Davie Fogarty’s Top 5 (un)popular opinions - #1 Starting a business

Oodie founder Davie Fogarty on why you don’t need a perfect business plan.

If you’ve ever thought about starting a business, chances are you’ve gotten stuck at the very first step: “perfecting” your business plan.

But I’m here to tell you that there is no such thing as a perfect business plan, and waiting until you come up with one is a sure way to stay stuck on the sidelines.

It took six failed businesses by the time I was 23 for it to finally sink in that success is less about the business model you choose, and more about your approach.

So, here are five more important things to focus on when starting a business.

Your mindset is the foundation of everything, and it's the one trait that separates successful entrepreneurs from everyone else. You might think that those multi-millionaire business moguls have magical talents or special insider knowledge—but the fact is that they’ve simply learned to back themselves despite having the same self-doubts that you do.

In 1967, a psychologist called Daryl Bem proposed something called “self-perception theory”, in which he argued that your brain decides what you're capable of based on your past experiences. So, if you’ve never made $500 online, you think it’s impossible. But it’s not. You just need to trust your decisions and stop waiting for others to validate them.

How many times have you said to yourself, “I want to start a business, but I’m just so busy right now—I’ll get started next week, next month, or after the holidays”? I call this the “tomorrow illusion”, and if you’re not careful, it’ll keep you chained to the 9-to-5 forever.

This is because of something called Parkinson's Law, which states that tasks expand to fill the time allotted for their completion. So, if you give yourself a week to research a business idea, it’s going to take a week. But if you give yourself three hours, your brain will find a way to do it in three hours.

You're always going to feel busy no matter how much time you have. But all you need is maybe two hours a week initially, to get the ball rolling. Time blocking is a great way to find those pockets of productivity and get things done without giving up Netflix or time with your family.

You don’t need to work crazy hours to get started—you just need to start, and to stay focused.

Everyone tells you to hustle and work long hours, but the reality is that most people spend 80% of their time on tasks that don’t move the needle. They’re stuck watching endless how-to videos or tweaking their website instead of focusing on the actions that produce results.

The 80/20 rule works by focusing 80% of your energy on the 20% tasks that produce the most impact. For instance, testing new video ads, getting your iPhone out and shooting viral social media posts, or even launching a whole new product. These are the kinds of tasks that produce maximum results and actually drive sales.

One simple strategy I’ve seen many successful brands use is to take a popular product and change just one thing—like the colour, the size, or a feature. This is called “component analysis”, and it’s where you review every part of a product and find one thing to improve.

Take The Oodie. We didn’t invent the hoodie or the blanket, but we combined the two to make something better.

There’s absolutely no reason for you to do everything on your own. I learned this the hard way. When I was younger, I started a bunch of businesses that failed because I didn’t have a clear plan or any guidance.

But once I surrounded myself with mentors—people like Gretta van Riel and Tobi Pearce—everything changed. They had already made the mistakes, and I learned from their experience.

A mentor doesn’t have to be a multi-millionaire, and you don’t even need to meet them in person. It could be a YouTube video, a book, or someone who’s just a few steps ahead of you.

At school, we had it drilled into us that failure was a bad thing. But the truth is you can’t achieve your dreams without it.

I’ve launched a seasoning business, an iPhone business, a headphone business, and a café—and they all failed. But through these experiences, I learned the skills I needed to create businesses that did succeed.

So, what are you waiting for? Pick a business, get started, find a mentor, and keep moving forward. It won’t be perfect, but it will be worth it.

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See Davie Fogarty’s other (un)popular opinions on:

• Social media
• Ecommerce
• Product development
• Marketing

This is general information only and does not constitute financial or legal advice. Seek professional financial and/or legal advice to determine the right outcomes for your business.