25 Tips for Entrepreneurs by Entrepreneurs

Ready to leave your job behind and become your own boss? It takes a certain kind of person to make it through the first few years. To help you along, we've culled the best tips from people with years of business ownership behind them.

Don't work for less than what you can afford, but do offer a discount to customers who sign contracts with you.

Find a similar business that will refer jobs to you. If they send you nightmare jobs, make sure they're balanced out with plum jobs.

Surround yourself with emotionally supportive people and don't be discouraged by anyone. If your idea is good and you're committed to seeing it through the first few tough years, your chance of success is great.

Be flexible in your thinking. Prepare to change the way you operate, the products you use and the services you offer to fill the demand of your customers.

Admit your mistakes, correct them and carry on. (For example, if you purchase a piece of equipment that does not meet expectations, send it back, sell it or exchange it!)

Develop good relationships with your bankers and creditors. Show a sincere interest in solving problems. Pay as much as you can afford to all creditors to whom you owe money.

Get trained! You'll be spending a lot of time doing things that have nothing to do with your area of expertise, like keeping your own books, marketing and troubleshooting your computer problems.

Avoid complete isolation. Develop a network of entrepreneurs to see regularly and bounce ideas off of, vent and share successes.

Separate your work and personal lives. Establish a schedule of core, consistent working hours. When you're not available to clients, record a message on your machine letting them know when they can expect a reply. Let them know how to reach you in an emergency.

Schedule time to think every day. If you fill your date book with activities every second, your business will never grow.

Schedule time for whatever is your passion is at least several times a week -- recharge your batteries!

Write a business plan so you're clear on what you're doing, and update it every year.

Be sincere with callers and act quickly to correct any problems.

Confirm mail orders personally and immediately.

Ask your insurance agent to make arrangements for you -- as a group of one. This will allow future employees to be added to the policy.

When you find someone smarter than you, hire them!

Solicit advice from knowledgeable people (for example, utilize the Small Business Administration until they throw you out!).

Don't enter a business or a venture that you have no knowledge of. You'll be behind the 8-ball the rest of your business life.

Have an existing, committed client base and start locally.

Be aware that you will burn through your funding quickly, so ensure you are covered through at least the second year.

Focus on a specific goal and take action on it until you get it done.

Never worry about how to get things done when you are first developing your idea. Money and resources will come together once you know your goal and have taken action.

Make quality in every aspect of your business your primary focus and aim. If it isn't, you will eventually go out of business.

Use the Internet. Build a site. if you aren't familiar with Websites, start an email newsletter, buy banner advertisements, join listservs and newsgroups.

Delegate. You might have to hire a good CPA, lawyer, or marketing professional to ensure you'll have money down the road.

(from iVillage.com)