In the world where 90% of businesses fail over a 10 year period of time, it’s always helpful if you start with a set of core principles that great entrepreneurs have already figured out how to succeed in their journey.
Charlie Munger, partner of Warren Buffett advises us that you just need to master the disciplines of greats.
These Principles are derived from countless hours of Reading & listening to great leaders like (Warren, Charlie, Tony Robbins, Ray Dalio).
I hope below principles will help the reader to navigate the Entrepreneur Jungle safely. There will be Dangers on the way, so form a tribe of people with same passion and pass the jungle safely.
To be a successful entrepreneur you have to make contrarian decisions in which you will fail numerous times, but make sure You don’t set your self for the knockout punch. Learn from the failures (Mostly Others mistakes) and Succeed -Ray Dalio
Let’s get started…
To be a Successful Entreprenuer
1. You should be clear about what is the value you are going to create for your Customers.
2. Your business should be simple to explain hard to replicate.
3. You should learn the art of Trend Stacking.
4. Understand your customers and continuously learn about them and give unique services that your customer constantly needs.
5. Don’t wait for customers to search for you, present your self and delight them.
6. Find right people for right positions, and make sure both of you grow together. It’s always tough to form a good team with the great culture, Ideal culture should be a radical meritocracy.
7. Choose Clients as you choose friends.
8. Don’t sell anything that you wouldn’t buy yourself.
9. Know how the business system works.(Advertising, Sales, Marketing)
10. Provide a service with the highest quality for low cost.
11. Your sequence of priority should be
If you take care of above, profits will take care of itself.
12. Common causes of failure are quitting when one is faced with temporary defeat. Don’t quit for obstacles. Learn from it.
13. Don’t spend too much money too early, always position yourself to grab opportunities when they are presented itself, Remain in Adiquate cash position.
14. Read, Read, Read…
15. Choose Your heroes wisely.
16. wisely choose a partner who you can really trust.
17. Know your core product and concentrate more effort on that one, and continuesly innovate new products & services at a gradual pace.
Your ultimate question should be how can I delight my customer?