The 12 commandments of entrepreneurship

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See all software Accounting & Finance

As an entrepreneur, there are several pitfalls to avoid. Without being alarmist, you shouldn't be too optimistic either. Entrepreneurship is a long and bumpy road. To stack the odds in your favour and succeed, you need to adopt good accounting practices and ask yourself the right questions, at the right time and in a pragmatic way.

1. Have some savings set aside when you take the plunge. And assess your financial situation over time, so that you don't run out of money too quickly.


2. Talk to people about your project. Even when you think you've come up with the idea of the century. Because by trying to hide it, you are depriving yourself of feedback from others. The simple fact of talking to others will help you to think things through, and may help you to find a solution to many of your problems.


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


4. Look for partners too. Almost as important as your customers, they will help you get started: recommendations, co-optations... They will become your influencers 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 that you can position yourself wisely and benefit from them.


6. Get in touch with other entrepreneurs, dedicated organisations and those involved in providing support. These people will be familiar with your issues and challenges. They'll be ideal confidants for your questions at the time, but they'll 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 fairs, business forums, etc. In person at events, and on the web via social networks. Be active: communicate your progress and showcase your successes. The success story you create will be a decisive argument in convincing your future customers and/or partners.


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


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. Be patient. 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 as your business is you! Whether you are a self-employed entrepreneur, a sole trader (EI) or a limited liability company (EURL), your home often becomes your workplace. While this may not be a problem for you at first, it can quickly have a perverse effect. You need to maintain a balance: get out, see other 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 beginning, people try to manage on their own or to keep costs down. But not doing so would be 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 replace later because you'll quickly come up against its limitations: in terms of accounting (quotes, invoices), sales management or collaborative tools. With a dedicated software package like Quickbooks, not only will you save a huge amount of time on operational tasks - such as data entry, payment tracking, etc. - but you'll also have a management 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 what's really important.

In the beginning, it's all about System D. You try to do everything yourself, at the lowest possible cost. But you'll soon reach your own limits. If you don't surround yourself with your 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.