Originally published at: If you want a successful business, you must do this – Personal Finance Club
Most of my Instagram talks about living below your means and investing early and often to build wealth. And sometimes someone blows me up in the comments saying something like “Why are you being such a liar, you never talk about how YOU actually got rich”. To them I have two things to say.
1. If I never talk about it, then how did you know?! Checkmate. (If you don’t know, in addition to living below my means and investing early and often, I started a company in college and sold it at 34 for $5M)
2. But sure, I’ll try to pepper in more entrepreneurship stuff.
I was thinking about this idea this morning. I am so often pitched business or app ideas from potential new entrepreneurs. And it usually ends with a “eh? eh?! great idea right?!” And my general opinion is that the idea doesn’t really matter. Successful businesses are 99% about execution. The idea might be the last 1% that’s simply a magnification factor. But zero execution multiplied the world’s best idea still equals zero.
So many of these idea pitches never leave the idea state. But here’s the thing. The one thing you must absolutely do if you want to have a successful business to actually get started. Get a customer. Make a product. Make a sale. File your business paperwork. Open a bank account. Work on branding, partnerships, sales, marketing, support, hiring, HR, product development, etc, etc, etc. There are a million tiny things that need to be done right to be successful. And the exact mix of those things is impossible to distill down to clever little Instagram posts. But at the end of the day, one thing is absolutely true. You have to get started if you want to start a business.
As always, reminding you to build wealth by following the two PFC rules: 1.) Live below your means and 2.) Invest early and often.