I was 23 years old when I decided to quit my job and start my own company. A decision that was very though, but turned out to be the best decision of my life. Before founding that startup, I’ve had the experience of living in 7 different countries. I was recognized as a successful international economist. Last month I’ve turned 30 and now, I own a million dollar company. In this article we will discuss 5 business and life lessons for young people.
Ever since, I’ve had numerous journeys around the globe, also become an investor in B2B technology companies, began rapping, and established another business that does AI identity verification.
Whether you are a software investor like me, an enthusiastic professional worker or even momentarily jobless because of Covid-19, these perspectives into perfectionism, time management and self-expression could be helpful to everyone:
Perfection is a tricky mirage.
The major issue with perfect is, it’s in the beholder’s eyes. What could be dreadful to you could be amazing to somebody else. Often, sometimes perfectionism has what we economists call “decreasing marginal returns,” implying you might invest a lot of time on something that just leaves you slightly better off at a certain level. So begin to define what’s “good enough” rather than trying for perfect. You’re going to be far more productive and motivated that way.
Say no to stuff you don’t think are interesting or worthwhile.
Ultimately, you’ll hit a stage in your life where you’ll have to answer nothing other than yes. Notably when you’re trying to make something demanding, like launching your own business.
People are increasingly looking for advice in business, and are inviting you to participate or speak at events. Often it’s a waste of effort, though. If I said yes to every request to speak and meeting, I would never get anything done; each of my businesses would have failed. Recognize your main objectives; say no to all the things that does not carry your goals forward.
Make your health a priority or that will bite you later.
My greatest mistake was putting my wellness at the underside of my preferences when launching my first business. I’ve had severe chronic pain, and ended up burning out. That was damaging to my efficiency and quality of life.
I prefer to get infatuated with work, and forget about breaks. My idea is to create frequent timers with my Apple Watch and use a productivity application on the App Store to inform me to preserve healthy habits like stretching, continuing to work out, and using my elliptical machine.
Think of the opportunity costs over the sunk costs.
Recognizing these principles of economics will discourage poor decision taking. It’s easy to stick to fixed costs like the energy, commitment or resources you’re wasting on it. Costs of opportunity, however, are far more burdensome. They are the unseen costs of what you could have done if you did not do what you are doing now.
For instance, if you decide to launch a company, your retrospective costs may include money spent on starting up, such as inventory or cost of materials, as well as hours invested on creating business strategies or receiving funding. Your opportunity costs will be to give up time with friends or colleagues, or to pursue certain company ventures or career choices.
As an important business and life lessons, you should know that life is way too short for clinging to sunk costs. If you’re not interested, satisfied, or learning, avoid to do some things — only because you would not want to risk the sunk costs. Rather, when going the same route, calculate the opportunity costs of what you are missing.
No matter what everyone says, be your true self.
People have loads of assumptions on how to dress or act as a female tech CEO, or how businessmen should wear. Rather than having to worry much about views of others, just be your true self and follow your own happiness. So long as you’re focused on fulfilling your ambitions and aspirations, none of this is important.
I’m a serial software businessman and tech startup investor, as well as rap and street wear fashion designer. I never felt I was going to be rapping and creating silly songs and music videos about women’s self-defense, women’s health problems and what synesthesia feels like. Initially, I was really anxious about revealing this aspect of myself to the whole world; a couple of people told me I made a big mistake. But now I can say that I was never happier or that I felt very much like my true self than I do now.
And maybe you’ll be surprised to discover that many individuals often appreciate you or admire you for this disgraceful, bold trust.
What do you thing about these business and life lessons? Let us know in the comments.