101 things to know before starting a business — including tips from 10 local entrepreneurs who share what they wish they would have known

#1
What I wish I would have known …

“I wish I would have known how much I didn’t know about starting and running a business, and that the only way to learn is to go through the school of hard entrepreneurial knocks. I wish I knew how much of an adventure it would be — I would have started sooner. And I wish I knew that failure = success. I would have failed earlier and more often.”
JEREMY HANKS, founder of Doba in Orem

#2
Capital is king

Your business needs capital to grow, but where you obtain that capital (angels, VCs, savings account, family members, credit cards, begging) is completely up to you.
“For me, the choice to fund or bootstrap isn’t a matter of right or wrong. It’s just a matter of preference. And, granted, I have strong preferences,” says Rich Christiansen, author of “Bootstrap Business” and co-founder of CastleWave in Provo. “There are plenty of pros and cons for each approach.”
Weigh the pros and cons against your personality (i.e. if you don’t like answering to other people, VCs might not be for you), and then go forth and find funds.

#3
Every employee matters

Just because you’re small doesn’t mean you can’t be picky. Every employee counts — especially in the startup stage — so surround yourself with the best of the best.

#4
Flexibility is everything

Pleasant Grove-based Costume Craze started as a software company in disguise.
In 2001, co-founder Matt Maloney created a software to help Internet retailers get higher results on Google and Yahoo! To test the software, Maloney sold monk robes online. He ran out of inventory faster than he could say monastery, and so monk robes turned into Jedi robes, which ultimately turned into a full-fledged costume corporation. The money was in the costumes — not the software — and that willingness to be flexible has led Costume Craze to be an Inc. 500 alum and do nearly $10 million in sales in 2008 alone. Start stretching.

#5
Entity options need careful consideration

Before you create your business entity, it’s important to know your options. Chris Salcido, a local Utah attorney and adjunct professor at Provo College and Eagle Gate College, shares just a few of the advantages of common business entities:
SOLE PROPRIETORSHIP
Advantages: No organizational formalities; decision making is informal and centered on the owner; and no qualification requirements for doing business in other states.
LIMITED LIABILITY COMPANY
Advantages: All members enjoy limited liability; business profits are subject to only one tax, at the individual member level, and are not subject to double tax; losses are available on the members’personal income tax returns and can offset other income (subject to the at-risk rules and passive-loss rules).
CORPORATION Advantages: All shareholders enjoy limited liability; ownership interests are freely transferable; no limitation on the number or types of shareholders; income is taxable at corporate rates.
S CORPORATION Advantages: All shareholders enjoy limited liability; ownership interests are freely transferable (subject to restrictions imposed by contract to preserve S corporation status); business profits are subject to only one tax, at the individual shareholder level, and are not subject to double tax as would be the case if the profits were realized by a C corporation.

#6
Magazines have mojo

Keep up with your fellow entrepreneurs and the latest business trends by subscribing to publications such as Inc., Entrepreneur, Fast Company and, of course, Utah Valley BusinessQ. (Shameless plugs allowed for companies more than 5 years old.)

#7
Bootstrapping is a good thing

Are you jonesing for brightly painted halls?
Dozens of bustling employees? Lunch meetings at Chef’s Table? That corner office with a window?
Hold your startup horses.
“I’m a big believer in bootstrapping,” says Brock Blake, CEO of American Fork-based FundingUniverse, a company that connects qualified entrepreneurs with active VCs, angel investors and lending sources. “I believe in being cheap.”
And Blake is not alone. Growing companies across the valley say when it comes to your company’s foundation, opt for firm over fancy.

#8
You’ll hear ‘no’ a lot

You’ll come across your fair share of “no men,” but don’t let the naysayers get you down. “One of my greatest life lessons is that the real translation of the word ‘no’ is ‘not yet,’” said Thomas Harrison, CEO of the Omnicom Group, at a UTC event in March. “I see every ‘no’ as a cause to rejoice because it’s brought me one ‘no’ closer to ‘yes.’”

#9
Every ‘no’ has a ‘why’

While you can’t let the naysayers get you down, you can learn from their skepticism.
What do they have a problem with? Why aren’t they on board? And most importantly, what about your business would they change?
Even if you don’t have their support, you can score advice from a critic’s perspective — and tweak accordingly.

