How many times do you hear entrepreneurs barking about competition who have 1000x more capital? I personally hear it almost on a daily basis. Therefore, I decided to spit out few words of wisdom to folks who are afraid of competition with deep pockets.
Let's use Appster as an example to illustrate my argument:
In 2015 Appster surpassed their major global competitor who raised $10m from Sequoia.
Appster did it with zero funding and in half the time (5 years vs 10 years).
Appster whipped competitors' a$$ who had 1000x more capital than them. So, the question comes up: maybe root problem is not money, but an attitude and mindset around success?
Money is important, but knowing how to use it is even more so. You need to be more resourceful, more scrappy and grind while your competitors are still salivating their pillows at 3am...
Why do you think Amazon, one of the largest companies in the world, still has frugality as one of their top values?
Constraints breed resourcefulness, self-sufficiency and invention.
There are no extra points for growing headcount, budget size or fixed expense.
You are not the money in your bank account. You are the hunger, talent, drive and passion to make a difference in your chosen industry and no amount of capital can buy that.
The next time you hear whiners whine about not having enough capital to launch a business idea, tell them something I've learned from Tony Robbins himself:
"It's not the lack of resources, it's you lack of resourcefulness that stops you."
IMPORTANT: Some of you will convict me of being biased and selecting a case study that supports my argument and argue that having resources is crucial. And I agree with that! Having resources is important, but the point of this post is to highlight the fact that, in most cases, the guy who has 10 times less resources, but is 20 times more resourceful will reach the shore first.
Let's use Appster as an example to illustrate my argument:
In 2015 Appster surpassed their major global competitor who raised $10m from Sequoia.
Appster did it with zero funding and in half the time (5 years vs 10 years).
Appster whipped competitors' a$$ who had 1000x more capital than them. So, the question comes up: maybe root problem is not money, but an attitude and mindset around success?
Money is important, but knowing how to use it is even more so. You need to be more resourceful, more scrappy and grind while your competitors are still salivating their pillows at 3am...
Why do you think Amazon, one of the largest companies in the world, still has frugality as one of their top values?
Constraints breed resourcefulness, self-sufficiency and invention.
There are no extra points for growing headcount, budget size or fixed expense.
You are not the money in your bank account. You are the hunger, talent, drive and passion to make a difference in your chosen industry and no amount of capital can buy that.
The next time you hear whiners whine about not having enough capital to launch a business idea, tell them something I've learned from Tony Robbins himself:
"It's not the lack of resources, it's you lack of resourcefulness that stops you."
IMPORTANT: Some of you will convict me of being biased and selecting a case study that supports my argument and argue that having resources is crucial. And I agree with that! Having resources is important, but the point of this post is to highlight the fact that, in most cases, the guy who has 10 times less resources, but is 20 times more resourceful will reach the shore first.
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