21 Golden Rules of Entrepreneurship [UPDATED]

[Polarbeans]

Updated?

- So this has been posted two times before. But guess what? Facebook was not the first social media.

Facebook > MySpace > Friendster​

Google was not the first search engine. This is not the first motivational post on the 21 Golden Rules of Entrepreneurship by Jason Nazar, CEO of Docstoc.com.

So what is the difference between this post and the other posts with the same topic? Well this one solves the problem of time You don't want to be looking out for all the 21 videos on your own. They can, however, be found in 1 video, but I think this is more convenient and you can watch one or two at a time. Entrepreneurial or not, I still like to eat with a spoon.

This is who Jason Nazar is, according to his LinkedIn:

Jason Lawrence Nazar is the Co-Founder and CEO of Docstoc (Acquired by INTUIT), the premier online destination to start, grow and manage small businesses. Docstoc hosts the best quality and widest selection of professional documents (over 20 million), and resources including articles, videos, & productivity tools to make every small business better. Docstoc is a top 500 most visited website (Quantcast) and has over 50 million registered users. It offers a vast collection of free resources & provides a monthly membership which unlocks its widest selection of premium content. ​

Jason is also the creator and host of Startups Uncensored, the longest running and most widely attended technology gathering in southern California, which regularly brings together thousands of entrepreneurs, techies and investors. ​

Before starting Docstoc, he was a partner in a venture consulting firm in Los Angeles where he worked with dozens of startups. He holds a BA from UCSB and his JD/MBA from Pepperdine University, where he was the Student Body President of both Universities. Jason was named one of the "Most Admired CEOs in Los Angeles" by the LA Business Journal. He's also a popular and regular writer on Forbes, WSJ, and BusinessInsider.​

[Here is the free eBook]​

21 Golden Rules
Lesson 1 - I'll see it, when I believe it
Lesson 2 - Perpetual Sense of Urgency
Lesson 3 - The Only Variable You Can Control is Work Ethic
Lesson 4 - The 5 Step Sales Process
Lesson 5 - All Effort is Equal
Lesson 6 - You Don't Have to Have a Product to Sell a Product
Lesson 7 - 10 Questions to Consider When Starting a Business
Lesson 8 - Court Mentors
Lesson 9 - Whats Your Why
Lesson 10 - Entrepreneurs Sell Ether
Lesson 11 - Ideas Don't Matter, Execution Does
Lesson 12 - Speed and Momentum: The power of now
Lesson 13 - The Entrepreneur's Dilemma
Lesson 14 - Make Your Product Different and Better
Lesson 15 - Keep It Lean

In case, you do not fancy to read The Lean Startup as a whole, you can always read the Summary of the book.​

Lesson 16 - First, Sell Yourself
Lesson 17 - Be Sincere & Exceed Expectations
Lesson 18 - 10 Lessons Startups can Learn from Superheros
Lesson 19 - The One Most Important Thing
Lesson 20 - Certainty: You'll See It When You Believe It


If you want to read the Blog post Jason Nazar made (which has 54,000 comments btw) it is here.

And lastly, to stay true to my fellow Fastlaners, I would like to direct you further to the other threads on this very same subject. So if anyone should be getting thanked for this it is @Tiger or @rorschach.


The 21 Golden Rules of Entrepreneurship
VIDEO: The 21 Golden Rules of Entrepreneurship. Watch then get busy.
Also @Tiger has written a transcript in his thread, which I allow myself to quote. Awesome job and respect!

A quick search didn't turn up a PDF document, but you can view the official document at Docstoc.

21 Golden Rules eBook

Just found this summary. You should also check out Docstoc where they have a ton of other entrepreneurship videos.

21 Golden Rules of Entrepreneurship - A Real Life Fable by Jason Nazar
(View the formatted version on Evernote: https://www.evernote.com/shard/s63/...a18785fb49c5/4458ea87599d06356374ce9681026e34 )

