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THREAD: 11 Business Lessons for Budding Entrepreneurs
For anyone looking to escape the rat race:
For anyone looking to escape the rat race:
1. Learn to Sell
Without sales you don’t have a business.
Regardless of how good your product is.
Everything is sales. If you’re not selling your product you’re selling your vision, concepts and ideas.
If you can’t sell, your business is dead.
Without sales you don’t have a business.
Regardless of how good your product is.
Everything is sales. If you’re not selling your product you’re selling your vision, concepts and ideas.
If you can’t sell, your business is dead.
2. It will be harder than you think
Most things take 2x as long, have 2x as many problems and cost 2x as much as you think.
Be prepared for challenges. So when they arise you don’t quit.
Most things take 2x as long, have 2x as many problems and cost 2x as much as you think.
Be prepared for challenges. So when they arise you don’t quit.
3. A job is actually great training for entrepreneurship
But only if you’re there for a reason;
- Save money for startup capital
- Look for gaps in the market
- Build connections
- Build authority
Just don’t get stuck there.
But only if you’re there for a reason;
- Save money for startup capital
- Look for gaps in the market
- Build connections
- Build authority
Just don’t get stuck there.
4. Grasp the difference between cost and value
This is where fortunes are made.
Cost is the price you pay, value is what something is worth.
Munger and Buffett have built their wealth on this.
Money is made when you identify the gap between the two.
This is where fortunes are made.
Cost is the price you pay, value is what something is worth.
Munger and Buffett have built their wealth on this.
Money is made when you identify the gap between the two.
5. You don’t need a genius idea
People see companies like Amazon, Uber and think ‘what a great idea’.
Entrepreneurship is more about finding an industry that is proven and doing things differently/better.
Plus most great ideas don’t make great businesses.
People see companies like Amazon, Uber and think ‘what a great idea’.
Entrepreneurship is more about finding an industry that is proven and doing things differently/better.
Plus most great ideas don’t make great businesses.
6. You don’t need to love what you do.
Passion businesses are overrated.
Boring, unsexy businesses are underrated.
You just want to be profitable.
You’ll be amazed about how passionate you get about making money.
Passion businesses are overrated.
Boring, unsexy businesses are underrated.
You just want to be profitable.
You’ll be amazed about how passionate you get about making money.
7. There’s no substitute for hard work
I’m all for working smart, but when you are starting out you need both.
Anyone who is telling your that you can make a fortune working 15hrs per week...
Is probably trying to sell you something.
I’m all for working smart, but when you are starting out you need both.
Anyone who is telling your that you can make a fortune working 15hrs per week...
Is probably trying to sell you something.
8. People are Great Business
I know everyone is all about online on here, but human beings are the greatest computer there is.
Attract motivated, hard working people with your vision.
You’ll be unstoppable.
I know everyone is all about online on here, but human beings are the greatest computer there is.
Attract motivated, hard working people with your vision.
You’ll be unstoppable.
9. Start Small
Flip, affiliate, selling ebooks is a great place to start.
Will you make a fortune? No.
But you’ll learn a lot, and when you grasp the basics of business you can graduate.
As you get better, the game gets bigger.
Flip, affiliate, selling ebooks is a great place to start.
Will you make a fortune? No.
But you’ll learn a lot, and when you grasp the basics of business you can graduate.
As you get better, the game gets bigger.
10. Overnight Success is Real
It just takes years of hard work for it to happen.
It just takes years of hard work for it to happen.
11. And finally most of you won’t have the heart, determination or mentality for it.
Sorry, but it’s true.
The road is hard, and most people would be be far better off as employees.
But the question is, don’t you think you should at least find out?
Sorry, but it’s true.
The road is hard, and most people would be be far better off as employees.
But the question is, don’t you think you should at least find out?
Thanks for getting this far.
If you saw some value in it please feel free to retweet the first tweet below.
Thanks,
EFL https://twitter.com/entrepreneurfo3/status/1354421302438764546
If you saw some value in it please feel free to retweet the first tweet below.
Thanks,
EFL https://twitter.com/entrepreneurfo3/status/1354421302438764546
