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40 the dream self made millionaire lessons

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40 the dream self made millionaire lessons

  1. 1. “The Dream - Key Lessons from the world’s youngest self- made millionaire”
  2. 2. Personal Details – “G” $ Name: Gurbaksh Singh Chahal $ Known as: “G” $ DOB: July 17, 1982 $ Profession: American entrepreneur, author, TV personality, motivational speaker, and self made multi-millionaire $ Education Qualification: High School (drop out) $ First Company: Started his first venture, ClickAgents (On December 15, 1998 at the age of 16). Sold the company for $40 Million at the age of 17. $ Second Venture: Started BlueLithium (on January 12, 2004 at the age of 22). Sold the company $300 million in cash to yahoo on October 15, 2007. $ Third Venture: formed gWallet, a virtual currency platform for social media, in September 2009. $ Website: www.chahal.com
  3. 3. The Dream • This is the most interesting book on management lessons and an biography, I have ever read. • I have already recommended this book to everyone in my network. • In order to spread the key lessons from the book, I tried to put them into this presentation. Hope you will enjoy them, but still recommend you to read the book too!!!
  4. 4. Always surround yourself with people who want you to succeed. That seems simple on surface, but when you get out there, in the real world, you will discover that most people are rooting for you to fail. STAY AWAY FROM THEM” Lesson 1 Source: www.stmarksonthemesa.org
  5. 5. Lesson 2 Whatever you do, wherever you are, never forget that GOD IS WATCHING. Source: Flickr
  6. 6. Lesson 3 People tend to think that in order to start a new business they have to come up with something new and dazzling, but that’s a myth – and it’s often propagated by venture capitalists. A company can be similar to the competition as long as it has the right people and right leadership, as long as IT IS COMMITTED TO BEING BETTER THAN ALL THE OTHER PLAYERS.
  7. 7. • One don’t need to start a company with a new idea. In fact, if you start with something that‘s too different, people might have doubts about your untested model. It might be a brilliant idea, and you model could very well be ahead of its time, but if the investors can’t relate to it there’s a good chance you‘re not going to get funded. • It is advisable to work with something they understand, then turn it into the model you envisioned in the first place. Lesson 4 • It’s a mistake to try to REINVENT THE WHEEL when you’re coming out of the gate. Start slow and steady, get to parity, then innovate.
  8. 8. Lesson 5 Never do anything for money – or, at least, solely for money. Of course, one want to make money, but if that’s the only goal, it will adversely affect all of your decisions. They will be colored by greed. SO DON’T LET MONEY DEFINE THE BEGINNING OF THE JOURNEY; MAKE MONEY THE RAINBOW THAT COMES AT THE END.
  9. 9. Lesson 6 If you genuinely want something, don’t wait for it – teach yourself to be impatient. PATIENCE MAY WELL BE A VIRTUE, BUT IMPATIENCE HAS ALWAYS WORKED BETTER FOR PEOPLE.
  10. 10. The biggest lessons come from the biggest mistakes. Never put yourself in a position of vulnerability. ALWAYS OWN YOUR MISTAKES Lesson 7
  11. 11. Don’t tell people what they ask you, tell them what they need to hear to FALL IN LOVE WITH YOU. Lesson 8
  12. 12. Don’t chase the money. Chase substance. If you have substance, the MONEY WILL FOLLOW. Lesson 9
  13. 13. FIX THING BEFORE IT BREAKS, rather than don’t fix it if it’s not broken. Lesson 10
  14. 14. DON’T BE JEALOUS. Jealousy is one of the most useless emotions on the planet. Lesson 11
  15. 15. Some people are like crabs. If they can’t get over the wall, they will PULL YOU DOWN TO KEEP YOU FROM CLIMBING OVER. Lesson 12
  16. 16. • Most people think that they need to know exactly what they want to do when they start a business, but they’re wrong. If you go into something with a very specific plan. You might be so focused on your goal that you would not see the PROMISING OPPORTUNITIES that present themselves as you make your way along. Lesson 13 •Take the blinders off. Look around. Don’t be afraid to go off on all sorts of unusual directions, since that’s where you might just find the MOST INTERESTING – AND PROMISING – OPPORTUNITIES.
  17. 17. Being cheap is good for the company and for the stakeholders, but don’t be too cheap. NEVER BE CHEAP WITH YOUR EMPLOYEES. If one of them is a rock star, pay him or her a rock star salary. Lesson 14
  18. 18. • Failure is not an option. Anyone who even enterains the idea of failure is already doomed. Whenever you set out to do something, large or small, you have to believe in your heart that it’s going to happen, and you have to keep moving toward the goal. Lesson 15 • It’s really all about forward movement – like riding a bicycle. If you’re standing still, it’s not easy to keep your balance, but if you’re moving forward, there’s nothing to it. That holds true for business and for life. So KEEP MOVING FORWARD.
  19. 19. Learn to move on when it’s time to move on. Bite the bullet. Let go. START FRESH. Don’t look back. It’s not as easy as it sounds, but make the effort – it’s worth it. Lesson 16
  20. 20. DON’T LOSE YOUR MORAL BAROMETER. •Lies and obfuscation might give you short-term success, but they make for very unstable relationships. •Never compromise your morality. We all need to live by a moral code. Lesson 17
  21. 21. CRITICISM is the best form of discipline because it makes you look at yourself. Lesson 18
  22. 22. If you’ve got nothing to hide – and you should never have anything to hide – DON’T SWEAT THE PROCESS. Lesson 19
  23. 23. He who knows when HE CAN FIGHT AND WHEN HE CAN NOT, will be victorious. Lesson 20
  24. 24. • If the company had $200 million in the bank, money it could have been investing in manpower, products and technology – but everyone was so risk-averse that they refused to touch it. When you have $200 million in cash available, you should be doing something with it, not simply enjoying the interest you’re collecting. • The interest on that chunk of change for the company’s operation, and then some, of course but it wasn’t growing the company. Instead, the company was stagnating. Lesson 21 SITTING ON YOUR MONEY IS NOT A STRATEGY; IT’S AN ABSENCE OF STRATEGY.
