Peter Boyd is a lawyer, geek and father of twin girls and a boy. He chose the path of starting a web design firm. Check him out at www.paperstreet.com. Follow him @peteboyd. 

Who’s your hero? (In business, life, or both.)

Batman. He fights for justice using technology, intelligence and sometimes a bit of brawn. This is how most business and life problems can be solved.

What’s the single best piece of business advice that helped shape who you are as an entrepreneur today, and why?  

I was told that the key to success was just “make a decision.” One successful person said that if they were right four out of 10 times on deals, then they were doing great. If they were right two out of 10 times, then they would break even.

It was an eye-opener — especially coming from a background in law and coding where you were always under pressure to be right 100 percent of the time. Obviously, their deals were different than mine when I was starting out, but it allows me to realize that mistakes can be made and you could still be a success. The key was just to make a decision (and have a backup plan).

As an entrepreneur, you will make mistakes, but the ability to recover and simply make decisions is key. It keeps the company moving forward. So long as you are making decisions, the company will progress.

What’s the biggest mistake you ever made in your business, and what did you learn from it that others can learn from too?

Giving too many chances to individuals and not parting ways soon enough. Some people can change, but most cannot. If someone, some product, some service or some process is not working out, then change quickly.

You will eventually make a bad hire. If you can identify weak points in the first few weeks or months, then great. Set a plan to correct them immediately with specific goals that are measurable. If the person cannot still make the cut, then it is time to part ways. The same goes with services, products and processes you use. If something is not working, then it needs to be changed.

I know go into every situation with Plan A and Plan B. This allows us to make a change in case something is not working out. Perhaps it is the lawyer in me still wanting to have backup arguments in case your main point is rejected.

What do you do during the first hour of your business day and why?

I wake up and read emails in bed, which sounds depressing now that I write that comment. But this allows me to get ahead of the day and know of any issues before most people are awake. After my usual morning exercise, I can then concentrate on writing during the first real work hour. The writing could be about new products, new procedures, a cool blog post or whatever needs some love.

What’s your best financial/cash-flow related tip for entrepreneurs just getting started?

I started my company while also working as a lawyer. If you can manage two gigs, then this is the best way to start a company. There is no fiscal downside, as worst case scenario, you have your day job to pay all the bills.

At a certain point though, you MUST make the leap. For me, it was a year after I started the company. I finally decided that I would rather code than be a lawyer. I was making roughly the same from both jobs, so focusing on one made my life easier.

Quick: What’s ONE thing you recommend ALL aspiring or current entrepreneurs do right now to take their biz to the next level?

Take a vacation and travel. Even a few days out of the office will allow you to relax, refocus and then come back with new ideas.

What’s your definition of success? How will you know when you’ve finally “succeeded” in your business?

Balance. When I first started my business, I thought success was a set revenue goal, a set number of employees and a set number of projects to complete each year. I ran the company by setting goals each year and hitting the numbers.

However, what I have found that balance in business (and life) is key. Keeping your family, co-workers and clients happy is the key to long-term success. This means you need to find the right balance between all three.

If your business is going really well, then it may be time to concentrate on your family. If family is going well, then concentrate on friends. If all three are going well, then you have probably found the right balance.