Wednesday, May 1, 2019

The Three Unseen Laws of Entrepreneurship

The Three Unseen Laws of Entrepreneurship / Most entrepreneurs fail and they say it's because of capital, but I don't believe that because even if you don't have money, with the web you can do well. Entrepreneurship is all about solving problems, it’s not just about making money. Today, I'm going to go over the unseen laws that'll help you succeed as an entrepreneur.
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Unseen Law #1: You don't make money because you wanna make money, you make money by solving problems.
When I was a kid, I wanted to be an entrepreneur because I wanted to be rich.
And you know what, I didn't do well because I wanted to be rich. I started to do well, though, when I started solving people's problems.
People will pay for solutions. They don't pay you because you wanna be rich.
Doesn't matter if you create a product or service. Whatever you do, if your solution doesn't solve people's problems better than the competition's, it's not ideally more affordable or easier to use or gives the results better, people will not pay for your products or service.
It's all about solving people's problems, it's not about making money.
Unseen Law #2: It's harder to make money than it is to save it.
As an entrepreneur, you will have to spend money to make money, but you need to be careful.
I'm not saying don't double down on your business. I'm saying you don't need that BMW, that Mercedes. You don't need a Netflix account, an Amazon Prime account. You don't need an extra T-Mobile bill.
You don't need to be paying for all these apps on the App Store.
When you start wasting money on all these other places, you could've taken that cash and put it into your business.
Save it while you can 'cause money's never easy to come by. And my mom taught me this. Even when you're doing well as an entrepreneur, what goes up, comes down.
Companies like General Electric were once giants and they were doing crazy well, but now they're struggling.
That happens with all the companies out there, even Apple. Apple used to do really good in the heydays, then they went down and Microsoft had to bail them out so they don't get antitrust lawsuits and now Apple's crushing it again.
But that's how the world of business works. So make sure you save that money, so when there is a rainy day or when you should be doubling down, you have the cash to do so.
Unseen Law #3: Focus on speed over perfection.
Everyone's like, oh my God, my business is like my baby.
Yeah, it's like your baby, you're going to love it to death, you may even love it more than your child or your spouse, but it's not being about being perfect.
Nothing is going to go the way you want. It's about speed and execution. Move as fast as you can, fix the mess at the end.
That's okay, that's how you grow fast and become successful. Because the moment you have traction, there are more options out there from raising investor money to getting loans, if you can't execute fast, your competition's going to out-execute you and beat you.
In my last start-up, Kissmetrics, we raised, I think, 17 plus million dollars, I don't know what the exact number was but it was a lot, I know it was over 17 million. And can you guess what happened to the company?
It didn't do well, eventually, they put in a CEO, he couldn't execute well and all he kept doing is spinning his wheels.
Our competitor who copied our product ended up generating over 100 million a year in revenue. Do you know what they did differently? They didn't create a better product, 'cause they copied ours, they out-executed us.
Speed and execution is key.
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Neil Patel

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