70 Rules for Being an Entrepreneur

Google the word "entrepreneur" and you will get heaps of buzzwords such as “Think Big”, “Think Global”, etc. In my opinion, being an entrepreneur doesn't mean you have to start another Amazon or Microsoft. For me, entrepreneurship is simple. It is identifying problems that you face in your routine life and solving them in an effective and creative manner.  

However, in this article, I am largely focusing on own experiences, I have kickstarted various businesses and as I mentioned in the rest of the blog, few of them succeeded while a majority of them failed. I have invested in 5 private companies and I have consulted over 50 private companies. Down the line, I have made a list of rules that have immensely helped me in coping up with every crucial aspect of entrepreneurship.

Here are the true rules:

1) It’s not funny: I won’t be making it clear why it’s not funny. These are rules and not hypothetical theories. I won’t prove these rules and they are to be followed religiously. There's a solid chance you can hate yourself throughout the procedure of being a business owner. Keep pills and sharp things away in your lowest moments.

If you are a founder and agree with me, please acknowledge in the comments below.

2) Do not hire people: You need to hire employees to increase your business.

But I always used to ask myself whether I genuinely need a resource or not? Trust me most of the time my heart says no.

3) Get yourself a customer: This seems usual. But it isn't. Get yourself a customer before you begin your business if you can. Follow me on LinkedIn, https://www.dhirubhai.net/in/salmanlakhani/

4) If you're providing a service, call it a product: Follow the footsteps of Oracle. They claimed that they had a database. Now if you "bought" their database, they would send in a team of consultants to help you "install" the database that perfectly suits your needs. By this way, for many years, they were able to portray their services as a product, keeping in mind that they were a company that provided consultancy.

Remember this case study and keep it in mind that products are appreciated more than the services.

5) It's Okay to be unsuccessful: Start over. Maybe before you go out of money. Ideally, before you rope in entrepreneur’s investment. Or, don't be anxious about it. Produce new ideas. It happened to me more than a dozen time.

6) Be profitable: Make an effort to be profitable immediately. This seems common but it is not. Do not raise money in your initial entrepreneurship period. That money is expensive. I did once and then exit plan was very expensive.

7) When raising money: If it’s not difficult than most likely, your idea is incapable of raking in investments. And if it is a child’s play, sell your business. (Unless you are twitter).

8) Selling your company is the same: If it's challenging, then you will need to build or expand more of your business. It’s only then you will be able to sell it. To market your company, start to get before your acquirers per annum beforehand. Send them regular monthly updates talking about your improvement. Then, when they desire a company like yours, your business is the first the one that comes to head.

9) Competition is good: It converts you into a killer. It can help you judge improvement. It implies that other folks value the area you are in. I’ve done so many deals with my competitors, in fact, once I get them invested in my business.

10) Avoid Using a PR firm: Other than your secretary, you will be the PR for your business. I am Cubix’ brand professionally and personally :).

11) Talk to everyone: Employees. Shareholders. Clients. On a regular basis. Every day if possible.

12) Do everything for your client: That is very important. Speak at their charities. Visit their parents for Thanksgiving. Help them discover other businesses. Even if you have to chip in your rivals to please your clients, do it. The idea is to think, “What makes my customers happy?”

13) Your customer is not really a company: Crack jokes, talk about their interest and make them happy. After All, they are humans, same as you. The idea really is to make them have fun.

I did website development project for one of my client and I ended up a joint venture in a couple of startups with him.

14) Be Visible: Meet n greet your customers often. Have lunch, dinner or breakfast with them.

15) Record: Research about your customer before and after tapping them. Know about their company record, personal record, marketing history, spending history, etc.

16) Micro-manage software development: No one recognizes your product much better than you do. If you aren’t a tech geek, adopt a spot-on approach and learn how to be specific about your product details so that your developers can’t say “you didn't say that!" In my case, I was a software engineer by education, so I was a difficult customer for my team.

17) Employ the offshore team: You should be in a position to see and speak to your developers. Don't outsource but hire offshore team in Pakistan, India or China, so you can communicate with them on daily basis.

18) Rest: Don't agree with the 20 hours each day entrepreneur rigorous routine. To have a highly focused mind, you need 8 hours of peaceful sleep.

