To Desire an Empire

Recently there has been a lot of hype among young entrepreneurs about the top 25 entrepreneurs under 25 report, done by business week. I have heard on numerous forums people poking fun at some of these guys because their financial status is not what someone would expect to see on a top 25 list.

Being a successful bootstrapper is not about how much money you make. It’s about playing by the rules and having strong fundamentals. Without a solid blueprint and foundation, even with loads of money, people will not take your business seriously. Affiliate marketers deal with this all the time.

Playing by the rules means writing a business plan, tracking finances, and creating a system. Otherwise people cannot see the value in your business. They see you talking about making a lot of money, but they can’t see how, why, and if it is sustainable.
Sustainability is the key to your business success, if you or others cannot see it, then it is not there!

If you are interested in playing by the rules, start tracking your income and expenses. Save your business related receipts for tax time and maybe get a mentor. There are articles a plenty (allbusiness.com, entrepreneur.com) on how to find a mentor and I personally recommend the SCORE organization.

We are young entrepreneurs, so I know having a mentor can kind of bring us back to our school days when mom and dad would get us a tutor. Business mentors are not like that, anyone who is largely successful has had a mentor. A business mentor can help you write a solid business plan, market your business with the right perceptions, and hold you accountable to your goals. These are all very fundamental and essential issues you need to be dealing with.

Any one of us can reach that top 25 list next year, but only some of us will take ourselves seriously and play by the rules. What will you do in 2007?

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