The 12 commandments of the entrepreneur

See all software Accounting & Finance

See all software Accounting & Finance

As an entrepreneur, there are several pitfalls to avoid. Without being alarmist, we mustn't be over-optimistic either. Entrepreneurship is a long and bumpy road. To give yourself the best chance of success, you need to adopt the right accounting practices and ask yourself the right questions, at the right time, in a pragmatic way.

1. Have some savings on hand when you launch your business. And evaluate your financial situation over time, so you don't run out of money too quickly.


2. Talk to others about your project. Even when you think you've come up with the idea of the century. Because by trying to hide it, you're depriving yourself of feedback from others. The simple act of exchanging ideas will move you forward in your thinking, and may unblock you on many points.


3. Identify your first potential customers as soon as possible. Even with a transitional or temporary offer, because your customers will make you grow. You can iterate later to fine-tune. But the priority is to sell!


4. Look for partners too. Almost as important as customers, they'll help you get started: recommendations, co-optations... They'll become your prescribers and ambassadors, or your collaborators if you work together to better achieve your respective objectives.


5. Make the most of your network. It will be one of your greatest assets. Personal and professional network, school network, study network... Identify opportunities and the right contacts, so you can position yourself wisely and benefit from them.


6. Get in touch with other entrepreneurs, dedicated structures and people involved in business support. These people will be familiar with your issues and challenges. They'll be ideal confidants for your questions at the time, and will also be good stimulants to support you when the going gets tough.


7. Make yourself visible in the right places at the right times: entrepreneurship forums, trade shows, business forums... In person at events, as well as on the web via social networks. Be active: communicate your progress and showcase your successes. The success story you create for yourself will be a decisive argument in convincing your future customers and/or partners.


8. Find financing. There are a plethora of business start-up assistance schemes. You need to find out what you're eligible for, depending on your age and whether or not you're unemployed. You also need to look at local players: the region sometimes offers programs.


9. Don't be discouraged: there will be times when you'll be disappointed. Things won't go your way. Unexpected setbacks will slow you down. Entrepreneurship is an endurance race. The key is to still be around in three years' time. In the meantime, try to stay on your feet, without setting the bar too high.


10. Separate your personal life from your professional life. Not easy at first, especially since your business is you! Whether you're an auto-entrepreneur, EI (Entreprise Individuelle) or EURL (Entreprise Unipersonnelle à Responsabilité Limitée), your home often becomes your workplace. While this may not be a problem for you at first, it can quickly have a perverse effect. There's a balance to be maintained: get out, see people, take a workspace if you need to. But don't isolate yourself.


11. Take on a good chartered accountant. He or she will become your key partner in success. In the early days, people try to get by on their own or to keep costs down. But not to do so is anything but strategic.


12. Equip yourself with the right tools. At first, you'll be satisfied with Excel. But you'll be spending a lot of time on a tool that you'll later replace, because you'll quickly come up against its limits: in terms of accounting (quotes, invoices), sales management or collaborative tools. With a dedicated software package like Quickbooks, not only will you save an enormous amount of time on operational tasks - such as data entry, payment tracking, etc. - but you'll also have a tool that's easy to use. - but you'll also have an invaluable decision-making tool. At the heart of your relationship with your chartered accountant, a solution like this will make support tasks so much easier that you'll be able to concentrate on the essentials.

In the beginning, it's all about System D. You try to do everything yourself, and at the lowest possible cost. But you'll soon reach your own limits. If you don't surround yourself with a network, a good accountant and the right tools, you'll run out of steam in the long run. Be reasonable, yes. But above all, be strategic.