Dear Entrepreneur,

Always learn the importance of starting lean.

Many startups start their business with only an idea and a computer. A lot of young entrepreneurs worry about getting a cozy office, and all the other “sexy startup” things when they should be actually focusing on generating revenue so that the business can survive.

Instead of renting out a fancy office, start working with your team from a co-working space, and leverage on the network of other entrepreneurs working from the same space.

Young entrepreneurs should estimate the amount of time it will take their business to break even and eventually become profitable, and then based on the law of doubling, double that estimated time for a more realistic expectation of what it will actually take them to become profitable if they put in the required time, effort, and commitment.

I have seen entrepreneurs give themselves two months to become profitable, and eventually spent two years without breaking even.

So, don’t overestimate your capacity, and don’t underestimate it either.

With love,