Entrepreneurs give away their ideas for free

Ideas have creative value, but no financial value.Execution is where all financial upside resides.Sometimes you have a great idea. A game-changing idea. An idea thats worth a billion dollars.So you start thinking how to make it a reality and you quickly realise that you don’t have sufficient capital, technical expertise and/or time.Its at this point you’re…

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Entrepreneurs are like rock climbers

Malan Joubert once compared startup life to rock-climbing.One day you find yourself climbing a vertical sheer cliff face when, suddenly, you panic.You can’t move forward, you’re too scared. But you can’t go backwards either.So, you’re faced with two options: Grit your teeth, keep moving forward, and maybe die, or Don’t move, eventually tire, let go, fall…

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Entrepreneurs keep moving

Startups are like sharks. If a shark stops moving, it can’t breathe. If it can’t breathe, it dies.The same for startups.If you stop moving, you die.Starting a business is a frantic scramble to make money and pay the bills. Try this, try that, meet him, meet her, seemingly endless rabbit holes.It can be disheartening. Sometimes you…

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Entrepreneurs chase money AND passion

The life of an entrepreneur is uncertain.Even if you follow every tip from every legendary entrepreneur, you can still fail.If the urge to be an entrepreneur strikes you, remember this: Whatever you do, don’t make money the sole goal. Make sure you love what you do.Chase money and passion.That way it doesn’t matter whether you succeed…

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Entrepreneurs keep their promises

In business, trust is everything. Without trust you can’t raise money, sell product, find partners, or hire people.Trust is the glue of business. You need it or it will all fall apart.The surest way to lose trust is to break your promises.You must keep your promises.The easiest way to keep promises is to underpromise. That way…

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Entrepreneurs go down the rabbit hole

Raymond Ackerman, founder of Pick n Pay, South Africa’s largest retailer, once told this story:Whilst Raymond was CEO of Checkers, at the time the largest retailer in South Africa, some guy called out of the blue and asked whether he could get a tour of a Checkers store.Turns out the guy had recently bought four…

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Entrepreneurs listen to the farmer

Farmers know you should always put a red light in the chicken coop.But what do farmers know… I recently put our baby chickens in a coop with a white light. One morning I awoke up to find one of the chicks dead.It seemed to have been pecked to death. Savage chickens.So I googled “how to keep baby chickens…

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Entrepreneurs have the courage to go backwards

Life is like a clock. It ticks. Sometimes, it gets ahead of itself and you have to rewind the clock to set the time right.This is no fun. Going backwards never is. It takes courage.The easiest thing in the world is to lie to yourself. “Its not my fault the business failed.” “I didn’t screw…

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Entrepreneurs don’t need to be called CEO

School, university and corporate life inculcate a need for status.Are you a prefect? Are you a PhD? Are you a CEO? Do you drive a nice car? How many people work for you?These become the definitions of success.An entrepreneur knows these questions are meaningless. Once you’re stripped to the bone and left to fend for…

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Entrepreneurs don’t hire people

Hiring staff can be quite gratifying to the ego. “All these people work for ME!”Successful entrepreneurs understand the need to keep staff numbers to a minimum. Here’s why: HR issues You want to spend your time building and selling. Not settling squabbles over sick leave allowances and salary advances.The more staff you have, the more…

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Entrepreneurs don’t panic

I recently had a minor travel disaster. Flying back from Colombia, I had been booked via New York to Joburg. As I was checking in at Bogota airport the attendant asked me for my USA visa. Me: “I don’t have one, but not to worry, I’m not leaving JFK, I’m connecting to SA.” She looked…

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Entrepreneurs are humble

Humility is not about going to heaven. Its about staying ahead of the competition.The moment an entrepreneur becomes arrogant so does his company. When a company becomes arrogant it becomes complacent. It closes its mind to new ideas. It underestimates the competition. It stops innovating.It stops being paranoid. It fails.Successful entrepreneurs remain humble.Being humble is not a…

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