The thing about business and entrepreneurship is that there’s a sweet spot that’s really hard to find between focus and agility. Step one will always be to find a profitable business model. You hear me say all the time that career business is about momentum, it’s about working from hard businesses and working your way down to easier businesses and making money in easier ways. And as you get better, as you become more skilled, as you experience more, as you get more capital, that gets easier. The real badasses find a way to work less and make more money as their career goes on. I have similar goals, so should you, so step one is to find a profitable model.
The next step is to focus on that model. Many entrepreneurs sabotage themselves with distractions. They sabotage themselves because they can’t or they refuse to focus on the main thing. I’m lucky enough in the self-storage business that we have 43 self-storage properties right now, 38 employees. We’re going to do almost $10 million of revenue in 2022. All I need to do is block and tackle and let time do its thing to make generational wealth; all I need to do is stay focused.
People ask me all the time about expanding Bolt Storage’s services, whether it be to a moving company, third party management, pickup and delivery pods, or something else. My answer is always no. Any energy taken away from my main focus is energy on the wrong thing.
Step one is to find a profitable model that has the potential, step two is focusing. The big problem with all this is that entrepreneurs thrive in chaotic environments, they love uncertainty. So we are way more likely to get distracted and excited about different ideas and opportunities. That’s the problem, that entrepreneurs are not built to focus, we’re not built to do the same thing for ten years. But if you can find the right thing and you focus for a long time and you put one foot in front of the other, let time do its thing, you’ll find success. Compound your wealth, compound your skill, compound your leverage. That is how you get wealthy and that is how you have long-term success.
Three Key Takeaways
- The keys to long-term success in entrepreneurship are finding a profitable model and focusing on it over time
- Entrepeneurs are prone to distractions and thrive in chaotic environment, which can harm their focus
- Once you’ve built a foundation, being great at saying no can lead you to working less and making more
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