Most of you know that starting a project can open doors to incredible opportunities, like building your resume and making a mark that top schools will notice.
But it’s also essential to know that this path requires hard work and commitment.
This isn’t a shortcut to recognition and glory; it’s a chance to create something meaningful. You have to stay consistent and put in the effort. That’s the real secret to success—no shortcuts, just dedication.
Today, I compiled a list of rules for your first biz that I personally live by.
1. Everything is negotiable
As an entrepreneur, business builder, founder I’ve had to get comfortable asking for what I want, otherwise it’s rarely given. I’ve certainly made the mistake of paying too much for my first deal because I didn’t negotiate enough and here’s my takeaway:
Always ask – do your homework and have numbers backing you. Always.
Come with options not outcomes- get creative with your asks and make sure you deserve it, and there is a mutual benefit.
Be ready to walk away - one who wants it less almost always wins
2. Partners: proceed with caution
Imagine every partner you have will leave you high and dry. It’s certainly happened to me before and it ended up being a big mess.
Here’s what I learned:
Never give equity without a vesting schedule—no large upfront benefits. They need to hold their end of the bargain, put in the same amount of money or asset, AND prove their worth before getting all the rewards.
Always leave some room for growth so there is motivation to working hard.
3. Don’t start biz that is capital intensive
This is controversial, but for me at least, I would never start a capital-intensive biz right off the bat. Eg. Inventory heavy, R&D, hardware, manufacturing etc.
Unless you are very rich or have investors who can cover it for you… I don’t recommend it.
I started my property management biz with less than $5000 and going in with a learning mindset such that it is ok if I don’t make any of it back.
As you get more sophisticated, you can do debt well. But in the beginning, be careful. Don’t put in what you can’t afford to lose, this rule applies for any type of investment or business venture.
4. Revenue or Profit share
If you’re inexperienced, your first biz can be done through gaining sweat equity, niche expertise, or something else you bring to the table.
Say you’re good at making short form videos and you want to start an agency. What if instead you:
Partner with a business owner
Tell them you want to use your skills to increase their revenue by 30%
IF you do that, you want to be paid 15% of top-line revenue you brought in, plus 15% equity in the business.
The fastest way to earn is by leveraging other people’s assets and add-value on top of it. Plus I love the idea of selling once, and getting paid perpetually. :)
5. Financial reporting
Real business generates revenue. Once you got your first paying client, you need P&Ls, cashflow statements, and the ability to monitor financial health.
I use Quickbook to gain visibility of my cashflow and keep track of P/L using spreadsheet.
P/L statement for one of the properties in my portfolio
6. Downside scenario planning
What if things don’t turn out as you have projected?
I had my fair share of bad deals where biz partner didn’t deliver on promise and we get into complicated disputes. I’ve since learned to put additional clauses in agreements to mitigate those risks. Make sure to have yourself covered when sh*t hit the fan.
7. Get the word out
This is where most people fail.
They keep building quietly in their room without letting others know about their work. The world is noisy, you have to get out there and be loud, be proud.
Do the opposite of what feels comfortable. Find a friend, talk to them about your idea even if it’s still very rough, and keep going around your circle until everyone get on board and refer you to their freinds.
Final thoughts
I hope this makes you feel a bit nervous.
Don’t let it scare you away from starting your own project, but it should make you respect the process. Building something isn’t easy as mistakes and failtures are part of the game. It can be straightforward, but never easy.
You are the one who has to put in the effort to create legacy you want.
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PS. This summer, we are going to tackle pressing global issues and drive innovation in regions (such as your own community) where it is needed the most. Want in?
We run a summer cohort for ambitious youth (high school and undergrads) to work directly with world-class founders while learning from Silicon Valley leaders.
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