Before starting a business, learn the relevant mental model

Charlie Munger says the secret to success is to learn as many mental models as you can, whereafter you have a latticework from which to hang facts. In the absence of a latticework, facts are meaningless. Here’s an example: Do you want to launch an Uber-like app? Or an online classified ads empire? Or another…

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Rejection is the path to success

Very few people enjoy being rejected. Very few people find great success. If you want to win as an entrepreneur, you need to be a salesman. Sales is a numbers game. No one has a 100% strike rate. You need some “no’s” if you’re going to find a “yes”. Instead of fearing rejection, get used to…

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Cross the bridge when you get there

You can see a problem ahead of you. An obstacle. A bridge to cross. If you’re not careful, it will distract you from the task at hand. If you’re distracted, you risk never reaching the bridge. What’s the point of worrying about a problem that is not yet in front of you? Don’t worry too…

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If someone has a problem with you, that’s his problem, not yours

You’ll have enemies. You’ll be criticised. You’ll have haters. So what? If someone has a problem with you, that’s his problem, not yours. Ignore the noise. Focus on your work.

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Instead of dwelling on what you don’t have, use what you DO have

No capital? No customer? No technical skills? So what. You’re not alone. Many entrepreneurs have started with less. Don’t dwell on what you don’t have. Don’t let your deficiencies give you an excuse to not move forward. Figure out what you do have. Network of contacts from school? Degree in accounting? Gift of the gab?…

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Don’t be afraid to ask for help

Startup life is all about speed. Go slow and you fail. You can’t move fast if you don’t know what to do. That’s why you need to get good at sucking up your ego and asking for help. Asking for help is the easiest way to get on the right path and keep moving. If…

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Make it free until it works properly

So you’ve just launched an app or a web service. Of course, you need to start generating revenue asap. But before that, you must make sure your product works properly. You need to give your customers time to use it and give feedback. During that time you may as well maximize user take-up. The best…

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Are you willing to pay the price?

The hard question is not: “Do you want to be rich?” The hard question is “Are you willing to work hard enough?” Are you willing to pay the price of financial success? Time away from family. Time on the road. Early mornings. Late nights. Stress. Are you willing to pay the price?

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When emotional, sleep on it

It’s easy to get emotional in business. Anger, greed, pride, depression, all these feelings come into play. It’s not a good idea to make decisions whilst these feelings are uppermost in the mind. When you’re feeling emotional, rather pause. Postpone your decisions, give yourself some time to reflect rationally. Sleep on it.

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Look confident

No matter how doubtful you are, you must always look confident. Always look the part. Always look like a winner. Always look like you have control. It doesn’t matter that inside you feel like a faker. It doesn’t matter that inside you feel like you’re about to fail. You have zero chance of success if people…

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Go big or go home

If you’re going to do something, if you’re going to take risk, if you’re going to follow your dreams, then you may as well go all in. Go big or go home. You’ve already accepted the chances of failure and embarrassment. You’ve already crossed the point of no return. What’s the point of leaving anything in…

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Don’t be a Cargo Cult

The term “cargo cult” Comes from WWII. The US army would establish landing strip bases on isolated Pacific Islands and regularly drop cargo and supplies. The local population, many of whom had only recently started wearing loin clothes, would be given excess supplies. After WWII the planes stopped landing, but the locals wanted the cargo…

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