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I am fortunate to be at a different stage and no longer require a “side-hustle”. But allow me to weigh in…
Since closing the office for the holidays, I’ve been in a contemplative mood. I’m reading a lot and it prompts me to think and reflect. I had a thought: ”why so many people on this forum seem to struggle so much? What could I post to help some get started and succeed?” … So your thread is very interesting, as it’s been swirling in my head.
Short answer: even if I didn’t have a business, I don’t want to watch YT like that. I think @heavy_industry nailed it. Allow me to add to that post.
20+ years ago I attempted my first business. It failed before it got launched, so did the next one and the one after. I knew nothing but I never seemed to lack “ideas” either.
Reading books did not appeal to me back then, I had enough “textbooks” to read to get my formal education. Yet there was that itch, one way or another I saw myself as a businessman. No matter the path, I felt it was something I was meant to do. I don’t think we are on this planet for no reason (plenty will disagree). And as @Kak pointed out on his show - entrepreneurship is a calling.
The question then becomes, if I could travel back in time to my early 20s… what would I do and how?
Honestly, I can’t say. I don’t know! The difference is that my confidence in being able to execute is off the charts today. I know how I’d go about raising capital, hiring technical experience, forming JVs, finding deals, handling sales, copy, marketing and even legal. I have developed grit. There is no quit in me left because I learned entrepreneurship is carving a new path, a path that requires tinkering and patience while being in a hurry. That kind of mindset I did not have in my 20s. It is not just experience, it is a deep rooted understanding of certain facts.
Just off the top of my head (note, it’s something I am spitballing same way I’d do in person…):
While I don’t know what I’d start or do if could travel back in time… I do know I would not need to watch YT side-hustle videos. Why? Because I think that buying something on Craigslist and finding a way to re-sell it at a profit is better use of my time. Travelling back in time, I’d know that action > content consumption. Dwelling on “what action” is not productive either.
Anything that can take $1 and turn it into $2 for you, do that. Learn from your success and failure, you’ll have both.
Example for illustration:
Today I decided to clean my roof, deck and driveway. Business ideas I saw just from that:
Hope you find this helpful. Best of luck and happy holidays!
Since closing the office for the holidays, I’ve been in a contemplative mood. I’m reading a lot and it prompts me to think and reflect. I had a thought: ”why so many people on this forum seem to struggle so much? What could I post to help some get started and succeed?” … So your thread is very interesting, as it’s been swirling in my head.
Short answer: even if I didn’t have a business, I don’t want to watch YT like that. I think @heavy_industry nailed it. Allow me to add to that post.
20+ years ago I attempted my first business. It failed before it got launched, so did the next one and the one after. I knew nothing but I never seemed to lack “ideas” either.
Reading books did not appeal to me back then, I had enough “textbooks” to read to get my formal education. Yet there was that itch, one way or another I saw myself as a businessman. No matter the path, I felt it was something I was meant to do. I don’t think we are on this planet for no reason (plenty will disagree). And as @Kak pointed out on his show - entrepreneurship is a calling.
The question then becomes, if I could travel back in time to my early 20s… what would I do and how?
Honestly, I can’t say. I don’t know! The difference is that my confidence in being able to execute is off the charts today. I know how I’d go about raising capital, hiring technical experience, forming JVs, finding deals, handling sales, copy, marketing and even legal. I have developed grit. There is no quit in me left because I learned entrepreneurship is carving a new path, a path that requires tinkering and patience while being in a hurry. That kind of mindset I did not have in my 20s. It is not just experience, it is a deep rooted understanding of certain facts.
Just off the top of my head (note, it’s something I am spitballing same way I’d do in person…):
- Mindset: when you are in a good mood, you see more good around you. Having the right mindset means you’ll see the inconveniences and create businesses.
- 1% daily improvement beats big fancy moves once a year. Just start on something and then tinker until it works.
- Books and courses are not meant to give you direct answers. Even if you learn nothing from a book (can’t imagine that being true), your way of thinking will change. That is worth it.
- Just because something needs doing, doesn’t mean it is you who should be doing it. Take on partners, employees, contractors, monkeys and whomever you can to make it work.
- Some people aren’t entrepreneurs. Chasing riches does not qualify as a good enough reason to be one.
- Long term thinking helps with better short term decisions. For example, if I started an Amazon retail sales business today, it would help me learn more about running a business than any MBA ever could.
- Ideas are worthless. There are too many and not enough time to try even a fraction of them.
- Any business sufficiently improved can be “Fastlane”. Simple math: say you make $100k p.a. salary and Bobby makes $100k in his business. Business can trade for a multiple of 2x to 6x for small and Tesla is an extreme example of a crazy multiple. Point being, Bobby is worth the 2x to 6x of the $100k his business makes. It does not take long for the math to get to “Fastlane”. (Note: this only works if business is not dependent on you, so I exclude copywriting etc.).
While I don’t know what I’d start or do if could travel back in time… I do know I would not need to watch YT side-hustle videos. Why? Because I think that buying something on Craigslist and finding a way to re-sell it at a profit is better use of my time. Travelling back in time, I’d know that action > content consumption. Dwelling on “what action” is not productive either.
Anything that can take $1 and turn it into $2 for you, do that. Learn from your success and failure, you’ll have both.
Example for illustration:
Today I decided to clean my roof, deck and driveway. Business ideas I saw just from that:
- Getting power washer on the roof … is the ladder the way it’s designed the best? Could I improve on it to make it safer from side to side wobbles?
- I am a wealthy person, while I enjoy doing things with my own hands, is this what I should be doing? If I called a number for a power washing, what would it cost? Would anyone even pick up? Could they show up same day while the weather is good? Hmmm… What would I charge if I organized a bunch of people to do this super fast with the right equipment?
- If I have to do it at my house, I can see from the roof my neighbour’s roof is filled with crap too. All those leafs. Could I get a subscription model when my team shows up? Does it exist? What if my competition in this hypothetical business sucks? Can I narrow my focus to get so good, we’d get all the business. I know there is a need, I am proof of it, I am standing on my own damn roof cleaning.
- No, I would not hire anyone for this. I don’t mind it, it’s my “thinking“ time and the views are nice. I can see the city! But the damn cord is too short. Alright, Home Depot to the rescue. Now I am getting a 75 foot contractor grade cord that‘s on a roller. LOVE IT. Shit, I know I like my toys… could I create a DIY toolkit, the best of the best for tasks just like this? Could I sell it just by tinkering with a few variables to improve? Now that I have this new cord, do I need a new blower? What if I supplied every realtor in our region with discount prices for a bundle for a move-in gift to any new homebuyer? Not just some shitty box with a few tools, but like a few grand worth of quality! And provide storage installation?! Thats it. Would anyone even want to buy it? Maybe. I bet I could figure this out quickly. Test it by buying all I need from Home Depot and then tinker and improve.
- If I am thinking of homes, market is down, rates are high. Damn. There is an opportunity somewhere in that. What is everyone doing now? Not buying… or selling? Can I get a discount if I bought?
- All this thinking while power washing… my gloves are wet, it’s chilly. Glad my pants are waterproof! So are my shoes, brilliant on my thinking earlier to be ready. But the working gloves are wet. Would it make sense to make some gloves with gore Tex material? Labourers go through gloves weekly! It’d be too expensive. But think about people who do what I do… gloves for DIY a few times a year. They probably exist already - let me look it up, must be easy to find out. Oh but if they exist, what’s annoying about them? How can I fix that? I just love the idea of making the best glove on the planet and selling millions of them!
Hope you find this helpful. Best of luck and happy holidays!
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