30. Being all ears
With any new idea, we naturally want to do as much as we can on our own, but being too proud can lead to disaster. Look for others who offer good advice for free; if you don’t, your competition certainly will.
Look to experienced business development organisations for advice, and read serious technical books about corporate finance and investment decisions. Business is one area where theory really does turn out to be applicable in practice.
There should be an element of secrecy involved in setting up a new business. The fewer the people who know the finer details, the more likely that your idea will not be hijacked by another individual or company. But you also need to build awareness of your business right from ...