This year marks 15 years since I left my “comfortable” job at Corporate America…
And in this video, I wanted to share my top 15 lessons about entrepreneurship I learned over the past 15 years.
- It’s too risky NOT to take action
Fear setting makes everything less scary. - Don’t blindly follow the herd
Look for blind spots.
If you’re constantly chasing the “herd,” then you’re likely finding the market too saturated and profits too thin (if any found). There’s really no opportunity there as it’s been beat to death. - Learn and stack high-value, transferable skills: (for example)
- sales
- programming
- marketing
- When things are at their hardest, remember that the “diamond could be an inch away.”
- Cut-out energy drains
Toxic people trying to make their problems your problems. People that constantly waste your time with drama. - If starting with zero capital
Start building with a simple, low-risk business model to generate cash as quickly as possible. - Avoid permanent capital loss
Cap your downside. There’s no reason to take-on massive amounts of debt or 7-figures in capital when you’re just getting started. Most of the time, you just need sales. After all, “sales cures all your business ails.” - 30-to-1 rule
If you can double your business capital every year for five years, every dollar is worth $30. - Actions compound
Do a minimum of 90-day sprints before you assess your results. - Differentiate between high-value & low-value tasks
Outsourcing everything but the high-value tasks. The top three (revenue generating) things that have the biggest impact on the business should never be outsourced! For example: meeting with clients, securing new contracts, submitting proposals … - 10/20/70 time-split
Spend 10% consuming information. 20% thinking/planning/processing. 70% acting/doing. Know when to shut off information flow. Allow time to think, process, and focus on daily actions. As an example of what such a day would look like:- 8 hours sleeping
- 3 hours eating, getting ready, etc.
- 3 hours mindless disconnecting
- 10 hours “productive time” left
- 1 hour consuming
- 2 hours journaling, planning, & thinking
- 7 hours on high-value work
- Show up consistently for an extended period of time will put you ahead of 99% of competitors.
- Strive for an “ELF” business
Easy, lucrative, and fun business. Something that is viable with the internet. - People will let you down
Prepare for it now and develop thick-skin. Focus on the things that are 100% within your control. People will come and go. The better you are at focusing on your mission, the longer people are likely to stay around. Just remember “nothing last forever.” - Always be working towards a purpose
Especially once you start to become successful.
