20 lessons on Entrepreneurship

20 lessons learned on Entrepreneurship | the 21st is Elon’s Learned Lesson From Building His New Starship

The Story That Inspired The Writing Of This Blog

Yesterday we stumbled upon a problem while constructing one of our new blogs. Before I elaborate on what I wanted to share. Let me first show you some glimpses of what we are doing. We are trying to develop a niche blog about online entrepreneurship that my partner and I enjoy talking about and since we have a variety of experiences in the online world.  The idea originally came from one of the online resources that we use basically to learn about generating a passive income. This resource is Income School YouTube Channel. Regardless of whether their approach to blogging is correct or not, it has resonated with us (meaning My partner and me).

Image result for blog

 

To illustrate, they propose to generate as much content (blogs) daily on a niche site till you reach a certain number of blogs, and move on to the next niche to eventually have income coming from all sorts of streams. 

In other words, diversifying your income but only with blogging and also because blogs/sites take its share of time to be indexed in google and start ranking. So you might as well, build something that interests you while watching the built one grow.

 

Related : affiliate marketing

 

We have started a couple of blogs to establish multiple incomes ( residual income streams). This is the first blog we have started and mostly because it represents our passion for building an asset that brings residual income and Independence, thus reaching a Financial Freedom. It is going to include all sorts of online business models to some extent that know off and practiced doing and made some income from. In addition, document our process of going the path of free life, meaning the life of doing what you want in this world, a life where helping others is the center of it.

 

Now that you guys know the background of our story…

 

How Did We Stumble On The Problem Is Next …

 

While this site is in English, we have found out that if we could build blogs in Arabic (which is our native tongue) we could easily rank higher in google and therefore cutting the time in more than half to start to generate a good income. This is obviously because the competition is far less in so many areas and it’s easy to penetrate the market. 

We have put up some ideas of what is going to be our next niche in Arabic. Started the blog thinking we going to crush everything, but little that we knew about the Arabic language search behavior. Because people have a different approach to search in those countries, we chose a very difficult and competitive topic/niche. In a nutshell, we chose wrong. 

Although we come from an Arabic background, we are used to English content and the way you search. 

It’s important to note that our approach was to find topics regardless of how interesting they are to us, we are going to build it. Now that becomes very difficult if you don’t like the niche as much. 

 

I had felt a slight frustration because of it. It might not seemed that big, but the amount of time I had put into understanding SEO and things of that matter makes you reconsider and rethink the whole approach and whether you are capable as a person to achieve what you want. I hate feeling that way. 

 

Related : ideas for passive income anyone can do it

 

 

Nobody Likes To Feel Powerless

I hate feeling powerless and confused about things I was certain that they’re going to work.

 

Although we are trying to diversify our income so early, these things come with a lot of challenges, we do understand that,  however, yesterday I felt like I’m stuck.

 

Now, this is the life of an entrepreneur. It is full of surprises and shit holes that you have to overcome rapidly. Otherwise, you trap yourself into questioning things and wasting time that you can’t afford. #entrepreneur episode

 

I learned recently articulation helps my thinking to see clearly, and the best way to do it; is by writing. Below I have listed 20 lessons I learned.

These lessons are recorded avoid similar setbacks for me, However, feel free to use it as a guide or retrieve from it something meaningful.