Updated Jul 01, 2012

Be able to see in your mind's eye what you want and make it feel real and manifest it from your mind into reality
There is no believe when I see it...its I will see it when I believe it
Perpetual sense of urgency
Try to avoid the feeling of wishing you had more time
Make a decision and attach it to your identity
The only variable you can control for success is your work ethic
Success comes to for many reasons, but the only think you can control is how hard to work
Pick something and give it everything you got
There are two camps for your thoughts...one camp is they will take your ideas, keep it secret, bring you down. The other camp will tell you share with a lot of people, get a lot of ideas, social pressure to go through with what you said you where going to do
The things that you do in your life you never know how they will help you in the future
The 5 step sales process
Gain interest
Establish credibility
Establish a need
Offer solution
Have a system for an easy transaction
People just care about themselves
Interest: Talk to people about the things they think about
Credibility: You have credibility for the things you have done but also you are sincere, transparent
Establish Need: listen actively to someone says and then tell it back to them. Tell back to them what they just said to us. The trick is that they feel you understand what they need, even if you do not. Its in that moment you can persuade everybody
Offer a solution that matches what they need. You only offer what people will tell you they need
Easy transaction: Lets get started right away
All effort is equal
The same raw effort that it takes to plan a party for your fraternity is the same raw effort it takes to build a billion dollar business. The output of effort is the exact same
You don't have to product to sell a product
You don't have to know how to do something to sell it as a service
Entrepreneurs are so good at describing their product that they will make you interested in it
Smart people over-estimate demand, the people that don't are hustlers
Estimate demand by selling a product you don't have. Setup a product page, even ask for Credit Card info and don't charge at the end (note: This is Lean Startup school of though). If people don't want it don't build it. He runs PPC campaigns to see demand
10 questions to consider when starting a business
What is your product or service. Explain it like they are a fifth grader
Unique value proposition. What makes it different or better?
What's the market opportunity? What problem do you solve, how large is the market, how fast is the market growing, who is the competition
How do you make money? Revenue model
Who is the management team? How are they qualified?
What's your strategy? What you need to accomplish in three months, six months, twelve months
How do you Sale or Market your product and service?
How much capital do you need/intend to raise? What are the primary startup costs
What are the projected financials for the company. What is the project income statement
What are the preliminary valuations of the company? How much would you sell a percentage of your company for?
If you write these out in a powerpoint it will be a better business plan than most people
Court Mentors
Take 30 minutes of someone's time and don't ask or try to sell them anything, just ask them for their story, then ask them in the end, would you mind if you were my mentor? Most people will say yes. Stay in touch with them, ask them for advice and take it
What's your why?
What's driving you, what's your passion
If you don't have a big why, you will always going to use the what and the how as an excuse to not do what you wanted to do
You why does not make a difference. It has to be a big why, you are connected to it, that you have it in your pocket
It will get tough its why you need to have a why
Entrepreneurs sell ether
Great people sell a dream
When you don't have money/resources/experience....you have to sell dreams
Selling a dream means you can paint a future experience for somebody
Take a dream, build it in detail, add certainty and it becomes real
Ideas don't matter execution does
Avoid the I don't have an idea trap. Look at other successful business and do it better and different
Speed and momentum, the power of now
The only way to keep going is to jump into it. Going slow creates too much fiction
Have a sense of urgency
Have the ability to see something in your head concretely
Successful businesses pivot
How do you balance being a successful visionary and at the same time the wisdom to change course?
The Entrepreneurs Dilemma
Stay attached to the problem you are trying to solve but be flexible in the solution to solving these problems
The core root of the problem you are trying to solve is there, but flexible on the solution
If you have a serviced based business ask yourself how within 2 weeks and $1000 can I create a product and start charging for it
If you have a physical product or digital product ask yourself how can I build this in two months for under $10,000
Get your product / service to real people and let them tell you what they want
First sell yourself
People don't invest in your business they invest in you
Be sincere and exceed expectations
This is the best way to raise money
Say what you are going to do, do it and exceed what you promise
Tell people what you are going to do in a specific timeline, then get better results in a shorter timeline again and again
10 lessons startups can learn from superheroes
Superheroes never give up (Batman has no super powers, but he has the strongest mind)
Superheroes always get the job done (There is no gray areas)
Superheroes are the best at what they do
Superheroes are really clear on their purpose
Superheroes are not flawless (the goal is not to be perfect, but to seek perfection)
Superheroes don't seek glory, but they will do it anyway
Superheroes help other (how many people can I help?)
Superheroes can do it by themselves, but are more powerful in teams
Superheroes true strength comes from their character (honorable, selfless, help others, courageous, respectful)
Superheroes accomplish huge feats
The one most important thing
Most of us get stuck on a long list of stuff to do, and it feels good to check it off, most of the stuff to do does not make any difference in what you are trying to do
The trick is every day ask yourself the following question, what is the most important thing I can do today, this week, this month. Spend 80% of the time doing that
Become obsessive for the one most important thing
Certainty, you will see it, you will believe it
The more people you help the more money you make

Keep grinding, keep that work ethics high!

 

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[kph200]

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[The Grind]

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