  25. 25. LISTEN TO YOUR HEART. We tend to do well at things we love, so find something you love – or learn to love what you’re doing. Lesson 22
  26. 26. Forget noble motivations. Success comes from wanting to win, so you’ve got to want it bad – you really need that killer instinct. At the end of the day, no matter what they say, it’s not about how you play the game, but about winning. WINNING IS NOT EVERYTHING. IT’S THE ONLY THING. (Vince Lombardi, American football coach) Lesson 23
  27. 27. ADJUST YOUR ATTITUDE. Without the right attitude, you’ll never succeed. You have to believe in yourself, often to the point of madness, because until you prove yourself the only people who believe in you are your parent. If you have any doubts, get out now. Lesson 24
  28. 28. FIGURE OUT WHAT YOU’RE GOOD AT. Very few of us are gifted, so we need to work with the gifts we have. If you’re five-foot-two and you love basketball, let me be the first to tell you. Its’ probably not going to happen (but don’t let me to stop you.) Lesson 25
  29. 29. TRUST YOUR GUT. We are complicated creatures. That inexplicable feeling you get sometimes – well, it tends to be right a lot more often then it is wrong. Try not to over analyse it. Some mysterious inner you is trying to help by pointing you in the right direction. Lesson 26 Yes Yes Yes NO
  30. 30. DO YOUR HOMEWORK. BEFORE YOU START ANYTHING, make sure you know exactly what you’re getting into. Ignorance is dangerous. What you don’t know can and will hurt you. Lesson 27 Source: www.mrsfredashistory.com
  31. 31. Be frugal. The only person YOU NEED TO IMPRESS IS YOURSELF, and you’ll be impressed by success. When it comes to staffing your company, however, don’t be frugal. Find the right people for the right jobs, and pay them what they’re worth. We all love and need rock stars. Lesson 28
  32. 32. DON’T EXPECT PERFECTION from yourself or others, but never stop striving for it, and try to inspire others to strive for it too. Lesson 29
  33. 33. LEARN TO LISTEN. Everyone has an opinion, and everyone is entitled to an opinion, and even wrong- headed opinions can open your eyes to things you might otherwise have missed. So listen, even to people you disagree with – and may be to them more than others. Then process what you’ve heard and have the courage of your convictions. Lesson 30 Source: www.zazzle.com
  34. 34. Own your mistakes. At the end of the day, every decision you make, even if it was inspired by misguided advice, is your decision. Lesson 31 NOBODY WINS WHEN YOU START LOOKING FOR SOMEONE TO BLAME. Let it go. Keep moving. Forward movement is everything.
  35. 35. Never lose sight of the competition. While you’re playing, someone else is working and catching up, so learn to play with one eye on the competition. YOU’RE NOT GOING TO BE ON TOP FOREVER. Lesson 32 Source: ww.rblewis.net
  36. 36. DON’T PROCRASTINATE. Procrastination is just another work for wanting to fail. If you’re not hungry enough, if you’re too lazy to move forward, you’re never going to get anywhere. Lesson 33
  37. 37. Don’t’ do anything by half measures. Remember: MEDIOCRITY IS FOR LOSERS. Lesson 34
  38. 38. ALWAYS NEGOTIATE FROM A POSITION OF STRENGTH. If you need something from the other guy, you’ve already lost. People want what they can’t have.; become the thing people want. Lesson 35 Source: www.salestrainingeearning.co.uk
  39. 39. EXPECT THE UNEXPECTED. If you’re ready for anything, you’ll still be unpleasantly surprised – but at least you’ll get through it. Lesson 36
  40. 40. PERCEPTION IS REALITY. What they see is more important than what is, so show them what they want to see and tell them what they want to hear. Lesson 37
  41. 41. Don’t get emotional. LOGIC AND EMOTIONAL DON’T MIX. Lesson 38 Source: mountcope.wordpress.com
  42. 42. BE FEARLESS. The road to success is paved with failures. If you’re afraid to fail, you’ll never succeed. Lesson 39 Source: schoolnet.gov.mt
  43. 43. PICK YOUR BATTLES. The fighting never really ends. Don’t let the meaningless skirmishes sap your strength; you are in this to win the war. Lesson 40
  44. 44. Grow a thick skin – a very thick skin. People will question your ability to succeed and the loudest among them might make you doubt your own talents, so you’ll need a thick skin to drown out the noise. THE SILENCE WILL HELP YOU FOCUS ON YOUR OBJECTIVE, AND YOU WILL PREVAIL. Lesson 41
  45. 45. TAKE CHANCES. Without risk, there is no reward. But make sure it’s intelligent risk. Only a fool bets against Tiger Woods (until it is time to bet against Tiger Woods) Lesson 42
  46. 46. When you commit, you really have to commit. BECOME UNSTOPPABLE AND DON’T QUIT. Lesson 43
  47. 47. There is no need to reinvent the wheel. You simply need to find out that CAPTURED YOUR IMAGINATION, and then you figured out how to do it better than the next guy. Lesson 44 Source: http://www.flickr.com/photos/terva/2072247720/
  48. 48. SUCCESS IS REALLY ABOUT MAKING IT HAPPEN. It’s about dreaming. It’s about finding that one thing you love above all others and then figuring out how to do it better than anyone else. Lesson 45