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A lot of people are suffering. They are hurting. The economy is only getting better for certain people. These are my thoughts on the subject. We are in the midst of a fundamental change that is creating displacement. If your job can be done by an algorithm, you’re in trouble at some point in the future. The future is coming fast.
I believe if you’re not a business owner and you have a job, at a minimum you need some type of side income opportunity. That will teach you business skills in case your job says, “See you. I wouldn’t want to be you.” Pink Slip City.
Harvey MacKay wrote a book a long time ago, Dig Your Well Before You’re Thirsty. I’m seriously encouraging you to start some business and get some income coming in to develop those skills. What’s going to happen in the next 10 years is going to be pivotal for a lot of families in America.
Enough of the doom and gloom. On the other side of that dark coin is a really shiny side. That is opportunity. There are so many things that you can do that it is unreal.
There is actually a return to quality. There are small boutique firms that are creating really nice goods here in America. People want those goods because they are getting sick and tired of cheap shit. I’m not talking price. I’m talking price, quality and performance.
I’ll give you an example. When I first started on YouTube, I had a Toshiba laptop. At the time, it was a top of the line laptop. The problem was that the laptop could not handle the rigors of three or four videos per day. It would get so hot that it would just shut off.
I reached such a pain point that I ended up spending $3500 on an Apple laptop with the I7 chip, maxed out RAM and a few other goodies. That was two years ago. I haven’t had a problem. I can render a video on that laptop and surf while emailing and uploading a video. It was a quality computer. This prompted me to buy another MAC. I’m going to buy another one this year. Why? Quality.
One of the things I noticed out there is a lot of people’s hustle is almost job based. It takes a supreme, almost maniacal amount of effort to get most businesses off the ground. Some people create something really hot or snazzy and it takes off on its own. That’s atypical. That’s why those stories are so juicy. They aren’t normal.
Most businesses take so much effort to really start rockin’ and rollin’ and then people are butt hurt after four months, six months, or maybe a year when things aren’t really moving. My first five businesses were turkeys. The lessons I learned were priceless.
You have to understand. You have to qualify your hustling. You will have to put in so much time and effort for a few reasons. Number 1 – You don’t know what you’re doing. That’s a good thing and a bad thing. Since you don’t know what you’re doing, you’ll make mistakes. You’ll get past that because the path of mistakes are what I call the Hustler MBA.
People learn so much. Don’t be afraid of it. Grit your teeth. Put your head down and keep moving.
Remember that your business performance is not wedded to your bill payments. That’s one of the biggest lessons I have to break to entrepreneurs. So what if your mortgage is due on the first and the car payment is due on the eighth. So what.
Your business may not be mature enough to handle all that. It doesn’t mean it’s not a good business. It doesn’t mean it won’t be a good business in the future. It does mean it’s not big enough to do what you want it to do.
Usually you want the business to do that because you waited until the last minute to start the business, because you got the pink slip. Instead of digging the well before you were thirsty, you were thirsty like a Mother Fucker. The next thing you know, you decide to get a job or you move in with your mother.
When you start a business, you have to know what your numbers are. That way you can tweak them to get the results you want. Here are a few tips.
When you start a business, you have to put it on a six-month growth plan. Whatever you’re doing right now, multiply it by four. In six months, multiply that by four again. Will this stretch you? Yes, but you will not be broke. You will have money.
We live in a culture where people expect massive results. That’s why I say, take what you’re doing right now and multiply it by 4. Let me give you an example. If you are currently putting 100 items a week on eBay, then you need to put 400 up next week. Then in six months, you’re going to put 1600 items on eBay. Then in six months, you are putting 3200 things on eBay. In six more months, you are up to 6400 items a week.
At this point, you are forced to grow. You need to rent space. You will have to set processes in place.
For pickers, if you go out to garage sales, increase your budget. Get it up to $1000 a week. Buy some better-quality products. I want you to think about this. If you spend $1000 and earn $1000 dollars each week, you are making $4K a month profit.
That’s not super money, but it’s livable money. Whatever your buying budget is multiply it by four. Six months from now, multiply it by four again. Then six months later, multiply it by two. If you push your business that hard, your money problems will disappear.
The more people you serve, the more money you will make. It’s that simple. Until you serve more people, your money will be fixed.
Instead of thinking how can I protect myself and not spend much money, you have to change your thinking and figure out how you can spend as much money as possible in the appropriate channels. Know your markets. Know what’s selling and buy as much of it as possible.
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