#10
What I wish I would have known …

“Most entrepreneurs keep their eye on the sales numbers each month and then wonder where all the profits went. Just as important as keeping track of the sales is to be sure you are selling the most profitable products. Track the gross profit margin as much as sales and the profits will return.” JEFF ALEXANDER, founder of Alexander’s Print Advantage in Lindon

#11
Your management needs to be The A-Team — without all the guns and stuff

A member of Utah Angels said: “I’d rather have an A team with a B idea than a B team with an A idea.” Don’t settle for that B idea — but make sure your management team is whip smart.
“Most VCs and angel investors will tell you they invest in people, not ideas. The truth is they invest in both. However, they will not fund a business based solely on the idea or market size. They want to see a management team that can execute, deliver a solid return and has experience building a successful company previously,” says James Endicott, founder of Exact Wave in Orem.

#12
The golden rule is golden for a reason

There’s something so simple and so right about, “Do unto others as you would have others do unto you.”

#13
Risks should have limits

Starting a business is a risk — no question. But before you plow down that risky road, it’s wise to set some personal parameters.
“You must set limits for the amount of resources and energy you are willing to exert to win,” says Rich Christiansen in his book “Bootstrap Business.” “If you have not achieved success when that threshold is met, you must step back and evaluate the situation in light of your rules … You can’t let your partner or advisers tell you to go a little further when you know it’s time to stop … To persist just for the sake of persistence is a slippery slope.”

#14
There’s clarity in focus

Entrepreneurs are known to be a bit of a flirt.
They’re always on the lookout for that “next great idea,” and they can get wrapped up in the romance of a blank business slate. But it’s important to stand by your current venture — in romantic and mundane times.

#15
Your logo needs TLC

Your logo is your company’s way of saying, “Nice to meet you.” But the pleasantry needs credibility.
“A well-developed logo gives a business instant credibility because it creates the perception of a successful business,” says Eduardo Pretell, CMO of Logoworks in Lindon. “Customers who see a professional logo are more likely to assume the business handles all aspects of its business professionally. They will also assume the business has been around for a while, since many businesses don’t create a professional logo until they’re more established.” Hint: If you’re designing your logo in Microsoft Word — abort! Do not hit “save.” Do not pass go. Do not collect $200. Instead, get yourself some Illustrator software and someone who’s not afraid to use it.

#16
Logos need TLC — and consistency

Once you have your stellar symbol, don’t let it collect dust on your desktop. Take advantage of it with consistency.
“The most important thing you can do to make your logo effective is to use it consistently,” says Eduardo Pretell, CMO of Logoworks. “You shouldn’t use one version of your logo online and another in printed materials. You should make sure the colors are as consistent as possible, and you should use it everywhere that makes sense. Get in front of your customers as often as is appropriate to help recognition.”

#17
Your inbox needs scheduled time-outs

Don’t run to your inbox every time it cries “ping.” Instead, spare your every-minute-counts startup from the distraction by scheduling set “e-mail times” throughout the day.

#18
Optimistic is good…unrealistic is bad

No matter how “most likely to succeed” your company is, you need to be realistic in your projections. Don’t get a case of “spreadsheet-itis” and have your company’s projected sales strong-arm Excel.
“Investors want to see a growing company with realistic and attainable financial numbers. Pie-in-the sky projections that are inconsistent with industry norms will guarantee your business plan a spot in the trash,” says James Endicott, founder of Exact Wave in Orem.

#19
It’s good to eat, sleep and be merry

While you’re breathing life into your business, remember to take a breath yourself. Get some sleep. Do a crossword. Hug your spouse.
You’ll be a better entrepreneur for it.

#20
Patents need planning

Your 3 a.m. idea turned budding business may need patent protection. Michael Krieger, from law firm Kirton & McConkie (which has offices in Orem and Salt Lake), shares three things every startup needs to know about patents:
1. “If you plan on filing foreign patents later on, you need to file your U.S. patent before you make your first disclosure to the public or before your first offer to sell.”
2. “If the invention is evolving and you believe you may need to file several applications in the first year, consider filing provisional patent applications to reduce costs.”
3. “Ask your patent attorney for annual budgets so you can anticipate costs and manage cash flow.”

#21
What I wish I would have known …

“I wish I would have started my business sooner. It never ceases to surprise me how freely people share advice and opinions on how and what to do (mostly negative). By following that inner voice and moving forward with confidence, it’s remarkable how many doors open and how opportunities seem to come out of nowhere. I’m a real believer that people love to be around positive, happy people. It’s contagious. Someone once told me, ‘There’s gold dust in the air.’ I know this to be true. I’m so grateful for all of the wonderful people we’ve gotten to work with just because we followed our dream and opened our doors.”
JESSICA BENNETT, founder of Alice Lane Home Collections in Orem

#22
Sand is not for heads

Once your business gets under way, you’ll be tempted to just work, work, work without ever looking up. But now and again, your business needs perspective from above the trenches. Schedule regular appointments to pull your head out of the proverbial sand.

