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What is the most important ideology you have learnt about entrepreneurship?

Discussion in 'General Entrepreneur Discussion' started by Bulgano, Sep 13, 2017.

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  1. Bulgano
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    Bulgano New Contributor Read Millionaire Fastlane FASTLANE INSIDER

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    Since being here for just over a day, my mind has been flooded with information by the truck-load. This amount of information has various different topics; ranging from general self-help to marketing.
    For some of us upcoming entrepreneurs, as well as some of you successful ones, what is the most important ideology or technique you learnt that you felt helped you the most in your business ventures or even personal life? Whether it be; accounting, marketing, coding, etc...

    By far for me at the moment is reading posts regarding marketing, as well as eCommerce. I've never had much experience with money other than basics (Probably due to my age.), but marketing by far seems like it could really turbo-charge a lot of stale/overused ideas into something much bigger and better that overall would appeal to a consumer.

    As a side note; I've also found reading posts about Amazon very interesting, since being from Australia, we currently do not have Amazon and it's always fun and quite educational to try and take the information from the thread, and apply it to something else that we have over here.
     
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  2. TheSilverSpoon
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    TheSilverSpoon Bronze Contributor FASTLANE INSIDER Speedway Pass Summit Attendee

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    1. No Excuses.

    Zero. Late for your meeting cause traffic was bad? Wrong. You should have gotten up earlier. Still fat? It's not those genetics - you just haven't spent enough time working out. Underpinning this is a realization that you are 100% responsible for exactly where you are in life. You and you alone. Usually it's only the successful people that will admit they are self-made.

    2. Don't be a pussy.

    Entrepreneurship is hard. You will be outside of your comfort zone, a lot. And some of the most rewarding things are on the other side of that discomfort. Don't be paralyzed be fear. Learn to do the things that scare you.

    3. Go faster.

    Someone else out there is trying to do exactly what you are doing. Don't let them take your lunch. Focus on getting more important work done in a day. Learn to hire and outsource. Understand which balls can be dropped and which ones you absolutely must keep in the air.

    4. Develop some grit.

    No matter what business you go into, there will be times that are great and times that are terrible. You will, at least once, feel like you got your ass kicked and that this entire thing was a mistake. Realize this is just one of the not-so-great times and everything else becomes easier. Develop the resiliency and heart needed to get through the rough times.
     
  3. Bulgano
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    Bulgano New Contributor Read Millionaire Fastlane FASTLANE INSIDER

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    Those are some pretty neat points.
    I 100% agree with the "Go faster" point, and while I haven't actually done anything myself yet (still trying to learn even basic things like outsourcing, subcontracting, marketing, etc... before starting a business), but I will definitely use that point as a motivator. Some people probably see it as; "Someone else is competing with me, and they are doing better job so I should just give up.", but really, it should motivate you to perform better as a sort of competition.
     
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    Fox Legendary Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    What got you here won't get you there > bigger goals need new approaches.
     
  5. Iammelissamoore
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    Iammelissamoore Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Hey welcome aboard Bulgano, well, I have learnt a WHOLE lot being here myself and I continue to learn every-single-day, here's just a few of the many things I've learnt:

    1. Stop waiting for the "Perfect" Moment - Business is about seeing a problem and providing a solution, surely we may not know all 1082 steps involved in creating that solution, but becoming involved in making this solution real, it is necessary to jump in and learn as we go along the way.

    2. Going 10 steps backward doesn't specifically spell failure - Sometimes we have setbacks in business, some controllable, others - not so much; however, because we may have to pause, do something we hate doing that we did in the past (like going back out to get a job to create additional and necessary finances for the biz) it doesn't mean we have failed, what it means is that it is a necessary part of the journey to get ahead. To have failed at anything in life, is to make a solid and sound decision to simply waste away and do nothing about our situations, that's when we have chosen to fail ourselves.

    3. Listen and Communicate with Everyone - Because someone may not necessarily be speaking the language we are speaking, it's not necessary to put them down, what we ought to do in such a situation is listen by filtering, hear what is important, ignore what is unimportant, but either way, allow the listening and communication to be lessons or stepping stones on the journey in getting ahead - especially when we have no other choice but to stay around the individual.

