10 Brutal Truths I Wish I Knew in My 20s

At 20, we have so much to our advantage – we have the energy, time, and ability to learn new skills quickly. Most persons at 20 are also very ignorant and stupid (in many instances).

There are things I did back then that I will look at now and scream  – “Why in the hell did I do that”. Some things, you really get to learn with time.

This article will highlight 13 things, in business I wish knew in my 20s. I will include some excerpts from Dan Martell – who has spent over 2 decades in business and mentorship.

1. Time is a much more valuable resource than money

You should spend money to buy time – not the other way around.  There are only 24 hours in a day, 30 days in a month. Smart business persons understand the value of time. They learn to delegate even early on in life. Have people support you in tasks they are much more efficient at to save you time.

In today’s world where things are going rapidly, you don’t want to miss any time-bound opportunities.

You have to invest money to save time.   Avoid tasks that will take so much of your time, just to save a few dollars. Shop online and pay for it delivered to your door rather than picking it up yourself.

2. Solve Problems for Rich People – Not Broke

Solve problems for rich people. It is the easiest way to make money fast. The rich are much more interested in solutions to their problem and less about what it will cost them. It is the one leverage you have especially if you are providing a service.

If you focus on selling to someone broke, you will have a hard time getting paid. Don’t get me wrong, there is nothing wrong with selling to people with little means,  but your chances of success are much higher with rich clients.

They pay more for your efforts and are generally much less likely to waste your time and energy – because they value theirs also.

3. Doubt kills more dreams than failure will ever do

Most people are so focused on what could go wrong that they end up never having to put their ideas to work. The fear of failure cripples them. You have got to accept that even failure is a part of the entrepreneurial drive. It helps to figure out what works and what doesn’t.

Taking action despite your fears is what defines courage. You must let go of the doubt to have a chance at success.

4. Keep it simple – Complexity fails

Try as much as possible to keep things simple. It is easy to scale something that is simple, complex things on the other hand break easily and fail.

Don’t try to do too many things at the same time, stay laser-focused on achieving success in a few things first, when you get better, you can manage more things.

Also, don’t allow people to keep piling tasks on you and as such distract you. It is possible to be very “hard-working” and never achieve success because you are spread too thin.

5. Cashflow is Critical, Don’t finance your customers

Avoid cash burn-out by ensuring that you do finance your customers for any purchase or service. If they want to buy from you and you have fixed costs, have them pay you enough to cover those costs. Your customers should finance your growth, not the other way around.

Don’t take out loans to service your customers, it can put a big dent in your cash flow and your ability to grow your business.  If your business model is good enough, you should be able to get cash upfront for any purchase.

6. Be Patient with Results but impatient with actions

When you have done the right thing, be patient to see the impact. That way you can measure what action is bringing the biggest results. That will over time make your business much more efficient.

When you have an idea, do it and be consistent in doing the follow-ups. Tiny growth spread out over time can yield insane results. You should always take action when you need to and not put it off at a later time.

7. Focus

Some will say “focus” is an acronym for -“Follow one course until successful”. Conserve your energy and resources on a single task until you are successful at it. Don’t spread it too thin.

This is a business truth that is often lost to many – that you do not need to have multiple businesses or projects to be successful. Focus on one good idea, customer, or project, and give it your best shot.

8. Learn Marketing

Learn how to sell. it is one of the critical business truths you should not ignore. Most excellent businessmen are also good salesmen. Learn how to sell your ideas to investors, your products and services to customers, and your bargains with suppliers.

Sales are not as scary as most people see them to be. With practice, you can improve your skills. Take courses on the subject, read books, practice how to effectively communicate your ideas to people, and get them to do what you want from them.

9. Be the smallest person in the big room

If you are the smartest person in a group, it is time to look for another group – because you need to be learning from others as well in your 20s. If you are the toughest person in the room you are in, go find a bigger room.

Being around other smart people will inspire and challenge you to bring out the best in you. Being comfortable in a small group will you are the smartest will stunt your growth.

10. Play to win, Don’t play to not lose

When you spend too much time worrying about risk mitigation, you are playing not to lose. It is hard to respond swiftly to opportunities if you are in this state. That fear of not wanting to lose can be crippling.

Instead, play the offense, and ask yourself how can you win. That positive mentality is better for your thought process and energy levels.

See : What Really Leads To Success? – Eight Big Things That Does