#23
Recession isn’t a time for recess

Fortune Magazine started in a recession. So did General Electric. And Burger King. And Hewlett-Packard. And FedEx. And … well, you see where this is going. Times may be tough, but opportunity is still a-knocking.

#24
Blogs are beautiful, beautiful things

Everyone loves a good story, and a company blog can be your “once upon a time.” Readers will love hearing about making your first big sale, how you came up with your company name, or the time you “transferred” a call by handing off a cell phone to a fellow employee. Embrace the startup moments — and share them with the blog world. Oh, and did we mention it’s free?

#25
Big isn’t always better

You don’t need a large number of employees to make a large impact. Nationally acclaimed marketing guru, author and blogger extraordinaire Seth Godin puts it this way:
“When I started my first Web company 15 years ago, the idea that you could be successful with six or 10 employees was crazy. But today many of the most successful companies have not many more than that … It’s tempting to get bigger. But is bigger better? In many cases, it’s worse.”

#26
Your business needs a market

Before you refer to us as Captain Obvious, you’d be surprised how many entrepreneurs forget this oh-so-important component of priming the business for the public.
Are you sure this is a product people need? Are you sure you’re different from the company across the street? Are you sure there’s room for your product in the market?
“The biggest mistake entrepreneurs make is to first build a product and then go looking for a market,” says Alan Hall, founder of Grow Utah Ventures. “It’s completely backwards.”

#27
You’re not going to be good at everything

Be honest with yourself about your strengths and weaknesses — and bring in people who can do what you can’t.

#28
You need to know your customers

Once you’ve determined your product does, in fact, have a market, it’s time for some good old fashioned getting-to-know-you games.
“Know your customers. Know who they are. Know their demographics. What makes them buy? What pains do they have? What are their needs?” says Brock Blake, CEO of FundingUniverse in American Fork. “I compare it to pain killers and vitamins. When you have a massive headache, you need pain killers; whereas vitamins just make you feel good. I may or may not use a vitamin, but I’m going to use that pain killer. Figure out the pains of your customers, and then deliver the solution.”

#29
Bold is gold

Meekness no more! Be bold and wear your venture on your sleeve.

#30
What I wish I would have known …

“With the exception of Ambien CR or Melatonin, nothing will help you relax better than having some money in the bank. The early days, months and sometimes years of a business are usually accompanied by erratic fluctuations in month-to-month cash flow. Over time, you will figure out the balance of how long it takes to collect on your receivables versus how much cash you should have on hand. But until you are comfortable with the fluctuations, be sure you have three to six months of personal money set aside to help you ride out any storms.” MICHAEL JANDA, founder of Riser Media in American Fork

#31
It’s the name of the game

When you’re coming up with your business name, less just might be more. Quirky, unnecessary spellings will never out-clever classic designations. Be memorable and distinct — not strange.

#32
Pitches need prep … a lot of it

When you’re pitching a potential investor, make sure you warm-up by preparing, preparing, preparing. The No. 1 thing entrepreneurs should avoid is not being prepared for their pitch, says Ron Heinz, managing director of Canopy Ventures in Lindon. “Oftentimes, people pitch the technology they have just for that technology’s sake, and they don’t address how that product fits into a specific market. Companies get so enthralled with their idea they forget there needs to be a business model attached to it,” Heinz says. “If they’re prepared, they show an understanding of the product, the market and how they’re going to be successful.”

#33
You are not the business

Repeat after us: You and the business are two different entities. (C’mon, say it!)
And as such, they should be treated that way — especially financially.
“Make sure you create a business entity and a business bank account. Document how much money is going in and how much is going out,” says Brock Blake, CEO of FundingUniverse. “You may be investing some of your personal money, but it’s best not to get it jumbled together in the same account. Plus, there are benefits to creating your own entity, such as establishing a line of business credit.”

#34
Cultures need care

Corporate culture isn’t just for the oldies. In fact, it’s ideal to set a company “tone” early on.
Are you going to be the company with an open-door environment?
Are you going to be the company that does a staff cheer every morning?

Are you going to be the company people recognize and want to work for? The Omnitures of the world didn’t get their cool, celebrated cultures overnight, but they did start ‘em while they’re young.

