When people think of entrepreneurship, they often envision startups and creating something new from scratch. However, I've come to appreciate entrepreneurship through acquisition as a valuable alternative. With 99.9% of American companies being small businesses and many baby boomers retiring without viable options for selling their businesses, we face a significant loss to our economy. I believe that by acquiring and running a small business, I can contribute meaningfully to preserving its legacy and vitality for the future.

I highly recommend that every business create a clear written plan outlining their goals and the steps to achieve them. This living document, which you should review weekly, helps you stay focused and avoid getting sidetracked by tempting opportunities that may not align with your objectives. It also allows you to track your progress, especially during times when it feels like you’re just treading water. Moreover, having a solid plan enables you to filter well-meaning advice from friends and industry peers, so you can listen thoughtfully without losing sight of your vision. Many founders get distracted by external input, but a clear plan keeps you grounded and on track.

I strongly encourage them to remain adaptable and curious, engaging in as many conversations as possible. Whether you call it pivoting or something else, it's crucial to refine not just your product-market fit but also how you communicate your vision. The way you articulate the potential of what you’re building is always evolving, especially in those initial months and years. Staying open to feedback and viewing every interaction—like your elevator pitch—as a learning opportunity is key. Effective messaging is vital for success.

Take the time to do your homework and learn from our mistakes. Conduct thorough due diligence and crunch the numbers. If you're launching a new business, research the market for your product, confirm there's demand, and assess your resources. Consider how long you can operate without making a profit. Make sure you’re well-prepared and have the resilience to weather the early stages, as most businesses take time to become profitable. Do your calculations carefully before diving in

Seek out an accelerator program and get involved to learn the ropes. Running a business is as challenging as pursuing science. Master the skills needed, and you could successfully advance your project in tandem. However, don’t approach me without some entrepreneurial training. Entrepreneurship is a craft honed by those who study it, so head back to school and get the expertise you need.

I come from a background in live TV, where I've encountered my fair share of unexpected moments. That experience has taught me to handle any curveball with confidence. When it comes to answering your question, here's my advice: if you're just starting out in any field, it's crucial to have a clear and compelling offer. A confused mind doesn't make purchases, and it's equally challenging to sell to someone who's confused. Focus on one ideal client and one specific offer. Master the art of selling that single offer to that target audience. If it doesn't work out, you can always pivot, but it’s hard to gauge success if you’re spread too thin.

As a small business owner, it's incredibly easy to spend money. You'll encounter more opportunities to spend than you ever expected—whether it's on business cards, letterhead, or the latest shiny software. While it's tempting to invest in every new thing, remember that your most valuable resource is your cash flow. Properly managing it is crucial for your growth and success. Before making any purchase, take your time to evaluate it. Step away and reconsider whether it’s truly necessary.

It's crucial to fully understand what you're getting into. Starting a business isn't for everyone, but if you decide to proceed, surround yourself with experienced founders, advisors, and mentors who have navigated similar challenges. Look for people who have achieved the goals you aspire to reach. That’s a solid foundation to begin with.

I'd advise diving deep into understanding your customer. Many people start businesses because they’re passionate about what they do and believe they can handle it on their own, without a boss. This passion is crucial, as running a business can be incredibly challenging. You’ll face days where revenue sources are uncertain, and growth can seem elusive. It’s essential to persist, stay committed, and maintain your belief in what you’re building.