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WJK

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Found this thread at the perfect time.

The ideas found in this thread hit me differently. I recently (within the last few months) learned a new skill. It’s been proven successful. I’m confident I can continue to build revenue if I focus on getting it in front of the right people.

It’s still early on in my business. I’m thinking about pivoting it a little differently to help people with a very specific problem.

Part of me wants to stick with what’s proven to work. The other part wants to dedicate some time to this new pivot.

What I’ve gleaned from your post is what you said to MTF a couple years ago:

No!!!! That is the right thing to do. Build off of what you know.

You would still be working within your field of expertise.

I should clarify as well that there is nothing wrong with making changes and adjustments. Especially early on while trying to find a niche

If you are going to sell information, then understand the market and go after it


You also said:

“My contention is not to stick with an unsuccessful path. It is to find one with potential, build your skills, and capitalize on it.”

Thank you for clarifying this point.

This helps:

You must have a solid base -- financial/business -- BEFORE you diversify. And then you must take good care of that base while you dally with other ideas and business pursuits.

Many people shoot themselves in the foot by diluting their resources and efforts by chasing other ideas and side issues too early in the process. Creating a business takes everything a person has to give. It's a 24/7 quest.

Or they become a success and feel that they no longer need to take care of their businesses. They are too busy spending the money and showing off. That's when they throw away their spouse and marry the office bimbo. Or buy a huge boat or a plane. I've watched a bunch of them lose everything and go broke. Then it's start-over time.
 

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SteveO

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Found this thread at the perfect time.

The ideas found in this thread hit me differently. I recently (within the last few months) learned a new skill. It’s been proven successful. I’m confident I can continue to build revenue if I focus on getting it in front of the right people.

It’s still early on in my business. I’m thinking about pivoting it a little differently to help people with a very specific problem.

Part of me wants to stick with what’s proven to work. The other part wants to dedicate some time to this new pivot.

What I’ve gleaned from your post is what you said to MTF a couple years ago:

No!!!! That is the right thing to do. Build off of what you know.

You would still be working within your field of expertise.

I should clarify as well that there is nothing wrong with making changes and adjustments. Especially early on while trying to find a niche

If you are going to sell information, then understand the market and go after it


You also said:

“My contention is not to stick with an unsuccessful path. It is to find one with potential, build your skills, and capitalize on it.”

Thank you for clarifying this point.

This helps:

Thanks.

I feel that the concept is very simple. The difficulty comes in when you have that shiny object syndrome.

Finding the initial path is the hard part. It will be different for everyone. Some people already possess skills in an area that they want to focus on. Others need to develop them.

I did not have much for skills in the path that I chose. I put a lot of effort into learning. Jumping in with both feet was scary at first but I got over that.
 

sonny_1080

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Thanks.

I feel that the concept is very simple. The difficulty comes in when you have that shiny object syndrome.

Finding the initial path is the hard part. It will be different for everyone. Some people already possess skills in an area that they want to focus on. Others need to develop them.

I did not have much for skills in the path that I chose. I put a lot of effort into learning. Jumping in with both feet was scary at first but I got over that.
Me too. I’m pivoting into incorporating what I learned with what I already know.
 

WJK

Platinum Contributor
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Speedway Pass
Oct 9, 2017
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Me too. I’m pivoting into incorporating what I learned with what I already know.
I've tried a bunch of different ideas over the last few years for side gigs and pie-in-the-sky-investments. What are pie-in-sky-investments? I take a small percentage of my income and/or assets and play long shot business ideas and investments. The investment must be small enough that I can lose it without it hurting too bad. The upside must be big enough to make the risk worth it. I know that I'm going to lose my whole nut most of the time.

I bought an oil/gas lease from my State a few years ago. It was up against a working gas field. And I bought 4 surface lots so we could develop it. Then I partnered with an oil company and they did the seismic work on the site. We found out that my lease had no prospectus, so I gave up the lease and accepted my loses. Oh well. It would have made millions if it had come in. I learned a lot about that business. But, I'm not going to bid on another lease like that again. But I do a small investment in 3 oil wells that are going to be drilled soon...

I made jewelry in my espresso bar/office for a few years. I've quit that. It was a fun idea, but it was too labor-intensive and not very profitable. I'll use that creativity for my other business ventures.

I was going to start a used car lot. I funded buying a few vehicles. My partner, the auto mechanic, and the son of a close friend, got a wide hair. He suddenly moved to Arizona. This happened early this spring before the virus really reared its nasty head. I was glad that he ran off before I invested more money. I got a nice pickup out of it and there's still a box truck out in my yard that I need to sell... We would have made a lot of money between our to skill sets. Oh well. Next.

I wrote and illustrated some kids' books. That's a brutal business. But, I had fun doing it. I love the idea that authors can now self-publish so they can make money at it. The gatekeepers have been retired.

And that's just a few of the ideas I've tried out. Each time I have learned a bunch of stuff from every venture. A lot of the learned skills can be used for the next business. Right now, I'm using a business plan and techniques for some investments. It has the same elements as I used 40+ years ago when I was a young pup. Yes, it still works. Amazing. Education is never wasted! I can think of piles of new business ideas. My challenge is to vet them to make sure they will fit into the time and money slots I have available. Oh, and they must have the right upside IF they're successful.

In the meantime, I'm taking care of my core businesses and investments every day.
 

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