3 important tips for first-time entrepreneurs, by Gary Vaynerchuk, CEO, VaynerMedia

I've said it time and time again: Entrepreneurship is hard and it’s not for everyone. If, after taking a realistic personal inventory of who you are and what you want to be doing, it turns out that you are ready to take the next steps in starting a business, I want to discuss the advice I always give to first-time entrepreneurs.

Be practical about your money
The first and most important thing that I tell new entrepreneurs is the importance of practicality when it comes to to money. I’m blown away by all the “entrepreneurs” who start businesses and at launch, don’t realize the importance of generating money and how to manage profits. Instead of focusing on the present financial needs and building an actual company, they are too busy thinking about how much money they’ll be making four years from now. It’s a complete lack of practicality.

 Cash is oxygen. How much money do you have to stay afloat and for how long? Do you have one year’s worth of rent and overhead? First-time entrepreneurs always make this mistake and it’s my biggest concern for them. You have to make sure your actions can respond to the bleeding of cash that occurs before you even turn a profit.

 Realise that building a business a huge time commitment
The next thing I remind first-time entrepreneurs is that by starting a business, you have made a decision that does not allow you any time, in your first year, to do anything but build your business. No more binge watching Game of Thrones