1 - There is never a right time. Entrepreneurship involves risk. This means you sometimes need to just jump. This said - I always say "fail often, fail fast, fail cheap" so I always look at the downside.
2 - It is very powerful to be under-resourced. It will make you more resourceful and likely allow you to run a leaner more competitive business.
3 - I like to choose opportunities that are the right size for me now. This is a beautiful thing for business - there is always a right size business opportunity for everyone at every size. When you are starting from your basement, you can take a $100,000 opportunity and do well. Bigger companies cannot do this so will leave you alone.
4 - When the opportunity is too big for me, I consider narrowing my scope. Instead of being the biggest seller of bar code equipment, be the biggest in barcoding for warehouses etc.
5 - Consider partnering. It is better to have 10% of something that is worth something than 100% of an idea.
6 - Ideas are a dime a dozen. It is the implementation that counts. How often do you see a restaurant with a line outside and the one next to it goes bankrupt. All the time. Ideas are easy.
7 - I know a lot of people who almost start businesses. They are not successful. To steal from Nike - "Just do it". And do it now. Time is the enemy of ideas and business. Someone else has the same idea. It is the one who perfects it that wins.
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