#35
“Who Moved My Cheese?” should be read once a year

It’s about some mice, some mazes and some cheese — and it’ ll change your outlook on business over and over again.

#36
Communication is where it’s at

When you can still count your employees on one hand, take advantage of the opportunities that come with having the right number of cooks in the kitchen, so to speak.
Keep your employees in the loop. Get their input.

And be creative — together.

#37
You can make a statement

Mission statements are the life blood of an organization. Be sure and pen your platform early on — and don’t be afraid to revise when necessary.
“Mission statements are vital to the success of an organization,” FranklinCovey told BusinessQ. “An organizational mission statement that truly reflects the deep, shared vision and values of everyone within that organization creates unity and commitment.”

#38
Boards are for direction

If you’re looking for some “back up,” consider acquiring an official board of advisers. “An experienced board of advisers can add needed credibility to your team,” says James Endicott, founder of Exact Wave in Orem.

#39
Success sells

Simply put: Don’t sell yourself short.
“Focus on sales early on,” says Brock Blake, CEO of FundingUniverse in American Fork. “People worry so much about product development, they forget to realize the only way they’re going to make money is to go out and sell. Focus on sales right out of the gate.”

#40
You might fail … and that’s OK

Bill Gates’ first venture failed. So did Walt Disney’s. But if at first they didn’t succeed, they tried, tried again. (For more on this, check out “If all else fails” on page 22.)

#41
Your Web site needs to be analyzed

Glean wisdom about the customers that visit your Web site with Google’s free service Google Analytics. It’ll tell you where in the world your customers are coming from, how many visits you get a day, the average amount of time each visitor spends on a page, and oh so much more.

#42
‘Contact us’ should mean people can, you know, contact you

Have you ever visited a Web site and clicked on the “contact us” tab, only to find a generic form letter? Yeah, us too.

Even if it’s all the rage, don’t let that detached, impersonal communication happen to your business. Take your cue from the ever-flexible Brent Brown (who puts his cell phone on his business card), and give your customers every possible way to contact you — by phone, by e-mail, by form letter, by snail-mail, and yes, even by fax. (Believe it or not, some of your customers may be stuck in 1994.)

#43
Phone lines and mailboxes need an official touch

If you’re working out of your home, it’s important to “get official” with your company’s mailing address and phone number (lest you want your 3-year-old to be the receptionist). Be sure to get a separate phone line as well as a P.O. Box address.

#44
Train means gain

When you start to acquire employees, you’ll want to get them properly trained. Training translates to longevity — and longevity is just what a startup like you needs. But small companies (with small budgets), don’t typically have the resources to train effectively. Lucky for you, there are some state-funded programs that help supplement the cost of training.
Check out one such program at Mountainland Applied Technology College in Orem. They have a Customized Training department, which offers a variety of classes based on the needs of businesses (see www.mlatc.edu/cf).

#45
You need friends in expert places

Kory Boyd, founder of the 3-year-old KS Marketing in Pleasant Grove, says the hardest part of starting his business was diving head first into areas outside his expertise.

“The legal and financial responsibilities associated with rapid growth of the business (was the hardest part),” he says. “It was stressful to make sure we had the correct legal paperwork and government documentation. Even asking the right questions was an initial challenge.” It’s worth it to get the right people (who know the right questions) in place — from lawyers to accountants to marketers. The upfront costs will absolutely pay off in the end.

#46
What I wish I would have known …

“If there was anything I wish I would have known before starting Matrix, it’s that it would take a good amount of time to build the best team. You will lose some great people along the way, and you will need to take a few steps back to move forward. Hold onto the people you want to be part of the team. Reward them, and let them know they are a vital part of the business’ growth.” RICHARD MILLER, founder of Matrix Communications in American Fork

#47
Networking isn’t just for techies

No matter how out-of-this-world amazing your business is, you need a network of people to draw from, be inspired by and empathize with — especially when your company is just a wee one. “Business is about relationships — no matter what you sell. A dollar invested in a relationship always yields at least 10 times the return … if invested with a ‘just because’ intention,” says Jeff Rust, president of Provo-based Corporate Alliance.

So get yourself out there, even if at first it feels like a wacky version of dating. (The “What’s your major?” days of yore just came roaring back, didn’t they?)

#48
What I wish I would have known …

“I could not imagine the roller coaster of challenges and rewards, successes and failures. Business drags you down and emotionally drains you, financially straps you, pushes your mind and body to the limits … then launches you to new heights. Ultimate freedom and personal accountability is awesome! Wouldn’t trade it for anything.” BRYAN L. WELTON JR., founder of Namifiers in Springville

#49
You need a Web site … a good one

It doesn’t have to be flashy (in the technical OR figurative sense), but a clear, clean and consistent Web site is nothing short of essential.

