The term Entrepreneurship stems
from the French word entreprendre,
which is usually translated as
"undertaker" or "adventurer."
The moment I finished my studies in
electrical engineering and business,
I knew that I would eventually
become an entrepreneur.
There was something
about the whole concept
that resonated with my entire being.
The risk-taking, the creativity, the
holistic approach to knowledge,
all made sense to me
and allowed me to be drawn to
entrepreneurship from a young age.
Over the span of the last seven
years I founded three businesses
and I can confidently argue that
those were the most dynamic,
revelatory, productive, and
turbulent years of my life.
I faced success, I faced failure,
I faced adversity, I faced
the truth, I faced myself.
They say that the only
way to self-mastery is
by assuming absolute control
over your life processes.
Entrepreneurship is one of the activities
that can have a massive
impact on that area.
It is an activity that
will not only allow you
to take matters into your own hands
but also reveal the true
essence of the words
responsibility, discipline,
and productivity.
In this video,
I will reveal some things
that you seldom find
on the headlines of
famous media outlets.
These are things that you learn
only when you have hands
on experience in the area
and you have spent days and nights
trying to polish your strategies.
My hope is that by
revealing these things,
I will save you money, time, energy,
regrets and unwanted conflict.
Whether you are an
entrepreneur already,
or you are thinking to
start your own business,
this video will prove
invaluable along the way.
…but common sense isn’t
always common practice.
That’s something a
former colleague of mine
told me while I was working as a
business consultant in London.
This simple yet powerful
remark has stayed with me,
and I keep referring to
it, till this very day.
The real question, however, is this:
what does common sense look like
and how do I know I have it?
Common sense is nothing
more than good sense
and sound judgment in
practical matters.
Some examples include:
You can’t hire someone
just because you know them.
It is common sense that you need
to evaluate their background
and identify whether or not it
fits the type of product you sell.
You can't look and
act unprofessionally.
It is common sense that if you look and
act that way nobody will trust you.
You can’t expect your sales people to
improvise on how to promote your product.
It is common sense that
you need to train them
and provide them with the necessary
sales pitches and strategies.
You need to create an accurate
image of your ideal customer.
It is common sense that you need to know
your customers in order to find them,
understand their needs and
target them accordingly.
Additionally, you identify common sense
by detaching yourself from your ego
and by stepping into
your customer’s shoes.
When you start your own business,
you are blinded by your ego.
It is the same feeling you get
when you have your first child.
Your business is your baby. You
have an idea of how to raise it,
but, because it is your “possession”
you can’t see things objectively,
oftentimes reverting to unorthodox
practices and behaviors.
Even if you do things wrong, you are
convinced that you do things right.
Most business owners fall into this
trap and therefore suffer dramatically.
I understand that when
you do things wrong
and you eventually have
to face potential change,
more often than not, you develop
resistance towards change.
You aren’t sure what to expect and you
don’t know if the required change,
which will certainly require
time and money investment,
will yield the expected returns.
Well, I can assure you that if
things aren’t going as planned,
change is the surest way to go.
I read somewhere that the
definition of insanity is
"doing the same thing over and over
again and expecting different results.”
That is very relevant when it
comes to entrepreneurship.
Some years ago, I attended an
amazing entrepreneurship conference
called Pioneers Festival.
One of the speakers was Philipp
Moehring from Angelist
who gave a prodigious speech
on what investors look for when
they evaluate your company.
In one of his slides,
he mentioned this:
This is a ranking of factors when
it comes to product evaluation.
As you can see, the idea gets -1.
That is something incredibly
important to grasp.
Your idea, no matter how
innovative you think it is,
no matter how interesting
it sounds in your head,
no matter how much research you
have put into it, is worth nothing.
If your team is not great, if your
execution is not close to perfect,
if you haven’t properly
identified your niche,
if you don’t understand your customer’s
needs, the idea is worth nothing.
Which brings us to the
most important part
when it comes to product and
business evaluations: Traction.
If your product is converting,
if it is generating revenue,
and if it is attracting interest,
it is a great product.
Great investors know that once
your product generates traction
and reaches product-market fit,
it has the potential
to become a gold mine.
