The 10 Commandments of Starting a Business

I recently got an email land in my inbox from Ramit Sethi, with the subject "10 New Rules for Starting a Business"

I've been deeply thinking about my own set of rules, for starting a business since then, to pass on to you. Some are my own and some are inspired by Ramit.

Rule #1 - Quit your job because you can, not because you want toGiving up a stable source of income to start a business which hasn't made any money yet, and you haven't developed the core skills of entrepreneurship is a cowboy decision. Could it pay off for you....maybe. You'd certainly have no choice but to make it work. But why put yourself under so much stress and worry?You want to use your energy to build a business, not worrying about how you're going to keep the lights on and food on the table. Build your business on the side of your job, then quit when you've started to generate consistent income from it.

Rule #2 - Simple or Suffer - The choice is yoursComplexity will destroy your progress like a moth to a flame! There is a common misconception among new business owners. They think if they involve themselves in loads of different projects and ideas, the faster they'll make progress. Sorry but no! Focus on one thing at a time, and finish what you start!

Rule #3 - There's plenty of money & customers for youThe news and social media, will have you believe that the world is getting smaller, and there is a permanent economic crisis so nobody has any money. People have got money and they spend it daily on things like a mocha frappa chappa iced loccha choocachino from Starbucks.There's 8 billion people on this planet, and money is being printed all the time. There's enough for you to tap into.

Rule #4 - Stop trying to "keep up with the Joneses" You can't run, if you haven't learnt to walk. When you make a sale, don't think you're a millionaire, and the next Elon Musk. It's easy to make some money and then spend it wildly on luxuries, staff and fancy systems/software for your business. You'll become a great entrepreneur when you learn to keep business expenses skinny and as lean as possible. Stick to your own pace, not the pace of others.

Rule #5 - Educating yourself and thinking isn't enoughHow many people do you think attend seminars, consume courses, read books, listen to podcasts and actually do anything with what they learn. Only about 20%.You can dream about learning to swim, sit on a screen all day learning how to swim and reading books from swimming experts, but at some point you're going to have to get into the water and do it for real. The only way to reach the goals you want is to take action....and reading books ain't taking action!

Rule #6 - Abandon the employee mindsetEmployee's give up time for money, clock out at 5pm, do things on their own and wait for instructions from their manager or boss. The employee mindset will never carry you far when you start a business. You must get out of 9-5 working hours, you must partner and work with other businesses and you certainly need to take the initiative in situations and stop sitting on your hands waiting.

Rule #7 - Be brutally honest?with yourselfThe world doesn't need any more wantrepreneurs that's for sure. The people who talk about starting, complaining about their jobs but then never doing anything about it.Look if you deep down you don't want to start a business....that's ok! just stop kidding yourself. There's no nobility lost in going to a job, and forging a path in a career. Like wise if you have started a business but you know you're not taking enough action....stop lying to yourself! Just tell yourself the damn truth.

Rule #8 - Take Responsibility?Whatever is going on in your life or in the world, you have an ability to respond (response - ability). Stop handing your power to something or somebody else by blaming, complaining and justifying. No matter what is going on, you can do something about it. Grow up, stand up straight and face the music.?

Rule #9 - Perfect doesn't existI can tell you, there will always be a crisis. A war happening, a natural disaster, an economic decline, a scandal, a crime etc. It's one thing after the other. Are you just going to keep waiting for the perfect sea to set sail on...you'll be waiting a long time.?Even if you do find a perfect time to start, what happens when the conditions start to turn imperfect? are you just going to stop and give up? Business and life a cyclical! sometimes you'll be up, sometimes you'll be down. And whilst you're sat waiting, other people are winning.

Rule #10 - You are worthy, valuable and needed by others. It's easy to think that you don't bring any value, or you have no skills or that you don't deserve to be a business owner. There is something that you are good at, you have experience in just a bit better than other people.When I first started in business, I just helped people with their mindset and to set goals. But then after quitting my job and making over ￡200,000 in the last few years. I figured there were other people, like yourself, who wanted a slice of that pie. So I doubled down, and realised my mission was to help you start that business and quit your job.And so there it is! The rules have been spoken.

P.s. If you're still stuck, and unsure how to get started. book a free call with me today where I'll show you how to get started. Click Here