    4. Money and Finances are great Tools - Because of the miseducation of what money is and what it is not, easily we all have screwed over what money really is, therefore a whole host of the world's problems are stemmed from this worshipping of the false god named money. Money (which can extend to many facets of finances/investments etc.) are tools we use to get things done and lots of those things are to help others get ahead too, it's not all about mustering up all the money in the world, since, when done right, there is MORE than enough for everyone to gain some aspect of freedom and the likes as they choose.

    5. Value Makes the World Go Round - This forum and TMF/Unscripted has taught me to centre my focus and life force on this most important factor. When we add real value to our families, communities and world in whichever aspect we choose, it allows people to come back for more. I genuinely believe this is where excelling businesses are birthed - you know, the ones who stand on solid ground, even during a recession or any other challenges faced.

    6. Problems are Disguised as Solutions awaiting Execution - Another golden nugget I've learnt on this journey and through this platform, we often say, it is in the complaints of mankind that we find opportunities to provide solutions.

    ...which leads me to...

    7. Unless I Intend to Do Something About it, then I Need Not Complain - As I grow on the journey of switching my mindset from Consumerist to Producer, I am growing to overstand more and more that it is important that I seek solutions, even in simple aspects of my daily life; unless I intend to do something about a situation at hand, then I don't intend to Complain about it.

    All these lessons I have learnt from my daily interactions on this forum, from the many stories of both success and failure, as there are lessons in everything, and also I have learnt these from the remarkable philosophies in TMF and Uns. There are a whole lot more I have learnt and continue to learn with my daily interactions here and offline too.
     
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  6. Inuc
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    Inuc Contributor Read Millionaire Fastlane

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    Every man is a king on his lane i.e learn to move at your pace but be wise with it
     
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  7. BrooklynHustle
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    BrooklynHustle Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Fill a NEED (or at least a want): Nobody cares about your selfish desires. Solve other people's problems (aka provide value) to achieve success
     
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    AmericanSpartan Warrior Monk Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    ACTION above all else. The best idea in the world is worthless if it is not acted upon. JUST GO AND DO IT ALREADY.

    ACTION + SPEED can overcome a shit execution to produce results. (OODA Loop: Observe, Orient, Decide, Act. When we act, we force our environment to observe our action, beginning their own loop. You now are controlling the environment in a way. This is why military ambushes are so effective. When you ambush (ACT), you force your target to first have to OBSERVE which takes VALUABLE TIME.)

    Time is the most common element between all people. Everyone has 24 hours in a day. Find out how those who have what you want are spending their 24 hours. If you don't "have" the time, you need to make a list of your priorities and really decide what it is you want in your life. (Nobody ever says "I wish I worked more" on their deathbed, BUT, some may say "I'm glad I busted my ass for 10 years so I could live a fulfilled life on my own terms" [SEE: The Unscripted Life])

    Actions are louder than words. Don't always believe what those who have what you want are saying, watch what they are actually doing. If the two are in alignment, then feel free to believe what they say.

    You don't have to know everything before you act. By acting, we begin to shape our environment so that solutions and information become easier to find.

    If lack of information is preventing you from acting, you top priority and action is to find the information you need. If you don't know how, your action is to find out how. The internet negates this excuse. Google, YouTube, Wikipedia... It is out there or you can find someone who knows, or knows someone who knows. Experiment. Learn. Gain experience. Actually doing and getting real world results and getting better as you go can serve you WAY better than searching years for the perfect solution. See what I wrote about ACTION + SPEED again.

