Hello GirdleyWorld!
In this issue:
- Unconventional advice for aspiring entrepreneurs
- Three things that got my attention this week
Let’s do it!
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I’ve done the entrepreneur game many times over. There’s tons of advice out there, but frankly, a lot of it is crap.
While there’s no way to cover everything you need to know, this is the stuff that really makes a difference.
1) Save 18 months of living expenses
This first step can be hard if you’re just starting out.
But if you’re stuck thinking month to month, you’re not free to focus on the big picture.
This much free cash in your bank account changes everything.
It lets you withstand the inevitable bumps in the road of entrepreneurship.
2) Surround yourself with actual entrepreneurs
When I worked in Corporate America, I knew I wanted to be an entrepreneur.
I had hundreds of coworkers, but only a handful were the same as me. They were the only ones that got me.
The entrepreneur’s life has a lot of challenges. But some people (like me) can’t imagine any other way to live.
Surround yourself with people who share your outlook as an entrepreneur.
You’ll be miserable if you only hang with the W2 crowd, I promise.
3) Get a support system at home
Entrepreneurship is a team game, and the spouse or partner is a key team member.
You both need to be on board. There will be short-term pain for long-term gain.
If not, you’ll either fail in your venture or your relationship.
(I talked about this a few weeks ago in my newsletter on Building Your All-Star Team.)
4) You can ignore the news
You don’t need to go to business school to do business, and reading the Wall Street Journal, MSNBC, CNN, etc isn’t going to help you that much.
It mostly just fills your brain with data that doesn’t matter.
What matters in business?
Secrets. You find out something other people don’t know either by digging deep or thinking differently than everyone else.
Then you exploit it.
That doesn’t mean you shouldn’t read and learn, but great brains are on a healthy information diet.
For more: Last year I put together a list of the 20 areas every CEO needs to know about, and the best book for each one.
5) Keep it simple
The great businesses are all simple.
Do people have broken plumbing? Fix it for them.
Are tax forms too hard to complete? Do it for them.
Business nerds love complexity. Moneymakers love simple and profitable.
6) Follow the idea you love
Don’t get into a business you hate, even if it’s profitable.
When the honeymoon period ends, you’ll be miserable slogging through the tough times.
Instead, pursue the idea you just can’t forget. The one you obsess about. That’s the thing that you’ll stick to and find fulfillment in pursuing.
Great businesses are built when the founder has an unhealthy passion for the concept.
7) Get tough
People will say no. People will tell you your idea sucks. That your product is no good. That you’ll never succeed.
But that’s entrepreneurship. You’re doing this because you can’t imagine any other way, so you don’t need their approval.
Similarly, you’re going to have to do things that feel way out of your depth.
Don’t like cold calling? Bookkeeping? Taxes? Operations? Networking?
Tough. You’ll have to do it anyway.
8) Stay stable
I’ve heard people say their emotional state as an entrepreneur is like a rollercoaster.
I think that’s 100% wrong.
Never get too high or too low. Just keep going with your eye on the target. Day after day with a smile on your face.
That’s the point of saving 18 months of runway. That’s the point of your support system at home. Failure should not be catastrophic.
Yes, you need to be optimistic about your business. At the same time, be real about what the market is saying. Even when it’s bad news.
9) Just get started
Stop reading books about Rockefeller or Bezos. Stop reading the “hustle porn”. Stop being a “wantrepreneur” and make just one sale.
Then you’ve started something. Even if it’s a side hustle.
It doesn’t have to be perfect. In fact, if you’re just starting out, there’s a good chance it will suck. But you learn quickest by trying stuff and making some mistakes.
That’s the only way to really know if this is the life for you.
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Quick hits
Stuff that caught my eye this week:
Appetizer: The amount of work Apple put into their new AR goggles is mindblowing. I’m buying one for sure. Fascinating insight from one of the developers.
Main: On Acquisitions Anonymous last week, we looked at an aircraft painting business. Ends up looking like a very sticky real estate situation that we want nothing to do with, but a great chat with Mills.
Dessert: I hit a new Twitter milestone this week. One of my jokes got a “Community Notes” disclaimer stuck to it! Yes, dear Twitter users, I am aware this is not Spain.
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That’s it for this week. This newsletter will always be free. So if you enjoyed it, my ask is that you share it with a friend! (Or they can subscribe at girdley.com/subscribe)
If you have thoughts or questions, reply to this email or get at me on Twitter @girdley. I read everything that comes in.
See you next time!
Michael
