Before I quit the 9-5 to launch my business, I interviewed 22 entrepreneurs from either the marketing or social enterprise space. My goal was to gain insight into the attributes, strategies, and skills I’d need to succeed.
There were a handful of pieces of advice I heard on multiple occasions, but only one that was brought up time and time again.
“Don’t be penny wise and pound foolish.”
While I understood, at the time it was just theoretical for me. Now, I see it in practice. Many of the social entrepreneurs I speak with are pound foolish – from a marketing standpoint – every single day.
This means underrating skills that are critical to their growth and not investing in them as needed, whether that’s a financial investment (personnel or external support) or a time investment (personal development and training).