9 entrepreneurship lessons from the $300 million dollar man
The best revenge is success. No one knows that better than Gurbaksh Chahal, one of the most successful entrepreneurs in the world. He was a constant target for bullies when he was a kid in San Jose (he moved to California from India when he was four), and dropped out of school at 16 to form his first business, Click Agents. He sold that business two years later for $40 million. His second company, BlueLithium, was acquired by Yahoo! in 2007 for $300 million. He’s currently on his third company gWallet, a virtual currency platform for social media, and is a sought-after guest speaker on the topic of entrepreneurship. Gurbaksh was the guest speaker at last night’s Democamp Toronto, and shared his lessons in entrepreneurship that he has learned along the way.
- Hire only rockstars to work at your company – Find amazing people, and make it quality over quantity. Gurbaksh says he’d rather work with 10 awesome people than 100 average people
- Don’t expect free help – Don’t ask someone for help until you realize you can give them something in return. It’s all about what you can do for them, until you have a proven track record of success
- Never raise money when you need it – Raise it when you don’t need it. Investors will smell your weakness – VCs are emotional people, they’re not risk-takers
- Recognize needs vs. necessities – Luxury office space and expensive furniture is great, but people are really only impressed by your performance. Spend every dollar like it’s your last, and spend it on things that count
- Relationships are everything – never burn a bridge with someone. Gurbaksh says a VC once gave him a 35-minute lecture about why his business would fail (as you can see above, it didn’t). Instead of firing back he bit his tongue, because he knew that you have to be nice to people on the way up because you’ll probably meet them on the way down. And remember – people aren’t buying your product, they’re buying you
- Embrace rejection – Not every VC is going to invest in your company, and not everyone is going to think you have a great idea. Grow a thick skin, and drown out the noise
- Be decisive – sometimes the biggest problem for an entrepreneur isn’t making a decision, it’s the inability to make a decision
- Negotiate from a position of strength – If you need something from the other guy you’ve already lost. Perception is key – people want what they can’t have.
- Be passionate but not emotional - they’re two very different things
Check out Gurbaksh on Oprah discussing his success as an entrepreneur:
19 Responses to “9 entrepreneurship lessons from the $300 million dollar man”
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Great lessons; so good to be reminded, thanks. Whether we strive for millions or to change the world – or both, making decisions and getting started are often the biggest steps. Striving for Perfection stifles creativity and success.
These are great lessons to remember. I like how these lessons can transpose to almost any business, including blogs and online businesses.
Eric
These are great lessons that will have a lot. I like how these lessons can transpose to almost any business, including blogs and online businesses i love , Is there a anyway for been in contact with you.
Whether we strive for millions or to change the world
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I know this big lessons will help me a lot , Thanks for sharing.
Decisions and getting started are often the biggest steps to be as better a person in the world.
this was great. thanks so much
Valerie
I’ve read his book and he’s got a lot of golden insights in there. More than a guide, I can relate to him, and find his journey to be inspirational. Let’s hope he’s in T.O again in the near future.
This is really great advice! Thanks.
You’re so welcome – thanks for reading!
Gurbaksh is really inspiring, and I’ve heard his book is really great. It’s on my holiday reading list!
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This is really great advice! Thanks.
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