- Time is your most precious resource. Money can be borrowed, given, and stored. None of these things can be done with time. Always seek to trade money for time.
- Your 20s are uniquely productive in that you’re a legal adult, educated, have high levels of energy and physical health, and likely few commitments. Use this time wisely!
- Build quality relationships with people.
- Try to avoid working for a big organization. They’re filled with mediocre people who are frustrating and boring. But if you do end up choosing to work for a large organization, find ways to make yourself happy there. And if you’re not, go for something else!
- Don’t take things so seriously.
- Always operate from a learning perspective. Share your knowledge with others, analyze how others got to know things and how they approach the world.
- Try and find a life where you get to use your creative talents.
- Follow growth companies and industries. You will learn exponentially more.
- Don’t make compromises about where you live.
- Make your commute as short as possible. But failing that, make the best, most productive use of your commute time.
- Try and be a little wiser than before when you wake up each day.
- Work only with people you enjoy.
- Learn to accept setbacks.
- Learn to see the best in people.
- Forgive often. Grudges will only weigh you down; slow your momentum in life.
- Always take action; inaction is regretted much more than action.
- Give to others and volunteer.
- Travel.
young
What are the most important things 14 year old can learn if they want to become an entrepreneur?
Here’s what I wish someone had told me when I was 14.
1 – Start now. Right now. Just about every self-made billionaire actually started selling something while they were still in high school. I’m no billionaire yet, but I had 2 business when I was 17. Learning how to sell, how to communicate value, how to handle disgruntled customers is a skill that remains useful throughout life.
2 – Learn to code. Just about everything these days involves technology and computers to a certain extent. Now, at the age of 25, I’m having to go back and learn, and it’s painful. I really wish it done it at an earlier age.
3 – Don’t buy into the whole “entrepreneurs never give up” thing. Smart entrepreneurs test before they commit. My first business I spent $6K on stock before I’d even proven that people wanted my product – turned out to be a complete waste of money. Now my rule is to spend $1000 and 3 months MAX testing an idea – if no one wants to buy it, it’s time to move on.
4 – You don’t need to be good at maths to succeed. However, there is one equation you need to understand. Lifetime Customer Value (LCV) MUST BE GREATER THAN the Cost of Acquiring that customer (CAC). For example, say you sell a subscription service for $10 per month and the average user stays active for 6 months. If it costs you more than $60 to acquire a customer, there is no way your business will be viable.
5 – Get yourself a mentor. This is surprisingly easy. There are lots of smart, experienced people out there and if you send them a polite email telling them you’re a young entrepreneur, you admire what they’ve achieved, and you’d like to buy them a coffee and ask them some questions you’ll be surprised just how receptive people are. I’ve approached more than 100 people this way, although I really clicked with only 3 or 4 of them who I would consider close mentors. I’ve never had anyone say no. I’ve had a few “I’m busy – email me again in a few weeks” but never a flat out no.
6 – Understand strategic partnerships. Find another more established business that already has a list of customers/users that might also be interested in your product or service. Do a deal with that company – get them to send an email out to their customers or put your business card in with their products. That way their customers also become your customers. The key is to add value to what they are currently offering. This is the single fastest and cheapest way to acquire customers.
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