5 Leading Entrepreneurs Share Their Best Advice for Bootstrapping a Business

When Hernán Cortés arrived in Veracruz, Mexico, in the 1500s, he ordered his crew to burn the ships. Forward was the only way off the beach; there was no turning back. After advising and running a number of businesses in a variety of industries, that is my advice: burn the ships.

If you are trying to start a business while keeping your old job, don’t. Quit your job so there is no going back. If you see so many opportunities you can’t decide which to choose, pick one and burn the ships. Trying to be everything to everyone will never get you where you need to go. Do just one thing you’re passionate about, and do it better than anyone else.

Don’t let your ego and sense of control take over. Be willing to let go. Make it easy for investors to help grow your company by being willing to burn the ships again and move forward. —James Daily, founding partner of Daily Law Group, which helps high-profile clients with fiduciary abuse litigation, including fraud, crisis management, and business and family disputes; connect with James on LinkedIn