Are you working on a legacy business or just a business that helps you to enjoy other activities (or both!)

[Paul David]

Myself and @RazorCut have been discussing this for a number of months now and I think it would be interesting to get other people's thoughts.

For years now I've always wondered why millionaires, billionaires and other generally wealthy people all still continue in their line of work. Or start other businesses.

For example there's a guy from my home city who's built a £3bn empire selling home goods from thousands of shops nationwide. He still goes to work most days even though he's a billionaire.

My thought process was if I had their money I'd be travelling the world and enjoying life rather than continuing to work.

However as I've got older and wiser I've realised that you'd probably get tired of traveling at some point and to these people they've built something bigger than themselves and are excited to grow it for as long as possible.

Which leads me to the question, when you are working on your business what's the goal? To build something bigger than yourself that's going to last for years even after you've gone or just earn enough so that it enables you to do things you actually enjoy outside of work and give you time freedom?

Do external things like the weather, Covid, weekends, holidays not matter to you because you genuinely love working and building your business every day?

For me in my current business (digital marketing) I view it as something that can enable me to do things I enjoy, like travel, holidays etc. I don't wake up and think I'm so excited to grow this business and help other people today. I don't know where the business model will be in 3-5 years nevermind in 50 years. I don't think it's a legacy business that's for sure.

If you asked me what business would make me forget about external things it would be owning my favourite football (soccer) team. I'd be so excited to get up and work every day. The only issue is that I'm only about £7bn short at the moment ha.

I'm still searching for that business model where I love spending the majority of my time working on instead of counting down the days until my next holiday or feeling like its groundhog day. Are you?

 

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[Kevin88660]

Myself and @RazorCut have been discussing this for a number of months now and I think it would be interesting to get other people's thoughts.

For years now I've always wondered why millionaires, billionaires and other generally wealthy people all still continue in their line of work. Or start other businesses.

For example there's a guy from my home city who's built a £3bn empire selling home goods from thousands of shops nationwide. He still goes to work most days even though he's a billionaire.

My thought process was if I had their money I'd be travelling the world and enjoying life rather than continuing to work.

However as I've got older and wiser I've realised that you'd probably get tired of traveling at some point and to these people they've built something bigger than themselves and are excited to grow it for as long as possible.

Which leads me to the question, when you are working on your business what's the goal? To build something bigger than yourself that's going to last for years even after you've gone or just earn enough so that it enables you to do things you actually enjoy outside of work and give you time freedom?

Do external things like the weather, Covid, weekends, holidays not matter to you because you genuinely love working and building your business every day?

For me in my current business (digital marketing) I view it as something that can enable me to do things I enjoy, like travel, holidays etc. I don't wake up and think I'm so excited to grow this business and help other people today. I don't know where the business model will be in 3-5 years nevermind in 50 years. I don't think it's a legacy business that's for sure.

If you asked me what business would make me forget about external things it would be owning my favourite football (soccer) team. I'd be so excited to get up and work every day. The only issue is that I'm only about £7bn short at the moment ha.

I'm still searching for that business model where I love spending the majority of my time working on instead of counting down the days until my next holiday or feeling like its groundhog day. Are you?

I think ambition naturally expands with accomplishment.

There is always someone you think who was ways below you ten years ago, later on become much more successful. A lot of highly successful people are highly competitive in nature, and get triggered by what “normal people” consider as “childish”. I guess thats the drive behind most people who continued working 7 days a week.

For first people who have not yet earn the first pot of gold, me included, I think money is the necessary freedom chips to call shots on your life.

There is no in between. You are either a slave, or stuck with mediocre live, or free. The best shot is working for yourself. This is war. There is no safe and comfort to run into. If you look at AI, globalization and outsourcing the odds of being a comfortable slave in slow lane ten years down the road is going to be remote!

I look at the world as logically as possible and come to the conclusion that business and entrepreneurship for most is a necessity. It is like the best ticket to get out of a doom day scenario. I do not complain even I have to work seven days a week now.

It is kindly of a little bit sad and funny I do not see entrepreneurship as the better choice, it is the only logical choice and most people who are sleeping have not realized it yet.

 

[Paul David]

I think ambition naturally expands with accomplishment.

There is always someone you think who was ways below you ten years ago, later on become much more successful. A lot of highly successful people are highly competitive in nature, and get triggered by what “normal people” consider as “childish”. I guess thats the drive behind most people who continued working 7 days a week.

For first people who have not yet earn the first pot of gold, me included, I think money is the necessary freedom chips to call shots on your life.

There is no in between. You are either a slave, or stuck with mediocre live, or free. The best shot is working for yourself. This is war. There is no safe and comfort to run into. If you look at AI, globalization and outsourcing the odds of being a comfortable slave in slow lane ten years down the road is going to be remote!

I look at the world as logically as possible and come to the conclusion that business and entrepreneurship for most is a necessity. It is like the best ticket to get out of a doom day scenario. I do not complain even I have to work seven days a week now.

It is kindly of a little bit sad and funny I do not see entrepreneurship as the better choice, it is the only logical choice and most people who are sleeping have not realized it yet.

I'm not talking about entrepreneurship v working for someone else. I'm talking specifically about the type of business people are building.

Is it a means to an end (ie freedom to do things you enjoy) or do you genuinely love what you do and you're building a business that will stand the test of time.

 

[Kevin88660]

I'm not talking about entrepreneurship v working for someone else. I'm talking specifically about the type of business people are building.

Is it a means to an end (ie freedom to do things you enjoy) or do you genuinely love what you do and you're building a business that will stand the test of time.

I sell financial products for financial institutions.

I like the simplicity of the business model
-paid through sales commission. You do not have to worry about fulfillment of a long supply chain that many things you have no control could go wrong, if you are in manufacturing.

And I grow to like the idea of recurring income in the business, because the cost of acquire an customer is a lot higher today having a recurring income for clients is a major advantage.

I like the sales and marketing focus in the business. Reading people and figuring out what “type of customer” they are when you just get to know people. Sales is like a game and it can be fun. You are always testing what works and what doesn’t.

 

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[amp0193]

Legacy 100%

My current business will likely occupy the next 10 years of my life at least.

It is such a big boulder to get rolling, but it is changing the world for the better.

Ultimately, I want to teach my kids that if you see a problem in the world, you personally can change it with a lot of hard work and relentless determination.

That being said, I like to travel, and I will work on integrating extended holidays back into my life now the business is growing some legs.

There’s a deep satisfaction that comes from knowing you’re doing good.