The reason I stress the
importance of this
is because a lot of founders
exhibit two bad habits:
Are secretive about their ideas.
Give insane evaluations
to their companies when they
are actually worth nothing.
So, the main principle here is that,
in the beginning, you have to
assume that you know nothing
and that your idea is worth nothing.
This allows you to be humble
and make sure that you will
focus on the fundamentals
and on building traction
for your business.
I have met a lot of
entrepreneurs who suggest
that as far as your product is great,
your branding doesn’t matter.
This is very wrong and
the reason is twofold:
Number one, humans are visual creatures.
We are attracted to
aesthetically pleasing views
and we will always favor something
beautiful to something ugly.
Number two, every successful salesman
and marketing person
will tell you that most
buyers are impulsive.
They don’t always buy something
because they need it,
but more because they are
convinced that they need it.
Part of that convincing
is how the product looks.
That said, I am not suggesting that it
is ok for your product to be average
and that you should spend most of
your time on marketing and branding.
What I suggest, is that you should
spend an equal amount of time
on creating a great product and
on promoting it successfully.
Great branding makes your
product look professional
and people can trust you easier.
Every product out there
has to face competition.
Successful branding is one of the surest
ways to make your product stand out.
You will hear a lot
of people stress out
the importance of networking
in business success,
but you can’t really
understand that importance
if you don’t experience it first hand.
Networking allows you to
meet the right people
and these people feel
obliged to help you
if you were introduced to them by
someone they trust and respect.
Now, this is good in theory but
practically it is quite laborious
because it requires a lot of
effort and great social skills.
There are a lot of books out there
that explain how it is done,
but most of them repeat
the same advice:
Put yourself out there
“Ping” constantly
Be generous (buy people
drinks, dinners etc.)
Make it more about
them and less about you
Leverage social media for exposure
In that respect, I want
to add one more thing:
Do not consider networking unless
you have made a lot of progress
with your product development.
If you are just starting
and you have just an idea,
going to networking events
is a waste of time.
You might listen to some successful
people promote their story
and you might get some
interesting feedback,
but you will most probably
end up disappointed
because no one will
be interested in you.
Make sure that you focus on
creating a great product
and once you see the
first signs of traction,
you will be in a position
to network successfully.
Professionalism and delivery
will help you stand out.
It is absurd how many businesses
are leaving money on the table
because of their inability
to exude professionalism.
In one of the businesses I started,
our operations were in Greece.
Some of the companies
I decided to contact,
in order to buy raw material and
other services for my product,
left me dumbfounded with their
lack of professionalism.
I wanted to make really big orders, way
bigger than what they usually get,
and instead of overdelivering
they lacked enthusiasm
and oftentimes they didn't
even respond to emails.
There is nothing worse than
that when it comes to business.
So, if you really want to
stand out, make sure to:
Respond promptly
Be polite
Over-deliver
Offer competitive prices
Some years ago, I
attended a startup event.
Among the presenters was a company
that developed a platform
that helps consumers find the
cheapest price of a product online.
They are a very successful company
and they stand out because of their
incredible work environment.
That, however, didn't happen
to them accidentally.
Hiring the right people is a
very challenging endeavor
and many new companies face
extreme problems because of that.
What the representative
of this company suggests,
is that when hiring, you
should do the beer test.
What this means in
simple words is this:
Ask yourself: If you go out
for a beer with this person,
will you have a good time?
Does this person show empathy?
Can they listen?
Can they contribute?
Are they open-minded? 
How do they handle criticism?
Are they eager to learn? 
Can they stay cool under pressure?
All these are extremely critical
and when coupled with a
solid technical background
and work ethic,
you found the perfect
match for your hire.
Your beginning will be
emotionally exhausting.
You will be really
enthusiastic and everything,
but once you realize how overwhelming the
processes of entrepreneurship can be,
you will start having second thoughts.
That’s why, what I suggest to people
who have no previous
experience in the area,
is to invest some time in studying the
subject, before starting the business.
There is a ton of online
courses on entrepreneurship,
marketing, sales, management,
and coding out there.
With so much free knowledge,
the world is your oyster.
Before I quit my day job
as a business consultant,
I spent almost a year reading
and studying entrepreneurship.
