First Rule of Startup
What is the first rule of any Startup? Have you asked someone or yourself? When I started my new business, I always used to think about how these billion dollars companies were formed. This made me look for the same random stuff that we find anywhere on the internet. But keep that in mind, Once upon a time, all those companies were a new Startup.
How does it work?
Let’s take Amazon as an example. When Jeff Bezos started Amazon, he had this vision that one could never think “Passion and Patience”. Yeah, this is again some motivational crap that you can find anywhere. But how does it work?
Well, when Amazon started, there was a lady who used to work as a receptionist at Jeff Bezos’ place. One day he asked her to invest in his company. He told her to buy some stakes at Amazon. Well, the obvious question from her was “Why?” He said, one day this will make you a fortune. She was confused yet mesmerized by his words. She bought 2% shares of Amazon. She used to frequently ask him when she was gonna hit the jackpot. She used to ask this to him in every once a while and his usual answer was “Just wait, a little more”. And after 13 years, she was a billionaire.
Why? Because Amazon grew up to be the biggest company on the planet.
“ So this is the key, no matter how long it takes, just keeps yourself focused. Follow the thousand days rule.”
Now you must be thinking, do I have to keep wasting money into it even if it doesn’t work. Well, if you are thinking about delivering a 50 kg parcel from the USA to the UK in just 1$, it is never gonna work. No matter how long you stay focused or how much you invest. It is never going to work. learn what you can get from this post “First startup – Things to remember” and keep your work running.
Now you know what are some points you need to keep in mind before doing a Startup. If you qualify for the things mentioned above, you are ready for step 2.
The thousand days rule
The key to knowing if your Startup is going to work or not is when you spend 1000 days in your Startup.
Yes, it is true!
Believe it or not, you’ll know everything before you spend 1000 days in your new business.
It’s almost a 3 years time span, and you can break it down into
In the first year of your startup, you are going to learn how to deal with people. you are going to get your ass beaten in the first year bad. You are going to learn how and where to invest money in your Startup.
In the second year of your startup, you are going to learn more about your work. you are going to take out the money you invested slowly.
In the third year of your startup, you will know about your business 100%. This is the year where you’ll start making money and this is the phase where you’ll learn how to and where to invest more into your business.
You’ll know every aspect of your startup in these 3 years, whether you have to continue, invest or pull the shutters down of your business.
Just make sure you spend 1000 days in your business.
If you have spent more than 1000 days in your business and you are new to this post, please share your thoughts. New entrepreneurs want to learn more. They need some motivation after all.
And yes, I am the living example of this theory.
I spent a lot of money on my Startup in the first year. In the second year, I was able to take out my investment, and now I am making money from my business(Yes it is running smoothly like butter now)
If you have any thoughts, theory or question, feel free to ask it to me here, I will reply as soon as possible.