4 Best Small Business Tips We Learned From Our Dads

June 19, 2015

As Father’s Day approaches, we remember all the things our fathers taught us—about sports, about hard work and about life. A lot of these lessons apply in business, too. Here are some words of advice from dads that ring true for small business owners. 1. Measure twice, cut once If your dad liked to build things, you know that he likely took extra care to make sure that the measurements were right before he cut the board, because he knew he couldn't  undo the cut. In business, it’s important to prepare as best you can, but it’s also important to know when to go ahead and make that cut. Risks have to be taken in order to succeed, so do what you can to mitigate them, and then forge ahead. 2. Don’t be penny wise and pound foolish Dads know about value, and he knew there were things worth spending money on. Manage your expenses carefully so that you will have the money to spend on things that matter—like protecting the business you've worked so hard to build. Trying to cut corners on important things like commercial general liability insurance can leave you with a much bigger bill later on. Invest in the things that matter the most to your businesses and don’t waste your time, money or energy on frivolous details. 3. If all your friends jumped off a bridge, would you do it too? How many times did you hear that  growing up? Dad wanted you to think for yourself instead of blindly following the pack. Entrepreneurs typically have this independent spirit, but it can sometimes get pushed aside in the interest of playing it safe. Have the courage to blaze new trails in your business instead of doing what everyone else does. 4. Always Follow your passion Maybe your dad was an entrepreneur himself and gave you advice from their own experience about starting a small business. Or perhaps he sacrificed his dream so that your family could have a more stable life. Others may have spent their entire career laboring for a big corporation and felt unfulfilled. Regardless of what your father did, he probably encouraged you to follow your dreams. We all get bogged down in the day-to-day details, never forget that, as an entrepreneur, you can pursue what’s important to you. Thanks, Dad. Share with us! What advice did your dad give you that helped you succeed in business?