From Mark Fletcher (again) we get 10 more commandments for your business startup. The best:

1. You will have at least one catastrophe every three months.

5. People will think your idea sucks. They’re even probably right. The only way to prove them wrong is to succeed.

7. Being an entrepreneur requires a healthy amount of ignorance. Note I did not say stupidity.

10. Abject Terror. Overwhelming Joy. Monstrous Greed. Embrace and harness these emotions you must.

Continue reading the article here.

From Mark Fletcher, the founder of Bloglines, Onelist and other companies offers these 15 startup commandments:

1. Your idea isn’t new. Pick an idea; at least 50 other people have thought of it. Get over your stunning brilliance and realize that execution matters more.
2. Stealth startups suck. You’re not working on the Manhattan Project, Einstein. Get something out as quickly as possible and promote the hell out of it.
3. If you don’t have scaling problems, you’re not growing fast enough.
4. If you’re successful, people will try to take advantage of you. Hope that you’re in that position, and hope that you’re smart enough to not fall for it.
5. People will tell you they know more than you do. If that’s really the case, you shouldn’t be doing your startup.

Continue reading the rest here.

In a great post from Codswallop, the 100 Best web applications for freelancers and small businesses are listed and categorized (including us! - thanks!). From project management to writing and design, check out this list of great applications for ideas on how to run your business better.

Entrepreneur.com has a good article on the steps you need to do to prepare to sell your business:

1. Get a business valuation…
2. Get your books in order…
3. Understand the true profitability of your business…
4. Consult your financial advisor…
5. Make a good first impression…
6. Organize your legal paperwork…
7. Consider management succession…
8. Know your reason for selling…
9. Get your advisory team in place…
10. Keep your eye on the ball…”

Of course, a well-managed small business would have most of these steps taken care of and be ready to sell at any moment.

(Via BizzBangBuzz)

Most business owners don’t know how long they should hold on to old records. According to the IRS, here’s how long you should keep those records:

Permanently:

• general ledgers and journals
• payroll records, including W-2s, 940s, 941s
• year-end financial statements
• tax returns and supporting documents
• articles of incorporation, bylaws, meeting minutes, etc.
• retirement plan records
• mortgages and deeds

10 Years:

• bank statements and cancelled checks
• AP & AR documents
• invoices and billing information (customers and ventors)
• leases
• contracts with clients and suppliers

7 years:

• expense reports
• employee agreements/contracts/termination records
• documents related to litigation
• inventory documentation

3 years:

• employment applications
• employee disability and illness benefit records
• expired insurance policies
• general correspondence

This information is helpful but our favorite rule of thumb is to “save everything” and keep anything older than a few years in storage. Unless your business deals with mountains of paperwork, that method will be the easiest way to keep it simple and safe.

From Perry Marshall, the marketing guru, we get 12 differences between people who are “trying” to start their own business and those that act.

1-Wanna-be’s obsess about ideas.  Entrepreneurs obsess about implementation.

2-Wanna-be’s want more web traffic.  Enrepreneurs focus on sales conversion.

3-Wanna-be’s focus on positive thinking.  Entrepreneurs plan for multiple contingencies.

4-Wanna-be’s want to get on TV and get “famous.”  Entrepreneurs build their list.

5-Wanna-be’s seek a perfect plan.  Entrepreneurs execute and adjust the plan later.

6-Wanna-be’s wait for their lucky break.  Entrepreneurs engineer four, five, six plans and execute them in tandem, wagering that at least one plan will get traction.

7-Wanna-be’s fear looking stupid in front of their friends.  Entrepreneurs willingly risk making fools of themselves, knowing that long-term success is a good trade for short-term loss of dignity.

8-Wanna-be’s shield their precious ideas from harsh reality, postponing the verdict of success or failure until ’someday.’  Entrepreneurs expose their ideas to cold reality as soon as reasonably possible.

9-Wanna-be’s put off practicing basketball until they’ve got Air Jordans. Entrepreneurs practice barefoot behind the garage.

10-Wanna-be’s believe what they’re told, believe their own assumptions.  Entrepreneurs do original research and determine what paths have been already trod.

11-Wanna-be’s believe they can do anything.  Entrepreneurs do what they’re gifted for and delegate the rest.

12-Wanna-be’s think about the world in terms of COULD and SHOULD.  Entrepreneurs think in terms of IS and CAN BE.

This is a fantastic breakdown of the commitment that is required if you are going to be an entrepreneur. There are too many “get rich without doing anything” programs out there. Visit Perry Marshall’s site for some great tips on marketing and business.