Bob Parsons’ Rules For Starting A Business
Bob Parsons is the multi-millionaire founder of Godaddy, probably the world’s largest domain registrar company. Here’s an interesting video about the top 5 rules for starting a business that they don’t teach you in business school.
#5. Start small
Don’t go all in when first starting a business. Get a proof of concept first and make sure you have a fallback plan. Parsons worked at a day job for 3 yrs while he started his first business, which he subsequently sold for $64 million.
#4. The best business partner is no partner
As opposed to conventional wisdom, two heads are not better than one. Having a partner or investor usually ends badly. You too much time discussing and negotiating than doing anything productive.
#3. Solve your own problems
Don’t use mentors and don’t copy what others do. According to the founder of Sony, Akio Morito, “You never succeed in business, technology or life by following the footsteps of others”. Indeed, a wise man keeps his own council. Speaking of Akio Morito, check out his highly acclaimed book, Made in Japan.
#2. Don’t fight fate
Keep eyes open to act on new opps when they arrive. For example, Yamaha started out making pianos before they ventured in motorcycles, and Godday started out building custom websites. You also need to be lucky. Strategy and planning are important but talent lies in spotting a a lucky break and taking action. He gives the example of the first superbowl ad that got censored. The in-game censorship resulted in tremendous publicity and they jumped on it.
#1: Get and stay out of your comfort zone
Security is for cadavers!
You can watch the entire video below, but I’ve covered the main parts, except for the hot blonde! And speaking about wisdom that they don’t teach in business school, check out Never Wrestle with a Pig and Ninety Other Ideas to Build Your Business and Career
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February 20th, 2010 at 10:38 am
Hey, this is really good stuff. I remember reading some Donald Trump book where he insisted one should think big straightaway. I’m much more into starting small, see if it works, and expand slowly and steadily. Nice to see soeone confirming one’s own biases. :-0
March 3rd, 2010 at 6:48 pm
Good tips, thanks for posting that one. Can’t say I much like Godaddy, but I certainly respect what Bob Parsons has created and success he has achieved.
March 5th, 2010 at 8:33 am
Excellent tips. Thanks for sharing. I agree with these ideas. Remain single-owner as long as you can.