business at Stanford and math at University of Pennsylvania. She's worked at the forefront of bringing inventive predictive modeling to portfolio management across multiple industries, and is excited to be bringing that innovation to the marketing industry. Here's her business advice for aspiring entrepreneurs who want to start a business:

"Stay balanced. As an entrepreneur, you need to be constantly processing new information, adjusting your plan, and making decisions."

"If you are exhausted and 100% monopolized by work, you won't have the perspective and insight that you need to guide your venture in the right direction. Sleeping, exercising, and having a life outside of work is critical for your endurance as a human information processor and decision maker."

43. Guillame Decugis.

An engineer turned-marketer, Guillaume, the Co-Founder and CEO of Scoop.it , has experimented a lot with content marketing and developed the lean content marketing methodology as a way to help marketers generate ROI with content. Here's the business advice he shares with new entrepreneurs who want to start a business:

"In 15 years as an entrepreneur, I’ve made many mistakes and I’ve seen a lot of entrepreneurs do them too. My answer is two-part since these are equally as important."

" Falling blindly in love with an idea . Entrepreneurship needs passion, but love can be blinding. Many entrepreneurs believe in their idea so much that they fail to validate it. They tend to dismiss negative feedback on their products or neglect collecting some. And they end up missing product/market fit. Overcoming that requires taking some distance with the idea and applying intellectual honesty. My advice is to talk to potential customers or users from day 1 and for every day after that: never stop collecting feedback. We’re now 25 people on the team at Scoop.it , but I still answer support tickets and take sales calls because there’s nothing as real and valuable than a direct conversation with a customer."

" Thinking that ideas are more important than teams . I hear a lot of first-time entrepreneurs tell me 'I have a great idea for an app; I just need to find a technical co-founder to code it.' But successful startups iterate their original idea constantly based on market feedback. Sometimes they even radically pivot like Paypal or Slack. Only great teams can do that, so the execution is much more important than the original concept. And it’s easier to change the idea than it is to change the team."

44. William Harris.

William is the founder of Elumynt , a growth marketing agency and a contributor for Entrepreneur, FastCompany and TNW. For first-time entrepreneurs, here's William's best business advice:

"The most painful mistake I see most inexperienced entrepreneurs make is not delegating tasks effectively. I actually came from a nursing background where bad delegation meant someone could lose a limb--or worse, their life. The nurses that didn't delegate would be busier, risking careless errors from trying to make up time by cutting corners. Business owners try to do the same thing."

"I advise entrepreneurs who struggle with this problem to first get their tasks organized and written down. I like Asana for this. The tasks that they find themselves adding repeatedly are tasks that they should think about delegating. At the end of the month you need to send out invoices, add numbers to your analytics spreadsheet, etc. Find someone else to do that. The hours you save by outsourcing these types of tasks will help you focus on the things that only you can do--like plan the strategy and direction of the business."

45. Chiara McPhee.

Chiara is the COO and co-founder of Bizzy , a state-of-the-art marketing platform for eCommerce businesses. She studied business at Stanford and Duke, and has a background in marketing and design. Here's what Chiara has to say as far as business advice to entrepreneurs who want to start a business for the first time:

"Often I see first-time entrepreneurs struggle to organize and process feedback. When starting a company, you'll get feedback from everyone: your early users, potential customers, investors, friends, and even your second cousin twice removed."

"I've found it incredibly helpful to have a framework in place to systematically collect, prioritize, and implement product features based on customer feedback--both from customers you have, and the customers you want!"

46. Bram Kanstein.

Bram Kanstein is an Amsterdam-based entrepreneur and co-founder of We Are Off The Record , a digital growth agency for startups. Bram also made Startup Stash , a curated directory of 400 resources and tools to help you build your Startup that has helped more than 300k+ entrepreneurs from around the world. Here's the best business advice Bram has to impart with entrepreneurs who want to start a business for the first time:

“I’ve discovered early on that building long-term value is more important than making short-term money. Sure, you can earn quick cash with some hustle but that won’t help you win in the long run."

"I see a lot of people starting a business without thinking about the long-term value it can bring them. One of the things me and my business partner decided on when starting our digital growth agency We Are Off The Record, was that we wanted to build value with people and make sure that we’re able to call everyone we now work with, in 5 years and still have a good relationship. I haven’t won at the game of business yet, but I know that building a long-term network is the most valuable thing you can do.”

