“You are only going to lose when you give up.” Marcin Jakubowski
Strategies to Help to Focus Your Efforts
- The Lead Domino Theory: What one thing can you do, whereby if you do that, it makes everything else that you need to do easier?
- Do not chase every shiny object out there. Make sure that your actions have a purpose. Always ask yourself, does this fit into the core mission of what I am doing and will this get me to where I want to go.
- Bring in a second set of eyes and have them look at what your are doing. Often times others can spot flaws that are oblivious to us.
- Ask why 3 times. Literally ask why three times, each time asking why to the previous why’s answer. This line of questioning is meant for you to get to the root of why you are doing what you are doing. It could also be applied to problem or a challenge.
- Know why you are doing something. Doing to do is a waste of resources.
Speed Up Your Learning Curve with Quick Iterative Performance
- Look at quick cash flowing businesses to compress your entrepreneurial learning curve. You can learn a lot about business and yourself when you start selling a product relatively quickly. Compared to taking a year to build your first business.
- Microgreens and pastured poultry are two examples. You can learn more about those in these inteviews Making $2000 A Week Growing Microgreens with Luke Callahan and The Story of a Beginning Farmer, Raising Pastured Lamb and Poultry in Southern California featuring Paul Greive
- Darren Doherty brings up this idea in relation to grazing when I interviewed him – Darren Doherty on Regrarianism and Why Regenerative is Better than Sustainable
- Starting something is better than doing nothing, including planning and research. Do you research and plan, but at some point you have to start, and when you do you will learn more about what it will take to be successful than you did in the whole planning phase.
- The person who builds 10 houses will be a better house builder than the person who sets out to build one perfect house. As you build things you are learning, looking backwards, analyzing and adapting to real world constraints and challenges.
- The way that you make progress is taking the time to critically look at your results. What’s working really well, what isn’t working. Then adapt going forward. Without doing this analysis you could be making the same mistakes over and over.
Keys to Being Resilient as an Entrepreneur
- Celebrate the small wins. Big wins can be few and far between. Don’t loose sight of the small.
- Don’t forget why you did it in the first place. If you find yourself drifting from that initial reason, step back and ask is this OK?
- There will times when it won’t be fun. And there will be micro grinds, but if it is becoming a total grind then you need to step back and take a look at things.
- Sometimes the best way to make forward progress is to take a step back and take a break. Relax, take some time off, or work on another project. Forcing things isn’t always the most productive way forward when you hit a wall.
Realities of Running a Business
- Execution is everything. If you can’t execute on the most perfect plan, it doesn’t matter.
- Products and services need to be top notch. No amount of marketing will make up for a bad product.
- You can cut expenses to success. Scrapping and cutting expenses only get’s you so far.
- Be prepared to pay your real world tuition. If you aren’t prepared to spend and lose some money doing something, then don’t start.
- You are only going to lose when you quit, but you can’t just aimlessly wander. There is a difference between not giving up and expecting stuff to just work out, and not giving up while you try new things and analyze results.
- If you want to succeed, then you need to start. At some point additional book knowledge doesn’t help. You need to get into the real world.
“An MBA has become a two-part time machine. First, the students are taught everything they need to know to manage a company from 1990, and second, they are taken out of the real world for two years while the rest of us race as fast as we possibly can.” Seth Godin
“A True Fan is defined as someone who will purchase anything and everything you produce. They will drive 200 miles to see you sing. They will buy the super deluxe re-issued hi-res box set of your stuff even though they have the low-res version. They have a Google Alert set for your name. They bookmark the eBay page where your out-of-print editions show up. They come to your openings. They have you sign their copies. They buy the t-shirt, and the mug, and the hat. They can’t wait till you issue your next work. They are true fans.” Kevin Kelly
This episode was inspired by the interview with Marcin Jakubowski.
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