13 Tips for a First-Time Business Owner

Sep 6, 2020

13 Tips for a First-Time Business Owner

Have you heard of the podcast directory Odeo? Or the transportation data company Traf-O-Data? What about the Detroit Automobile Company? All of these businesses were founded by first-time entrepreneurs, and all of them failed quickly or were adapted into something completely different much later. Odeo was bought out by cofounder Evan Williams, who used the organization to start Twitter. Traf-O-Data was founded by high school students Bill Gates and Paul Allen to improve car-counting for traffic engineers. They took the hardware engineering experience from this company and started Microsoft. Henry Ford founded (and closed) the Detroit Automobile Company before he had success with his namesake corporation.

Starting a business is hard, and starting your first business is the hardest. You need every advantage to find success on your first outing. In this guide, we’ll look at the best practices that first-time business owners use—and the common mistakes they wish they’d avoided.

About the Author

Ben Glaser

Ben Glaser

Ben has almost a decade of experience covering personal finance and business. From 2014–2017, he was blog editor and spokesperson for the shopping website DealNews.com, where he regularly appeared on programs like Good Morning America and Fox and Friends to offer consumer advice. Ben graduated from Harvard with a BA in English and lives in the Hudson Valley of New York.

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