20 Lessons Learned On Entrepreneurship

  1. Expect failures, they are part of the process, and mostly an important element of success.
  2. Feelings are just feelings, they are going to disappear after a good night’s sleep.
  3. Prepare in advance for next day work. In my case prepare a list of topics to write for the next day before I sleep, so you don’t get caught up with loops inside your head from yesterday’s knocks.
  4. Document your process by writing to get clarity. This is what I am doing here. This can be considered as a manual for you and people joining you later on.
  5. Talk to your partner about the problem and brainstorm, and it’s best to record it. When these discussions are recorded you can include it in your documentation as audio format. behind the scene format. Now thinking about it, it can be used as a podcast.
  6. Share with your readers what you going through. It will be valuable content to them especially for those facing the same problem or going through the same journey. We are all here just learning. You never know, someone might comment and add value and brings in new insights. Feedback is underrated, don’t ever shy away from getting help. It’s a process and we all need each other. Climbing the mountain is the fun part.
  7. Be Truthful to yourself and what’s your capabilities
  8. Partner –  if you starting new, it’s best to have a partner. You guys going to lift each other when one is feeling discouraged or demotivated. 
  9. Learn to pivot. It’s painful to reconsider your idea after you have invested in it. But you have to do it. This is a major key. 
  10. Do research again and avoid the same mistakes.
  11.  Watch a Youtube video or two that inspires you (or any content you can easily consume). If you spend some of your time on Youtube, always subscribe to people you learn from or you see as mentors (I call them online mentors).
  12. Don’t hide from your weakness, but rather magnify the scope on them. This will help in identifying your character and brings you to self-awareness a bit closer.
  13. Double down on your strength. Don’t spend time fixing what’s wrong. This way your powers will overrun your downsides. If you have money at this stage delegate it to one of your staff. 
  14. Do the major tasks first thing in the morning before you start your day and before you get into the chuckles of your insecurities. 
  15. Always know that you might be wrong today. And if it’s right today, still might be wrong tomorrow. Prepare for that.
  16. Learn from everyone around you. Nobody is stupid. Sometimes listening to people that are less in the hierarchy is valuable. I liked talking to the janitor at work. He/She could be the one boosting your day’s productivity. 
  17. Learn something every day. So many contents out there. If you like listening, there are podcasts and audiobooks, if you like reading, then do it, if you like watching youtube videos, so be it.
  18. Check what you missing. As humans, we tend to focus on what we’re thinking about. For example, if a fashion person gets into a mall, he/she will only notice new styles and fashion, but if a marketer goes in, he/she will only notice business ideas.
  19. Leverage your friends and use their brains, if your brain still farting. Haha
  20. Reassess your work by the end of the day. 

As much as these lessons are good. I cannot claim that I myself do it all the time. There are days that aren’t perfect. the key here though is trying. We cannot be robots you know.

How to apply these lessons then…

The trick for me is by printing the list and hang it somewhere you cannot ignore. This way you are always reminded. before you know it, it comes naturally.

20 lessons summarized
The 20 Lesson Summarized

 

To conclude

Remember although it’s very hard to fail especially if you are in the beginning stages, that’s just part of it. Don’t beat yourself up, learn, get new ideas scratched on paper and proceed.

 

While feeling stuck, I felt (again) bored and so I went on to watch Youtube (sometimes take breaks) I landed on Elon Musk’s Starship Announcement video from a channel called “I Need More Space”. It’s so magnificent to see one single man doing all these great things. It’s just out of this world. I looked at myself with pity. Look at me frustrated about small unexpected turns when this guy is about to land on the moon. I knew It was just me being pathetic about it. 

 

Check the video here if you missed it (short 8-minute version), and maybe to boost your day by feeling inspired and go beyond your pathetic self.

 

As I finished that video and the next video was about an interview with Elon by the Youtuber Tim Todd, very enthusiast about space. Tim at the start of the video mentioned how he was baffled about the pace of this program, and he thinks it’s impossible what they are able to do meaning SpaceX in a short space of time. They have built big full-flow staged combustion starship and talked about aerospike engines. I am not into space but it sounds awesome. I have to do a bit of digging to understand it.

The point here is that Tim showed Elon how surprised he was about the speed of the program since he was there a month ago and nothing yet built. Tim said and quote “is it about sheer will, or is that everyone driven about the goal?’. 

Elon Musk answers here saying: “I have learned a lot of lessons on how to make things go fast”, Elon continues “ and then propagated those lessons to the SpaceX team, and said his team is incredibly talented and hardworking”.

Elon explains further by saying: “ if a design is taking too long, the design is wrong. Therefore, the design must be modified to accelerate progress. One of the most fundamental errors made in advance (mumbles) is to stick to design even when it’s very complicated and not strive to delete parts and processes, this is incredibly important. This is why the switch to steel because the advanced carbon fiber was taking so long”. 

 

Although I should stop writing, but adding one more from Elon Musk by himself

Number 21. Strive to delete parts and processes to achieve high speed and accelerate progress. 

 

Please comment below if you have learned recently about something in your entrepreneurship journey or at work or from a video on Youtube, let’s begin to learn collectively from each other. 

 

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