Work for someone else in your intended business...
Want to start one in about 5 years (once I'm out of school) and was wondering if there was one piece of advise or one little thing you've learned while running a business that you could give to someone who wants to start their own what would it be?
Work for someone else in your intended business, learn from their mistakes. Sign no non compete agreements. Pick a business such as consulting which requires little startup cost.
Find someone in the same business & if possible talk to them. Save your money before hand. pay cash for everything, no leasing unless it is a must have item. don't buy it unless you need it. if you need to make large purchases for the business/clients make sure you can get a credit card with low rates & no penalties for early payoff. Then as soon as client cuts you the check mail in payment to card. find a good accountant ahead of time & discuss tax information.