Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg Customers

Basics for Aspiring Business Owners

Posted by: Today's Tip Contributor on November 16, 2010

There is a lot you must know to be successful, yet few of us who own small businesses have the opportunity to attend a good business school. My advice:

1. Join business groups where you can take advantage of other peoples’ mistakes and knowledge. Think Chamber of Commerce and other networking groups. There is so much to learn, and you, too, have so much to teach.

2. Do not follow a lame or nonexistent marketing strategy. You might have the best of whatever but no one will know about it if you don’t get the word out. The best way to do this is through public relations. PR is so expensive, you will argue. It doesn’t have to be. Guerrilla marketing has long been an acceptable, low-cost, viable option. Go to your local bookstore and buy the book entitled Guerrilla Marketing to learn about it.

3. Make sure your legal ducks are in a row. There are a lot of eager business-law attorneys out there who can and will give you the legal structure and advice you need at a reasonable fee. Don’t pay by the hour if you can avoid it, as that encourages providers to take more time. Try to get work done for a project fee vs. an hourly rate. Times are tough, even for attorneys, and they are accepting terms these days that are reasonable.

4. Communication. I don’t know if they even teach this one in business schools but it couldn’t be more important. Poor communication between departments can bring a business to its knees. Make sure you hire good communicators and team players with the requisite area of expertise.

5. Good signage. If you are a retail shop: location, location, location. Even then, have a big, easy-to-read sign.

6. Embrace the inevitable challenges that come along. Don’t stress and get overwhelmed. Everything has a solution, so surround yourself with creative thinkers.

Julia Hutton
Orca Communications

Reader Comments

November 18, 2010 10:47 AM

Great article!! Often times starting a new business venture can be exiting and scary at the same time. Reviewing pitfalls of entrepreneurs that have gone before you can be a valuable learning tool. We as a society need to shift away from viewing business failure as something negative, stressful and depressing. Viewing it as an opportunity for growth and learning is a great step in this direction. is taking this very approach. If you have had a business venture that failed to flourish these experiences have great value to other aspiring entrepreneurs. The act of telling your story can also help you find insight in your own experience, often times a freeing and therapeutic journey. We welcome your feedback!!

Post a comment



Want to improve the way you run your business? Entrepreneurs, academics, and consultants from diverse industries offer practical advice on a variety of topics each business day.

To submit a tip for consideration, first check our archive of previous tips to make sure you're not repeating a tip someone has already contributed. Then send the tip to Small Business channel contributor Michelle Dammon Loyalka. Because of the volume of material she receives, she may not respond to each individual.

BW Mall - Sponsored Links

Buy a link now!