Anthony is author of the "The Hyperfocused Entrepreneur". He also has a Youtube channel with 15k+ subscribers, built and exited two 7-figure companies, and manages a $80M real estate portfolio.
Guest Author: Anthony Vicino
I learned more in the first month of starting my first business than I did in 4 years of college.
(not to mention I made more money than I did in all the years of the previous decade combined)
Here’s 12 lessons I had to learn the hard way:
1. Actions move the needle, not intentions.
A bias towards action solves most problems.
Probability of success decreases as time between idea and execution increases.
Stop overthinking. Start doing.
2. The most important metrics in life (and business) can’t be measured on a spreadsheet.
Return on Time
Return on Love
Return on Karma
Return on Impact
Don’t undervalue a thing just because you can’t measure it.
3. Very little of what you do actually matters.
Unfortunately, it’s not always clear which parts matter and which parts don’t.
The only way to solve for this is to:
A) Do more stuff
B) Iterate until you find signal
C) Amplify once found
4. Success comes to those who are too stupid to quit.
Surprising revelation:
Most successful people I’ve met have no clue what they’re doing.
They were just too stupid to quit.
5. A happy customer is the best form of marketing.
Don’t run ads to a shitty product.
You’re just spreading the word that you suck.
First, make something people want…
Then make it something they love.
Only then should you promote.
6. Referrals are worth more than sales.
We’ve raised $30M over the past 3 years leveraging a simple concept:
Ask for the referral, not the sale.
This does two things:
1. Turns one potential customer into two
2. Often turns the referrer into a customer, too
7. Use discounts to increase the lifetime value of customers… not to get them in the door.
Using discounts to get customers in the door is a surefire way to find yourself in a race to the bottom.
Instead, use discounts to retain customers and increase lifetime value.
For instance:
Instead of giving a discount to get a customer in the door.
Give a discount on the next job if they book NOW.
8. Some costs are unavoidable.
It’s almost always best to just pay the cost of doing business and move on.
9. The best businesses are lucky.
The amount of serendipity you’ll experience is directly proportional to how much you do the thing combined with the total number of people to whom this is communicated.
10. Speed results from Clarity
The more clearly you can see the target…
The more quickly you can move towards it.
11. Growth results from repeatedly identifying and then removing the biggest contraint in the system.
Spoiler Alert:
YOU as the founder will almost always be the biggest constraint.
No business that is reliant on the founder… will outgrow the founder.
Your goal should be to remove yourself from being necessary as quickly as possible.
12. Do Less, but Better
Working on fewer things for longer is the best recipe for success.
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