As we grow older and wiser, reflections on our past can yield valuable insights. It's important not to dwell on regrets but to learn from them. Georgi Todorov, a seasoned entrepreneur and digital nomad, shares eight crucial lessons he would impart to his younger self. These lessons, drawn from his successes and missed opportunities, offer guidance for navigating life's complexities with foresight and grace.
Todorov emphasizes the importance of relaxation. He recalls being constantly anxious about success and whether he would "make it" in life. However, looking back, he realizes those worries were part of the journey that led him to where he is today. He advises his younger self to take a deep breath and trust that the path ahead, though uncertain, will lead to the right destination.
Travel is another area Todorov wishes he had explored more. As a digital nomad, he traveled extensively through Southeast Asia but believes he could have done more. Despite concerns about the impact on his business, he discovered that 49% of digital nomads earn higher incomes than when they were employees. His experiences, such as attending a Japanese networking event in Bangkok, taught him the value of cultural immersion and the significance of business practices like the exchange of business cards in Japan.
Building a personal brand is another crucial lesson. While Todorov invested time in this area, he recognizes the long-term benefits he could have leveraged further. A strong personal brand not only accumulates value but also opens numerous doors. After selling his ex-blog Thrivemyway, he lost the accumulated momentum of his brand, which he now strives to rebuild with his new brand, Create & Grow.
Todorov also advocates for starting an agency, noting that it is relatively easy to set up and profitable to run and sell. However, he cautions against over-relying on a single client, as this can jeopardize the agency's stability. Diversifying clients and focusing on recurring income are essential strategies for maintaining a robust and appealing business.
The importance of focused work is another key lesson. Todorov discovered the benefits of uninterrupted work while completing a significant task in an airport lounge. He highlights the importance of developing productivity skills early on, noting that it takes about 23 minutes to regain focus after being distracted.
Reflecting on past opportunities, Todorov regrets not venturing into website flipping earlier. His experience with selling his ex-blog in 2023 validated the business model of buying, improving, and selling websites for profit. He emphasizes that starter websites can be purchased for as little as a few hundred dollars, making this a viable opportunity for many.
Todorov also acknowledges the value of working in startups, particularly during one's twenties. The high energy of that period is well-suited for the fast-paced startup life, offering invaluable experiences and networking opportunities. However, he now prioritizes different ventures.
Todorov stresses the importance of investing early and optimizing taxes. He recalls missing the early Bitcoin investment wave and the impact of tax burdens on his startup. These experiences taught him to be open to emerging investment opportunities and to optimize taxes early.
Reflecting on the past with kindness and understanding, Todorov advises using each experience as a learning opportunity. He encourages others to consider what their future selves might advise them to do, fostering a forward-thinking and resilient mindset.
