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UCLA Entrepreneurs Conference: Manage Your Downside

Posted by Elegant Celebrity on March 10, 2016 at 1:40 AM

entrepreneurship is a brave leap into the unknown, but with the right preparation, skills, and attitude, you can improve your chances for success. 

that was some of the wisdom shared by entrepreneurs at ucla's entrepreneurs conference.  the event is produced annually by students from the ucla anderson school of management, and this year’s theme was "it's the journey."

most entrepreneurs agreed:  the key to a successful journey is to manage your downside & the upside will take care of itself.

before you launch into the unknown, be prepared.  develop a plan. familiarize yourself with accounting, negotiation, strategy, and business law.  know your market cycle.  ask yourself questions:  

  do i have a high tolerance for risk?

  do i have access to capital?  

  do i have my own personal cash reserves to sustain myself? 

set your expectations correctly, and have conviction.  you will hear a lot of noes (yes, that’s the plural of no).

now for the hard part.  don't over-analyze your plan.  figure out where you want to go.  launch.  then figure out how to get there.

some things to remember while you are on your journey.

integrity is vital.  many entrepreneurs agree your most valuable asset is your name.  be honest with yourself and others.  even if you lose money on a deal, your investors may still stick with you because they know you are honest, and did everything you could to insure success.

networking is vital.  be charitable.  people are willing to help you, and people appreciate your help, too.

don't try to steal deals.  focus on making good deals.  most entrepreneurs emphasized not biting off more than you can chew.  it's ok to start out slow.  go for singles and doubles.  trust your instincts & do what feels right.

one tip:  make money every day, even if it’s under $100. 

the above suggestions are only a part of the wisdom shared at the ucla entrepreneurs conference, which is produced annually by students from the ucla anderson school of management.  the students do an excellent job of assembling entrepreneurs who are knowledgeable and approachable.  it's a must-do event if you are a new entrepreneur or are considering life as an entrepreneur.

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