19) Exercise: Same as above. If you aren't healthy, your product won’t be healthy. 30 minutes per day is good, anything more than that is great.

20) Emotionally sound: Don’t mix your relationship problems with product development problems. VCs will sniff this all over you. My family never knew what is going with me, even during on my bad days.

21) Greet your employees with gifts: Holiday tickets. Massages. Gift cards. Whatever. I always thought of my employees talking to their closed ones with a smile on their face. I want their conversations go like “How was your day?”. “It was awesome. I just love the surprises at my workplace”

22) See your employees like your children: They want boundaries. They have to be told a big "no!" sometimes. And sometimes, you will be smacking their face. (haha, kidding). But within boundaries, let them play.

23) Don’t be greedy while pricing your product: You can start with selling a good product at cheap price. People will buy. Afterwards, you can increase the prices or introduce future products and services at more cost.

25) Circulation is everything: Branding steals the show. Get your name prominent and aware people of your brand with doing whatever it takes. The best publicity is, of course, good words of mouth and this is why your starting prices don't matter.

26) Follow Cubix on LinkedIn: https://www.dhirubhai.net/company/cubixworldwide/

27) Don't burn yourself: It simply doesn't worth it. Your employees, kids or future children need you. It may look odd to add such an advice in a blog about entrepreneurship but, I am keeping it real. Most literature or "rules" for entrepreneurs discuss things such as "follow your dreams" "think big" But often, dreams turn into nightmares. I'll say it again it again. Don't kill yourself. Message me if things get too demanding. Or more notably, ensure you take proper medication and meditation.

28) Make a structure for employees: Let every resource know how he / she can progress to a successful position. Eventually, either they will leave you or replace you. That's Fine. Make them aware of how they can get all that glitter and gold by working for you.

Check our careers page here, https://www.cubix.co/careers

29) Fire immediately: If an employee catches that diseases, fire him. If they keep asking for increments regularly. If they spread negativity among other employees. Even if you have a slight idea that they talk bad behind your back, fire them. This negative spree has no stop. And it's really very contagious. Have no mercy. Show your staff the door. You can’t give second chances because the condition is incurable.

30) Socialize with your landlord: Socialize with your neighbors and landlord. They will be your long-lasting ambassadors.

31) Only move office buildings: If your workplace is so jam-packed that employees don’t have personal desks and there is no room for the workforce to walk.

32) Party like there is no tomorrow: But use your money. Not company’s money. Take clients, employees and shareholders on board. customers, and shareholders.

33) If a worker comes to you crying: Close the door of your office or take her or him out of the building. Take a seat with him until it eases out. Pay attention to what he says. If someone is crying then there has been a significant communication breakdown at the workplace. Pay attention to what it is and correct it. Don't get harsh with the culprit. Just resolve the issue.

I never wanted my employees to be unhappy.

34) At special occasions: Donate little money to each customer's favorite charity. But not for employees and investors.

35) Have lunch or dinner with your rivals: Be a good listener and observe. Do not talk.

36) Ask for advice regularly: Ask your clients for advice on how you can be introduced to other parts of their business. They may help you. Because of the below rule.

37) Hire your clients: Maybe not. But always leave the door open. Make it hang up in the air between you and them. Maybe, they can get rich by working for you. Indeed, if they work along with you. I have hired a couple of my clients and trust me, those were the best thing I did for the Cubix!

38) On any demonstration or delivery: Cubix Mantra - "No delivery without Cubix-WOW in it".

Leverage from one step ahead approach. It proves to be delightful. Surprise your customer with added value. After All, who doesn't love freebies.

39) Understand the demographics of Earth: Demographics of earth keeps changing rapidly. Where is all the money flowing and is it possible for you to be in the center. What services do baby boomers need? Is the world going out of drinking water? Is the end of newspapers near? Etc. Read to keep yourself aware of all the happenings.

40) Don’t attend lots of parties: Workshops with other entrepreneurs. I used to work while they were partying. Today I am partying and they... :)

41) You don’t have leisure time anymore: Even if you are free, you are bound to plan for new ideas for clients, innovative ideas for services that you provide and new products.

