Entrepreneurs solve 100% of the problem for one customer

“A bird in hand is worth two in the bush.”Its tempting to make ten customers happy at once. Surely its efficient to solve 80% of the problem for 20% of the market?Efficient, yes. Right, no.Ignore all customers except for one.Focus on that one customer. Solve 100% of her problem.Rinse, repeat.Startups grow one customer at a time. If you take…

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Entrepreneurs sell aspirin

You can choose: Sell something people want, or sell something that people need.Sell something that keeps people healthy, or sell something that takes away the pain.Sell vitamins, or sell aspirins.Its easiest to sell things that take away pain.Pain creates need. Need creates pressure. Customers will dig into their pockets when under pressure.Look for pressing problems, solve them, sell…

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Entrepreneurs don’t open Swiss bank accounts

The Panama Paper scandal is just the latest manifestation of the Age of the Internet.THERE ARE NO MORE SECRETS.Its amazing how many people (mostly over the age of 50) have still not figured this out.Before you make any decision, in life, politics, or business, ask yourself these questions:“Do I mind if my kids find out…

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Entrepreneurs don’t do the same thing twice

Heraclitus said, “No one steps into the same river twice.”Its always different water, and you’re always a different person.Its tempting to go backwards in life.The girl that got away. The company you founded and left.But that is not the right way.An entrepreneur doesn’t look over his shoulder. He doesn’t let his ego get the better of…

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Entrepreneurs pay their taxes

Some people think paying taxes is stupid. They think the government wastes their money. They rather hide their money from the tax-man and chuckle at their cleverness.These people are not in it for the long term. These people are not grateful for the opportunities their country has made possible.They don’t need the roads, the schools,…

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Entrepreneurs spend their cash

Some people make money so they can squirrel it away in the bank or pile it in the bath. They take pride in size of their bank balance, they love to bathe in R100 notes.These people are not entrepreneurs.Entrepreneurs make money to spend money. What’s the point of having cash if you can’t live the good life?Living…

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Entrepreneurs don’t rely on school to teach their kids

We all want our kids to be ok in life. Get a job, find a spouse, be happy, be healthy.The problem is that the world’s advice for helping your child find success is to go to school, get A’s, go to a top university, get top marks, get a great job, get a mortgage, etc etc…

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Entrepreneurs take out insurance

You have to take risks, there is no other way to get ahead… the trick is to take calculated risks.Always have a plan B.Think like a paranoid optimist.Expect the best, plan for the worst.Don’t begrudge the insurance company its premium, pay up.If you can’t get insurance then be sure to put aside money for a rainy day (or…

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Entrepreneurs give it their best shot, no excuses

Some people are so afraid of losing they don’t get into the race.Its not because they’re too competitive, its because their ego is in the way.Maybe you’re one of them.You’ve been told their whole life you’re a winner. You’ve always beaten your friends and your enemies. You’ve always been first in class.And then you enter…

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Entrepreneurs have a magic number

I once asked Bill Gates, “What’s the magic number?”Unhesitatingly he replied, “It depends. Do you need the toys or not? If you don’t need a yacht or jet, then the number is $10mil. If you do, its $100mil.”Every entrepreneur has a magic number. A pile of cash that equates to financial freedom.How much money do you…

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