After almost 17 years as a small business owner, Tony Paull learned several important lessons. He realized early on that he needed business savvy and street smarts to survive as an entrepreneur. To gain this knowledge, Paull sought mentors and learned from other successful business owners by talking to them about their experiences. Paull also learned from his own mistakes through several failures. Word of mouth became his best marketing strategy by giving out his elevator pitch at various industry events. Maintaining work-life balance, managing company finances closely, and prioritizing health were also important lessons for small business success.

1. www.tonypaullconsulting.comSupporting Home and Small Business
WHAT BUSINESS OWNERSHIP TAUGHT ME

2. www.tonypaullconsulting.comSupporting Home and Small Business
The most important lessons I learned
after almost 17 years
as a Home and Small Business Owner

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Using a MENTOR

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I have always had mentors
of one sort or another
It is my belief that all Start-ups
should be assisted by a Mentor
They are not that difficult to find

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Learning from Others
… and from My Mistakes

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After several spectacular failures,
I realised very early in my entrepreneurial journey
that I needed to be street wise and business savy
if I was going to survive, net alone flourish.

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I made it a crusade to meet and
talk business ownership
with every successful
small business owner I could find.

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“Those who fail to learn from the past
are doomed to repeat it.”
- Winston Churchill

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Word of mouth became
my advertising motto

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My best marketing achievements came from talking at
Business Conferences, Chamber meetings
and Industry forums.
I had my “elevator pitch” printed on the reverse
of my business cards and so
“if it moved, I gave it a card!”

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The Home front
- Three simple rules I learned

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Keep your partner, and the family
if applicable, informed of your plans
Separate family and business,
especially when it comes to finances
Make time, on a regular basis, for the family.

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I have always insisted on making my home office space
somewhere that
I enjoyed spending time in.

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Avoiding procrastination

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Something I did struggle with in the beginning but
on the odd occasion, my procrastination saved me
from several potential financial calamities.
There is a fine line between procrastinating out of
fear and just biding your time.
But sometimes a little indecision
may not be a totally bad thing.

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Dealing with customers

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I have always treated my customers, repeat or first timers,
as though they are funding my next meal!
Understanding my own attitudes and behaviours
as both a customer to my suppliers and as a consumer,
has given me a clearer understanding
of what to expect from my customers.

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Managing finances
Businesses go out of business because they run out of money.
Granted, there are many contributory causes for the financial drought
but when income is exceeded by expenses, the doors close.

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I am fanatical about managing the company finances
Be CEO and CFO even if it creates some strain.
Select Financial Managers with care
Always KNOW what money is coming in and going out

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My Final Take Away

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My final “take away” is something I have deliberately worked very,
very hard at all my life – and that is to stay HEALTHY.
No matter how healthy your bank balance may be,
it will be meaningless unless you have a healthy and balanced life style

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