Advice For Entrepreneurs From Benjamin Franklin

 For 223 years Americans have been free to pursue their dreams. And today owning a business, whether it’s a franchise or an independent enterprise, is the American Dream for millions. To help aspiring entrepreneurs achieve that dream, I turned to one of America’s first—and most celebrated entrepreneurs—Benjamin Franklin. Here’s some of Franklin’s wisdom:

Startup entrepreneurs often let fear get in the way of actually getting started. They talk about the business they “someday” want to start, but “someday” never comes. Sure, you’re going to make mistakes; every entrepreneur does. But, as Franklin advised: “Do not fear mistakes. You will know failure.” Despite that, you have to stay positive. According to Franklin, “Do not anticipate trouble, or worry about what may never happen. Keep in the sunlight.”

Some entrepreneurs delay starting a business because they’re waiting for “the perfect time.” There is no perfect time to start (or even grow) your business, so stop waiting. Most of us know Franklin’s famous words, “Never leave… till tomorrow which you can do today.” But he also said, “To succeed, jump as quickly at opportunities as you do at conclusions.” In other words, take action. Listen to Franklin: “Well done is better than well said.”

“Time is money” is one of Franklin’s most quoted maxims and important advice for entrepreneurs at all stages. He also thought it was crucial to manage your reputation.  As you grow, you need to make sure you deliver on your promises. Franklin advised: “It takes many good deeds to build a good reputation, and only one bad one to lose it.” And Franklin thought it was important to be authentic. He said, “What you seem to be, be really.”

Apparently both Ben Franklin and I are big believers in collaborative management. When your employees believe their input is valued, they’ll work harder for you. As Franklin said, “Tell me and I forget. Teach me and I remember. Involve me and I learn.”

But if you really want to achieve the American Dream, you have to realize your business is in a constant state of evolution. So be open to change. As Ben Franklin said, “When you're finished changing, you're finished.”