If it's that simple, it's notionally to gain financial freedom you need to have CENTS business, act and do hard work...
Why we don't have so many millionaires and happy people?
I just don't understand and can't believe if it's so simple to have only "conditionally" cents business and do the work = execute and give value
and you're a millionaire?
I can't imagine it, there are plenty of businessmen who can pay the bills at most, but no luxury is out of the question. Maybe there is something else why people like MJ succeed, we just never find out about it, or are we so dumb that we can't accept the truth that hard work and the right system is the key? A lot of people work 15 hours a day and still remain poor, then in addition to work, you have to have the right system. and thus we are talking about
1. cents business
2. hard work and execute
Why then, if it's so easy, do people spend their entire lives struggling to survive and at most pay their bills?
Feel free to drop your opinion on this topic...
The short answer is no one is able to give you a complete action plan, philosophy handbook, belief system for you to handle everyday problem in your business and life.
You are supposed to be your own coach that guide yourself as you act, assess and adjust.
You are supposed to be a learning machine, reflecting from your own experience, observation of other case studies, and taking away knowledge and lesson from others, in which the community here and MJ’s wealth of knowledge is one very important source.
You have asked an important question. You need to practice answering the question yourself, to train your ability to learn and guide yourself, while answers from others are useful opinions and dots to be connected in your life later.
These are big directional question in life that you cannot outsource to others.
My own opinion on the answers are as follow
(1) Passion based business still dominate. There are still many people doing business that has strong seasonality, one time sales product with no repeat sales and running on an acquisition thread mill, or investing in heavy equipment and rental lease contract before getting proof of concept.
(2) Many people underestimate the difficult level and time taken needed to see the result. Media focuses too much are quick success example, that three dudes with no industry experience, had a brilliant idea, executed like crazy and hit mega success in three years. These are extreme exception, and usually there are untold details in the story that is not made known to the public.
(3) Many people in business overestimate their level of competency in business (related to previous points) that leads them to choose a business need that’s not an high need absolute essential and switching around industries too often (shiny object).
The biggest predictor of your survival in the business is the nature of the need, not your own competency.
It’s whole lot easier to cut hair, sell fast food, help tenants find a place/or help owners find a tenant, than to create a business based on art or music.
If you want to make a living in 100m sprint you need to be the top ten fastest men in the world to be multimillionaire.
What’s a high need/essential need business? Imagine you are a household/business owner, if your pay/revenue fell by 30-40 percent in a major recession, what are the items in your bills that you will cut? If it’s low on the list to be cut, it’s an essential need.
Not all businesses are the same because not all needs are the same.
If you do essential needs business, you just need to be decently good (after years of experience) or sometimes you just need to not suck and have the ability to do the basics well.
It boils down to Maslow’s hierarchy of needs.
(4) “Life is like a snowball, all you need is wet snow and a really long hill”, this quote epitomizes Warren Buffett and how he lived his life.
If you agree that business is tough, things take years to build, the last thing you want to do is be in permanent trying and searching mode across different industries.
You reset your learning curve and customers base which took years!
Alex Hormozi said this. “Don’t be a ten years veteran in entrepreneurship but only six month’s experience in your latest hustle!
Conclusion.
Most people outside business are scared off by random statistics that “most businesses fail.”
Most people inside the business world tend to overestimate themselves unknowingly, and underestimating the brutality of market, and as a result make self-sabotaging decisions unknowingly contributing the high failure rate.
So we have a weird loop here where the under-confident looks at the overconfident’s failure and say “I told you most businesses fail!”
