This is a Linkedin post by Jesse Pujji. Jessi a serial entrepreneur that lives in the US. He has:
- Bootstrapped to an 8-figure exist with his previous startup, Ampush
- Is currently building GatewayX, a venture studio that he plans to bootstrap to $1B+
- Executive Chairman & Founder of GrowthAssistant.com
- ex-McKinsey Consultant
Guest Author: Jesse Pujji
Being an entrepreneur for the first time is painful. You feel lost 98% of the time – the ups and downs are gut-wrenching.
I wish I had a cheat sheet for when I started my first company. So I wrote one.
In honor of 2023, here are the 23 Lessons I wish I knew sooner:
1) Bias to action always WINS.
Any analysis ahead of action is purely speculation.
You really do not understand something until you’ve done it. Analysis post-action can be driven by real data. So when you are stuck, TAKE ACTION vs keep thinking.
2) Never be the bottleneck for someone to get work done.
This is one simple principle which requires you to be organized, effective at communication, and good at delegation.
3) Effective delegation is neither easy nor natural.
But it is a skill you can build and improve over time with practice.
4) Get really good at email so you can respond quickly and efficiently.
The volume you receive will only go up over time. Inbox Zero is the ultimate founder hack.
5) Tenacity is the most important trait for building a company.
It is not intelligence, creativity or salesmanship, but sheer determination.
6) Build strong relationships with mentors, people a few steps ahead of you, and peers
7) There is no RIGHT way to start and build a company, stop looking for one.
8) Making decisions is hard; but a ‘bad decision’ outweighs NO decision every time.
9) Don’t be in a huge rush to grow and scale
– take your time to understand customers, the market, and your own product.
10) Services businesses are great ways to generate cash flow to start other ideas!
Don’t obsess over the right “business model” – Just start!
11) Competition is usually a sign you picked a good market; don’t obsess over competitors.
As Jeff Bezos says, Obsess over your customers.
12) When it comes to business results, be ruthless.
But when it comes to people, be very compassionate. The best leaders do not either/or this, they integrate it, every day.
13) There is no such thing as a momentary lapse of integrity.
If someone is dishonest, it is likely not the first time and definitely not the last time. When you first see it, take decisive action.
14) Have everyone “assume positive intent.”
Assume people want to do a good job, want the company to succeed, and want to grow in their career. Even if these aren’t all true, it makes one more open minded and less petty. If your team does this, 99% of conflicts go away.
15) People are people.
They are all different from each other; they all have good days and bad days, and everyone enjoys being recognized and praised. People need to be motivated, guided and empowered.
16) Early on, Focus Wins.
17) Don’t be afraid to borrow from those that came before you.
In fact, obsess over your industry’s history and current players. Know it better than anyone. That’s how the biggest companies in the world came to be.
18) As a founder/owner/manager, you are not the same as your team.
Even if you sit next to them, joke around and hang out. Your ability to impact someone’s career (and therefore their life) makes you different. The sooner you realize this, the better you will be at your job.
19) If you constantly find yourself unsatisfied and unhappy, consider its time to do the inner work.
Meditate, find a coach and start to explore what really drives you.
20) Fear as a motivator is a non-renewable resource that leaves a negative residue on you and those around you.
21) When in conflict, I’d take curiosity & enthusiasm over intelligence & organization. People who love learning win.
22) Learn the art of selling
Selling isn’t just required in business, it’s required in everything you do. Learn how to make clear, concise, compelling arguments.
23) Stay healthy
You don’t need to take cold plunges and run a 10k every morning.
Focus on building the small healthy habits that will serve you through life.
Eat healthy, exercise consistently and sleep well.
24) If you enjoyed this thread, follow me @jspujji
I tweet advice and stories about entrepreneurship and leadership like this every week. And don’t forget to retweet this thread to share the lessons with everyone!
Check out the original tweet here
