Hi guys,
I've spent almost a year building my consultancy business, which was sold couple of days ago. It was my first venture that provided great learning experience, therefore I will share some of the key lessons I've learned from building and selling this business.
Analysis Paralysis
Instead of going in the field and asking real people what they think about my business idea I procrastinated 3 months on my business plan. I researched everything, from industry trends to predictive patterns of customer behavior...and most of it was completely useless. So, before getting your pen and paper out, dress up and man up - go out and talk to your potential customers.
Network, Network, Network...
In the beginning, instead of networking I've spent my days locked in an office and hanging out with same friends. This was a big mistake on my part. It's great having some friends, but you know what? Having more friends is even better. I started networking and my network started to slowly expand and more business opportunities started presenting themselves as a result. More and more people started seeing me as a friend and not as a salesman.
Take Care of Your PSSIs
Find a balance in your life, otherwise your performance will slowly deteriorate and life will eat you alive. My life changed when I implemented PSSI rule:
Physical = Take care of your body. Find time for physical activities and be aware of what you're putting into your pie-hole. Being in great shape clears your mind and increases confidence to kick your business ahead, not to mention great mood and more attention from chicks/lads.
Social = As mentioned previously, socializing is very important. You never know who you're going to meet in a next conference or book club. We're social beings and lack of social interaction will eventually result in decreased happiness and potential depression. So, go out there and socialize with people on a regular basis, it's going to be worth it believe me!
Spiritual = This is a bit tricky, but seemed to be effective. To me, being spiritual means trusting in a greater power than yourself. I was constantly practicing zen meditation before hitting an office and trusted that universe will help me achieve great things if I invest all of my effort.
Intellectual = Keep your mind sharp at all times. When I launched my business I started regularly reading books - one hour before I hit a sack. On average I read 2-3 books a month. If you tell me that you don't have enough time for reading books I'll tell you a short story:
"Once upon a time there was a busy woodcutter who was chopping wood with a worn axe. One day a wise man came across a busy woodcutter and advised him to sharpen his worn axe in order to chop more wood in less time. The woodcutter angrily replied, "If I waste time sharpening my axe there will be nobody to chop my wood for me" and continued chopping wood with his worn axe".
Ignore Negative People
Stop listening to negative people and don't talk about your business around them. If they ask how's your business, most of them only care how much money you make and don't give a damn about your satisfaction. Just keep your conversations simple around them, talk about weather or go play basketball, but never touch a business topic.
There's a lot more to add, but I kept it as short as possible. Please feel free to ask me anything and I'll gladly answer.
I've spent almost a year building my consultancy business, which was sold couple of days ago. It was my first venture that provided great learning experience, therefore I will share some of the key lessons I've learned from building and selling this business.
Analysis Paralysis
Instead of going in the field and asking real people what they think about my business idea I procrastinated 3 months on my business plan. I researched everything, from industry trends to predictive patterns of customer behavior...and most of it was completely useless. So, before getting your pen and paper out, dress up and man up - go out and talk to your potential customers.
Network, Network, Network...
In the beginning, instead of networking I've spent my days locked in an office and hanging out with same friends. This was a big mistake on my part. It's great having some friends, but you know what? Having more friends is even better. I started networking and my network started to slowly expand and more business opportunities started presenting themselves as a result. More and more people started seeing me as a friend and not as a salesman.
Take Care of Your PSSIs
Find a balance in your life, otherwise your performance will slowly deteriorate and life will eat you alive. My life changed when I implemented PSSI rule:
Physical = Take care of your body. Find time for physical activities and be aware of what you're putting into your pie-hole. Being in great shape clears your mind and increases confidence to kick your business ahead, not to mention great mood and more attention from chicks/lads.
Social = As mentioned previously, socializing is very important. You never know who you're going to meet in a next conference or book club. We're social beings and lack of social interaction will eventually result in decreased happiness and potential depression. So, go out there and socialize with people on a regular basis, it's going to be worth it believe me!
Spiritual = This is a bit tricky, but seemed to be effective. To me, being spiritual means trusting in a greater power than yourself. I was constantly practicing zen meditation before hitting an office and trusted that universe will help me achieve great things if I invest all of my effort.
Intellectual = Keep your mind sharp at all times. When I launched my business I started regularly reading books - one hour before I hit a sack. On average I read 2-3 books a month. If you tell me that you don't have enough time for reading books I'll tell you a short story:
"Once upon a time there was a busy woodcutter who was chopping wood with a worn axe. One day a wise man came across a busy woodcutter and advised him to sharpen his worn axe in order to chop more wood in less time. The woodcutter angrily replied, "If I waste time sharpening my axe there will be nobody to chop my wood for me" and continued chopping wood with his worn axe".
Ignore Negative People
Stop listening to negative people and don't talk about your business around them. If they ask how's your business, most of them only care how much money you make and don't give a damn about your satisfaction. Just keep your conversations simple around them, talk about weather or go play basketball, but never touch a business topic.
There's a lot more to add, but I kept it as short as possible. Please feel free to ask me anything and I'll gladly answer.
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