47. Silas Moser.

Silas and his wife Grace are the voices behind the wildly popular lifestyle, travel and personal finance blog, Chasing Foxes where they teach thousands of monthly readers how to live their best lives. Check out how they recently made over $3,000 in a month working from home. Here's the business advice Silas has to share with first-time entrepreneurs who want to start a business of their own:

"Once when I was working at a young startup, I made a suggestion at a business meeting. It fell completely flat, but three minutes later, one of the company's investors walked through the door and made the exact same recommendation word for word. All of the management lit up, eager to express their approval and that they were on board."

"Shutting people down because of their position within the company doesn't express value to them. My suggestion to young entrepreneurs is to treat people well and stay humble , you never know where you could learn something."

48. Alyce Johnson.

Alyce is the founder of New Stability , a site that teaches new freelancers how to grow a profitable service-based business. She's also the host of the Freelance FAQ Podcast . I asked her to share with me the biggest mistake new freelancers make (and related business advice) when they start their own freelancing business:

"The most common mistake new freelancers make is not having a business strategy. Many freelancers start their businesses without thinking of the long-term growth their business needs to achieve. This often results on a broad service offering that could potentially be targeting the wrong market."

"Successful freelancers are specialists in one particular service and not generalists with a broad offering. Specializing in one service area allows freelancers to build their expertise but can also understand their ideal clients. Being a specialist freelancer gives clients confidence that you are a professional in your field."

49. Rhett Power.

Rhett is an entrepreneur, speaker, consultant and author of the new book, The Entrepreneur’s Book of Actions. He's been featured on Inc, Fortune, CNN Money and more for his work in the world of business. Here's his business advice for aspiring entrepreneurs who want to start a business of their own:

"In my first business, we spent the first three years working 8 days a week in the business (and not on it). We weren’t making any progress and in fact we had thoughts of calling it quits. We got a lucky break when a national retailer saw and fell in love with one of our products. That was our saving grace."

"It forced us to take a step back and take time to think about how we were going to deliver that product on a massive scale. I think many new entrepreneurs spend way too much time working in their businesses and not enough time working on their businesses. If you want to grow, then you have to carve out time to think strategically and think about the big picture, which is difficult to do when you’re first starting."

50. Matt Feldman.

Matt is the CEO and co-founder of Case Escape . After receiving his MBA from Chapman University at age 23, Matt started his first business in California (which we started together back in 2013) and has since grown it into a worldwide business with over 100 clients and counting. Case Escape was founded with the goal of helping 1,000 entrepreneurs start their own phone case business. Here's his best business advice for first-time entrepreneurs who want to start a business of their own:

"Many times, I see first-time entrepreneurs start their businesses without really understanding the total scope of work that's going to be required. This could relate to the overall investment that's necessary, the detail in your plan of action, or most importantly, personal capabilities and time."

"While entrepreneurship is a continuous learning process, there still needs to be a solid foundation in order to grow the company. The amount of money you initially invest may not even be a fraction of the total amount needed, when accounting for mistakes and unforeseen events along the way. It's difficult to balance a lean environment with needing the online business tools to truly succeed. You don't want to find yourself in a bind where you can't hire the talent necessary to complete task the right way, and you definitely will not have the time to learn everything yourself."

"My advice is to plan for a solid buffer with your cash flow, create checks and balances to keep that plan in line, and surround yourself with individuals that will free up your time and resources."

51. Bryan Teare.

Bryan is a coach and the host of The Quarter Life Comeback Podcast , where he empowers millennials to become the heroes of their own life's journey. Here's his business advice to first-time entrepreneurs who want to start a business:

"After quitting my own corporate job two years ago with no plan B, as well as from interviewing several guests about this topic on The Quarter Life Comeback Podcast, I believe that one of the biggest mistakes people make when starting a business is thinking that it's going to be a kind of golden ticket to creating the life that they want."

"This often stems from intense unhappiness in their current work situation, as it did for me. However, simply quitting to pursue your own thing causes a lot of stress (not to mention more intense unhappiness) if you're starting from scratch."

"These days, I advise young entrepreneurs to see their current employer as an investor in their own business , while they grow their business on the side . One of my guests mentioned that a day job doesn't need to be seen as a bad thing as long as it helps you develop the skills, capital and/or network you'll need when you do decide to go out on your own. So, learn to see and appreciate the job as a means to an end."

