Three Takeaways from Working with Entrepreneurs

As entrepreneurs and consultants who work closely with a variety of entrepreneurs, we’ve learned a few important things about running a business. Starting a new venture can be a daunting task. There are a million things you need to do to get your venture up and running, and once you have clients you need to keep them happy in order to ensure their repeat business.

We’ve outlined three key takeaways that have stuck with us as we continue to work with entrepreneurs.

Everything takes twice as long and costs twice as much as you expect

Are you putting together a project timeline? Double it. Are you putting together a financial projection? Double it.

While not everything takes exactly twice as long or costs exactly twice as much as you expect, it’s a good rule of thumb for entrepreneurs to keep in mind as they work. The key takeaway here is that you need to give yourself and your team a realistic cushion. Things rarely turn out as planned for entrepreneurs and you will never regret budgeting for a little extra time and a little extra money.

Here’s a great VC-focused write-up by by Brian Axelrad that takes a deeper dive into the subject: Startup Budgeting: It'll Cost Twice As Much, Take Twice As Long.

Organizational structure and repeatability are essential to an efficient work flow

Standardize all of your written documents, including proposals, contracts, and deliverables. Set clear roles, expectations, and boundaries with your employees. Set clear expectations with your clients and make sure you actively manage those expectations - scope creep is a bitch! Don’t make verbal commitments, get everything important in writing. Lastly, make short term and long term prioritized to-do lists and update them both on a daily basis.

These may seem like obvious tips, but they’re easy to forget when you have a million things on your mind and you’re carrying the weight of your venture and the employees you’re responsible for on your shoulders.

Personal wellbeing is a must

Eat well. Get outside. Make time for your family and friends.

At Entrepreneurial Solutions, we are big fans of leaving our computers and stretching our legs. We often have walking meetings to discuss whatever problem or task we’re tackling. We find that getting fresh air and increasing blood flow increases our creativity and fosters new ideas.

It’s easy to get outside when you live in Boulder, Colorado. We’re extremely lucky to live in a beautiful state with great weather year round. That said, you can still get outside and find a green space to inspire your day even if you live in a city or in the middle of nowhere (we’re looking at you, Kansas).

This isn’t a new idea, nor is it unique to the workplace culture at Entrepreneurial Solutions. Fast Company published a great article on the topic: Take Daily Walking Breaks to Refocus. The New York Times also published a similar article: The Benefits of the Lunch Hour Walk. Even the Harvard Business Review has highlighted the positive effects exercise has on productivity: Take a Walk, Sure, But Don't Call it a Break.