33 business and life lessons for new entrepreneurs: Passion will keep you poor

33 lessons business and life lessons for new entrepreneurs:

1. Passion will keep you poor.

The only way to make money is to give the market what it needs.

Put practicality and problem-solving first.

2. Make money first – build spirititually later

Many talented people stay broke because some guru told them to find self-fulfillment first.

It’s easier to focus on the metaphysical when you don’t have to worry about the repo-man paying you a visit.

3. The lone-wolf story is bullshit.

The more people you help, the more money you’ll make.

You need others to make money.

Build your networks and treat people well.

4. No health = No money

Whenever I neglect my health, my performance goes down.

The consequence?

I make less money.

Therefore…

Focus on your fundamentals:

> Sleep
> Diet
> Movement
> Sunlight

5. Math never lies – but people do

Trust your employees.

But always verify.

And make sure the work they produce is worth more than the money you pay them.

6. Consistency > Intensity

Work with intensity when necessary.

The rest of the time, be consistent.

The daily grind will kill you.

But daily small progress will prevent burnout.

7. Burn-out is bullshit

You’ll rarely experience burn-out if you take care of your health, rest well, go for long-walks, and work on something you truly believe in.

8. Pay for play

The fastest path to success is paying for it.

Buy courses, buy ebook, buy coaching, buy ads, buy access ethically.

Nothing yields more results than paying for speed.

9. Ignore people who make less money than you.

Your family and friends will be the first to tell you “it will not work,”  “that’s a dumb idea,” and “don’t be stupid.”

Ignore them.

But remember, they mostly do this because they care about your wellbeing.

So be kind to them.

10. You will fail – get the fuck over it.

Two things are guaranteed in this world:

Death and failure.

You’ll fail one day.

Get over it fast.

Resilience is a superpower.

11. Long-term gains > short-term cash

Hustling for easy money is the most expensive action you can ever take.

Delay gratification, and you’ll make money.

12. You’ll lose friends along the way

Becoming an entrepreneur will cost you 98% of your friends.

Most times, it’ll be because they cut themselves out of your life.

13. Naming your offer is everything

@AlexHormozi named his business “Gym Rescue”

He soon learned nobody wanted to get “rescued” in business because being rescued in business is an admission of failure.

So Hormozi renamed it to «Gym Launch”

And the money started pouring in.

14. Money is the only thing that counts in business

but…

Don’t sell your soul for it.

The purpose of business is to make money.

So if your income isn’t going up, your system is broken.

Fix your system.

15. Keep your system lean.

Your lead generation, sales, and fulfilment system doesn’t have to be complicated.

Overcomplication will add friction.

And friction will make fixing things harder when shit hits the fan.

And shit always hits the fan.

16. Work on your business, not in your business.

Many business owners focus on things they shouldn’t.

Your sole focus in business should be increasing profits.

Not organizing your desktop.

Or micromanaging your employees.

17. Hire fast, fire faster.

Hiring is gueswork.

Firing is the real skill.

18. Getting attention is a skill that makes money

If you can get attention, you’ll never struggle for money.

But not all attention is good attention – no matter what the online gurus tell you.

19. The differece between charging $500 and $50,000 is your mindset

Charging more money is about having the right mentality.

It’s not only about providing more features.

It’s about signaling your certainty of success to your clients.

And that requires having the right mindset

20. Your inner circle makes you or breaks you

Surround yourself with poor people, you’ll stay poor.

Surround yourself with richer people, you’ll want to rise to their level.

21. Action > planning

Unless you’re building a bridge, action will almost always trump planning.

Especially in the service business.

22. Overcommunicate or risk losing the client

Border-line harass your clients with updates.

At least once or twice a week, send them a status update.

23. A logo is unecesary for service business

Nobody cares about your logo.

People only care about what you can do for them.

24. Almost everything easier than you think

The only people who believe things are hard to achieve are those who’ve never achieved anything of substance.

25. Writing well is the ultimate skilll

Writing well leads to better communication.

And if you can communicate your ideas in an elite way…

Wealth is guaranteed.

26. Energy management is the second most important skill

Top-performers world understands there’s a limit to the energy they can expend daily.

Learn to listen to your body’s cues

To find out when’s the best time for you to work on intellectual tasks

And when to do “dumb” ones

27. Onboarding must feel like a religios experience.

The best way to “wow” a client is to onboard them like royalty.

A little hard work at the beginning of every project will make a lasting impression on your clients.

28. The worst clients are the cheap ones

Cheap clients are the closest thing to demons. They attract bad luck: headaches, untimely messages, and long nights. They also attract other demon clients.

Fire the cheap clients.

29. High-ticket clients will rarely bother you

The $50K client will approve almost everything you send them instantly.

Because these clients value their time.

And value your inputs.

They’re delegating the decision making to you.

So they can focus on making money.

30. Obsess over you KPIs

If you’re not tracking your KPIs every month, you’re losing money.

Sales, Conversion rate, Customer lifetime value, Churn rate (for subscriptions), Customer Acquisition Cost, Profits.

31. Obsess over your habits

As an entrepreneur, your daily habits are tied to your business.

Every decision you make in your personal life will affect your business in some way or another.

Because there’s no such thing as compartmentalizing your life.

You’re not a robot.

32. Rich will almost never micromanage you.

Poor clients always micromanage.

It’s their coping mechanism. They lack the discipline to work on that makes them money.

So they compensate by overcontrolling you because it makes them feel they’re making progress

Raise your prices

33. Building a business isn’t supposed to make you happy

But it’s also not supposed to make you unhappy.

Your business is supposed to make you money.

Finding happiness and joy in it is a side-effect of succeeding in it.

You’re either serious about business or not.

If you are…

Join my newletter where I share with you 5 things you should know about in 5 minutes every Friday.

https://rosa.do/newsletter/

That’s a wrap!

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