Hello friends! As you guess from the tittle it's about my mistakes and learnings.
A flashback to myself
Starting a business/side hustle or a youtube/blog channel can be quite overwhelming, especially for the younger people.
Learning from other people's mistakes is a very useful shortcut, that will save you time, effort, and money.
Recently I'm on a journey to start this Youtube channel and honestly, I didn't know what should I start.
Also, I just runned 30.
Then I thought why not give some advice to my teenage version...?
Especially about my biggest passion, entrepreneurship! But more importantly intersection between entrepreneurship and life.
So, if becoming an entrepreneur is not your goal, you will still find useful insight from this video so make sure to stick with it until the end.
Ok,
I start my first hustle when I was 9 years old,
by buying and selling sand-filled balloon stress relief toys (picture)
With my "cofounder" Bilal back then.
Hi, buddy! Kudos to you, if you are watching.
And...
Like "almost" all my ventures I end up failing. Crickets...
When I was in high school I was very curious about many things, excluding school exams 😅 What I didn't know is I was good at self-learning but not in a classroom.
I was into music, painting, writing, sports, socializing, but most importantly entrepreneurship. I was even sneaking away from the classes and join to startup events, networking with people, and learning.
And after high school, I immediately start working full-time with a year gap, but the next year I attend college. During college + master's time, I kept working full time, mostly living with my parents, saving money, attending many many startup events, doing client projects, starting and failing startups, and many sides hustles...
Since then things change a lot, obviously. 😅
Now, I'm co-founder of openfor.co a partnership development company, and we have been very lucky to support many startups and also some of the fortune 500 companies on business and partnership development in general.
But, personally, I cannot say that I have had breakthrough success yet, but at least starting a business and grounding up from "0 to 1" was an amazing learning experience...
So, anyway, with that little bit of background about myself, without further ado, let's dive in...!!!
1 - Start discovering yourself.
OK, I know it sounds a little cliche and you don't find yourself in a grocery store. But it's so much important and fundamental for every endeavor.
The early you can start building consciousness on self-awareness, or self-discovery -whatever you call- it, You will be able to have control over it.
I did occasionally but never did systematically. I wish I could do it, it'd save time and energy.
So how to do that? Analyze your strengths and weaknesses, and keep upgrading yourself, there is no perfection there is just conscious control over yourself.
Ikigai chart
Go try many things, keep wandering, question everything about you and your surroundings.
2 - Spot problems - It's hard
There are many projects that I did without sporting a real-life problem. Without even thinking about is it really necessary. They end up with fail, but yes of course I learn many things from my mistakes.
Defining problem means you are on the way of solving that problem.
Looking at situations from different altitudes.
So lookup, talk with your target customers, analyze people and environment. (But don't be creepy of course.) What are the things they spend time on most? What makes them angry and frustrating? What makes them stuck? What or where are the frictions?
Go find people on the internet who asks questions, it's an amazing source to spot challenges.
Any problem has a solution. Problems without solutions are called facts.
The best way to understand their problems is... just talking with them ;)
3- Wander around - Come up with many ideas
Exposure to new experiences and perspectives: When you wander around and explore new places, you're exposed to a wide range of new experiences and perspectives. This can help you think more creatively and come up with new and innovative ideas that you might not have otherwise considered.
Time to think and reflect: Wandering around can also provide an opportunity for solitude and introspection, giving you time to think and reflect on your business and your goals. This can help you come up with new ideas and insights that you might not have had the time or space to consider in your day-to-day life.
Chance encounters: Finally, wandering around can also lead to chance encounters with other people, which can spark new ideas and connections. Whether you meet someone who has a unique perspective on your business, or you overhear a conversation that sparks a new idea, wandering around can lead to unexpected and valuable opportunities.
Overall, wandering around can be a valuable source of inspiration and ideas for entrepreneurs, and it's worth making time to explore new places and see what you can discover. So, it is important for entrepreneurs to wander around for finding ideas.
