Ehsan Alkooheji, General Manager, Kooheji Systems
I would have a proper bookkeeping and accounting system in place from day one, even though I didn’t really need that until years later.
I’d refuse to take on bad customers. It took me a while to recognize them and then realize I don’t have to work with anyone I don’t want to. The first time I fired a customer was a revaluation. I would pick only 2 services to offer instead of 10, even if I can do them all well.
I would stick to a daily work routine no matter what. It’s great to be your own boss, but you have to learn to really be your own boss and be strict on yourself.
Eyad Ebrahim, Director, Web Avenue
The main thing would be hiring earlier and paying more for better-qualified Developers instead of freelancers. One of the things I regret the most was trying to save on everything including the development of our first web-store which resulted in many delays in the launch and less than satisfactory design, by the time we ironed out most of the issues interest from our partner vendors and potential customers was lost and the store became redundant.
As the saying goes, hindsight is always 20/20.
Wafa AlObaidat, Creative Director, Obai & Hill
If I could start all over again, I would hire an accountant first and foremost. When I first launched Sketchbook Magazine, we were getting funds from events and advertisements but they were not managed well. There was no budgeting or fixed allowances and salaries being given out. When I started my agency, my first investment was an accountant who made it his priority to control spending, handle budgeting, and negotiate production fees. Now, my accountant is my right-hand mind, I speak to him before making any decision and we have been in a great place financially ever since.
Yazin Alirhayim, Entrepreneur
So there’s the brutally real answer, and then there’s the general answer.
I’ll start with the general one, I’d do validation sooner (you can never get some good ‘ole validation action too soon). I’d never settle. Hire the very best, or don’t hire at all. Get advice. It’s amazing how helpful people can be if you’d just ask. Chances are there’s many people out there that have been in your shoes.
The real answer? I wouldn’t have started. I wouldn’t have spent 9 months of my life following up, day-in and day-out to get a banking partnership done.
Zaman AH. Zaman, Entrepreneur
Starting a business for the first time has a steep learning curve because the mistakes you make at inception might come back to haunt you later. Personally, I would’ve hired legal counsel on a retainer that understood my industry to support me with big contracts and advice me on strategic decisions while negotiating with any counterparty foreign or local. For a startup that might be a big burden cost wise, but It is an investment worth spending on.