In a conversation with Lisa Van Dell, founder of Alexandra Van Dell Fine Jewelry and a Babson MBA alumna, she shares these words of wisdom with entrepreneurs:

1. Contrary to what many people say about entrepreneurship, I subscribe to a 'Slow and Steady' approach. You don't always have to invest every last dime you can beg, steal and borrow to create a successful company. Choose very carefully what you spend your money on. For example, your established competitors might have a professionally designed 20-page catalog, but as a new business your customers might only expect you to have one beautiful postcard.
2. Taking things slowly also pertains to not launching a product before it is ready, marketing materials included. You only get one chance to make a first impression. When you are first starting, target smaller customers and make your mistakes with them. They are much more forgiving, and you don't risk loosing a large account.
3. Lastly, your suppliers are great people to ask for advice. They profit from your growth and are knowledgeable about your industry.