Launching a startup is no easy feat. It requires long hours, relentless drive, and dealing with challenges at every turn. As an entrepreneur for over 10 years, I’ve learned a few hard-won lessons along the way. Steal my lessons I have learned along my journey on what are the rules of entrepreneurship and benefit from the same.
First, dream big but start small. Have a bold vision for where you want to take your company in the long run. But focus first on validating your MVP with a small target audience before scaling. Many startups fail by expanding too fast, too soon; to succeed as an entrepreneur, timing is critical.
Second, conserve cash obsessively. Bootstrap and reinvest revenue as much as possible, especially at the outset. Constraints will force you to focus only on the essentials that customers really value. Too much capital can be as dangerous as too little in the early days.
Third, hire slowly but seek A-players. In the beginning, be stingy about adding headcount. But when you do, hire the absolute best talent for the role, not just friends or who’s available. One talented early hire can be worth more than 10 average ones, so remember to hire people wisely for success in business. Additionally, consider hiring freelancers to manage workload efficiently.
Fourth, embrace failures and learn from them. When things go wrong, do a post-mortem to understand why and adjust strategies accordingly. The fastest growing companies fail often but fail smartly. Don’t repeat mistakes; that’s a fundamental rule for success in business.
Finally, stay nimble. No matter how much initial success you achieve, keep hustling like a startup. Never get complacent. Keep innovating and improving your product, service, and business model, or risk being disrupted.
Entrepreneurship is like a rollercoaster ride – thrilling highs but also gut-wrenching lows. Passion, perseverance and the right mindset are key to handling the twists and turns of starting a business. With the right game plan, your startup can overcome the inevitable challenges on the journey from a scrappy startup to a thriving business. To achieve success in business, it is essential to stay resilient, flexible and remain focused on pleasing your customers.
What Are the Rules of Entrepreneurship – My Personal Journey
Like many, I was stuck in an unsatisfying corporate job for over 13 years, living someone else’s dream instead of my own. I worked long hours thinking it would lead to the life I wanted, but just ended up burned out and unfulfilled.
That’s when I discovered my passion for helping others find their calling and build thriving businesses around it. I took the leap, quit my job, and launched my own coaching business focused on mentoring “passionpreneurs“.
It wasn’t easy at first. I had to bootstrap and hustle hard in the early days, reinvesting everything back into the business. But the constraints forced creativity and focus on creating true value for clients. Within the first year I was able to replace my corporate salary and quit my job.
Fast forward today, and I’ve built a multi-million dollar coaching empire helping hundreds find success. My own story is proof that no matter your background, if you follow the right framework you can turn your passion into a profitable business and career.
The key is having the right mindset, business model and support system. Embrace my 7-step Passionpreneur process which equips you with the confidence, skills and plan to build a flourishing brand around your interests, ultimately leading you towards a successful business. If I can do it, you can too! Let’s connect on LinkedIn and unlock your potential to succeed as an entrepreneur.
How Did I bootstrap and Hustle in the Early Days of My Entrepreneurship
Let me tell you, starting my coaching business was not easy! When I first quit my job to follow my passion of helping others become “passionpreneurs”, I had no idea what I was doing. To succeed as an entrepreneur, I had to be resourceful and push myself hard during those initial years.
I started with basically no capital. I remember maxing out credit cards to pay for my website and some basic marketing materials. Every rupee of revenue had to be reinvested back into the business to keep us running which is one of the key things to know to succeed in business. Talk about bootstrapping!
My marketing plan was telling everyone I knew that I had become a business coach and could help people escape their 9 to 5 jobs. Lots of my friends and family thought I was crazy! But a few were supportive and helped connect me to people who became my first clients.
I offered crazy flexible packages just to win those initial clients and prove my coaching worked. I remember one guy could only afford Rs 2000 a month! But getting those early testimonials was crucial, so I treated each client like they were my only client.
I was a one man show at first – selling, delivering coaching sessions, everything. I worked every night and weekend trying to get traction. Definitely had no work-life balance! But I loved it because I was living my passion and helping others do the same.
After about a year of hustling hard, I was finally able to replace my corporate salary with income from my coaching. Soon after I brought on my first employee and then it really took off! The rest is history, but those early bootstrap days were so critical to getting my business off the ground. Looking back, it was an amazing journey!
How to Become a Successful Entrepreneur – Gain Tips From My Personal Playbook
Since launching my coaching business, I get asked all the time – “How did you successfully start your own business?” Well, it wasn’t easy that’s for sure! As a successful business owner, I’ve acquired a great deal of knowledge and learned about what are the rules of entrepreneurship that I wish to share with all you budding entrepreneurs. Consider this your sneak peek into my personal playbook!
First, you need the right mindset. Having grit, resilience, and a willingness to take risks is crucial. When I started out, I had no safety net and lived each day knowing that my decisions would either make or break me. It was terrifying but also exhilarating! Surround yourself with supportive people who believe in your vision.
Second, obsess over solving a real problem for people. I saw so many people stuck in lifeless corporate jobs just like I had been. Creating a system to help them break free and pursue their passions gave me purpose. Your business has to serve people – This is better than any other option out there.
Third, bootstrap like your life depends on it! When starting my business, I had very little capital. I had to watch every rupee and build things myself early on. Being bound by limitations forced me to find innovative solutions and ensured that all my efforts were pointed towards achieving maximum value – a crucial factor to succeed in business. Being scrappy will be invaluable.
My number 4 out of 5 rules for a successful business is: Continually sell, sell, sell! You can have the best product or service in the world but it won’t matter if no one knows about it. Become shameless about pitching yourself and getting those first few clients. Offer crazy flexibility if needed – just focus on validating your model. Once you gain momentum, scaling gets easier.
Finally, obsess over delivering insane value. Blow your early customers away with your passion and care for their success. Part of my rules for success is that when you impress people, they can’t help but share their positive experiences. Creating raving fans organically has been key for me.
Well, those are some of my best tips! Feel free to reach out if you ever want to chat more about making the leap. I’m always happy to support fellow entrepreneurs on their journeys. Wishing you massive success!
Your friend,
Dev
