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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