4 - Fail fast, Go pitch, Sell early, Get some slap
Failing fast, also known as the "fail fast, fail cheap" approach, is a concept that involves quickly identifying and addressing failures or challenges in order to minimize their impact and move on to more promising opportunities. Here are a few tips on how to fail fast:
Come up with solutions and validate rapidly
And constantly come up with tons of ideas regardless those ideas useful or not.
Don't be upset if those ideas won't become bigger action that works.
The best of validating an idea works or not, it actually selling it. I mean literally.
The main purpose is gaining an idea muscle.
Not all ideas the same, don't fall in love with your idea,
Pick some of them and
Where you can find them? Virtual or physical events, social media, clubhouse, youtube!
Be active and make networking agressively.
Every time we start something new we tend to think I'm not just qualified, why would anyone care etc. You don't need a certificate or permission to start a business
It's a fact most businesses fail. Here some statistics...
I failed in many projects and businesses and getting fired from jobs 😌
Instead of running away from failure, fail fast but lightly, learn quickly and do it better.
Also failure has a lot meanings
But at least you have to think what are the possible failure scenarios, in order to not demoralized it. Believe that you can alway have a chance to find a solution.
I mean: Fail doesn't mean that you need to give up or close the business.
Identify what's stuck, but don't take time on it. If you focus on what lack, you lose what you have. If you focus on what you have, you gain what you lack. Greg Mckeown quoted in his book - Effortless
With this sense failing in the development process can actually end you up with better products, services, or even content.
Just don't hurt yourself too much. And It's all of work, it's a hard job that you can not complaint. I don't blame people cannot achieve it. That's why most people give up.
5 - Don't complicate your solution, deliver fast, even in-completed, develop overtime
Don't overthink. Appreciate the rawness. One of the most important qualification of an entrepreneur (and also investors actually)is being able to see a potential of something that raw, unknown, blurry, or dusty that most people neglect. 😕
Don't add more features. Start simple and evolve and develop over time.
There is no magic, growth is end result of countless iterations, and i takes time.
You might need to do things that don't scale in the bginning.
And do things that don't scale, let's say you wanna create a saas, build the service first and UNDERSTAND it, make it scale able. This what exactly we are doing at openfor.co.
Delight your early customers, or users in order to develop your solution
But keep in might that the main goal is making it available to wider audience.
Instead of scaling something not good enough and try to improve it, start with a experiment, with just one customer get that well done, and then scale something greater.
Removing or simplifiying features is actually harder but more revarding.
The best way of doing that is develi0ing some development skills. DOing things by yourself
Such as coding, design, hardware, etc: But don't stuck with the development earlier, be agile, build an MVP, and put it out there, test it out and learn how to it better.
Focus first to the costomer discovery innitially.
There are many sources out there you can learn easily and quickly.
Learning how to design or at least having a design sense is also a development skill.
It's not just about Aesthetics, it's about how your solutions functions it communicates.
Say benefits and main attributes of why design is important and how to build a design sense easily.
Aesthetics etc
Give my own experiences.
Give some sources etc
8 - Learn from the experienced people, seek quality advice (structured feedbacks)
Here are the sources, hubs, courses, books, and influencers to follow and feed yourself.
But ask great questions. It's starts from asking question to yourself, and your environment. It's philosophical. And no worries you can train yourself, just build an self awareness, study and practice. You don't have to be an journalist to ask great questions, but you can learn from them. Where you can learn? From Successful journalists, philosophers, autors, entrepreneurs.
And seek quality critique. In order to get that you need well structured hypothesis, or questions. But, don't be pity to get advise. In my case, I'm not an successful entrepreneur, but and I'm a better and more experienced version of my younger self. I wanna be a better learner to become successful.
9 - Learn how to learn, share what you learn. I know it might sound cliche but, always be a student. Can you imagine everyone at least try to share what they learning? It sounds a little chaotic but wouldn't be more possibilities to synthesize the information and learn better.
Learning how to learn is an essential skill that can help you be more successful in your studies and your professional development. Here are a few reasons why learning how to learn is important:
It helps you adapt to new situations: In today's fast-paced world, it's important to be able to adapt to new situations and learn new things quickly. By learning how to learn effectively, you can more easily pick up new skills and knowledge, which can help you adapt to new challenges and opportunities.
