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entrepreneurship

Principles​

Are you built for entrepreneurship​

Entrepreneurship is not all roses and dandelions, and it's not a walk in the park.

You have to be consistent at it, and you have to fail many times before you succeed.

Before trying to become an entrepreneur, you have to ask yourself, "Is this what I really want, or am I drifting into a life that I am not intentional about?"

There are many different ways to live your life, but you always have to be intentional about them. There's no wrong answer. The only wrong answer is drifting into something and not being intentional about it. If you want a job, then go get a job. But do not be half-assing your way across everything.

Misconceptions about entrepreneurship​

"Entrepreneurship brings freedom."

Entrepreneurship is self‑inflicted suffering. It’s not freedom; it’s more like writing the rules of your own jail and working in that jail for a greater purpose.

You don't get your own freedom with entrepreneurship. You get to write the rules of your own jail.

You can build your own jail if you're not careful. Entrepreneurship is very taxing, so you always have to try to maintain a balanced life as best as possible and keep up things like health and your hobbies.

Signs you're built for entrepreneurship​

  • you don't like to drive at the speed limit: You have lots of ambition, and that's a sign of a person who should pursue entrepreneurship. If you don't like driving at the speed limit, if you always want to rush ahead into things, that's a sign that you're suited to that.
  • you don't like to follow the rules of someone else: You don't like to be bossed around by someone else. Then be an entrepreneur.
  • you hate the feeling of unleft potential: If you have a creative mind and you know you’re destined for great things and you hate the feeling of being unused, then that’s a sign that you’re built for entrepreneurship.
  • You run from the fear of never meeting your peak potential And you run towards something, your ambition
    • Fear is the best motivator. Studies have shown that if you get a mouse to chase some cheese, as opposed to when a cat is chasing a mouse, the mouse will run two to three times faster because of fear.
    • You also need intrinsic motivation to do something, not just fear. If you have some ambition that you really want to achieve, then that's a sign that you're built for entrepreneurship.

There's always the grind​

Entrepreneurship is a grind.

You have to be willing to do a lot for very little.

Even if success is not apparent at first, you have to keep up with the grind; that's the only way it will work out in the end.

Persistence matters​

Persistence matters. You will suffer a lot of setbacks, especially humiliation. However, if you push forward and be consistent, you will reach what you are looking for.

The goalpost always moves​

No matter what you think your goal is today, it will always change to be bigger once you reach the goal you originally wanted to achieve.

Lessons from entrepreneurship​

no experience is wasted, it compounds​

No matter what happens, you can always learn from your failures and successes in entrepreneurship. You'll always have interesting experiences. That shapes you as a person, and thus it’s never wasted.

The AI multiplier​

AI does not change the physics of business. You still have to accumulate skills, and it still takes time to accumulate those skills, but you can do it faster now.

Price for what people are willing to pay​

Taken from Alex in Rosie's book, “100,000,000 Offers.” You always have to price for the value that people perceive in your product, or how much value it means to them. Always price for what people are willing to pay because that means they are more likely to buy it.

NOTE

Charge what value your product gives a specific person.

The consistency and reps are what matters most​

It's not about putting in reps without any feedback; it's about constantly iterating. First, do a thousand reps, then iterate, fix that, then do a thousand more reps. Keep going until you're perfect.

It's also about consistency. If you post on LinkedIn once a week or once a month, nothing will happen for you. But if you post every day, you will eventually reach a level that will blow your mind and reap compounding results.

Analysis paralysis guarantees failure​

The longer you delay pain, the slower your skills will accumulate, and as long as you are in analysis paralysis, you will guarantee failure just by not doing anything. So the most important lesson is to just do something and start now.

You can watch as many videos as you want, and every course imaginable, but none of it actually counts until you feel the pain of actually doing something.

NOTE

So start ugly now and put in the reps. The reps compound. Watching, sitting back on your couch, watching others, and trying to pseudo-learn do not.