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To go big, or to just get by for now?

YoungPadawan

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So a question to you all...

For those that have "made it," was your first successful venture something you created just to get by - just to quit your day job? Or was it something that you started that you wanted to create a legacy? The thing that your life would be remembered for.

For those that haven't "made it" yet, are you working on something that you truly believe will change the world, or is it something that you're doing to quit your day job?

This is something I've kind of struggled with. I want to create something that lasts for hundreds of years. But right now, I have yet to quit my day job.

I've been developing a product that I believe is better than what is already out there. I'm almost finished with it, I've imported parts of the product, and I hope to list it on my own ecommerce store within the next 3 months. (hopefully)

The thing is - I'm not really too crazy about the niche that it's in. I don't know if I should just license the product to a larger site, or build other potentially superior products in the same niche and continue to fill out the website, even though I'm not all that passionate about it.

I know, I know... DON'T FOLLOW YOUR PASSION. But this isn't just about following your passion. This is about spending years of your life on something that you really don't care about. Something that won't affect your legacy. The thing that you will be remembered for when you are dead and gone.

What are your thoughts? Should I just license this product out - hopefully getting a few hundred bucks profit a month, or build a full-blown brand?
 

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MTEE1985

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A-M-A - What I would do if I started today... And Why...

Just getting by sounds painful. What’s the upside and downside of going big? Of just getting by? My guess is that the downsides are similar while the upsides are exponentially different.

@Kak this one is in your wheelhouse

On second thought, maybe post your OP in that thread above? Might get more responses.

Edit #3... @Shepherd see below
 
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YoungPadawan

YoungPadawan

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So I'm in a particular situation that the vast majority of people would never find themselves in.

I'm the only son of a 3rd generation farmer and my family has been farming since this area was first settled.(United States) If I don't continue the family farm, it will, more than likely, be broken up, thereby disappointing my parents and wrecking everything my ancestors have been working for the past 250 years.

So, I am sort of stuck in a small, rural area, but I have much bigger dreams than 'just getting by.'

In order to reach my bigger 'dream goals,' I have prerequisite goals that I need to achieve, thereby hopefully avoiding the disappointment of my parents (as well as dead ancestors).

1. Pay off the family farm debt so that we are free and clear, and aren't the bank's bitch anymore.

2. Purchase additional land outright, so that if generations after me want to farm, they will be able to unrestricted.
Once this is done, the bank's, as well as landlords, won't rule over my parents.

If I am able to achieve those things, then I believe I will be able to make my parents proud and be able to pursue my dream goals freely.

My 'dream goals' require that I travel. I could raise venture capital and go where I need to go in order to do what needs to be done and be able to devote more time to those goals, rather than having farm stuff on my plate.
 

garyfritz

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My grandfather farmed the same farm I grew up on (NE Iowa) so I went through some of this too. If I had taken the farm, my sons would be in your shoes now.

I never wanted to farm, but I have two brothers and they both very seriously considered it. My younger brother worked with my dad for a few years. Finally both of them decided that wasn't their path. At first my dad was very disappointed. But over time, seeing how things were changing, he changed his mind. He told my brothers he was glad they didn't take the farm, because he didn't think it was a very good life any more.

So think very carefully if you really want to tie yourself to a farm. You have to love farming, it has to be in your blood. Otherwise it's a damn hard and poorly-paid job with horrible working conditions.
 

Davejemmolly

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I remember reading an article about a millionaire restaurant franchise founder who initially didn't even particularly like his business.

Always wanted to do fine dining, and was embarrassed with the food he was selling.

Though as people kept buying it, he kept selling it, and as more franchises opened up, we began to love the business.

Long story short, your perception of your business can change, especially as you start to see the value that you're bringing to the world!
 
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MTEE1985

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I remember reading an article about a millionaire restaurant franchise founder who initially didn't even particularly like his business.

Always wanted to do for fine dining, and was embarrassed with the food he was selling.

Though as people kept buying it, he kept selling it, and as more franchises opened up, we began to love the business.

Long story short, your perception of your business can change, especially as you start to see the value that you're bringing to the world!
Chipotle...I believe the story was mentioned in Unscripted? @MJ DeMarco

But yes, he started it as a means to an end and was more successful than any fine dining restaurant chain likely ever would have been.
 

RazorCut

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1. Pay off the family farm debt so that we are free and clear, and aren't the bank's bitch anymore.

2. Purchase additional land outright, so that if generations after me want to farm, they will be able to unrestricted.
Once this is done, the bank's, as well as landlords, won't rule over my parents.

If I am able to achieve those things, then I believe I will be able to make my parents proud and be able to pursue my dream goals freely.

My 'dream goals' require that I travel.
I want to create something that lasts for hundreds of years.
It seems that what you really want might be right under your feet but you are scared it will pin you down and you will live your whole life in the sticks missing out on all the shiny objects the world has to offer you (and rightly so).

What sort of farm does your family run?

In the UK there has been major pressure on farms for many years with small farms running continuously in the red year after year. However this has created a lot to diversify. If your back is up against the wall you have to fight or die. Often a son or daughter have been the saviours as they have looked beyond the fences with new eyes to see what could be achieved utilising their farms resources and the world outside. Often harnessing the power of the web.

Here are some of the things UK farms have moved in to:

Cheese production
Sausages
Speciality Meats
Emu or Ostrich farming
Mushroom production
Insect production for food (a market that is growing strongly and will be huge)
Escargot (snail) farming
Artizan Pies
Tourism
Farm Shops
Artizan Ice Cream
Self Storage
Office/workshop rentals
Artizan Chips

Build a big enough business and your parents can run it in your absence while you are travelling the world.

-
 
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