It helps you retain information: Learning how to learn can also help you retain information more effectively. By using techniques such as taking notes, reviewing regularly, and actively practicing what you've learned, you can improve your ability to remember and understand new material.
It helps you apply what you've learned: Simply retaining information is not enough – it's important to be able to apply what you've learned in practical ways. By learning how to learn, you can more easily transfer what you've learned to new situations and use it to solve problems and make decisions.
It helps you stay curious and motivated: Finally, learning how to learn can help you stay curious and motivated to continue learning throughout your life. By developing a love of learning and a growth mindset, you can continue to grow and develop your skills and knowledge, which can help you achieve your goals and find fulfillment in your work and your personal life.
Overall, learning how to learn is a crucial skill that can help you succeed in your studies and your career, and it's an investment that will pay off throughout your life. And finally I believe the most connivence way of practicing and putting action what you learn is sharing what you learn. With this way you can also help to spread the useful information.
10 - Be frugal, be ok to live with minimal, it's also a lifestyle. I way always almost too frugal, which is a good thing, but I din't see as something fun, and most of my friends hated my this habbit. But nowadays, being frugal is more acceptable and even considered wiser. I wish I should've accept and be cool about it.
Ok, how you can be frugal?
Simply measure it, trace your spendings. Remember, you can't control things that you can't comprehend.
On a spreadsheet, one coolum earnings and investments if you have, another collum your expenses, and net worth. By this way you can identify what are holes in your bucket, recognize the patterns, and adjust it. Just do this for a month, results will be shock you.
And finally you can reinvest your saving into your dream projects, or you can invest on learning new skills, or even hobbies.
11 - Set priorities, focus obsessively and be patient
Setting priorities is an essential skill that can help you manage your time and energy more effectively and achieve your goals. Here are a few tips on how to set priorities:
Identify your goals: The first step in setting priorities is to identify what you want to achieve. Whether it's a long-term goal or a short-term task, having a clear idea of what you want to accomplish will help you prioritize your time and resources.
Evaluate the importance of each task: Once you know what you want to achieve, take some time to evaluate the importance of each task on your to-do list. This can help you prioritize tasks that are most critical to your goals and set aside less important tasks.
Consider your resources: When setting priorities, it's also important to consider your available resources, such as time, energy, and money. This can help you prioritize tasks that are most feasible and worthwhile given your resources.
Review and adjust regularly: Finally, it's important to review your priorities regularly and make adjustments as needed. As your goals and circumstances change, your priorities may shift, so it's important to be flexible and adjust your priorities accordingly.
By following these tips, you can set priorities that help you manage your time and resources effectively and achieve your goals.
Focus obsessively to those priorities.
And finally be patient: Great results takes time
12 - Understand that change is inevitable so make all your actions easily adaptable
In the world of entrepreneurship, change is inevitable. Markets shift, technology advances, and consumer preferences evolve – all of which can have significant impacts on your business. As an entrepreneur, it's important to understand that change is a natural part of the process, and to be prepared to adapt to it. One way to do this is by making all of your actions easily adaptable. This means being flexible and open to new ideas, and being willing to pivot or shift course when necessary. It also means being proactive in seeking out new opportunities and being ready to take advantage of them when they arise. Here are a few ways you can make your actions more adaptable as an entrepreneur:
Keep an open mind: Being open to new ideas and perspectives can help you see opportunities that you might otherwise have missed. It's important to stay curious and be willing to consider different viewpoints, even if they differ from your own.
Be proactive in seeking out new opportunities: In addition to keeping an open mind, it's also important to be proactive in seeking out new opportunities. This might involve networking, staying up-to-date on industry trends, or exploring new markets.
Be agile: In today's fast-paced world, it's important to be able to move quickly and adapt to change. Being agile and responsive can help you seize opportunities and navigate challenges as they arise.
Embrace a growth mindset: Finally, adopting a growth mindset can also help you make your actions more adaptable. By focusing on learning and growth, rather than on fixed outcomes, you can be more open to new ideas and more resilient in the face of change.
