Being committed or Being interested

[Alin Farah]

I have read TMF about 2 months ago and I have been committed to executing my business idea since then, from learning how to code to researching and building an MVP website that resolves around my idea. However I've been having some difficulties lately to carry on with this momentum, as I have semester exams coming up in the following month. Balancing my time with a full-time job, going to University and also using my free time to build a business system has been a battle for me. But I would always remember the comparison MJ DeMarco made, "Interest works on your business an hour a day Monday through Friday; Commitment works on your business seven days a week whenever time permits."

Studying for my final exams and working at my full-time job has changed my schedule drastically this month and I have noticed that it reduced my work ethic to building the business system to one hour a day, when I come back from work as I need to have time to sleep. However this would resemble someone being interested and not committed , even though this is what time permits me to do. People will say If you want to achieve your goal or be successful you have to commit all the way and sacrifice everything for it. My exams will be over in a month and summer break will kick in soon, I was wondering if it would be wise to carry on with I am doing till then ? But in my case I want to achieve my goals but also want to get my degree and attain a job from it. Then later Investing my 9-5 to my 5-9 until I achieve a money system that will generate time for me. At the moment I am prioritising my exams this month, but would this be a sign of commitment or interest ? Bare in mind that my exams will be over in a month.

I would like to hear all your opinions on this.

 

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[Jobless]

Whatever your prioritize as number 1 in your life is certainly a commitment, if not THE commitment.

Commitment to two things is possible, but only if they are part of the same strategy. Example: You go for the exams / safe job, whilst also building your high-risk business. You intend to do both until you can financially make the business a full-time endevour. If this fails, you can fall back on the safe job income. This is the "barbell approach" of avoiding medium-risk and picking only low-risk and high-risk investments. The purpose of this is to maximize the potential outcome but also minimize the downside.

If either the job or business is a "medium-risk", then you probably have a bad strategy, and should focus on only one of them.

 

[MJ DeMarco]

However this would resemble someone being interested and not committed , even though this is what time permits me to do

Not sure I agree, what you described is pretty committed. Yes, you want to commit to action, but not lose perspective on the things that are most important like health and happiness.

But in my case I want to achieve my goals but also want to get my degree and attain a job from it.

This adds confusion to everything.

I think you need to focus on 1 thing. This tells me you're #1 priority in life is not building a business and obtaining the potential freedom from it, but safety and security, which frankly in a job, is an illusion anyway.

 

[MJ DeMarco]

To add...

Actions expresses priorities. If your priority is devoted your job after college via 5 days a week for 50 hours, that truly is where your priorities are, not business, and not in deference to whatever is stated here.

 

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[Alin Farah]

This adds confusion to everything.

I think you need to focus on 1 thing. This tells me you're #1 priority in life is not building a business and obtaining the potential freedom from it, but safety and security, which frankly in a job, is an illusion anyway.

In terms of maintaining a consistent revenue source from my career job, whilst focusing much of my time, effort, and money into building a business. To help limit the downside and maximising the upside potential, but would this approach be prioritising safety and security over building a business system ?

To rephrase what I said the goal is to build a business and obtain the potential freedom from it but this is my approach in doing so.

​

 

[Kevin88660]

I have read TMF about 2 months ago and I have been committed to executing my business idea since then, from learning how to code to researching and building an MVP website that resolves around my idea. However I've been having some difficulties lately to carry on with this momentum, as I have semester exams coming up in the following month. Balancing my time with a full-time job, going to University and also using my free time to build a business system has been a battle for me. But I would always remember the comparison MJ DeMarco made, "Interest works on your business an hour a day Monday through Friday; Commitment works on your business seven days a week whenever time permits."

Studying for my final exams and working at my full-time job has changed my schedule drastically this month and I have noticed that it reduced my work ethic to building the business system to one hour a day, when I come back from work as I need to have time to sleep. However this would resemble someone being interested and not committed , even though this is what time permits me to do. People will say If you want to achieve your goal or be successful you have to commit all the way and sacrifice everything for it. My exams will be over in a month and summer break will kick in soon, I was wondering if it would be wise to carry on with I am doing till then ? But in my case I want to achieve my goals but also want to get my degree and attain a job from it. Then later Investing my 9-5 to my 5-9 until I achieve a money system that will generate time for me. At the moment I am prioritising my exams this month, but would this be a sign of commitment or interest ? Bare in mind that my exams will be over in a month.

I would like to hear all your opinions on this.

If you want a business to replace your job focus on your business.

If you want a promotion or a better job focus on the degree.

Trying to do both will be spreading your forces too thin and accomplishing neither.

Some risk in opportunity cost is essential. You cannot have the cake and eat it.

 

[Alin Farah]

Whatever your prioritize as number 1 in your life is certainly a commitment, if not THE commitment.

Commitment to two things is possible, but only if they are part of the same strategy. Example: You go for the exams / safe job, whilst also building your high-risk business. You intend to do both until you can financially make the business a full-time endevour. If this fails, you can fall back on the safe job income. This is the "barbell approach" of avoiding medium-risk and picking only low-risk and high-risk investments. The purpose of this is to maximize the potential outcome but also minimize the downside.

If either the job or business is a "medium-risk", then you probably have a bad strategy, and should focus on only one of them.

I looked into the "barbell approach" and it stated that “moderate” risk investments, is the path the majority of people take when starting a business. Hence 80% of new businesses fail in the first couple years. In my scenario what would be an example of "medium risk" ?, because as you mentioned both of these things in my case are part of the same strategy.

 

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[Jobless]

I looked into the "barbell approach" and it stated that “moderate” risk investments, is the path the majority of people take when starting a business. Hence 80% of new businesses fail in the first couple years. In my scenario what would be an example of "medium risk" ?, because as you mentioned both of these things in my case are part of the same strategy.

Example of medium risk business: A store or restaurant (not chain/franschise system) in an area with similar businesses that requires you to take out loans or risk bankruptcy, without a great method to expand / scale the business into multiple locations, or where you lack control in some factors. See CENTS framework. Medium risk for medium reward.

Most jobs are medium risk by nature. It's what appeals to people and employers adapt to this thinking.

A medium risk business usually resembles a job. A low-risk business would be more passive and focus on sustaining an existing cashflow. Example: You own apartments and rent them out. A high-risk business usually involves using some form of leverage to grow the business, risking failure if this does not happen.