Categorized | Business

The most important lesson of entrepreneurship…

Posted on 24 October 2006 by Lord Brar

What is the most important entrepreneurship lesson that I’ve learnt from the businesses that I’ve run till now? Now that was something I thought really hard about last night. I have no idea why this question got struck in my head but it would not let me sleep until I answered this to myself.

I don’t mean to toot my own horn but it was good because it was inspirational to see how many times my ventures have failed but that adrenaline to take risks never faded. Now, by failure I don’t mean failure in regular sense. What I mean is that I started my ventures to make it big but I ended up selling nearly all of them.

For most people that would mean success but for me it means that it didn’t achieve the aim I started it for. Most people would be happy with the profits they make by selling out their ventures but I was always sad to see that I had to end up selling the thing which I started to grow big.

Thinking hard the reason why, I realized a very disturbing pattern in all the ventures that didn’t make it big under me. And the reason? I was trying to do everything myself. Yes, I was trying to micromanage. :|

I must add that I’ve always known that micromanagement is BAD and even told it to some people. Guess what? I never realized that I was micromanaging myself. I was so crazy to make the best of my venture that I wanted to do everything myself and take care of the minutest things myself.

While I did end up doing *something* but the fact remains that I was not really able to scale it up and never reached the level I wanted to.

There goes the most important thing that I can tell you — Don’t try to wear all the hats yourself. Know your core strengths and focus on them. For everything else, hire an expert.

Yesterday I hired one of the most talented designers who I know to design an upcoming project. I just told him the basic idea of what I want the design to do and told him to not ask me anything else and come up with something good. The design he came up with was, excuse my language, absolutely fucken amazing! He not only saved me a LOT of time and effort but he came up with something I could have never.

That made me think — had I done things this way earlier, could I have been a lot more efficient? No doubt.

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This is a viral video from Youtube that is getting a lot of attention.

I will let the author set the scene:

It was back in Oct 2005.

My wedding was about a month to go and I decided to make a memorable event for my future wife. But, I and she were working and due to preparation of wedding, I didn’t have enough budgets for expensive proposal. While I was considering for the event, I remembered what she said in the past. “Wow it would be great if I can get a chance to go in the room with full of yellow post it just like Sang Sang Plus” (Sang Sang Plus is one of the famous talk show (TV program) in Korea and they prepare a room with full of yellow post it – questions from fans to famous celebrity)

I wrote all the happy memories that I had with my wife in 5,940 post it. It took me 4 days & 5 nights to write everything and post it in the bathroom. (I tried main living room first, but, due to surface of wallpaper, I had to change the place) Once we back from honeymoon, we took all the post it off and kept it in the box until now.

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