"Finally, another crucial mistake I learned from a previous blog I ran is to get REALLY clear on who you're speaking to and what you're speaking about before you get started. If you try speaking to everyone, you'll end up speaking to no one. And don't be afraid of being too niche. If you're 1 in a million, there's still 7000 other people just like you in the world."

52. Jim Fowler.

Jim is the Founder and CEO of Owler , a crowdsourced competitive intelligence platform. Prior to Owler, Jim founded Jigsaw in 2003 and was CEO until it was acquired by Salesforce in 2010 for $175 million. Before his career in technology, Jim was owner and operator of Lookout Pass, a ski resort in Idaho, and served in the U.S. Navy as a diving and salvage officer. He's seriously the man. Here's Jim's business advice to first-time entrepreneur who want to start a business:

"The number one problem that most entrepreneurs make is being overly optimistic, which often leads to them running out of cash or being cash strapped. Money problems can be seen from a mile away."

"Entrepreneurs have to be optimistic realists, which allows them to make tough choices ahead of any cash problems. I learned this as a young entrepreneur when running a small ski lodge in Idaho. Overly optimistic, I ran my business based on the best case scenario, and in turn lived in constant and mortal fear of missing payroll or delaying payments to vendors. I’ve since learned to operate with optimistic realism. And have run subsequent organizations by the metrics with clear guard rails in place."

53. Nick Grant.

Nick is the Co-Founder and Chief Revenue Officer of Killer Infographics , a Seattle-based leader in visual communications and the design of infographics, motion graphics, and interactive infographics. Here's the business advice Nick has to share with new entrepreneurs who want to start a business of their own:

"One of the most painful mistakes I see way too frequently is when entrepreneurs underestimate the importance of a robust marketing and sales strategy for their fledgling business."

"Many new CEOs are hyper-focused on making their MVP, but they don’t really have a long-term vision for how to make their companies profitable. I would recommend designating marketing and sales as a day-one priority. This will help your business earn fans before the MVP ships and ensures that what you create is truly something that a customer will want to pay for."

54. Austin Belcak.

Austin is an entrepreneur, author and the founder of Cultivated Culture , where he teaches millennials how to land their dream jobs, skyrocket their salaries and work 100% remote jobs in a matter of months. Here's his best business advice for first-time entrepreneurs who want to find a side hustle idea :

"My best piece of advice is to focus on taking small steps and being consistent. It's going to take time and it's going to take work, you can't start a successful side hustle overnight. With that in mind, you should start by doing three things."

"First, come up with a tangible, overarching goal. This could be something like landing 5 clients at an average of $1,000/month per client in the next 6 months or building an email list of 1,000 subscribers, launching a course and selling at least 50 copies in the next 8 months."

"Second, take time every night to write down a goal for the next day that will take you one step closer to your greater goal."

"Then third, block off 1 hour every day to accomplish that goal. If you complete your goal in the first 30 minutes, use the next 30 to start on the next step that brings you even closer to your bigger picture goal."

"That's the easy part. The tough part, and the part that will make or break your success, is being disciplined and repeating these steps at least 5 or 6 days each week. If you can stay consistent, the results will add up and you'll surprised at how quickly you'll progress."

To add to what Austin said, creating a regimented schedule of exactly when you'll be working on your side business can help you stay in the clear with your day job and avoid making costly mistakes that could get you fired (or sued).

55. Josh Kraus.

Josh Kraus is a Chicago-born, Denver-based writer and mediocre autobiographist who likes to make things. When he's not writing, he attends to his t-shirt business, Bird Fur. Find him at joshkra.us and birdfurtees.com . As a freelance writer by trade, I asked Josh to tailor his success tip to freelancers specifically. Here's his best business advice for new freelancers:

"The most painful mistake I see new freelancers make is taking jobs at content mills, or other jobs with content mill prices, and get stuck doing those jobs long after they should have left."

"It's okay to take a job writing blog posts for 1 cent a word in order to build a portfolio, but once you've got a few good pieces from it, for the love of god get out! Use them to help you further your career, don't let them use you."

Learning how to write a kick-ass freelance proposal will teach you a lot about positioning your value, highlighting your strengths and selling yourself as a premium service-provider to your clients.

56. Chris Winfield.

Chris is an entrepreneur, writer and coach based in NYC. He writes about productivity, finding happiness and creating a lifestyle you'll love for publications like Inc, Entrepreneur and Time. Here's his business advice for first-time entrepreneurs who want to start a business of their own:

"The biggest mistake first-time entrepreneurs tend to make is not asking for help OR not asking for the right help from the right people ."

