The mentorship and network in place are, in my opinion, more crucial than the specific activities within your business. While education, training, and experience can develop other aspects, without the right support network—those who guide, connect, and uplift you—progress stalls. Your intelligence and product brilliance become irrelevant if you lack this essential foundation.

Don't assume that spending money will fix the problem. When faced with an issue, it's tempting to think, "Maybe there's an expensive software solution for this." While that might work temporarily, it often masks the underlying problem. It's crucial to uncover whether the issue lies in flawed processes. Simply throwing money or resources at it isn't always the answer. Sometimes, achieving more with less forces you to innovate and be more resourceful.

I would advise against ignoring operations. Speaking somewhat biasedly, I've seen many small businesses and startups waste considerable time and energy by overly focusing on sales and marketing while neglecting internal operations. Typically, organizations diligently develop their sales funnels and marketing strategies but often overlook crucial internal functions such as cross-departmental coordination, accounting, finance, HR, and legal matters. Consequently, CEOs or founders find themselves pulled into administrative tasks that are less strategic, dividing their attention between day-to-day operations and the broader strategic growth of their company. Therefore, I strongly recommend that one of the initial hires for any business should be an operations manager.

It's crucial for small business owners to carefully control their expenses by establishing and adhering to budgets and revenue forecasts. Often, our penchant for high-end products leads us to expand our overhead too rapidly, sometimes even surpassing our projected sales growth. I believe that preparing budgets and analyzing forecasts can be daunting for small business owners, yet these actions are pivotal in advancing the company towards success.

I'd advise them to observe quietly, like a fly on the wall. Initially, newcomers often criticize processes they don't fully understand. Instead of rushing to suggest improvements, I'd encourage them to listen and watch attentively. By using their ears more than their mouth, they can gain insight into the reasoning behind seemingly odd practices.

You know, I once had a friend, Barry, who recently embarked on his entrepreneurial journey. He sought my advice earnestly, asking, "What are the three crucial things I must know? I'm new to this business world." I replied, "First and foremost, you must never run out of cash. Cash flow is paramount; it's the lifeline of your business. Without it, you're unable to meet your obligations, and the business comes to a standstill. Simply put, if you have cash, you can address any challenge; it's just a matter of time. Cash reigns supreme." He nodded, jotting down the importance of cash. "What about number two?" he inquired. I reiterated, "Number two is still about cash. And guess what? Number three is too. Never underestimate the significance of maintaining a healthy cash flow."

I believe it's crucial advice for both Parker and myself: to consistently remind ourselves to show grace. Often, as entrepreneurs, we find ourselves scrolling through social media platforms like Twitter, TikTok, Instagram, and Facebook, or listening to podcasts, comparing our journey to those we admire. While it's beneficial to seek inspiration and challenge ourselves to progress, it can also be perilous, particularly in the early stages. Therefore, it's essential to grant ourselves a bit of grace and patience. Progressing step by step, day by day, is the key. Overnight success is a myth. So, let's not be too harsh on ourselves.

In the early days, the most crucial activity is talking to as many people as possible and expanding your network. Focus on having conversations where you seek advice rather than asking for anything else, like funding. Approach companies and individuals to ask for their time and insights, not for money. Understand that some people might decline due to their busy schedules, and that's perfectly okay. However, I've found that people are generally more willing to offer help if you ask for their advice.