Being a contrarian
Mueller told CNBC that he first visited India as a foreign student.
In 2021, just 46,000 international students were enrolled in Indian colleges, according to the British Council, making it one of the less obvious choices for studying abroad. But for Mueller, that was part of the appeal.
“I wanted to go somewhere that was radically different than the U.S. and so I decided that India was the place to be given that, first off, I loved Indian food and second, people spoke English,” he told CNBC, calling the decision “contrarian.”
This contrarian mindset has helped many investors and entrepreneurs uncover hidden gems and rare opportunities in unlikely places.
By keeping an open mind and considering unconventional options, you could boost your chances of finding a lucrative niche that few others have considered.
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Learn MoreWorking with a margin of safety
Another secret to Mueller’s success is his cautious approach to building a business. He told CNBC that his initial estimate for startup costs was $100,000, but he raised nearly $250,000 from friends and family “to be careful.”
These additional funds gave him and his team much-needed flexibility to launch California Burritos and mitigate the risks of introducing an unproven concept to a new market. This approach mirrors Warren Buffett’s investing principle of working with a “margin of safety.”
No one can predict the future with precision, so by raising more funds than you need or investing at a lower valuation than you think is fair could be the best way to mitigate unforeseen risks.
Never quitting
Mueller admitted that his journey had its fair share of setbacks. He told CNBC that the first area manager he hired turned out to be corrupt and was colluding with vendors for kickbacks. The betrayal could have derailed the entire venture while it was still in its infancy, but Mueller says giving up wasn’t an option.
“My mom is a marathon runner, and I have that trait in me,” he said.
“You have to keep going until you’ve reached the finish line. And I never felt like quitting.”
According to psychologist Angela Duckworth, this ability to deal with failure and persevere is a key trait of high achievers in various fields. Her research indicates that grit — the ability to persevere despite challenges — is a greater predictor of success than social intelligence, IQ or even talent.
Similarly, a study published in the Journal of Global Entrepreneurship Research found that undergraduate students with higher levels of grit had greater intentions of launching their own business after graduation.
Just like Mueller, if you’re considering a new venture or a new opportunity, the ability to deal with setbacks and keep pushing forward despite adversity is a key skill you’ll need to develop.
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