"And a close second is not following up and nurturing those relationships when they do ask for help. There's something that Tony Robbins always says about the importance of 'standing on the shoulders of other giants' and I think this is such an important thing for people to keep in mind."

"Pretty much anything you are going to go through, someone else has already gone through. Pretty much any feeling you are going to have, someone else has already had. Any obstacle, any roadblock, ANYTHING! Someone has come up against them and figured out a way to get around them. Tap into that. Whether it's reading a book, reaching out or shadowing someone, get help and then do it better."

57. Bill Reichert.

Bill has over 20 years of experience as an entrepreneur and operating executive. Since joining Garage Technology Ventures in 1998, Bill has worked with his partner, Guy Kawasaki to focus on investing in early-stage information technology and materials science companies. Here's Bill's best business advice for young entrepreneurs who want to start a business for the first time:

"One of the biggest mistakes entrepreneurs tend to make when raising capital is listening to investors ."

"When investors tell you why they don't like your pitch, they're almost always lying. They'll usually tell you that you're too early, or you need more traction, or you need too much money, or you need too little money."

"But if they really thought you had something brilliant, they wouldn't let you out of their sight . They're simply offering an excuse for not liking your company. Don't walk away thinking that the problem is that you just aren't a fit. You need to find out what's really wrong with your story. Don't count on investors to tell you. Get a few good, savvy mentors or advisors to tell you the truth."

58. Oleg Shchegolev.

Oleg is the co-founder and CEO of SEMrush , an all-in-one marketing toolkit for digital marketers. Oleg has grown SEMrush to 400 employees in four offices around the world and in 2016 they celebrated 1 million users (!!!) with clients in more than 100 countries. Here's Oleg's best business advice for first-time entrepreneurs looking to start a business of their own:

"First-time entrepreneurs pay too much attention to what other companies are doing without thinking for themselves."

"Every company is unique and has an entirely different DNA. A particular strategy may not work for your company, but that doesn’t mean that it won’t work for mine and vice versa. My piece of advice is that you should always ask yourself: Why didn’t that strategy didn’t work for them, and will it work for me?"

"What is the difference between our companies? Why did that strategy bring them difference results when it will never deliver the same for us? What is the difference in our DNA?"

59. Tomas Laurinavicius.

Tomas is a lifestyle entrepreneur and blogger from Lithuania. He writes about habits, lifestyle design and entrepreneurship. Right now, he’s traveling the world with a mission to empower 1 million people to change their lifestyle for good. Here's Tomas' best business advice for aspiring entrepreneurs wanting to start a business today:

"First, let yourself wander. Try new things, meet people outside of your comfort zone and travel."

"It will help you design your personal MBA which will teach you more than any formal setting out there. Learn to read people, master the art of communication and become comfortable with being uncomfortable. Once you figure out what drives you, use that power to help people."

60. Eric Siu.

Eric Siu is the CEO of digital marketing agency Single Grain , which has helped venture-backed startups and Fortune 500 companies grow their revenues. He's also the founder of the marketing podcast, Growth Everywhere and does a daily podcast called Marketing School with Neil Patel. Here's Eric's best business advice for getting started today:

"For any business owner it is crucial to define processes behind every goal and KPI. Success is the continued refinement of these processes until results start to show."

"Entrepreneurship requires continued learning and if you're not constantly learning and testing new things, then eventually your competitors will take the lead. The trick is to quickly access new tactics and incorporate those that work to enhance your business goals."

"Networking is the other main thing I see many new entrepreneur ignoring. Talking to the right person can be 100x more beneficial than some course or tactic alone."

61. Jan Lukacs.

Jan is the CEO at Paymo , an online project management solution for small businesses looking to take away the pain of planning, scheduling, task management, time tracking, and invoicing. When asked to share his best business advice for new entrepreneurs, Jan shares:

"Focus all your energy toward one big objective. Try to become a laser, avoid being a stroboscope."

"As an entrepreneur, your customers and your team rely on you to deliver. Try to harness your team's energy towards your vision and do everything you can to avoid being distracted. A lot of businesses fail once the vision becomes blurry."

What business advice would you like to add?

Did I miss anything or anyone that should've been mentioned in this post?

If so, please share their name with us in the comments below in the name of helping others start a business that's positioned for success.

Otherwise, I'd love to hear which piece of business advice cut deepest for you.

This Article originally appeared here .

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