42) You don’t have leisure time anymore 2: In your leisure time, think of your customers and conceive ideas for them. Pitch them every now and then with exciting emails like “I have couple of amazing ideas for you. You will love them and your business will skyrocket with these creative ideas.”

43) Recessions: And depression doesn't matter. With an economy filled with trillions of $, you can easily get a chunk from it.

44) Discuss: Tell everyone what you and your company does. Your friends will fetch clients for you.

45) Always keep someone along with you: In meetings, conferences or at any professional meetup. Following up is a job I can’t do and this is why I always take an employee with me so that he can note down the minutes of meeting, etc. They love spending time with their boss and you will become their mentor. And this advice is applicable in telephonic conversation too.

46) If you target consumers: My clients are my marketers. You should be continuously thinking of introducing new services and products for your customers. Every new product or service should add a value in their life. People feel good when they get richer, healthier, or have strong bonding and relationships.

47) If your clients are your advertisers: On their behalf, try to find sponsorships. Eventually, you will be benefiting them and from them for your business. Your clients are the catchiest and deals. Sponsorships are best.

48) No barriers: The harder a signup process is, the lesser customers you will have. Keep it simple and avoid confirmation emails, tedious signup processes, etc.

49) No barriers, part 2: Stuff the first page of your website with the decent content. I don't want my website’s visitors to surf to the second or third page of the website. Put as much content as you can on the landing page. We aren’t Google.

50) No barriers, part 3: If there is an opportunity to work with an expert decision maker, accept it. Even if it costs you money.

51) Ideas are nothing: If you have an idea that will be well received, do it. You can build an MVP product for cheap. We did few in-house, some failed, some became our success. You can hire a reliable development company like Cubix and make at least one person to join your idea. You can find one, right? Just do it.

52) Avoid using a PR firm, part 2: Create a blog. Share your personal experiences and stories. Allow customers to know that you are approachable and a human being. Be a known personality in your industry and be an advocate of your products and services. If you make car care products, tell them how they can make their cars look more beautiful by using your products. Be honest, be blunt and talk spot-on. Blogging is the ultimate way of getting PR and success, get it. You can use third-party platforms like medium LinkedIn too.

53) Don’t act like a superhero: If your product or service is too good to be true, you are an absolute liar.

54) Awards: Put your awards and recognition on the wall and get them framed. I'm looking at them right now :)

55) You don’t have leisure time anymore 3: Sometimes, I pick a random customer. I do research and find three ideas for them that doesn't relate to my business. I call them and say, "I was thinking of you, have you tried these techniques?” This is something I tell to my sales team regularly, and it is working for them. Sharing is caring.

56) No resale offers: No one cares about reselling your service. These offers are always bad. We made entire dashboard for resellers, but in those 10 years didn’t find one reliable or regular reseller so far.

57) Build a solid advisory board: Build a powerful advisory board. Even if they are there for the sake of their names.

58) Your advisor: He will never introduce you with his clients. All of these meetings are wastage of time.  

59) Cherish every success: Your workers need it. We do fireworks :)

60) Put your first company on sale: Don't take a chance. You don't have to be Mark Zuckerberg. Sell your first company as soon as you can. You now have a notch on your belt and money in the bank. Make a billion with your next company. I have sold a couple of them already.

61) Pay: My employees are first. Even before I pay to myself.

62) Offer equity 1: If you are facing lack of funds, offer equity to your development partner in exchange of discounts in development fees. Don't offer equity blindly.

63) Offer equity 2: I've offered equity to my best employees, this give them ownership and motivation.

64) Don’t Offer equity: If you have created a product on demand, never offer them equity. Sell the product to them.

65) Don’t Offer equity: Don't offer an equity to your advisor unless he is giving more than 20 hours per month to your company.

66) Don't stress: About anyone stealing your idea. Ideas are worthless and it's fine to grab something that's worthless.

67) Use social media platforms wisely: Share your personal experiences on LinkedIn and write articles on Medium and other online social media sites. I love doing these.

68) Speak, Speak and Speak: Learn how to speak in front of your employees and crowd. Learn from industry leaders, TEDx, and YouTube.

69) Love: Love everything you do, love yourself, your product, your company, your family, your employees, your friends and your competitors.

70) Follow me on LinkedIn: https://www.dhirubhai.net/in/salmanlakhani/