#50
You need not go it alone

Running your business all by your lonesome may win you that proverbial badge of honor, but delegate where you can. We know, we know. That’s easier said than done. “Learning to let go and let people do their jobs (is hard),” says Michael Janda, founder of Riser Media in American Fork. “It’s way tougher that it sounds.” Tough, but essential.

#51
You will, in fact, have competition

No matter how specialized your product appears to be, you will certainly have competitors in your marketplace.
Identify them. Know them. Prepare for them.
“I’ve seen far too many business plans state that because their products or services are so great and so different there is ‘no competition,’” says James Endicott, founder of Exact Wave in Orem. “I have yet to find a company or industry that has zero competition. There are always direct and indirect competitors fighting for the same business.
“Investors want to see that you understand and know your competition and that you understand how to compete and win market share. What are your barriers to entry? What products or services will follow after your initial launch? How big is your market and which competitors own what percent of that market?”

#52
Blogrolls are the new rolodex

Not only should you have a blog, you should read other business blogs and become well read in the musings of your peers, competitors, mentors and heroes. And don’t forget to comment. Everyone craves feedback, and it’s an opportunity for first-rate connections. Plus, it’s more likely they’ll make a pit stop at your postings if they know you’re regularly making one at theirs.

#53
Numbers need accounting

Not a numbers person? Join the club. But that doesn’t mean your books shouldn’t be present and accounted for. Mark Hale, a partner at Hawkins Cloward & Simister in Orem, shares three pointers every startup needs to know when it comes to accounting.
1. “Choose the right business structure (sole proprietor, LLC, Corporation, etc.)”
2. “Educate yourself on what you can deduct (some things you would not think about deducting are, indeed, deductible).”
3. “Run all business transactions through an accounting software package (keeping track of the ins and outs of your bank account is key).”

#54
Word-of-mouth is for winners

Want great word-of-mouth advertising? Start the dialogue — and live up to it.

#55
Local kids do, in fact, make good

Utah Valley is brimming with startup superstars. Take some time to learn about (and from) the entrepreneurs next door.

#56
Typos can spell disaster

Unprofessional. U-N-P-R-O-F-E-S-S-I-O-N-A-L. Unprofessional. The first sign of a young, unprofessional company is typos. Whether they’re on your Web site or in a brochure, there are few things more glaring than careless grammar and spelling errors. It gives the impression that ALL of your work will, indeed, be careless.
At the very least, employ the use of your local spell check, and make sure at least a couple of fresh, expert eyes have seen the final copy.

#57
Ethics make the business go round

Let’s get ethical! (ethical)
“The first ingredient for a new business must be an ethical culture,” says Elaine Englehardt, a distinguished professor of ethics at UVU. “Ethics should be part of the planning, consulting and capital expenditures. It should be part of the hiring, training and policies.
“A new business owner should be ethical because it is the right thing to do … and because of long-term consequences.”

#58
Mentors are magic

Having someone to look up to and confide in is good for the entrepreneurial soul.
“Mentors have been around the block,” says Alan Hall, founder of Utah-based MarketStar. “They’ve had successes and they’ve had failures, and they can counsel and coach you to avoid the pitfalls.”

#59
Partners should put ‘er there

In the Fall 2007 issue of BusinessQ, best friends and business partners Jason Budge and Steve Palmer — of Lindon-based Shelf Reliance — shared why they went into business together:
“The wrong answer would be to say we (went into business because we) were good friends. There is no question we are best friends, but that’s not a reason to go into business together.”
True that.
“When you think about who you should go into business with, think about the relationships you have,” says Brock Blake, of FundingUniverse. “Think about your friends and family. There are certain relationships you don’t necessarily want to mix business with. Because if you’re not careful, business partnerships can ruin relationships.
“That’s not to say it can’t work — quite the opposite, in fact. It’s simply important to think long and hard before you decide to go into business with someone. Think through each of your skill sets and try to leverage each other’s strengths and weaknesses. Get someone who complements you.”

#60
Franchising takes gumption, too

Starting a franchise takes the same gusto and passion as starting a business from scratch. There may be systems and formulas in place — along with the we’ve-already-paved-the-way perks — but the dedication factor of owning and running a business needs to be ever-present.

