Starter Business Value

Shaan Puri believes that your first business venture is primarily a learning opportunity where the story and skills you develop are often more valuable than the actual profits you generate.

Key Points:

• First Business as a Starter Business:

  • Your first venture is likely not your last - it's a starting point
  • The value comes more from what you learn than what you earn
  • His first sushi business only made about $14,000 in profit during its one year of operation

• The Power of Your Business Story:

  • The stories from his first business opened bigger opportunities later
  • Stories from early ventures can lead to:
    • Speaking opportunities
    • Acceptance into accelerators
    • Opening doors to new connections and opportunities

• Building Your Story While Building Your Business:

  • Document interesting experiences and challenges you overcome
  • Create narratives around your business strategies and successes
  • Example: "I went into the car dealership and gave a talk called 'How You Can Increase Sales by 600% Like Me'"

• Skills and Stories Outlast the Business:

  • The skills you develop will transfer to future ventures
  • Your business story becomes part of your personal brand
  • These assets will ultimately be more valuable than the immediate profits

• Perspective on Business Value:

  • Small businesses are often undervalued by their owners who focus only on immediate earnings
  • A business making $30,000 profit might seem modest but could be close to becoming much more valuable
  • With consistent growth, a small business can quickly approach significant valuation