This ad will close in

Words to the Wise

Glean pearls of wisdom from this entrepreneur's experience.

Dale Bathum, 38-year-old founder of Bite Golf, a golf shoe manufacturer and retailer in Preston, Washington, knows a thing or two about running a successful business. A 2000 Entrepreneur young millionaire, he expects year-end sales to hit $8 million. Here, he reflects on his smartest start-up move--and biggest blunder:

What was your biggest start-up success?

Bathum: I put a lot of effort into [building] a strong team early on. That's what carried us through--if it was just me and I didn't have a strong team, I don't think we would have survived. So [I would recommend] putting together a really strong team [internally] and [externally] of accountants and lawyers and a board of advisors.

What was your biggest start-up failure?

Bathum: Not having enough upfront funding at the beginning, so we needed to go out and raise money when the business was just getting underway. The second [biggest mistake] was inventory mismanagement. We buy and sell shoes--we overproduced some shoes that didn't sell [very well]. So we had to discount them, and that really killed our profits.

Contact Source

Like this article? Get this issue right now on iPad, Nook or Kindle Fire.

This article was originally published in the December 2002 print edition of Entrepreneur with the headline: Words to the Wise.

Loading the player ...

How You Can Form Better Habits Faster

Ads by Google

0 Comments. Post Yours.