Tips for Entrepreneurs in Medellin: Part #2

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As we presented on our first edition of this topic, it is important for every entrepreneur to have a clear idea of several aspects: focus, contacts, the idea, and fiscal responsibility. If you need more details you should read Tips for Entrepreneurs in Medellin: Part #1. In this blog article we will present five more tips for entrepreneurs.

  1. Learn in the crossfire. There is not a book or article than can fully prepare you for the startup life. There is not such a thing as the perfect plan either. There is not a perfect path or an easier one. You should not jump into a business idea if you have not planned yet, but you should not wait for months or years to launch. You will become a great entrepreneur when you are force to duck and dive in the cross fire of the startup ecosystem.  You will learn what mistakes you shouldn´t make!
  2. No one will give you money. Yes that´s right, no money for you. If you are thinking of an idea that requires millions to launch, go back to the drawing board. You need to find a starting point and not a conclusion pint for your project. Scale down your business project and make sure you can make money with les money. You need to prove what you can do before you go to find funding. If your concept is successful your chances of finding resources will increase dramatically.
  3. Be a success everywhere. Your success should not be limited to the business world. You should be a well-rounded individual. What I´m trying to say with this, is that you need to spend time on yourself, your family and your hobbies. Startup life can be really tough, because you will find yourself working at 3 or 4 in the morning to the pint of exhaustion. But this is not necessarily a good thing. Eat well, exercise and get a life.
  4. Shut up and listen. Unless you are willing to conclude all of your plans, do not talk more than necessary. It is important for you to impress with actions and not with talk. You need to endorse your business but take it easy. People tend to get fed up of listening to same guy on the same exaggerated ideas that are never executed. Don´t talk about it, be about it.
  5. Learn to walk away. This has nothing to do with your girlfriend or boyfriend. But sometimes entrepreneurs get attached to their initiatives and are not willing to let go. Whether it is love to your idea or your ego, you need to recognize when something is not going anywhere. Reflect on what has happened, the mistakes you have made and what you have learned for the experience. Failure is inevitable, but true entrepreneurs can handle it with no problem.

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