#61
Your e-mail address needs street cred

Dear entrepreneur,

We know you love Gmail. (Who doesn’t?) We know you’ve had that Yahoo! account since 1997. (Who hasn’t?) But when it comes to your company’s correspondence, don’t send e-mails from
AlwaysOnTheFairway@GenericEmailService.com.
Pretty please?
Sincerely,
BusinessQ

#62
Titles need ditching

In your company’s infant beginnings, forget the fancy-schmancy job titles and focus on the job at hand.

#63
There’s always room for improvement

The good news is you’ve fallen in love with your idea. The bad news is you’ve fallen in love with your idea. Recognize that your product and company can always improve — and blind love won’t get you anywhere.

#64
Your ideas need bounce

It never hurts to bounce your ideas off experienced allies. In fact, give your
business whiplash.

#65
It’s official – you need a license

Before you set up shop, be sure to make it official with a business license. Check out www.utah.gov/business for a one-stop shop in everything startup. And word to the wise: You’ll need to renew said business license every year — unless you want to pay a hefty price.

#66
All you need is love (well, it’s a start)

If the mere mention of your business idea elicits a yawn, it’s back to the drawing board. Get interested in your venture. Get invested. And get excited.
Simply put? Love what you do.

#67
What I wish I would have known …

“When I founded SecurityMetrics, I didn’t understand how difficult it would be to maintain effective communication across the company. Because emerging companies are so dynamic, everyone must be informed and often involved on key issues. If not, the company will become misaligned and momentum will slow. We maintain good communication by allowing everyone to share their feelings without fear of reprisals. This helps us communicate quickly and efficiently and helps our company to remain nimble in our dynamic market.” BRAD CALDWELL, founder of SecurityMetrics in Orem

#68
What I wish I would have known …

“Be flexible! Don’t miss a viable opportunity because you are so focused on forcing what you thought was a great idea.” KATE MALONEY, co-founder of Costume Craze in Pleasant Grove

#69
Location is critical

You know the “who.” You know the “what.” Now it’s time for the “where.” Think long and hard about where your brand new business needs to be, and ask yourself some telling questions: Is a high-traffic area essential for success? Will a quiet business park do the trick? Should you be around other companies in your industry (for synergy and such)? Or are you a company that can “rough it” in your garage while your business gains commercial-bound ground?

#70
Karma works

You might not have any spare change for philanthropic causes, but giving back to your community is worth every penny you don’t have. And it doesn’t always take money to foster good in the community. Get creative with your efforts and give the gift of time.

#71
A hobby-turned-business has pros … and cons

If you really love golf, and you really want to take a swing at a golf-related venture, think long and hard.
“Building a business around something you’re passionate about can be fun and fulfilling. It can also be torture,” says Rich Christiansen in his book “Bootstrap Business.” “Before you turn your hobby into your livelihood, make sure to ask yourself these three important questions.”

1. Is this activity your release valve or primary escape?
2. Would doing it full time cause conflict with your significant other?
3. Will working in this field undermine your interest in your normal recreational activities?

#72
Candy can be a great motivator

Want to keep your employees happy on the cheap? Have candy, soda and water bottles around the office. The thoughtful treats will serve as a pick-me-up — and a reminder that you care. And hey — if the candy intake gets out of hand, you can always start a company-wide “Biggest Loser” competition. Team bonding, anyone?

#73
The foxhole is a good place to be

Startups inherently have that underdog charm of gutsy, in-the-trenches determination. Treasure that willpower and realize that older companies crave that we-can-do-anything spirit.
“You always want to hold onto that startup feel — I’m always afraid of becoming too bloated and having too much bureaucracy,” says Scott Johnson, founder of Orem-based AtTask, which did more than $13 million in 2008 alone. “We’re keen to hold onto that open communication we’ve had in the past.”

#74
It’s a matter of time

What quadrant are you spending most of your time in? Check out the Time Matrix in Stephen Covey’s “The 7 Habits of Highly Effective People,” and learn how to maximize your 9 to 5 (or 24/7, as the case may be). When you’re young and somewhat unstructured, this will prove invaluable — time after time.

#75
We all need someone to lean on

People. Entrepreneurs who need people. Take a cue from Babs and sing that epic (albeit modified) tune when starting your business. Through the good times and the bad — the celebrations and the complaints — you need a sturdy emotional support system in place. Let your family and friends know you need them.

