17 Tips on Entrepreneurship.
I’ve learnt a lot from my years of building businesses.
Below are some of the best bits.
Grab your notepad 📝.
1. You can’t do it alone.
Although it seems like a solo sport, it really is a team game.
You’ll need help at different stages so build relationships.
The Who means as much as the What.
2. Everything is a sale.
I learnt sales 16 years ago, and since then my whole life changed.
I haven’t strictly ‘sold’ for many years, but everything I do is a sale.
My vision for my businesses, the recruitment of great people.
It’s all a sale.
3. You need to understand finances.
You don’t need an accounting major, but you do need to understand the basics.
Cashflow vs Profit
Profit and Loss statements
If you don’t, you’ll fail like 90% of other small businesses.
4. Grasp the difference between Cost and Value
This is where fortunes are made.
Buffett and Munger are the masters of this.
Cost is the price you pay.
Value is what something is worth.
Money is made when you identify the gap between the 2.
5. Sometimes times are easy, sometimes times are hard.
Know which is which.
When times are hard, don’t lose confidence and give up.
When times are easy, don’t get complacent and make mistakes.
6. Be careful who you take advice from.
Understand most people will give you advice which benefits them, not you.
True business friends are hard to find.
When you find them, treat them like gold.
7. Cash is King.
Well cash flow is king, but that’s for another day.
I haven’t been fully invested for a long time.
- I’m struggling to find value
- I’m more cautious about the economy than I ever have been
- I’m waiting for the deal of a lifetime.
8. Things always take longer and cost more than you expect.
Plan for it.
Hope for the best, but be aware of what will probably happen.
Don’t get frustrated, it’s business.
9. Risk is Good. If you know how to assess it.
Everything has risk, it’s not a bad thing.
You should always be looking for Asymmetric Risks. Where your outlay is small in proportion to a massive potential upside.
Asymmetric risks can make you rich.
10. Don’t have a goal of $10k a month
If you can get to $10k/mth, you can get to $100k/mth.
It’s about systemising and scaling.
Don’t mean to be rude but $10k/mth isn’t much. 😬
11. Don’t think your first business will be the ‘one’.
It may be, but chances are it won’t be.
My 1st company is still my most profitable, but that’s very rare.
Just get started, make some mistakes.
12. Don’t think you know it all. Chances are you don’t.
And the more adamant you are that you do, the less you probably know.
Thinking you know more than you do can get you in trouble.
Actually, it almost always does.
13. Rarely are good businesses based on a genius idea.
People see Amazon, Uber etc and think ‘what a great idea’. They think they need to come up with one for their business.
Entrepreneurship is mostly about doing ordinary things extraordinarily well.
14. Learn to delegate, systemise, outsource and scale.
When you first start out, you need to do everything.
But over time it’s important to spend time on what’s important.
Not what’s urgent.
This is how you scale and make the big bucks. 💰
15. Learn how to be a Problem Solver
This is so important, they should teach it in school (make sure you teach your kids).
Then it doesn’t matter what challenges the economy, industry or government throw at you.
You’ll find a solution.
16. A job is actually a great training ground for entrepreneurship.
But only if you’re there for a reason;
▪️ Save money for startup capital
▪️ Look for gaps in the market
▪️ Build connections
▪️ Build authority
Don’t stay for too long and get trapped.
17. Being likeable and Like a Bull
You don’t have to be everyone’s friend but being liked sure does help.
When you are likeable, people want to see you succeed.
Then don’t let anything get in the way of what you want to achieve.
Like a bull.
Thanks for getting this far, hope you enjoyed it.
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