I show a video in my class of Jeff Bezos where he talks about three things that consumers like. I believe that it is right in every business activity, not just with Amazon.
First: customers like cheap but good quality products, second: more extensive range of products, and third: they like faster delivery. He also talks about being entrepreneur needs a lot of internal motivation, capability of working under pressure, making wrong decision and turning them into right, and hearing negative feedback from friends and family. Entrepreneurs take economy risks to create new products and services. Entrepreneurs are agents of bringing change in an economy. However, it is a risky game.
According to a 5-hour rule, if you spend one hour for 5 workdays for 5 years, you will become from zero knowledge to expert in that field. Very few people show this kind of persistent attitude for an extended period of time where you become a specialist – may be even world-class expert – just the focus of one hour a day. Entrepreneurship is like an experiment because you can learn by seeing what’s working. You can learn from your mistakes with facts, not assumptions.
There comes a point in our lives where we all wanted to have freedom of time and have enough money. We want to be our boss. We want to do things our way. As Warren Buffet said that we are all holding a punch card with 20 slots, and that’s all we got – 20 slots. We have to choose carefully with investments in those 20 slots. You have to think carefully and make a decision and go all in. You don’t kinda go for those 20 slots. You give it all your energy, your dedication and your efforts. If you punch those 20 slots or not, the time will pass either way. Don’t waste your time on next slot. You have to make a decision carefully and show your commitment with one slot at a time. That will reflect in your entrepreneur journey.
It is a journey of sweat, high stress and pressure. Your life will be different from people who work 9-5 jobs. You will be more prone to failures with a few successful events here and there. However, if you stay stick to your goals and work persistently hard towards them, you will be successful.