#76
Organization is elation

Is your office out of order? Are there piles of papers? Stacks of spreadsheets? Scattered packs of post-it notes?
Well, consider this your call to order. Setting up a business takes details, details, details — and a haphazard approach isn’t going to cut it. “The more organized you are in your documentation — especially in the beginning stages — the better off you’ll be in the long term,” says Brock Blake, CEO of FundingUniverse. “If you are disorganized in the way you setup your organization, it will be very, very costly down the road.”

#77
It can’t be about the money

We’re not saying it can’t be a lot about the money, but if getting rich is your sole goal, try again.
“Accomplish something meaningful,” says Blake Roney, founder of Provo-based Nu Skin. “Don’t just join the business world to earn your fame and fortune — do something that’s going to have a positive, lasting impact on the lives of others.”

#78
What I wish I would have known …

“What works for individuals also works for business: Make and keep a budget, live within your means, be honest with others, and avoid unnecessary debt at all costs. Share your success and treat your employees well. If you always give, you will always have. Keep the big picture in focus, but remember it is the little things that will make or break your company.” KEN BRETSCHNEIDER, founder of DigiCert in Lindon

#79
Loan applications need some love

Business loans are a big deal. They’re the big enchilada. The head honcho. The biz-nees. So why rush the application?
Aaron Jackman, commercial loan officer for Family First Federal Credit Union, has seen many a bad loan application in his day. Here are his five tips to make sure a bad application doesn’t happen to you.
1. “Complete the entire application before submitting it. Very rarely do I get an application completed in its entirety.”
2. “Fill out the loan amount you are requesting. Don’t be shy by leaving this blank. This amount helps the banker figure out the repayment terms and the perceived risk of the loan.”
3. “Explain how the proposed loan will be used, how it will be repaid, and how it will benefit your business.”
4. “Don’t hide things. Be honest and forthcoming in all the information being presented.”
5. “As a startup, be prepared to get financing in pieces. Be flexible and be willing to get creative. It is also likely you’ll need collateral for the loan.”

#80
Boundaries are boss

If you’re working out of your home in the early stages of your business, you’re bound to blur the lines between home life and work life. Try to set some boundaries. (“When I go in the den, I am no longer ‘home.’”) And try to set a schedule. (“From 8 a.m. to 6 p.m., the business is where it’s at.”) Notice the emphasis on “try.” You’ll mess up. You won’t be perfect. But having boundaries will give you something to aim for.

#81
The Local Wide Web is worth a surf

Local Web sites and blogs are primed to help you pave your way through the ups and downs of starting a business.
Here are six to get you started:
1. Utah Valley Entrepreneurial Forum www.uvef.net
2. Silicon Slopes www.siliconslopes.com
3. Small Business Development Center www.uvu.edu/sbdc
4. Open Source Technology Center
www.novell.com/offices/opensourcecenter.html
5. Utah Technology Council www.utahtech.org
6. Utah Valley Business Blog www.utahvalleybusinessblog.com

#82
Don’t forget the old college try

Interns aren’t just for Fortune 500 companies in need of mocha messengers. They can be a true asset to your business — for both current and future needs. “No longer are internships just ‘make work’ assignments,” says Dr. Mark Matheson, a doctor of management in organizational leadership. “They are low-risk opportunities for evaluating potential permanent employees.” Give your interns work of all varieties (from the magnificent to the menial). When they under-perform, tell them to have a great summer. When they knock your socks off, hire the already-tested employee immediately.

#83
You are your own cheerleader

Here’s a Stephen Covey gem for you: “Motivation is a fire from within. If someone else tries to light that fire under you, chances are it will burn very briefly.” Make sure that passion for success comes from you, yourself and your.

#84
Plans are prime

Whether you’re going to pitch your idea to investors or not, it’s important to write a business plan and get your idea down on paper. You’ll be better prepared if you can officially describe your business, your market, your management team, your customers, your competition, your finances, your projections, your pricing, your distribution … and the list goes on.

#85
Marketing makes cents

Lest you think marketing is for companies with big names and big budgets, think again. Every company needs a marketing strategy — especially you.
“Name recognition is a powerful tool, but communicating what your company does — your products and services — is equally, if not more, important,” says Lance Black, co-founder of Eli Kirk, a design firm in Provo.
“Increasing name recognition as well as educating the market to what your new business provides requires a strong communications and marketing plan. While effective marketing is important across the board, it is critical for the growth of new businesses.”

#86
Social networking is here to stay

Still not on the Facebook bandwagon? Still not Twitter-pated? Still holding out for a return to the sweet and oh-so-simple days when all we did was e-mail?
Good luck with that.

