Entrepreneurship requires a huge personal sacrifice, such as missing out on family events and social activities.
Entrepreneurs must be prepared to get “kicked around” and “driven into the ground” in the global competition.
Entrepreneurship is not for the faint of heart, as it involves constantly dealing with unexpected challenges and problems.
💰 The Importance of Money Management
Money is an essential part of life and should be discussed openly, not avoided.
Saving and investing a portion of income, even from a young age, can provide financial freedom later in life.
Entrepreneurship should not be pursued solely for the greed of money, as that often leads to failure.
🤔 Trusting Your Gut Instinct
As an entrepreneur, it’s important to trust your gut instinct and not go against your intuition.
Your experiences and how you deal with them shape who you are and contribute to your success.
Failure can be a valuable learning experience, and entrepreneurs who have failed are often more motivated to succeed.
🕰️ The Freedom of Financial Resources
Having enough financial resources provides the freedom to spend time on things one wants to do.
Successful entrepreneurs often continue to work hard, even after achieving financial success, because it’s what they enjoy doing.
Effective time management and the ability to decline unwanted obligations are important for maintaining this freedom.
🏫 Challenges with the Education System
The education system can suppress creativity and curiosity by grading students every 90 days and encouraging conformity.
The education system is based on a world where people lived to 45 years old, but life expectancy has since increased significantly.
The education system often fails to nurture different types of intelligence beyond academic performance.
🎚️ The Importance of Kind Candor
The business world has often justified cruel behavior towards employees and subordinates due to stress.
Leaders should stop pressure at their level instead of deploying it downwards.
The author has struggled with the fear of confrontation, but has learned the value of kind candor in recent years.
💼 Investing in the Right Entrepreneur
The author prefers to invest in entrepreneurs who have failed before, as they have a different motivation compared to first-time entrepreneurs.
The key factors the author looks for are the ability to articulate the idea, explain why they are the right person to execute it, and demonstrate a strong command of the business numbers.
The author avoids investing in “rich kids” as they tend to have less Sweat Equity and a greater sense of entitlement.
