I think there were two main turning points for my ebusiness.
The first was deciding to quit my day job to focus full time on the business. For several years I was working for someone else while trying to run and grow my business on the side. My business slowly grew until I was making slightly more from the business than from my day job. At this point I made the decision to quit the job and focus full-time on the business. It was a scary decision since I wasn't completely sure how sustainable the business revenue might be long-term. It turned out to be a great decision, because once I had more time and energy to focus on the business things really started to take off.
The second big turning point for me was learning to hire people and delegate tasks instead of trying to handle everything myself. For the first few years of running the business I was a one man show. I handled everything myself: accounting, web development, server administration, ... I reached a limit to how much I could do and our revenue stopped growing. We were still doing very well, but I was stretched to the limit, and was forced to pass on new opportunities due to lack of time. I eventually started hiring people to handle various aspects of the business. From a Rich Dad standpoint, I moved from the S quadrant into the B quadrant. After doing this our revenue skyrocketed again, more than making up for the cost of paying our employees and consultants.
Both of these turning points required that I take a significant risk. Quitting my day job took away my backup source of income, and hiring people to help run the business initially took a big chunk out of our profits, and thus my income. Looking back though, they were definitely the correct decisions.
The first was deciding to quit my day job to focus full time on the business. For several years I was working for someone else while trying to run and grow my business on the side. My business slowly grew until I was making slightly more from the business than from my day job. At this point I made the decision to quit the job and focus full-time on the business. It was a scary decision since I wasn't completely sure how sustainable the business revenue might be long-term. It turned out to be a great decision, because once I had more time and energy to focus on the business things really started to take off.
The second big turning point for me was learning to hire people and delegate tasks instead of trying to handle everything myself. For the first few years of running the business I was a one man show. I handled everything myself: accounting, web development, server administration, ... I reached a limit to how much I could do and our revenue stopped growing. We were still doing very well, but I was stretched to the limit, and was forced to pass on new opportunities due to lack of time. I eventually started hiring people to handle various aspects of the business. From a Rich Dad standpoint, I moved from the S quadrant into the B quadrant. After doing this our revenue skyrocketed again, more than making up for the cost of paying our employees and consultants.
Both of these turning points required that I take a significant risk. Quitting my day job took away my backup source of income, and hiring people to help run the business initially took a big chunk out of our profits, and thus my income. Looking back though, they were definitely the correct decisions.
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