If you are thinking about starting out, here are some taught and hacks to a smoother journey.
We recently have major shifts in the founders club direction. It feels like the load that we have on us is going to increase even more, so i adjusted my time to fit the demands and school.
If you want to quit school to pursue your startup, don’t.
We generally overestimate what is needed to be done before we actually start the company, in the initial stages of the company, normally you wont know how much time it is going to consume.
if you got a million dollar contract, then maybe you will need to re- evaluate, more taughts on this below.
Work and studies
You might be able to work while studying, that way, you 1) wont need to deal with your parents, 2) can use the connections of the school to your advantage, some kind of club like founders club can help with your connections to the industry.
If you are just starting out like us, i would suggest going to startup hubs like SMA Tegas digital innovation hub to get some connections and insights. they are based everywhere in Sarawak, just type the keyword into google and you’ll find them.
What to expect after starting up?
Nothing will happen. because you are your own boss, you are now responsible for the company,if you want things to happen, you need to make it happen.
But i would suggest getting exposure to the right people is very important, ask yourself, where can i find the people who i want to serve is generally a good way to start because they all might become your potential customers. (read this article to know more about finding your customers)
When should you quit school?
I generally think you should only quit when there is an opportunity in front of you that you will not get even after you graduate.
Ryan Holiday (former CMO of a billion dollar company) left college at the age of 19 to study under Robert Green.
He asked himself, will he say yes to this opportunity if he had graduated from college, and how likely is he going to get another chance like this.
How to balance your time?
It is very tough to manage your time, at its worst, it feels like the feeling when its assignment season and a couple of assignment is clashing and you have left than a week to finish.
but this is very subjective to the business you are doing, for product type businesses, generally you can stop the project for a week or two to catch up on school stuff
If you are service based like me, try to plan ahead and schedule away from crucial dates.
Think of it like chess and moving your pieces to best fit the situation.
Tim Ferris (Author of 4 hr work week) talks about the 5 minutes journal where you list down 3 main things you need to do today that would the rest either unimportant, or irrelevant.
For me, i started using a free website called trello a year ago to balance and track my task, for a person who forgets easily, it has make all the difference, and still does.
if i were to give one piece of advise and one only, is to go with the “No hurry, No pause.” mentality.
When you rush things, you are more prone to mistakes, and mistakes makes the flow, not smooth.
With a bad flow, you end up taking more time finishing the task, hence,
” slow is smooth, smooth is fast.”
Tim Ferris quote:
“You can get 95% of the results you want by calmly putting one foot in front of the other,” Ferriss wrote. “Luxury, to me, is feeling unrushed. No hurry, no pause.”
So take a few breath next time when you are stressed, you might solve things faster.
Be prepared to be willing to go through stress other students will never understand. There are 2 types of stress, the normal stress of working on too many things which is still bearable, think of this like working at a part time job.
Now the second kind of stress comes from the emotional labor the company causes, frequent examples are co founders not committed, no sales coming in, product launch delay
Personally, the worst one I’ve heard was when all your friends think your rich because you started up, and you like the social status given of being an entrepreneur so you held on to your business when it is sucking money out of you and your co founders.
They, initially your friends, now hate you, your employee hates you too for waiting for payment from last month and your investors are waiting for your financial report.
Returns to expect
Starting up is risky and mentally taxing, so before you start, make sure that by the end of 5 years, you will have at least 3 times the income of your peers who did not start their own business, that would make your investment worth it.
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