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What’s the most important thing new entrepreneurs need to know?

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Many entrepreneurs say they had no idea just how much work would be involved in turning their idea into a viable business, and according to a 2012 study 3 in 4 start-ups fail. So based on the experiences, both good and bad, that these entrepreneurs have had so far, what is their number one piece of start-up advice?
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Nicole Kersch

“I see a lot of startups seeking to put together impressive advisory boards without really understanding the dynamics of it all. The allure of having a successful somebody on a board seems to outweigh the reality that there is such thing as too much advice.

A lot of what makes a venture successful is the vision of the entrepreneur; having the wrong advisors can dilute this. So surrounding yourself with a solid, supportive, motivating team is crucial.”

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Bruce Jeffreys

Bruce from GoGet is very clear when it comes to revealing what he feels is the most crucial thing that new entrepreneurs need to know, saying that it’s essential to be proactive.

“The most important advice I'd give to entrepreneurs is actually just to get going. Don't write that business plan, don't sit there pondering all the things that could happen or might happen. Just make a start.”

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Naomi Simson

“My suggestion is that if you are driven solely by financial success – think again. Great businesses solve problems; they make life easier, they do things that had not been done before, and they make a difference.

It doesn’t have to be a sexy or ground-breaking or technologically advanced idea like Facebook, Google or Apple. But all of the great start-ups that you can think of solve a problem. So the first step to creating a viable business is to work out what problem you are solving.”

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Nick Palumbo

“It’s going to take double the time you thought it would for people to understand what you’re doing.

Make sure that the economics of your concept or idea are sound, as nothing is worse than building a business that doesn’t make money. Make sure you have the full support of your immediate family, as building a business is stressful enough, and you don’t need any extra baggage.

Lastly, make sure that every move you make is for the benefit of your brand – never dilute it or sell it short.”

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Hamish Petrie

“There is a famous Zen saying "In the beginner's mind there are many possibilities, in the experts mind there are none". You need to start somewhere and most successful entrepreneurs are both highly optimistic and are persistent enough to always find a way around barriers.

It is guaranteed to be much harder, take much longer and require much more capital than you envisage when you start. But don't let that put you off."

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Alec Lynch

“What separates a good idea from a good business is the same thing that separates entrepreneurs from ‘wannapreneurs’ – action.

Procrastination is the fear of failure and every successful entrepreneur has, at some point, overcome this and taken a first step. That first step might be buying a domain name, creating a prototype, drafting a business plan or getting a logo. If you have a good idea – whether you’re studying, graduating or working – start working on it today and take that first step.”

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