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So You Want to Be an Entrepreneur?
Here’s some advice from entrepreneur Joe Ollivier, who has helped start or fund 27 companies in the past three decades. He is a member of the Utah Angels and runs First Capital Development in Provo, Utah. Joe explains what it takes to be an entrepreneur.
- It has to be a business that gives you an emotional high.
- Avoid any business that is labor or inventory intensive.
- Have independent market research done on the feasibility of your idea, then do test markets.
- Don’t think someone is waiting to steal your idea, it’s paranoia.
- Don’t get started on a real business until you have someone (wife, husband, family member) who will listen to your dreams, sympathize with your failures and applaud your successes.
- Never involve yourself in any service or product that requires a consumer attitude change.
- Don’t invest on home run schemes – invest in what you like and know.
- Find a lifelong mentor as soon as possible. Have him continually play devil’s advocate.
- Have an exit point or harvest plan to cash out of each business you start.
and twenty-one more makes thirty.
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