Being an entrepreneur for the first time is painful. You feel lost 98% of the time – the ups and downs are gut-wrenching. I wish I had a cheat sheet for when I started my first company. So I wrote one. In honor of 2021, here are the 21 Lessons I wish I knew sooner.
1/ Bias to action always WINS. Any analysis ahead of action is purely speculation. You really do not understand something until you’ve done it. Analysis post-action can be driven by real data. So when you are stuck, TAKE ACTION vs keep thinking.
1) Just start – The BIAS TO ACTION is the single most important part of entrepreneurship. We could have analyzed the market, debated the merits, created a financial model in the time it took us to get to $50k! We did none of that – we just started doing.
2) Leverage your unfair advantages – 10+ years in Growth Marketing and investing and I could see a clear need in the market + knew how to serve it. There’s no question my knowledge and network are tied to our initial success here. Don’t apologize for it, use it!
3) People/partners matter – this idea was just a piece of paper until Adriane came along. She took a chance and has worked so hard + been uncomfortable each day + open to learning/feedback. Trust between us matters a lot as well as self awareness.
2/ Never be the bottleneck for someone to get work done. This is one simple principle which requires you to be organized, effective at communication, and good at delegation.
3/ Effective delegation is neither easy nor natural. But it is a skill you can build and improve over time with practice.
4/ Get really good at email so you can respond quickly and efficiently. The volume you receive will only go up over time. Inbox Zero is the ultimate founder hack.
5/ Tenacity is the most important trait for building a company. It is not intelligence, creativity or salesmanship, but sheer determination.
6/ So, Don’t give up. No matter where you are in your journey…
7/ There is no RIGHT way to start and build a company, stop looking for one.
8/ Making decisions is hard; but a ‘bad decision’ outweighs NO decision every time.
9/ Don’t be in a huge rush to grow and scale – take your time to understand customers, the market, and your own product. This is vital later.
10/ Services businesses are great ways to generate Cash Flow to start other ideas! Don’t obsess over the right “business model” – Just start!
11/ Competition is usually a sign you picked a good market; don’t obsess over competitors. As
@JeffBezosays, Obsess over your customers.
12/ When it comes to business results, be ruthless. But when it comes to people, be very compassionate. The best leaders do not either/or this, they integrate it, every day.
13/ There is no such thing as a momentary lapse of integrity. If someone is dishonest, it is likely not the first time and definitely not the last time. When you first see it, take decisive action.
14/ Have everyone “assume positive intent.” Assume people want to do a good job, want the company to succeed, and want to grow in their career. Even if these aren’t all true, it makes one more open minded and less petty. If your team does this, 99% of conflicts go away.
15/ People are people. They are all different from each other; they all have good days and bad days, and everyone enjoys being recognized and praised. People need to be motivated, guided and empowered.
16/ Early on, Focus Wins.
The most consistent and counterintuitive reminder I give entrepreneurs: Amazon only sold books for its first 3-4 years. Facebook was only in colleges for its first 2 years. Apples reboot had only the iPod for 6 years. The path to ruling the world starts with narrow focus.
17/ Don’t be afraid to borrow from those that came before you. In fact, obsess over your industry’s history and current players. Know it better than anyone. That’s how the biggest companies in the world came to be.
18/ As a founder/owner/manager, you are not the same as your team. Even if you sit next to them, joke around and hang out. Your ability to impact someone’s career (and therefore their life) makes you different. The sooner you realize this, the better you will be at your job.
19/ If you constantly find yourself unsatisfied and unhappy, consider its time to do the inner work. Meditate, find a coach and start to explore what really drives you.
Each person has an “inner thermostat” of success/happiness that was set for us as children. When we exceed our “setting,” we unconsciously do things to sabotage ourselves to come back into the familiar/comfortable “temperature.”
The classic example: a lotto winner. It’s a proven fact that most lotto winners, regardless of the size of the prize, report similar or LOWER happiness 5-10 years post win. So much “success” in one area overwhelms their neurosis and they “bring themselves down” in other areas
Lots of classic examples. The rock star who develops a drug problem. The entrepreneur who makes it big and then loses it all. The sports star who gets a huge injury.
Often times, success in one area leads you to “lower temperature” in another area. Big financial win, you fight with your spouse. Got married, your start-up fails. Book published, you broke your leg.
20/ Fear as a motivator is a non-renewable resource that leaves a negative residue on you and those around you.
21/ When in conflict, I’d take curiosity & enthusiasm over intelligence & organization. People who love learning win.
Source: SJpujji
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