The Do’s and Don’ts of Starting a Business

If you’ve ever considered starting your own business, chances are you’ve had a brainwave for a great product or service. However, according to Nicholas Mathews — a successful entrepreneur and founder of California-based substance-abuse treatment center Stillwater Behavioral Health — a lot more than good ideas go into creating a successful enterprise.

First and foremost, he recommends that aspiring entrepreneurs believe in themselves.

Do #1: Believe in your mission

“Make sure you absolutely believe in what you’re doing,” Mathews says. “Any business worth doing should also be something you believe in. In addition, make sure you’re prepared for the challenges financially, emotionally, physically, etc. Starting a business is not an easy thing to do.”

Indeed, Mathews recommends that aspiring entrepreneurs cultivate even “toxic levels of ambition.” “You really have to be willing to bet on yourself when all else is likely to fail,” he explains.

In particular, he points out that starting a business means exposing oneself to a whole new level of risk and responsibility. “There are a million other businesses that you could work for, and there’s security in working for somebody else,” he observes. “The dangerous thing is always betting on yourself. And so you need to have a really high level of ambition, as well as innate drive and motivation.”

Secondly, Mathews recommends cultivating inquisitiveness.

Do #2: Get curious

“You have to be hungry to learn and be willing to embrace things you don’t know,” Mathews says. “In my experience as an entrepreneur and CEO of my companies, people often expect me to know the answer all the time, regardless of what the question is. That creates a tough environment because everybody expects me to know every answer. It’s important to embrace what you don’t know and seek education.”

He also advises tapping into the collective wisdom of the whole team. “Build a team you can trust,” he says. “You will open up whole new levels of collaboration if you can go to them and say, ‘I have no idea what the answer is. Let’s try to find out together.’”

Do #3: Embrace failure

For Mathews, failure is an inevitable part of doing business. That’s why he recommends being ready to fail.

“Very few things in life are as humbling as starting a business,” Mathews says. “If you’re going to take the entrepreneurial route, then you need to be willing to fail because failure is ultimately the catalyst for any growth.”

Indeed, Mathews feels appreciation when he considers his own past failures. “When you try something and it doesn’t work, then that’s an arena where you get to learn,” he explains. “Be grateful for those opportunities since they start to become rare. The further I get in my career and the more businesses I start, the fewer opportunities I get to grow and to dive into things I don’t know, the fewer chances I get to better myself and improve.” 

Do #4: Practice compassion

According to Mathews, business leaders usually overlook the importance of compassion. “It doesn’t get talked about enough, but if you’re going to be an entrepreneur, compassion is indispensable,” he says.

“Ideally, you’re going to have a team of people who work for you, who buy into your vision and join you on this journey,” Mathews explains. “That’s a tremendous responsibility. These people are feeding their kids and paying their mortgages based on their belief in your vision. You must be compassionate, understanding, and willing to help them. You owe it to them, to yourself, and to your vision to care about these people and make them a priority in your life.”

Don’t #1: Don’t lose sight of the present

Mathews also provides guidance on what aspiring and new entrepreneurs should avoid doing. 

“Avoid focusing on the finish line,” he says. “Many people are enthralled with fantasies about what their bank account will look like or how success will feel. They hyper-focus on where they want to go or where they expected themselves to be, as opposed to where they actually are. But if you’re at Point A and constantly focused on Point C, you risk never getting to Point B. If you’re only thinking about the finish line of the race, but you’re still at the beginning, you can forget to actually run the race.”

Don’t #2: Don’t underestimate the pressure

For Mathews, the first question any aspiring entrepreneur should ask themselves is if they are ready.

“A high level of stress comes along with this choice,” he says. “It can be a humbling, gut-wrenching experience. On certain days, I feel like I’m king of the castle and can tackle anything. But on other days, I wake up feeling small and defeated. That’s a natural human response to the entrepreneurs’ lifestyle.”

That’s why he recommends being able to compartmentalize. “You need to be able to rise above insecurity, push that stuff to the side, and do what you need to do today for your business because your business is bigger than you.”

Make a difference in people’s lives

While Mathews doesn’t downplay the challenges involved in starting a new business, he also points out how rewarding it can be.

“Providing value to the people who need it — there’s no bigger thrill,” he says. “When you hit a low spot, remember the good you’ve brought into the world. Think about the difference you’ve made in people’s lives, and you’ll realize it has all been worth it.”

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