Weekly 🔥 22: Here’s to making more mistakes | by the Entrepreneur’s Manual | November 2022

Welcome to another edition of our newsletter! You’ll receive practical start-up tips delivered directly to your inbox every week.

In this week’s issue, we discuss

  1. Do the opposite of everything you’ve learned in entrepreneurship
  2. Hard lessons learned from business failure

Let’s do it.

Al Anany has been a consultant for 10 years. But blindly following some of that advice led to multiple failures. So now he’s trying the opposite: a slow-growing solo venture with no profits, funding, or exit strategy. The 5 tips he opposes?

  1. “You have to grow up fast!” Hiring driven by a desire to capture talent before your competitor rather than customer demand? Wrong move. Ideally, startups hire on an as-needed basis, driven by customer demand.
  2. “You need a CTO and a strong team!” — Instead of immediately looking for others to do the things you can’t do, learn about all aspects of your business.
  3. “What is your income?” — The best products of our generation aren’t about revenue; it’s all about the value you add to customers.
  4. “You need to raise funds” — Using and managing other people’s money is not always a welcome stressor, and natural, autonomous growth is a perfect play in the early days.
  5. “What is your exit strategy?” — Instead of focusing on your output, why not try to keep adding value to people’s lives for as long as possible?

👉 Read more about Al’s unorthodox approach: After 10 years of consulting, I am doing the opposite of everything I learned in entrepreneurship.

OMG WTF FTX?

This week the world of cryptocurrency has been hit hard, as one of its golden boys and its stock market declared insolvency almost overnight, leaving behind a total ruin.

In his last essay, SpeechlessArthur Hayes takes a play-by-play narration, built from tweets and public statements, to explain how this all happened and what the future holds.

Read more about the FTX drama here.

We love when entrepreneurs talk about failure. Why? It is full of learning for those who aspire to do the same. When Ai Peng, Lee opened a restaurant, everyone told him that it would fail. And… he did. And he learned many lessons the hard way, all of which he applies to his life today:

  • Always read the fine print – Whether it’s a contract signed with an employer, a business partner, a supplier or an investor, push, push and debrief until you’re happy with everything. It could mean the difference between survival and death.
  • Too many cooks ruin the broth – If things aren’t broken, don’t force yourself or others to try to “fix” them.
  • Don’t run your business like a sprint: People often say that entrepreneurship is a marathon, and for good reason: slow down once in a while for the sake of your health, your business, and your soul.
  • You can’t always pivot your way out of trouble. Changing too much, too often, will leave employees and customers confused or looking for other services. Sometimes adjusting is a better option.

👉 Dive deeper into these lessons: My business failed (but not for the reasons most think it failed)

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