#87
What I wish I would have known …

“It’s common for a new business owner to find their time eaten up by managing the finances. A significant amount of your time is spent worrying about generating new revenue and the ongoing demands of normal business expenses and the occasional financial surprise. During the startup period money seems to be all you have time to worry about. “If I could go back and start my business over again, I would spend a lot more time focusing on creating extremely strong fulfillment and customer feedback systems. Managing cash flow is critical but it won’t matter much if you lose your customer base in the process.” DAVID AITKEN, founder of Heritage Web Solutions in Provo

#88
Your day job may not need quitting

When you’re in the initial stages of building your business, a steady stream of income will more than come in handy. So “don’t quit your day job” until your business needs full-time support. Once you’re there, by all means, quit away.

#89
It’s the beginning of the end

Exit strategies should enter the picture early on.
“In business, one of the first things you need to do is plan the last thing you need to do. In your venture, what’s the endgame? How do you want this bright idea of yours to play out?” says Ron E. Porter in his book “Bootstrap Business.” “The thing is, if you don’t create an exit strategy, the market will do it for you.”

#90
Multitasking is a myth

True or false: Entrepreneurs are A-mazing at multitasking. If you’re about to answer an enthusiastic true (while typing an e-mail and chatting with a colleague, of course), try again. Multitasking will actually harm your new business — not help. Local author and entrepreneur Dave Crenshaw debunks the technique in his book, “The Myth of Multitasking.” He shares the frightful facts (the average person loses 2.1 hours of productivity per day due to interruptions) and the simple solution (“There is only one timeline. There is only one you.”) So before you let your business self-distract, take on one to-do item at a time.

#91
Smiles are for service

The customer won’t always be right. But with the exception of those rare “we need to quit you” customers, the old service-with-a-smile policy will go a long, long way. And when you’re young and broke, superior customer service can be a game-changer.

#92
Too much funding can kill you

Before you start clamoring for millions (upon millions) of dollars from investors, remember this nugget from Josh Coates, founder of Mozy in Pleasant Grove (which sold to EMC for $76 million, by the way): “Too much funding makes you stupid.” Go back to basics and raise only what you need.

#93
Perseverance = success

“Overnight success” is a magical, mystical phenomenon. Make peace with the fact that you’re in it for the long haul.

#94
You can be the genuine article

Ever thought to yourself, “I should be on the cover of a magazine”? Well, here’s a tip. When you’re looking to win over journalists and score free press, log on to their publication’s Web site and check out the media kit. It’ll give you an editorial calendar of upcoming stories they’re working on, which will help you pitch with perspective.

#95
Passion needs protection

Throughout all the hardships (and there will be hardships), hold onto the reason you started the business in the first place — you were passionate about it! Passion is all too easy to forget when you’re faced with stress and spreadsheets.

#96
Survey says … you need feedback

Want feedback from your customers? Want it for free? Try www.SurveyMonkey.com, which helps you design customized online surveys.

#97
These are the days

One day you’ll look back fondly on your card table conferences and basement beginnings (trust us on this one). So be sure to capture the “roughin’ it” stage with photos and journal entries.

#98
Rules are rad

When you’re beginning a business, it’s important to set rules for yourself. In his new book, “Bootstrap Business,” Rich Christiansen talks about setting rules to live by in the following seven categories: finances, culture, hiring and firing, roles and responsibilities, boundaries, exit plans, and time and travel commitments.
“One of the great joys of living the life of an entrepreneur is that you get to create the rules. However, once you have established the rules, you do not have the right to arbitrarily change them. Will the rules ever need to change? Yes! Circumstances change, objectives change and markets change. However, if you change the rules, you must do so the same way you created them: with forethought and deliberation.”

#99

‘Thank you’ goes a long way

Thank-you cards are a golden (and gracious) opportunity to make a standout first impression with clients. Get thanking!

#100
You’re only as good as your cash flow

Talk to any entrepreneur — any one at all — and they’ll tell you six words: cash flow, cash flow, cash flow.
“I can’t emphasize cash flow enough,” says Matthew Schneck, co-founder of Springville-based Simplicity Group, the No. 7 Fastest-Growing Company in the 2009 UV50. “It can absolutely make or break your company.”

Consult with an adviser on specific tips for managing your cash flow, but a sturdy piece of advice is to watch it, analyze it and tweak it — constantly.
No guessing games allowed.

#101
Nike is right

Just do it, folks. Take the plunge. Start a business. Become an entrepreneur.
“You’re not going to accomplish anything from the sidelines,” says Brock Blake, CEO of FundingUniverse. “There’s no better day than today.”