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Hi friends! I just came back to Europe after 3 weeks in Japan. Rewarded myself with a very much needed rest (my HRV jumped from 66 to 80 yaay). However, we are back on the grind, therefore another edition of Founders’ Fuel was much needed.

The 5 Buckets Principle

There are 5 essential areas every startup founder/entrepreneur should possess. Knowledge, Skills, Network, Resources, and Reputation.

1. What you know (knowledge): This bucket shapes the foundation of your career and entrepreneurial path. We usually start our journeys here (school, university, etc.), but we tend to steer away from this course later on.

2. What you can do (skills): The second bucket is your knowledge applied. Applying your knowledge transforms it into skill, a resource infinitely more valuable because it has proven its worth in the real world.

3. Who you know (network): Your professional value increases when you have knowledge and skills. And as you deliver value to others, your network will start to grow. The third bucket is filled by the connections you cultivate as a consequence of your knowledge and skills, which can open doors to new opportunities.

4. What you have (Resources): Consequently, when you have knowledge, skills, and a network, your access to resources expands. What you gain, be it financial, material, or technological, can be sustained with a solid foundation built by first filling the first three buckets.

5. What they think of you (Reputation): Lastly, as you navigate your path by filling each bucket in the right order of priority, you will undoubtedly earn a reputation. How others see you will depend largely on how you navigate your journey and the decisions you make.

Fill the buckets in the right order. Each bucket is pivotal, with the filling of one often aiding the growth of the next one, creating a synergistic effect crucial for long-term success. You should always start investing in the first bucket then when it’s full and overflows you move onto the next one.

This might come of as a bit of a weird request. Why should I only focus on knowledge and skills only? Surely, doing networking helps me out. Well, yes and no.

For entrepreneurs, the challenges and risks are high, and professional earthquakes can come from anywhere at any time. Everyone hits rock bottom from time to time.

With the pace of progress these days, it is not uncommon you become a part of layoffs. Your company may even go under because of many reasons beyond your control.

When this happens, external circumstances can take away your resources, your network, or even impact your reputation, but they can never take away your knowledge or make you unlearn the skills you've already gained and developed. Knowledge and Skills. These first two buckets are the most important for you to top out all the way, without any shortcuts.

You are not starting from scratch anymore. You are starting with all the information you gained along the last journey that might have led to a failure.

For some, it may seem counterintuitive, especially in a fast-paced business environment. But continuously investing in yourself by expanding your knowledge and skills is the founding block of success. 

Skill Stacking

In a previous edition of Founders’ Fuel I briefly touched on effective skills for being a successful entrepreneur.

The tough reality is that you’re unlikely to be the best in the world at a single skill. You probably won’t be the top programmer, marketer, or product lead. Your first reaction might be, "How can you know? You don’t even know me," or "How outrageous!". Yes, it might sting, and yes, I might be wrong. However, with Earth’s population being over 8 billion, the odds are stacked against you.