    MINDSET is the filter you view the world. This filter can show you all the ways you CAN vs all the ways you CAN'T. You can reprogram yourself to think differently. It takes time, but it is possible. Meditate and increase your awareness abilities. Be able to simply be present without forming thoughts. From this detached state, we take in pure information. THEN, we can begin to think about what we just experienced. This is how we can take control of our thoughts, instead of REACTING irrationally. In the detached state, we can decide how we want to think and act instead of running old, outdated, "software" which doesn't benefit us in getting what we want. (Ask yourself "Who is the one who thinks these thoughts" and wait for the answer. The SILENCE between the asking and any resulting thoughts is the ONE WHO THINKS. When you can mentally become this silence, you then become the ONE who thinks, and are in control of your thoughts. This is the state of present being, of open awareness).

    Help people by solving their problems, AT SCALE.

    Experience is worth more than raw knowledge. Experience is knowledge applied, and refined based upon outcomes of the applied knowledge.

    You only fail when you decide to quit.
     
    Last edited: Sep 13, 2017
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  9. Ika
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    Ika Too slow Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    Don't overcomplicate it.


    Pick one direction. Start moving. Build momentum. Adjust on your way.


    Don't wait for the perfect day. It was yesterday.


    Don't get comfortable. It slows you down. And, atleast for me, it makes my fire and desire small.


    If you are feeling stuck, work.


    To solve problem, you don't need to be an expert. All you have to know is the specific information needed to solve the problem.


    To get paid to solve someone else's problems, you don't have to be an expert either. You just have to know more than they do.


    Don't consume for the sake of it. Consumption feels great (instant gratification). Consuming entrepeneurial material feels like making progress.
    Don't. Just consume enough to solve the problem infront of you.


    Get your number - your goal income. It helps to create your direction and thus your actions. Read @V8Bill 's thread about it.


    Set one event related goal for the next 12 weeks (ex: make 10k).
    Break this event-goal down into process-goals. This is a daily goal to get you closer every day (ex: cold call 10 people per day).
    This ensures you put in the time and make daily progress.



    Stay on this forum, act like a sponge.


    Have fun



    (@TheSilverSpoon great post!)
     
  10. PeterCastle
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    PeterCastle Bronze Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    Amateurs focus on the product. Experts focus on the selling of the product. When you become passionate about the selling process, that's when you can start tasting success.
     
  11. HugoMoreno
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    HugoMoreno Silver Contributor Read Millionaire Fastlane Speedway Pass

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    I learn to always test assumptions...not matter how "sure" you are that things are going to work/not work..you don't know until you test the idea out
     
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    Reading books is useless unless you translate the knowledge you got from the book into action
     
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    eagleye101 Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER

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    Great thread. I'll comment short to make it easy to scan and remember:
    • Whatever you do, keep written documents. And if you start a business with partners, file documents to show exactly each partner's part. Thing can change and if there ain't no written documents, relying on your words won' t do you anything and you may lose all your work.
    • Survival is not mandatory. Nobody cares about you, you have to survive, you have to fight and if you're not dead, move forward, even if you have to croll.
    • Keep one to-do list. Only one. Each time you think about something that has to be done, enter it in the list. Prioritize the list and do the fist thing on this priority list. Do not start second thing if you haven't finished the 1st. Always ask "Is this the number 1 thing I should do now?" if the answer is "no" put it in the list and focus on your No. 1
    • Remove all social media apps from your phone (you can still access from your browser). Remove all notifications. Your phone is a tool for YOU TO FIND THEM not for them to have you always available.
    Keep it up
     
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  14. MiguelHammond10
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    MiguelHammond10 Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    I totally agree with everybody's idea here but these are my thoughts. Before starting
    a Business first thing you should know is that your idea is solving a problem.
    sometimes your idea may sound good but if it not solving any problem it is more likely
    to fail. Idea Validation is very important.
    A thorough market study is needed as well as you start developing your product.
    If you did not study the market very well you might end up wasting a lot of money and
    time developing a software/product, which very few inventors would be interested to
    invest.A good team can make or break this journey! So be very careful with whom you work with.
    Starting a business involves a lot of risk and you should be able to accept “failure” in a good spirit.
     
  15. Bulgano
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    Bulgano New Contributor Read Millionaire Fastlane FASTLANE INSIDER

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    Blimey, lots more replies on here than when I left for work (sadly) this morning.
    Lots of incredibly high-quality points that I think every entrepreneur needs to see and consider.
    I think @Ika has some great points in his post, especially "Don't overcomplicate it."

