Business Strategy

Achieve success in your startup or side hustle by following these tried and tested laws Sometime ago I was reading an influential and thought provoking book called The 48 Laws of Power. The book by Robert Greene can be described as a self-help and strategy book that outlines laws to achieve and maintain power, influence, and success. It got me thinking, there are certain laws in the business startup space  that if followed will increase your chance of success. I spent a considerable amount of time going through my many successes and failures to work out what the common themes were that lead to success and those that if ignored lead to failure. It is these laws which this article aims to identify using anecdotes from my previous experiences to explain the importance and application of these rules. So without further ado let’s start with rule number one. 1. All Startups Are A Puzzle All new businesses are like a puzzle. There is a solution to all puzzles, the hard part is finding it. Sometimes the puzzle is easy to solve, other times it can take longer, however, if you persist you will always find a way. Many give up before cracking the code. The fact that there is always a positive answer should inspire you to continue. When we start any new venture we are convinced we know the secret code but it doesn’t take long before we realize it’s the wrong combination. You must continue trying again and again. This isn’t unique to you; every new business owner encounters the same problem. Let’s say you start a drop shipping business or any of the other kinds of businesses you see advertised online. The commercials make it sound so easy. But each business has its own DNA, it is impossible to explain that DNA without starting your own business and discovering it yourself. The lesson here is never give up before you have discovered the unique solution to your business. It doesn’t matter if the solution is very different to what you had envisaged the business looking like from the outset, that is probably what will happen, your goal is simple, solve the puzzle. 2. Start With An Idea, Any Idea Obvious right. The idea doesn’t have to be great. But you do need to start with something. No business starts with no idea. The myth here is you have to start with a good idea. That’s wrong. It obviously helps but the crucial point is you must have an idea to get started, what that idea is is irrelevant. Let me explain. Let’s say you have an idea for a pet grooming business. Perhaps you were employed in one at some point in time. So you decide this is the perfect business for you. You start the business at your home and quickly realize that when speaking to your customers there is a big demand for a pet sitting business. You perform a mini pivot and offer this new service along with your grooming business. Now the point here is without plunging into this first business you would have not discovered the opportunity in this other business. It is the main advantage of getting into the game. You must be in the game to benefit from this law. 3. Bootstrap Like Someone Who Is Penniless Money is always tight at the start of any venture. You must conserve cash by buying wisely. Remember, this is your money now, not corporate cash. That means you should perform most tasks/jobs yourself. Avoid outsourcing to third parties such as PR and branding consultants and website designers. If you are constructing something, go through the spec carefully and challenge everything. Get multiple quotations. You can do most things yourself and or utilize freelance sites such as Fiverr. You also don’t need to be in a rush to raise money for your new venture. With other people’s money comes added responsibility. Although we never admit it to ourselves we have a tendency to spend on things we don’t need when we have an abundance of money to play with. The best new ventures start with limited money where every cent you spend has to be justified. It’s a great habit to get into. 4. Get In The Game Most business ideas come to nothing. Most people who dream about starting a business never do. Why not? Because we all want to start with the perfect idea. There are very few entrepreneurs that have a winning idea from the get go, most develop over time through a system of trial and error. So the lesson here is, just get started. Don’t be afraid to make adjustments to the idea because what you will discover is that once you begin ideas will flow, you are in the game. Getting in the game is key. That is when your eyes will be open to new ideas and opportunities. That leads me to say, don’t make excuses as to why you haven’t made a sale yet, you don’t need a website or a business card to make that first call. Don’t put artificial barriers in the way. I started a sales recruitment business with no website. I picked up the phone and started calling and emailing possible clients using a gmail account. It’s that easy. 5. Keep An Open Mind Your successful business will probably look very different from the one you start with. That is why it is important just to make a start. This follows on from the previous rule. Don’t get wedded to your idea. Be open to pivot or even traverse to something totally different. I’ll repeat it, the most important thing is being in the game. Your mind will start thinking like an entrepreneur the day you start your new venture, that is where the magic happens. One thing is for sure the magic doesn’t happen when you are sat on the sidelines. Don’t be too quick to give up and