Was thinking about this laying in bed last night. The things we should never think twice about spending investing money on.
Mainly because they make us and life better and they build on our entrepreneurial foundations. Here’s my top 10 list.
What’s on your list?
I teach marketing part time at Melbourne University, and many students come and ask me about what they should do in their post graduate studies. I tell them that post graduate studies are useless unless you want to be an academic or scientist. So here’s a top 10 list of things to do instead of post graduate studies which will make you more learned, more employable and a better entrepreneur:
The reason suggestions are more valuable than post graduate studies is that they create wide perspective, most post graduate studies narrow perspective. We are entering the age of symphony, where the real value in life and business is created by our ability to make commercial music from seemingly unrelated topics and ideas. Broadening your horizons will make you a better conductor of the symphony, or at very least give you some very interesting stories to share with those you want to do projects with.
Add your better than more ‘formal’ studies idea in the comments.
Guest Post – Young Melbourne Entrepreneur Josh Moore has shared the thoughts from his young untainted mind!
Here is a list of lessons I have learned from two years in the entrepreneurial community:
1. Networks are everything: The most important thing in entrepreneurship is the people you meet. You will learn more by being willing to listen to others, which compounds your experiences without having to make the mistakes yourself. They can also help you to get jobs more easily, and can recommend you to potential clients. Don’t underestimate the people you meet.
2. Save: Entrepreneurial ventures are high risk. Having a buffer of cash will help cover you when income is bad. I’m in the process of stepping out of an active role in one of my investments as it drained my savings account by $6,500 in twelve months, as it was not paying me enough income and I had to fund the gap with something. Better to have savings to draw upon than to go back into debt.
3: Ignore the bells and whistles: You don’t need a fancy website. Steve’s blog is simple but gets the core message out. Find the core of your business and ignore the rest. If you don’t you may spend too much time and money on things that don’t matter. Don’t spend money on costly legal structures and don’t risk your money on untested markets. Spend time instead and invest money when you know you’re likely to succeed.
4: Have a timeline to failure: If you start doing something, have a timeline for it not to work. If you want to start a little side business on the side to make $1,000 in the next six months, then use that as your KPI. If you can’t reach at least 80% of that milestone then walk away before you invest more time and money into something that is not working.
5: Read: Reading is the only real way to gain an information advantage in your area. An information advantage helps you to be seen as a leader in your industry, and also allows you to make better investment decisions. Never invest in anything you don’t know better than the back of your hand.
6: Personal development: Continue to work on yourself every day. Practice, be willing to try things and don’t be afraid of failing. I wanted to learn about NLP and couldn’t swim, so I took courses on both earlier this year. I write in my spare time to clarify my thoughts and to reflect on what I’ve learned.
What lessons have you learned from your entrepreneurial endeavours? Leave a comment and help the community gain from your experiences.