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Two Rules for New Entrepreneurs

Rule Number One: You Are In Sales. Sell.

It doesn’t matter what your entrepreneurial endeavor is, your primary job at the beginning of your adventure is client acquisition, i.e. SELLING. You started your business because you recognized a need in the market. You developed a plan to meet the market’s need. Now you have to go and sell your idea—your product, your service, or your solution—to the market.

If you start a manufacturing company, you need clients to give you orders. If you start an accounting firm, you need clients to give you bookkeeping and other accounting work. If you started a web design company, you need clients to hire you to do their design work.

You want to be a little Mom & Pop shop? You need clients. You want to scale your idea and blow it up? You need clients.

As an entrepreneur, you’re in sales. The game is client acquisition.

Rule Number Two: Don’t Run Out of Cash.

If you run out of cash, you run out of time. You can’t make good decisions when you’re desperate. You take unprofitable clients. You take clients that don’t really appreciate the value you create. You make bad business decisions because you’re trying to stay alive.

If you run out of cash completely, the game is over. That chapter of your entrepreneurial adventure is finished.

So how do you keep from running out of cash? See rule number 1.

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  • Keith Nerdin

    This is great Anthony. Both rules are incredibly important. I was worried you weren’t going to make the crucial connection between the two until I read the last line. Phew! ;-)

    I also appreciated how you didn’t say that if you run out of cash then it’s game over as an entrepreneur. I agree–it IS game over for that chapter of your entrepreneurial adventure like you said, but that doesn’t mean their entrepreneurial adventure itself is over.

    I believe Entrepreneurship IS for Everyone and feel one of the more destructive messages that always seems to be in circulation is about the number of new businesses and startups that fail. Sure…97.8% of all new businesses fail (or whatever the stupid statistics say) but that’s NOT saying 97.8% of all new entrepreneurs fail! 0 out of 10 TRUE entrepreneurs fail.

    • S. Anthony Iannarino

      You caught that huh, Keith? Failure is part of the game. It may end a chapter, but the last line of that chapter always begins, “and so next our protagonist went on to begin . . . “

  • Monica Nielsen

    Thanks Anthony, I love hearing about rule #1. When advised to hold back from selling so much, your like a girl on fire. I will remember to also forward your blog post. Thanks for sharing, now I go back to the speed I like to live, work and play in. You know, the Accelerator mood of thinking, believing and doing. Have a wonderful week, thanks for inspiration. ~Monica Nielsen

    • S. Anthony Iannarino

      Haha! Loved the video! Punch it, sister!

  • Mark Olivito

    Cash is KING! Couldn’t agree more, many businesses don’t go under due to lack of sales, it’s lack of cash!

    • S. Anthony Iannarino

      Cash buys time, doesn’t it!