    Complicating things was hands down something I did for everything before I read TMFL and joined this forum. While I'm sure I still do it in both my personal life, as well as some business' I'm considering starting, I do it far less than I used to.

    If you are someone that is capable of never overcomplicating stuff, you are by far 1 step ahead of most people. :)
     
  16. maverick
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    maverick Unorthodox Nonconformist Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    I create my own destiny.
     
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  17. GMSI7D
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    GMSI7D Silver Contributor I've Read UNSCRIPTED Speedway Pass

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    yes and no

    capitalism is still a game that have been put in place by other people and these people still own the game : bankers and so on

    for example, the Federal reserve is just a giant monopoly game which is nor federal or a reserve, it is a private bank

    you didn't chose your birth location, if you were born in 1917 in russia or the 1920's in germany, your destiny would be different


    to create you own destiny, you have thus to master the current game imposed on you ( capitalism, communism or whatever )

    AND create your own game in it.

    80 % of entrepreneurs ar mastered by the game

    you can't afford to be one of them

    real entrepreneurs are kind of borderline personnalities

    guys like elon Musk, bill gates, steve Jobs, mark zukerberg and so on are not average guys

    at all

    they are, at best geniuses and at worst, crazy guys

     
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  18. maverick
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    maverick Unorthodox Nonconformist Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    “Your time is limited, so don’t waste it living someone else’s life. Don’t be trapped by dogma – which is living with the results of other people’s thinking. Don’t let the noise of other’s opinions drown out your own inner voice. And most important, have the courage to follow your heart and intuition. They somehow already know what you truly want to become. Everything else is secondary.”

    – Steve Jobs
     
  19. Andy Black
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    Andy Black Any colour, as long as it's red. Staff Member Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    Pick a direction. Get started. Keep going.


    You are enough.

    Go.
     
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    I am starting to lean towards being focused on one thing and working on it every day.
     
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    Sorry i don't agree.
    It has to be both...because a poor product/service marketed like crazy might do well to start with then world of mouth/reputation kicks in.

    If i invented a pill that actually made bald mens hair grow...i wouldn't have top spend much time marketing it. People would be banging down my door to get it.

    Some business USP is word of mouth/not advertising.

    You need both i.m.h.o. with the focus on the product/service.
     
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    Waisec Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Start where you are, not where you wish you were. Use what you have, do what you can.

    Oh, and your competition tends to suck. It's not that hard to outwork them and outsmart them if you decide to commit.
     
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  23. Aaron T
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    The only real failure, is not learning. Learn from your mistakes. I have had many businesses go under and/or cost me. I learned from them all. None were a failure. Just a step in the right direction.

    Decide, Do. You can correct a bad decision. The worst thing you can do is just sit there over analyzing and getting no where. Get off your ass and do something. If it is the wrong thing, correct ship.

    Anyone can do it. Literally anyone. I have seen this over and over. Hipstirs, old people, any gender, any race, any age. I have literally seen everything and the only thing that ever held anyone back is their own beliefs. What was it MJ said? Don't let others fart headwinds into your face. Only you can weaponize your past. If you believe negative things about yourself from what others have told you, or what society, says, or your own beliefs, then you are what is in your own way.

    Really have a lot more to add, but haven't had my coffee yet. It is a beautiful morning and I when done meditating I will be back.
     
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    You can’t build a market, so pick the biggest one and find a niche inside it.

    Combine multiple value props to provide an unthinkable level of value that pisses off competitors and makes your customers scratch their heads.

    Overdeliver after the sale. Show them how to be successful in every area of business you know. If you sell analytics and notice their ux is junk, help them. How can you make your customers’ customers happy? Call it onboarding and customer success or whatever you want, make them tell you to stop holding their hand.
     
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  25. Ayanle Farah
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    Ayanle Farah Contributor

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    Taking advantage of the opportunities all around you, I'm still working on it though.