Entrepreneurship mindset: 50 MBA mindset of entrepreneur (1)

Building business is about finding customers and earn their trust.  Here we use analogy of fishing to illustrate the importance of lead and funnel.

Entrepreneurship success is like catching lightning.  The more you think about it, the harder it becomes.  Lightning is everywhere, go catch it at right place and time.

Entrepreneurship is like learning how to balance a bicycle - you can only teaching yourself, while the bike is moving.  Embrace the first few "failures" - they are inevitable.

To survive initial phase of business development is like learning how to swim - you can learn it only when you are in the water facing the risk. 

Building business is a skill - it is like cooking.  One must practice and make the knowledge internalized.  Once you know how to build business, you can always build business from this point on.

Starting a business is like launching a rocket - you must build the rocket, stock up on fuel, and the satellite you send into orbit has to do some benefits for some people - the business end.

Should you quit your job to pursue business?  you can get 100 answers from 100 people. 

Entrepreneurship is extraordinary sacrifice and extreme learning - it is learning to give benefits and learn on the fly, much harder than school work.

An idea is worth almost nothing - an idea is only yours when you do it and realize it.  The secrets is in how to realize it, not in what the idea is.

There are 2000 ways to succeed, and 2000 ways to fail.  What is the right inspiration?  you can never learn from anyone - you must learn from everyone.

Beginner entrepreneur with great schooling often ask "where is the risk"? 

Are you going to bypass the risks by clever thinking and educated thoughts?

No. 

Risks are hidden and invisible.  No one tells you about it, not schools, not mentions.

Hence experiencing that barrier first hand is the only way to know it is there.

Risks are hidden - they only reveal themselves when you encounter - it is experience that counts as real teacher.

The startup process curve - as Elon Musk says, like "chewing on glass".  The first one year is super exciting, then reality and competition sets in.

Marketing is where one sells products - entering the market and interacting with customers is called marketing.  It is 90% of the business building work.  If you have a great product make sure you also have great marketing.

Marketing is competition in the arena called "market".

Marketing is not sales.  Marketing does not involve you approaching someone.  It is when they approach you according to the funnel you designed.

Extreme focus takes extreme courage - but focusing on a niche that you can handle initially is the name of the game.

Don't keep your idea secret - the real secret is how to do the trade - not how to make or what to make.  The devils are in the detail.

The five elements of assembling business - products, store, customers (qualified buyers).  Build the track on your own with time and capital.

Track is bi-directional friction reduction - you build a friction free track, you have unfair advantage.

If you try to sell the things you make, you already lose.  Make things after you sold them or find the buyer.  Most MVP makers are ok builders and poor sellers.

What people buy?  what you should make?  people only buy benefits.

People don't buy solutions instantly.  They need to think about it.

People pay for value, which is difference of quality and price.

No business last forever, no knowledge has unlimited life.  Use the life cycle to your advantage - every large business and companies can be beaten.

My suggestion, is don't make your own products on the first try to enter business.  Business can be as simple as selling existing products.  That is where most money is made.

The right process to decide what people will buy.

Entrepreneurship is like science- you have to assume you are wrong.

Entrepreneurship is like art - you operate without a theory or formula.

Wants to succeed like Elon Musk?  the success and life style lies beyond the comfort zone.  Popular media and books never discuss the discomfort.

Why getting an MBA will not help your initial startup success?

Failure is not opposite of success.  Failure is the first step towards success.  What is the difference between someone who started, and someone who never start?  you must start.  Never wait for the perfect moment.

To plunge into business and earn the mindset, you don't need to quit your job or leave school.  You must learn business by doing it.

Get veteran clarity about entrepreneurship in 60 minutes.  Steps. Elements, and Investment.

Building a business by you is like assembling pieces of puzzle - here are some of the puzzle pieces you need.

Building business is like a trick shot - you have to line up three things - market, niche, and buyer. 

Business is something only you can understand for yourself.

Assembling business has a million different ways - it is free style.  Never (1) wait; (2) think and (3) never start out of fear.  Just start, but try to start early and start small.

The element of timing is the most important contributor of entrepreneurship success.  It is the unfair advantage.

To do business, you just learn shop crafts - many people don't know how to sell their stuff, even if they have the goods and has entered market.

Why the Wright brothers succeeded in building the first airplane? the reason may surprise you.

Who is Estee Lauder and why was she a great enterprise building lady?  her story is amazing, at any age.  She keeps on giving away his products - for two years.

The difference between a boss and a leader - or a manager in industry/corporate and founder.

Many people have only plan and idea, but they don't have vision.  Some vision have no mission behind it, and they eventually got abandoned.

The relation of knowledge and expertise - why you think you know a lot when you don't.

Entrepreneurship is to touch life - learn deep knowledge in a silo.  What is it?

The only way to make a lot of money, is to make money together.  If you help others make money, they will help you helping them.

Never go out and find customers - it is too expensive and non sustainable.  Build the trap and funnel machine.  Business is a precision machine.

There lies a huge space out side of library and books - it is where real knowledge and real confidence lies.

Your ego is your only enemy, for your own success.

Life is a deep journey - most people end up not going very far.

If you think lean start is to take a cheap shot and dabble, you are wrong.  Lean start is the hardest kind of start.

People need certain things and they demand them to be met.  Find what they are for your customers.

People don't buy many things they need, and people don't buy everything they want.  But people do sometimes demand to buy certain things.

Empower people, and you will surely gets very rich. 

To start up, you need to (1) have failed before (2) have money and capital (3) and have the right timing.  After that, it is just a matter of competing and playing dice.  Each of the items before is a life time of normal life.  Most people do not fail.  Most people do not have access to capital.  Most people do not recognize good timing. 

The people who succeed can do anything and they can succeed.  But most can not succeed because they don't try hard enough.

https://youtu.be/XfTrRVQHnNE?si=E3gB1GCQr2eCOPTg