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- This Question Guarantees Success
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Today we’ll be discussing a simple strategy for identifying the business model you're most likely to succeed with.
If you haven't started a company yet, or are stuck between scaling something that's already working or launching something new, today's issue is for you.
Let’s dive in.
Over the past few months I've come to a fork in the road in my business:
Scale what I'm already doing
Or start something new
As an entrepreneur - and especially a beginner - this is one of the toughest decisions you'll face.
On the one hand, taking a project from zero to actually generating revenue is one of the hardest parts of working online. And because of that, it's almost always easier to scale something that's already working.
On the flip side, just because your business is making sales doesn't mean you should invest more time, energy and capital into growing it larger.
Reasons for not wanting to scale something include:
The biz being in a slowing / dying industry
The fact you stumbled into the business by accident
Newfound knowledge re: what it will take to make the company succeed
Inability to raise the capital required to grow the business
Life circumstances that reduce how much time/energy you can invest
And so on
So what should you do?
Whether you're a beginner trying to decide which business model to pick, or are facing the conundrum explained above, there's one simple question you can ask to get immediate clarity on this exact issue:
"Am I willing to do the work every single day?"
Now, don't flip out.
I'm not implying you have to work 365 days / year to achieve success.
Instead, the reason this is so powerful is because - if you actually understand the tasks involved in growing a business from zero to being successful - this line of questioning cuts straight to the core of your soul.
If your immediate gut reaction is "No!", then you should probably get out of that line of business ASAP.
Mainly because that kind of gut reaction shows you have deep internal resistance to performing whatever tasks are core to growing that kind of business.
On the flip side, if your immediate gut reaction to the question above is a resounding "Yes" (or even better, a F**k Yes), odds are you should dive in full steam ahead.
Why?
Because doing the work day in and day out is the most guaranteed path to success as an entrepreneur (or coach, or freelancer, etc.).
From friends who earn 7-figures per year, to clients who've exited their companies for 9-figures, every successful business person I know focused on one business model for years and years.
Same for the countless millions I don't know.
On the flip side, it's common knowledge (to the point of being a meme / cliche) that the people who constantly:
Chase Bright Shiny Objects
Change industries
Switch their offers
Etc.
....are the same people who never get ahead.
The reason constantly pivoting tactics, business models, etc. is so counter-productive is because people vastly underestimate how much work it takes to achieve success.
While Internet Marketing gurus promise overnight riches, in 99% of situations it takes months to get something off the ground and years before it starts making serious money.
Especially if you're a beginner.
But when you're constantly switching things up, you prevent compound interest (the business kind, not the investing kind) from working in your favor.
In fact, every time you start something new, you quite literally reset the compounding process to 0.
Which is why the above question is so powerful.
While there's no true 'guarantee' of success in business, two of the most powerful things you can to set yourself up to win include:
Choosing the right business model
Being willing to do the work every day for years on end
Sadly, focusing on one business model for 6+ months is where 99% of people struggle online (OK maybe it's not 99%, but you get the point).
From giving up too soon, to chasing whatever trend is hot and sexy, being unwilling to do the work day in and day out is arguably one of the largest challenges you will face as an entrepreneur.
So if you're considering launching your very first company, or trying to decide between multiple options, ask yourself:
"Are you willing to do the work every single day?"
If your gut tells you "No," give yourself permission to explore alternative business models that are more aligned with your interests and talents (without falling victim to the passion trap).
And if you're so new you don't even know what kind of tasks are involved in the business you're considering, try and speak with a couple people who've already achieved success with the model you're considering.
In particular, ask them how they spent most of their time in the early years, and consider whether you can see yourself doing the same.
💡 Takeaway: There are hundreds if not thousands of factors that can affect whether or not your business is successful. Many of which are out of your control. But one of the biggest factors you do control is whether you're willing to do what's required, day in and day out for years on end.
🎁 Resources:
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