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Here’s another excellent inspirational video from Alux. We have listed below the 15 Things You Should Know When Starting A Business together with our own notes:
1. Talk Is Cheap
For every 60 people who talk about their dreams and say that they are going to start a business, only one will actually do it. Stop talking about what you are going to do, and start doing it.
2. An Idea Isn’t Worth Anything Before It Yields A Result
This has been called “the fallacy of the great idea”. Everyone thinks that all they need is a brilliant idea, and they waste half their lives searching or waiting for the ideas. But time and time again it has been proven that brilliant execution of an average idea trumps average execution of a brilliant idea. You can being that without delay.
3. Nobody Cares About Your Business More Than You
And nobody ever will. You will need to be the one who pushes and steers the team to victory. If you do not want it badly, how can you expect others to?
4. You Don’t Need Money To Start A Business; You Are The Business In The Beginning
I once worked with an entrepreneur who built an international organization operating in 168 locations worldwide – without any big corporate sponsorships, VC or bank loans. They were able to do this purely through their ability to communicate, share the vision and motivate people to join the cause. They went on to work with angel investors when taking things to a bigger level. You are the hub, not the money.
5. Be Ready To Make Sacrifices
Many people start a business because they think that it will be easier than working for someone else. They are in for a shock when they find that they replaced their 40 hour week with an 80 hour week, and 5-day concerns with concerns that are on their mind 7 days a week – including nights. You need to be prepared to put the business before social life, friends and other activities in order to succeed.
6. Build Smart From The Beginning
This is really another way of saying “think before you act”. Proper planning and preparation can prevent having to start all over again.
7. People Should Free Up Your Time So You Can Focus On The Strengths
This is a note about the art of delegation. Delegate tasks you are not very good at or have no interest in, so that you can focus on what you are best at and is most profitable.
8. Fail Fast And Adapt Quickly
“Failure is your friend” if you learn from it. “Failing Fast” means learning the lessons as quickly as possible. The only real failed experiment is one where either someone got hurt or you failed to derive any meaningful knowledge from it. Whereas if you failed but learned, it was not really a failure but a necessary part of success.
9. Long-Term Success Depends On Your Ability To Manage Your Resources
You only have a certain amount of time, effort, money etc. It is up to you to be strategic and use your resources with maximum effectiveness.
10. The Right Mentor Is Worth 10 Years Of Struggles
Absolutely true. A great mentor is one of the most important assets a person can have. Seek to learn and be guided by the best you can possibly find.
11. There Are No Shortcuts To Any Place Worth Going
We have become so obsessed with “working smarter” but often this is a mask for laziness and the simple fact that there is a tried and tested road called “diligence” that will lead to the destination – it just requires patience and effort.
12. Keeping Your Head Down And Grinding Is What Will Make Or Break You
One thing you have absolute control over is the amount of effort you put in. Those who are prepared to put in the hard work will outperform those who are not.
13. Sales Solve All Your Problems
The purpose of a business is to produce money, not consume it! Despite the million and one things you could be doing, your number one goal is to make sales. Keep your eye firmly on that.
14. Raise Capital From Investors Only When You Can’t Do It By Yourself
Investors will invariably want a piece of your pie. If you can be self-funded, do so. It also means you will have control and be free from interference.
15. A Business Without An Endgame Is Headed Nowhere
Do you have an exit strategy? Where will this business be in 1,5,10 or more years time?
Note – I disagree on the “bonus tip” – (Don’t Worry About The Legal Part In The Beginning). You should understand the legal aspects of a venture before you begin! I can understand they they are really saying don’t get stuck in “analysis paralysis”. But you should always be aware of what you are in for.