8 Tips for Aspiring Entrepreneurs

Browsing through my RSS reader I came across a interesting post from Neil Patel titled 8 Things I Wish I Knew When Starting My First Business. As you probably know Neil, despite being 24 or so, has already launched a myriad of successful online companies, so the guy knows what he is talking about.

Here is a quote from the article that I really liked:

There are four big mistakes I made when I hired people:

1. Just because someone did really well in their last job, it doesn’t mean they are going to do well in your company. For example, if they were a rock star sales person that worked for your competitor, it doesn’t mean they will be a rock star sales person for your company.

2. Hiring more employees is a lazy mans way of solving a problem. If you want to increase your sales, try to do it yourself before you hire someone. Yes in the long run you should hire employees if you want to grow your business, but if you don’t know what problems these employees will run in to, you will have a tough time managing them.

3. There are a lot more costs to an employee other than their salary. Office space, insurance, computers, and other expenses add up. The biggest of those expenses are probably management expenses to manage your employees.

4. Having virtual employees sounds great at first, but some people aren’t too efficient when they are virtual. If you have any virtual employees consider using efficiency tracking solutions like Rescue Time to see how your employees spend their time.

If you just started your business or are planning to start one, make sure to read this article.

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