Words to the Wise

Glean pearls of wisdom from this entrepreneur's experience.
Magazine Contributor
1 min read

This story appears in the December 2002 issue of Entrepreneur. Subscribe »

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

More from Entrepreneur

Grow Your Business at Entrepreneur LIVE! Join us on Nov. 16 in Brooklyn, NY, to learn from legends like Danica Patrick and Maria Sharapova, pitch our editors, meet with investors, and potentially walk away with funding!
Register here

One-on-one online sessions with our experts can help you start a business, grow your business, build your brand, fundraise and more.
Book Your Session

In as little as seven months, the Entrepreneur Authors program will turn your ideas and expertise into a professionally presented book.
Apply Now

Latest on Entrepreneur

My Queue

There are no Videos in your queue.

Click on the Add to next to any video to save to your queue.

There are no Articles in your queue.

Click on the Add to next to any article to save to your queue.

There are no Podcasts in your queue.

Click on the Add to next to any podcast episode to save to your queue.

You're not following any authors.

Click the Follow button on any author page to keep up with the latest content from your favorite authors.