Overall, by understanding that change is inevitable and making all of your actions easily adaptable, you can better navigate the challenges and opportunities of entrepreneurship.
13 - Collaborate, negotiate, incentivize, delegate, rise together
"If you wanna go fast go alone if you wanna go far go together"
Give statistics to having a cofounder.
Benefits: Earlier but crystal clear role definition important.
Incentivize your partners is good.
But abow all, it's a lot more fun to do it together.
13 - Learn how to negotiate
Everyone negotiate informally every day, even without noticing. It's all about how to create a favorable condition both. And it's both strategic, and interpersonal skill that will increase your decision - success ratio. Negotiating is an important skill for entrepreneurs, as it can help you secure the best deals and terms for your business. Here are a few tips on how to negotiate effectively as an entrepreneur:
Do your homework: Before entering into any negotiation, it's important to do your homework. This means researching the other party, understanding their needs and goals, and gathering information about the market and any comparable deals. This will give you a strong foundation to build on as you negotiate.
Know your bottom line: It's also important to have a clear idea of what you're willing to accept and what you're not willing to compromise on. This will help you stay focused and avoid making concessions that aren't in the best interests of your business.
Communicate clearly: Clear communication is key in any negotiation. Make sure you clearly articulate your needs and goals, and listen actively to the other party to understand their perspective.
Be flexible: While it's important to have a clear idea of your bottom line, it's also important to be flexible and open to finding win-win solutions. By being open to compromise and finding mutually beneficial solutions, you may be able to reach a deal that works for everyone.
Use a neutral third party: If negotiations become particularly contentious, it can be helpful to bring in a neutral third party, such as a mediator, to help facilitate the negotiation process. This can help ensure that the negotiation remains focused on the issues and that both parties have an equal opportunity to be heard.
By following these tips, you can become a more effective negotiator and secure the best deals and terms for your business.
15 - Learn how to delegate
Delegation is the process of assigning tasks and responsibilities to others, and it's an important skill for entrepreneurs to master. By delegating tasks and responsibilities, you can free up your time and energy to focus on the most important aspects of your business, and you can also help develop the skills and capabilities of your team. Delegation can also help you build a stronger, more efficient organization by distributing work more effectively and leveraging the strengths of your team. In short, delegation is an important tool for maximizing your own productivity and the productivity of your team, and it's an essential skill for any entrepreneur to master.
You can't do everything, and even you can, you shouldn't do. Gain time = Money.
Don't micromanage, learn how to trust. I'ts actually even more important in a remote working setup.
Learn it, assign it, asist it, lead it, review it, but do not do that particular task or resposability that you are delegating.\
And for learning it, you don't have to be master of it, you shouldn't be.
Your job is building frameworks
Frame works are systems that an organization or group of people can come together and achieve an out come.
14 - [Bonus] Start now. Make the easiest and fastest action
Think about: What is the most easiest and fastest way to do it right away? It can a very very very small piece of the puzzle but at least you can get momentor which leads your motivation.
People thent to over think, and our feelings can be a bourdain in rational actions.
Don't get me wrong, feeling and emotional what makes us human. But negative feelings such as fear and worry of critisizm, humiliation, getting hurt comes earlier which is natural.
António R. Damásio — 'We are not thinking machines that feel, we are feeling machines that think'
Remote the firiqtion between, ideas to actions. Ideas can be a spart, inspiration so on.
You can take a note, draw, record, step in, touch as quickly as possible before even start to even think about it. You can't always control on your feelings but your can shose your actions.
Conclusion
These all learned by mistakes, one by one. So I hope it can be useful to other follow entrepreneurs. Learning from other people's mistakes can be a valuable way to avoid making the same mistakes yourself and improve your chances of success. By studying the successes and failures of others, you can gain valuable insights and perspectives that can help you make better decisions and navigate challenges more effectively. This might involve studying the mistakes of other entrepreneurs, seeking out mentors who can share their experiences and wisdom, or reading about the successes and failures of others in books or articles. By learning from the mistakes of others, you can avoid making costly mistakes yourself and increase your chances of success.
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