254: Making Money – The Skill You Need to Develop

The world talks a lot about money, especially those entrepreneurs of startups. Revenue, profitability, sales, deals, and on and on we are thinking about money. Despite money giving you the chance to live the life you want, MONEY ISN’T EVERYTHING. 

I was raised to think about money differently than most. My parents taught me the value of money, how hard I have to work for it, but most importantly, they taught me that money is a means to an end, not the end goal.

When most people ask themselves HOW to start a startup, they often don’t jump to “make money” as the main skill they need to develop. Yet, it’s precisely when you flip the script and begin to think that way, that you realize it’s the skill you need to get better at. So many people think that they can just pick any business idea and money follows; they think that they will get rich off the first venture. Those types of business ideas are incredibly rare.

You would never expect anyone to pick up a basketball and be the best, most competent player on day one””much less be NBA competitive. You could read or watch everything on basketball you want; these will only provide some awareness and knowledge. In reality, it’s a small part of actual basketball. A great player has to be able to pass, dribble, shoot, jump, run, play defense, and be completely aware of the court, not to mention the attitude while doing all of that. 

Making money is no different. As you grow in basketball, over thousands of hours, you elevate from practicing the fundamentals to playing basic pickup basketball or beginning to seriously compete. Similarly, you need to build up the fundamentals of making money FIRST before you can really have your business ideas compete as a startup.

Think about the fundamentals of making money: decision making, communicating, selling, managing expectations, etc. If you’re one-dimensional and only good at decision-making or selling, you are still lacking competence in the other areas to be truly great. 

A great product or service will not carry you as you  start your business. There will be decisions to be made, systems to be built, and teams to manage. You’ll have to ask yourself: Where do you invest? Where do you pull money from? When do you shift gears, and when do you move forward? These aspects are hard to wrap your head around if you’ve never practiced them.

All of this comes with experience. Get out, start something, fail, lose time, and lose money. Start small with a low risk business idea. You won’t be good on your first day. Start honing the skill; start practicing making money. Make a website, get out there, get customers, and you’ll be shocked at how much you can achieve in a year or two.

If you’re serious and want to learn more about honing your money making skills, visit my courses page below.

Three Key Takeaways:

  1. Flip the script by thinking of “making money” as a skill not the result of a good business idea.
  2. As you start your startup, entrepreneurs need to develop and practice the fundamentals of making money before they can really have your business ideas compete. 
  3. Get out and start something; start small with low risk””start honing the skill of making money.

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About Me

I started the Sweaty Startup in December of 2018 because I believe the Shark Tank and Tech Crunch culture is ruining the real spirit of low-risk entrepreneurship.