Business Lessons from the Last 5 Years

Overview of Businesses

• Built two businesses generating tens of thousands of dollars in revenue monthly
  • YouTube Channel (started in 2020)
    • Generated hundreds of thousands of dollars in revenue
  • MarketUp Media Private Limited (Marketing agency)
    • Offers marketing services to companies in India and abroad

Key Learnings

1. Adopt a "Know Nothing" Mindset

• Successful founders approach problems as beginners.
• Use first principles thinking (as advised by Elon Musk) to eliminate biases.
• Avoid preconceived notions to foster creativity and innovation in problem-solving.

2. Charge a Premium for Your Products/Services

• Evaluate if you can charge a premium for your offering.
• Branding example: An umbrella priced higher due to quality perception ("Japanese quality").
• Position yourself as a niche provider to avoid competition based on price.

3. Work on Your Business, Not In It

• Differentiate between working under the business vs. working on the business.
• Importance of creating systems to focus on growth and not getting bogged down by day-to-day tasks.
• Example: Hiring a team to handle workload allows a founder to focus on growth strategies.

4. People are Your Greatest Resource

• Prioritize people management over money.
• Build a strong, loyal team; the learning and growth experienced with them is invaluable.

5. Choose the Right Co-Founder

• Evaluate co-founders on insight, expertise, and drive.
• Spend personal time to assess compatibility.

6. Observe Market Trends

• Be attentive to what works in the market, rather than solely focusing on your offering.
• Engage with others to gain insights and understand consumer behavior.

7. Embrace Delusion

• Believe in possibilities that do not exist yet to create them.
• Examples: Airbnb and Netflix started with ideas others deemed unrealistic.

8. Selling Shouldn’t Feel Like a Sale

• Engage with clients to understand their needs rather than aggressively selling.
• Build rapport and solve problems rather than pushing products.

9. Importance of Niches

• Focus on a specific market segment to charge premium prices and reduce competition.
• Example: A service helping gen people find local food abroad as a viable niche product.

10. Manage Client Expectations

• Avoid overpromising on deliverables.
• Underpromise and overdeliver to build strong word-of-mouth recommendations.

Conclusion

• The lessons learned are crucial for freelancers and entrepreneurs.
• Experience and strategic thinking can lead to success.
• Encourage checking out invoicing apps to enhance business efficiency.