TIP- You Must Execute the hell out of your money making idea!
As I researched the success story of Gurbaksh Chahal I came across one quote the internet advertising millionaire said that really grabbed the headlines. It seemed to be both a philosophy and a strategy he used when evaluating or acting on a money making idea.
You see the vast majority of people who initially come up with a business or money making idea never put any action behind it. Here is what Gurbaksh Chahal has to say about that.
“When people approach me and say, 'I have a million-dollar idea and it's going to be amazing.' They think just an idea will make them millions. That's not the way business really works. It's about executing the hell out of your idea -- better than anyone else.”
It’s about executing your idea- better than anyone else!
That is the message of this entire article. It is not good enough to come up with a great idea; you have to put massive action behind your business idea if you are going to succeed.
If you are someone who studies and looks for ways to make extra money, then you have probably already experienced that flash of insight, where a new business idea pops into your head.
Many lifelong entrepreneurs and inventors believe that most people will have a million dollar idea at least once in their lifetime. But the number of people who act on their idea is actually very small. The vast majority of people who come up with a money making idea, convince themselves that it would probably never work and don’t pursue it. The ones that do pursue it often give up before they realize success.
How Did Gurbaksh Chahal earn $340 million by age 25?
Gurbaksh Chahal started his first internet ad company when he was just 16 years old, from his bedroom in East San Jose California in 1998. By the time he was 25 he had sold the first company for $40 million, then started a second internet ad company and sold it for $300 million. To top it off Gurbaksh Chahal does not even write computer or software code! He hired people to do that for him.
Gurbaksh was born in Punjab India in 1985 and migrated to the U.S. when his parents received a visa through the Diversity Visa program. The family settled in East San Jose where Gurbaksh and his siblings attended public schools. At that time Gurbaksh still wore a traditional Sikh head covering to school which invited much ridicule and teasing. Instead of becoming angry and negative, Gurbaksh used these experiences as motivation to create a world where he was in charge.
Gurbaksh began to study the still emerging online world known as the internet. While Gurbaksh’s father had an engineering degree from India, in San Jose he worked for the Post Office. Gurbaksh’s mother worked as a nurse. But the cost of living in California was still tough on the family and they seemed to always be struggling to make ends meet.
It was during this time that Gurbaksh Chahal’s father began day trading on his computer to try to make some extra money. Before long the senior Chahal was making more from his stock trades than his day job. Gurbaksh became his helper by researching stocks, reading the business sections of the newspaper and staying tuned in to the TV business and stock reports. Then came the stock market crash in 1997 and his father suffered a severe financial setback. That was a turning point for Gurbaksh.
Turning a great money making idea into a million dollar company; how to become a millionaire
Even at the young age of 15 and 16 Gurbaksh had been studying online advertising and became fascinated with the concept of making money with clicks. While helping his father research stocks he had come across the company Double Click and was intrigued.
Gurbaksh would later be described by a peer in the online advertising world as “a genius, a thinker.” “The word motivated is not the word, the best word to describe him is determined.” It would be these personal traits that Gurbaksh capitalized on to build his multi-million dollar business empire.
Gurbaksh soon formed the opinion that he could improve online advertising by offering a performance-based advertising company he called Click Agents. Gurbaksh was so confident in his idea that he hired a programmer to fly in from London to write the code, and promised to pay him with money that he did not quite have yet. ClickAgents was one of the first online ad companies to charge advertisers per click, as opposed to more traditional advertising methods that simply paid for ad space on websites.
Gurbaksh began making cold calls in search of clients for his new business. On day two he hit the jackpot when he talked to an advertising agency that had the search engine Infoseek as a client. Infoseek was trying to build up traffic to its website. After some negotiation and waiting a day for a callback from the advertising company, Gurbaksh landed his first client to the tune of $30,000.
Gurbaksh continued to add clients and made money so quickly that his parents thought he was doing something illegal. After explaining his business model to his father he not only alleviated his concerns but convinced his father that it was more important for him to stay home and build his business, instead of going to high school. The elder Chahal agreed and let Gurbaksh drop out of school.
Having an exit strategy (selling your start-up) one of the best ways to make money fast
ClickAgents was originally founded by Gurbaksh in December of 1998. Just under two years later on November 1st of 2000 he sold it to a larger advertising firm, ValueClick, for $40 million. Gurbaksh had to wait for 3 years before starting his next company because he signed a non-compete clause when he sold ClickAgents to ValueClick. But in January of 2004 he launched his second internet advertising company he named BlueLithium. This time Gurbaksh focused on behavioral targeting and analytics to set his company apart from the competition. Three years later in 2007 Yahoo acquired BlueLithium for $300 million. Gurbaksh was just 25 years old at the time of the sale.
Today Gurbaksh Chahal sits at the head of his third online advertising company, RadiumOne which leverages real-time social interaction data from across the web to turn social audiences into customers. On March 2, 2012, RadiumOne's valuation passed the $500 million mark.
Ways to make money- Talking Points
So what do you do when that great money making idea pops into your head?
According to Gurbaksh Chahal the first thing to do is research your idea and be prepared to change your thinking as you do your research. "If you're not prepared to change, you're so rigid and focused on that idea, you're probably going to fail."
When it comes to start-up capital he advocates that new companies do not always need millions of dollars to get started. "The greatest ideas come with thousands of dollars and a whole lot of sweat equity," he says.
You must surround yourself with like-minded thinkers. According to Gurbaksh, the first employees you hire are going to either make or break your company for you.
Gurbaksh once told a reporter, "It's not easy to make money. It's a struggle, a journey. There's no '10 ways to success,' no pyramid scheme," But he is a firm believer that if he can do it so can anyone else who has the drive to succeed.
Want to learn how to accumulate wealth? Read how to start up a business.