I ran across this blog post, “53 things to keep in mind if you want to be a better entrepreneur,” by fellow young entrepreneur, Neil Patel, and thought it would be nice to share with you all. For the most part I agree with Neil’s list, but there are some points that I frankly disagree with.
Top Five points that I agree with:
1) Don’t let emotions cloud your decisions.
2) Don’t get too greedy… pigs get fat and hogs get slaughtered.
3) Having a good business partner will be a key factor in your success.
4) Base your business decisions around metrics.
5) Spending money on good lawyers and accountants will save you more money in the long run.
Top three points that I disagree with and why:
1) It’s never a bad thing to know too many rich people. Whether you like them or not, they can always come in handy. So make sure you always play nice with them.
Why) If by “rich” you are referring to monetarily and not “rich” mentally, then I disagree. People rich or poor see through fakeness. Nothing gets me more riled up than fake people who are only there during the good times. You shouldn’t play nice with rich people for the sake of getting something in return. If you don’t get along with someone, then you don’t get along with someone. No need to suck up. You lose credibility within the network of people around you who genuinely are there to help you. If you know someone that boasts about having their “rich” Rolex watch out—their bite hurts the most and it will happen to you when you are the most vulnerable.
2) Try not to mix your family life with your business life.
Why) I think it depends on the stage and type of business. Many successful companies have been strung out of family businesses. At first Paragon Lake was a family business (leveraged my parents’ business) and as it has matured it is now just a stand-alone business. Also, when you are in the early stages of your start-up you have to view your business as your Family, Friend, Business, Baby and Dream.
3) Never stop networking.
Why) I hate this point because I think that many entrepreneurs get lost in the glitz and glamour of the “start-up world.” They go to every networking event, sometimes three a day, and boast as to how many business cards they received or who they rubbed shoulders with or, even worse, want to add publicity to their own personal brand and not the company’s. It pisses me off and makes me laugh at the same time though. As an entrepreneur your focus needs to be on building a company that provides value to its customer base, not whoring yourself out at events. I limit my networking events and if I do go I make sure to have a clear objective… e.g., connect with partner A or investor C. I find better ways to add value to my company. Also note that the people you actually want to “network” with don’t show up to most the “networking events.”