# 8 Entrepreneurship Lesso...  ## Metadata - Author: [[@SharmaDevanshu_ on Twitter]] - Full Title: 8 Entrepreneurship Lesso... - Category: #tweets - URL: https://twitter.com/SharmaDevanshu_/status/1401564961260720129 ## Highlights - 8 Entrepreneurship lessons from Derek @sivers That he learned in 10 years of building, starting & selling a MILLION dollar company. CD Baby (an online market place where musicians can directly sell their CDs). A Thread 🧵  ([View Tweet](https://twitter.com/SharmaDevanshu_/status/1401564961260720129)) - Note: Thread - 1. WHY are you doing, what you're doing? You need to Start with WHY because most people don't know what they are doing. They follow others. They go with the flow. - Pursuing someone's else's idea won't make them happy. (or even rich). ([View Tweet](https://twitter.com/SharmaDevanshu_/status/1401564964658106377)) - 2. If it's not a hit, Switch. If people aren't LOVING what you're doing, STOP! Don't Push it. When you've got something great, you'll know. People will be freaking out. "Success comes form persistently improving and inventing. NOT persistently pushing what's not working." ([View Tweet](https://twitter.com/SharmaDevanshu_/status/1401564967136940034)) - 3. Nobody knows the future Business plans have little or no practical relevance. No matter what you've planned it's all gonna change when you step out in the world. So stop making graphs & projections that we would be here in 5 years or so. Focus on the PRESENT. ([View Tweet](https://twitter.com/SharmaDevanshu_/status/1401564972547641346)) - 4. CD baby simple business plan: Derek just went down to the street, music record store & he understood how they earn money. And then he went back to his brand new website & wrote: ([View Tweet](https://twitter.com/SharmaDevanshu_/status/1401564975064240134)) - "You set the selling price at whatever you want. We keep a flat $4 dollars per CD sold and we'll pay you every week." Business plan: $35 to add a profile $4 per sale Just this plan made CD baby from $0 to $50 million in profit. ([View Tweet](https://twitter.com/SharmaDevanshu_/status/1401564977459204098)) - 5. Version 0.1 Instead of spending 2 years trying to raise money for your giant "startup" thing. You should start implementing your idea on the smallest scale you can. ([View Tweet](https://twitter.com/SharmaDevanshu_/status/1401564980139356160)) - You can just START talking to real people whether they need it or not and collecting their feedbacks how they want this service to be. So "If you're not launching too soon, you're launching too late." ([View Tweet](https://twitter.com/SharmaDevanshu_/status/1401564982702010372)) - 6. IDEAS vs EXECUTION Good idea x Good execution? $1,000,000 company Amazing idea x Great execution? $20,000,000 company Derek says "I don't want to hear your billion dollar ideas! Show me your execution".  ([View Tweet](https://twitter.com/SharmaDevanshu_/status/1401564993225596928)) - 7. The Most successful things Derek did at CD Baby 🌟 They answered the phone on 2nd ring. - Treat your customers the way you treat your friends. You won't believe what a huge COMPETITIVE advantage this was. 🌟 Personalized email headers 🌟The best EMAIL email Derek wrote.  ([View Tweet](https://twitter.com/SharmaDevanshu_/status/1401565009625325570)) - The point of this little stories is that: "People remember you more for the little ways you make them smile, then all the business school stuff you do." ([View Tweet](https://twitter.com/SharmaDevanshu_/status/1401565014113218560)) - 8. Freedom Refuse responsibility. Delegate everything. Follow DIY rule: Decide it yourself. Other people can do the work. You're the one who just make decisions. You don't have to do everything yourself. ([View Tweet](https://twitter.com/SharmaDevanshu_/status/1401565018420748288)) - Derek optimized his life for FREEDOM. He spent roughly 4 hours on CD baby every 6 months. He had systematized everything to run without him. I hope this helps you. ([View Tweet](https://twitter.com/SharmaDevanshu_/status/1401565021960761347)) - If you liked this tweet, retweet the first part :) https://t.co/tE0dqaoj07 ([View Tweet](https://twitter.com/SharmaDevanshu_/status/1401565382628970497))