The tough thing about business and entrepreneurship is that there’s a sweet spot that’s hard to find for many people. Step one is to find a profitable business model, and with low capital, this means you’ll be starting out in a hard business. You hear me all the time talking about working from a hard business into an easy business; this is a really effective way to gain the experience, leverage, and capital you need to find success in easy businesses. The real badasses work towards continuously easy businesses and find a way to make more money while working less as their career goes on.
Once you’ve set up a profitable business, step two is to focus on that model. So many entrepreneurs find a profitable model and then get distracted by something new and shiny. This leads to many entrepreneurs sabotaging themselves because they can’t docs on one thing before finding success. There’s some nuance to it, because you still want to shift from the hard businesses to easy businesses, so you have to pick your feet up eventually. But the point is to not let distractions divert your focus and sabotage your business.
People ask about the future of Bolt Storage all the time. Are we going to expand our services? Are we going to create a moving company on the side? Are we interested in installing solar panels on the roof? The answer every time is no. I have found a route where all I have to do is block, tackle, and let time do its thing to create generational wealth, and all I need to do is to stay focused. Saying yes to these opportunities would offer lopsided risk for a marginal benefit.
In college, I said yes to everything. I started a student storage company because my partner and I got excited about it. Opportunities kept coming, and I started out saying yes to most of them, but as those opportunities grow with your success you need to learn to say no. I’ve gotten ahead now because I know how to say no, I’m not bouncing from business to business without executing.
Find a profitable model that has potential, and this alone can be a challenge. Fiddle around, find an opportunity, and find the intersection of what you’re good at and what your market needs. The next step is to focus. It’s easy to get addicted to gambling and risk, but you’re more likely to get distracted by new things. Entrepreneurs aren’t built to focus on the same thing for ten years, which is why those that do it will be successful. Maintain your focus, compound your wealth, and compound your skill.
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