I have with the famous Silicon Valley venture capitalist Mukul Agarwal, founder of BootUp Ventures. Impressive man and entrepreneur.
He shared his „5-P-Rule for Entrepreneurs“ with me. It is not only a rule for success in business, but also in life.
Here it is:
Why do I think it helps me a lot? I think I am pretty good at Purpose, Passion and Persistence. I believe in renewable energy, hydrogen, electric vehicles and the efficient usage of fossil resources. I love what I do. I love working with our customers to find great solutions for them. I keep going even if it is difficult.
However, when I thought about „Progress“ after the meeting, I realized that I had gone in circles in a certain area of my life for quite some time. And once I had understood that, I stepped back immediately, re-focussed on the solution and re-started. It took me like 10 minutes to solve the problem. Great insight. Similar to Stephen Covey‘s „Sharpen the Saw“-Story. You just have to do it.
My challenge remains „Pivot“. Sometimes you have to understand you are on the wrong track. Walking in the wrong direction. Climbing the wrong ladder. Your approach just doesn‘t work. Whatever. Then you have to change direction, without regret, without feeling like a failure. I am used to being successful in what I do, and I hate losing. That‘s why this is the most challenging of all points for me. But I keep on working on that, too.
The best insight he shared with me was his general perspective on his own life: „I could not ask for more.“
Isnt‘t that what it is all about? Isn‘t that what we are all looking for? Being successful in business – yes, of course. But being successful and happy at the same time, that is the final goal.
Thank you for sharing your valuable insights, Mukul. Good luck with your ventures. 🙂