I still didn’t have a good idea
of what this new world really is.
I understood it when I actually
started being “in business.”
However, when you start
working on your project,
make sure to focus primarily
on getting things done.
Don’t inundate your schedule with
podcasts and blogs and social media.
You will lose your ability to focus
and your performance will
suffer dramatically.
If you have a concrete
work ethic in place
that is characterized by discipline,
flow immersion, and time management,
everything will work out fine.
Until your launch, everything
will be vague and uncertain,
but after your launch,
you will get a good idea of
what works and what doesn’t
in order to make the necessary
adjustments and corrections.
You will soon realize that
after you spend some time
“living” your product, you will
feel that you “own” its processes
and some things will work automatically.
This is the best time because
it is then when you can actually
focus on profitability and growth.
This is something a bit advanced
but also something that has helped
companies enjoy tremendous growth.
Sharing your journey allows
your clients or customers
to get an insider’s
view of your business.
It demonstrates that
you are transparent
and confident about your
product and culture
and it makes you look
interesting and approachable.
Take for instance the
example of Space X.
Elon Musk is a master at this.
In space X, he sells the
journey impeccably.
Just check out this ad:
Space X emphasizes on the journey.
A journey almost everybody
wants to take part in.
Additionally, their
events are astonishing
and the enthusiasm of their
followers is palpable.
It’s almost impossible not
to resonate with this.
There is usually a lot of
confusion when people start.
As I mentioned before, there
are many things to be done
and you oftentimes lose track
of what really matters.
From my experience,
two are the methods you can adopt
before launching the product.
The Japanese method
and the beta method
Japanese people are notorious for
their proactivity and preparation.
The Japanese method is inspired
by the Japanese mentality
and suggests that before your launch you
should spend a significant amount of time
making the first version of your product
great and your branding professional.
Bear in mind that you should choose
that method when you are very confident
that your product can stand out.
You can evaluate that when you have
identified a certain gap in a big market.
Maybe you live in a developing country
and you can bring a technology
or product that is a big hit
elsewhere around the world.
Or maybe you think that the
products in a specific market
aren't that competitive and you
can build something better.
If your idea is quite innovative, test it
in a small segment of the market first.
Find a group of people who might be
interested in the idea
and pitch it to them.
For instance, go to a
subreddit or a forum
and ask people what they
think about your idea.
If you get an overwhelmingly
positive response,
design a prototype or beta version
and give it away for free
so people can test it.
If people like it,
you have established a potentiality
for a great product or service.
Now it’s up to your mentality and
execution if it will become successful.
Entrepreneurship includes
risk, includes losing money,
includes losing friends,
includes losing your mind.
A lot of people will question you,
a lot of people will envy you,
and a lot of people will admire you.
At the end of the day,
none of that matters.
The reason you decided to
start your own business
should be unaffected
by external influence.
Maybe you do it because
it is challenging
and because it gives
your life more meaning.
Maybe you do it because
you want to make money
and you think that money
can buy you some freedom.
Maybe you do it because you
don’t like having a boss
and you want to be your own boss.
Be clear about your reasoning.
Clear reasoning leads
to clarity of intent
and this makes your
progress way smoother.
I will conclude this
video with a great quote
from Charles Bukowski, one
of my favorite writers:
“If you're going to
try, go all the way.
Otherwise, don't even start.
This could mean losing
girlfriends, wives,
relatives and maybe even your mind.
It could mean not eating
for three or four days.
It could mean freezing
on a park bench.
It could mean jail.
It could mean derision. It
could mean mockery--isolation.
Isolation is the gift.
All the others are a
test of your endurance,
of how much you really want to do it.
And, you'll do it, despite
rejection and the worst odds.
And it will be better than
anything else you can imagine.
If you're going to try, go all the way.
There is no other feeling like that.
You will be alone with the gods,
and the nights will flame with fire.
You will ride life straight
to perfect laughter.
It's the only good fight there is.”
Hi guys, hope you
enjoyed today’s video.
If you did, please make sure to like,
subscribe, turn on notifications,
and comment below something cool so
that more people can discover it.
If you want to watch more
videos from my channel,
you can check out this
one and this one.
Take care, see you soon, Adrian out.
