Entrepreneurs know that quality = quantity

When you’re starting a company its tempting to chase lots of customers. Grow revenues as quickly as possible, get as many people using your product as possible.Beware. That way lies disappointment.Its better to find one customer, and focus on 100% satisfying that customer. When your product is right, then move to the next customer. Rinse, repeat.Its…

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Entrepreneurship is like Test cricket

Step one: Don’t lose Rule one in Test cricket: Make sure you can’t lose.When you’re sure you can’t lose, then you go for the win.Startups are the same. First, ensure you can’t fail. Cover your overheads.When your overheads are covered then start looking around for opportunities to make a profit. You have to find the…

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Entrepreneurs look after their financial health

James Altucher is always writing and speaking about how success is correlated to a daily ritual that includes each of the following exercises: Physical – Exercise. Stay in shape, be fit, be strong. Emotional – Never spend time with people that suck your energy. Never do anything that drains your energy. Mental – Think of 20 new ideas…

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Entrepreneurs move fast

Successful entrepreneurs thrive in an environment of uncertainty, taking advantage of opportunities as they present themselves.In other words, entrepreneurs move fast!In order to move fast you need the following: Access to capital Some people are lucky to be born into a family with cash, or to attend a school with other kids whose families have cash, or to…

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Entrepreneurs are superstitious

The more risks you take in life, the more superstitious you become.If you spend your life in a highly secure job and safe society, then of course you don’t place any reliance on God or luck. You don’t need to. You know what will happen tomorrow, and even if tomorrow is not pleasant you know…

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Entrepreneurs are doers, not talkers

Some people always talk about how they want to start a business.They go on about how they hate their jobs, that they have great ideas, that they’re going to take the plunge.And nothing happens. They keep talking but never do.Words are wind.If you can’t get around to stopping talking about starting a business, and actually…

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Entrepreneurs know that cashflow is king

Some companies pay boast of valuation or revenue or profit or user numbers.To an entrepreneur these numbers are meaningless (outside of Silicon Valley).The only meaningful metric is cashflow. You need to spend less money than you make.The easiest way to positive cashflow is to be frugal and to sell sell sell. Easy as pie.Ignore the accountants, ignore depreciation, ignore…

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Entrepreneurs beware where angels fear to tread

Absence of evidence is not evidence of absence.Translated to startup-speak:A lack of competitors doesn’t mean no one has ever tried to compete in a given area.Many aspiring entrepreneurs come up with a great idea and look around to see no one chasing the opportunity.“YES! Its a greenfield! No competition, I can create a monopoly!”What the…

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Entrepreneurs make money

Entrepreneurship is not about saving the world or creating jobs or making awesome stuff.Its about making money.In order to make money maybe you need to save the world, create jobs, or make awesome stuff, but never forget these are just steps on the path to the end goal.Making money.Before you start a business you need to…

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Entrepreneurs can tell their kids how they made their money

Its hard making money without being dodgy. Its hard to always tell your customers the truth.How many companies today rely on the fine print to generate profits? Financial advisors, banks, insurance companies, too many…How many companies today sell stuff that kills their customers? Cigarettes, alcohol, sugar, too many.The world of business is full of tests….

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Entrepreneurs find complementary partners

A business is comprised of four major disciplines: Product (technical) – someone who has a vision and can make it a reality. Commercial (sales) – someone who can sell the product. Operations (process) – someone who can scale the startup. Finance (finance) – someone who can ensure maximum cashflow and access to capital. Very few…

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Entrepreneurs believe in luck AND hard work

Business is 90% luck and 10% hard work, but don’t try it without the 10%.Personally, I thank my lucky stars every day. For my parents, for my country, for my health, for my wife, for my kids, for my friends, for my business successes, for my business near-death-misses.I think luck deserves enormous credit in my life,…

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