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.

If you have an idea, it's because you're uniquely suited to it—others don't have the same inspiration. Conversely, others have ideas you haven't thought of yet. I believe that if an idea comes to you, whether through intuition, a dream, or a sudden insight, you should act on it immediately. Initiating momentum is more crucial than extensive planning. While some people say, "Failing to plan is planning to fail," I believe that failing to act, even without a plan, accelerates failure. You will create a plan from your failures along the way. Just get started.

I'll say that it's often easier to get started without overthinking it. Doing too much research can lead to finding countless reasons not to proceed, which can ultimately prevent you from taking action. This might sound philosophical or even a bit naive, but history shows that many successful founders didn't have all the answers when they began. They figured things out along the way.I'm not saying you should skip research entirely. It's important to ensure there's a product-market fit. But once you confirm that, you should dive in and start working on it. If you hesitate and see someone else succeed with your idea, you'll likely regret not taking the chance. And regret is a heavy burden to carry.

Have unwavering faith in yourself, despite the doubts that may arise from within or be projected onto you by others. Doubt and disbelief will inevitably surround you, but resisting their influence is key to your success. Stay committed to believing in yourself, regardless of the challenges, and persevere. This is the foremost advice I offer to first-time founders or anyone pursuing their own path.

In the fast-paced world of entrepreneurship, one invaluable piece of advice stands out: be utterly obsessed with your customer. This philosophy has been pivotal in the success of ventures like Conquer, where founders like Matt and I have made it a priority to stay intimately connected with our target audience. From hosting games on our platform to engaging in extensive competitor research, we've immersed ourselves in understanding their needs and desires. In today's startup landscape, where launching a business is facilitated by an array of tools and resources, the real challenge lies in creating something truly desirable amidst the noise of countless offerings. This underscores the crucial importance of knowing your customer inside out, as ultimately, you're crafting a product for them. My advice? Dive deep into understanding your customer, embrace their problems, engage with them relentlessly, and iterate swiftly. Despite your assumptions, it's the market that ultimately dictates what's in demand and what's not. Therefore, staying closely attuned to your target demographic is paramount in tailoring your product to their exact specifications.

In the world of entrepreneurship, there's a game-changing book that many might have heard of: "Who, Not How." This book has become a go-to recommendation for me when I meet or speak to new entrepreneurs. Why? Because it highlights the importance of not trying to do everything yourself.

Building a successful business isn't about being a lone ranger; it's about assembling the right team to help you grow. This concept of finding the right people for the right tasks is crucial for any budding entrepreneur.

Another key lesson I've learned on my journey is the importance of patience and realistic expectations. When I first started, I was full of enthusiasm, thinking success would come overnight. But reality hit hard. Building a business takes time—a lot of it.

So, if you're starting your entrepreneurial journey, remember this: don't try to do it all alone, and be patient with your progress. Success will come, but it's a journey, not a sprint.