- How long does it take to make your business stable?
Is it three months, six months, 12 months?
(upbeat music)
(car revving)
That's actually not a very good question
and I'll tell you why.
Because, first of all,
how long it takes
for you to build a stable, sustainable business,
everybody's different.
For some, it might take decades.
For some, it might take years.
And that has a lot to do with your skill as an entrepreneur.
How much experience do you have?
So, say when someone says to you,
"Oh, it's going to take three months,
"it's going to take six months."
Well, it might take three-to-six months for them
but it might take three-to-six years for you.
That's a big difference, right?
It's like someone is asking,
"Well, how long does it take to be a good chef?"
Well, for some it's going to be a long time.
For some, it's not going to be such a long time.
So, that has to do with how much you know, right?
And your skillset.
So, another way I also look at this,
like, I'll tell you a good example.
In the beginning, in my business career,
it would take years, it took me years
to get to a place that I would consider stable.
Now, I could launch a business
and I could make that profitable sometimes
in less than a month.
So, what's the difference?
You tell me, comment below.
What is the difference?
Because, why?
Because now I have grown, right?
I've grown as a person, as an entrepreneur.
That I have certain skills.
I have the mindset and I have walked the path.
I know what it takes to make a business work.
I know how to launch a successful business.
I have the steps and I've done it many, many times already.
So, because of that.
Another way I look at this is,
you also need to consider
that you never want to get complacent in business.
Just because you're stable today
doesn't mean you're stable tomorrow.
Just because you're successful today,
doesn't mean you're successful tomorrow.
See, the name of the game is not to get rich,
it's to stay rich.
Does that make sense?
A lot of people, they become successful,
they get rich but they don't stay rich.
Very few do.
So, yes, celebrate.
Give yourself a pat on the back.
At the same time, don't sit on your ass
and say, "Hey, you know what?
"I'm successful enough."
Then you get complacent.
That's when your enemies, that's when your competitions,
that's when they come in and they take your castle, right?
You always want to have
a dose of healthy paranoia, I believe,
that things are good, things are doing well,
but what if things change?
What if what I'm doing right now doesn't work anymore?
What if suddenly
the technology that I'm utilizing right now
doesn't work anymore?
What if the platform that I'm advertising on
suddenly doesn't work anymore?
What if I lost my number one customer?
What if I lose my number one employee, then what happens?
So, I think, having that insight,
"Hey, expect the best but you also prepare for the worst."
When you understand, when you recognize,
when you know what are some of the ways that you could lose.
What are some of the ways
that could take you out of your game
and you prevent a lot of those things,
that's how you have a stable business.
I think a lot of entrepreneurs,
that a lot of good entrepreneurs,
they're not overly optimistic.
From my experience,
a lot of the good, highly successful entrepreneurs
who have built a company,
who have longterm sustainable success,
most of them, from my experience, including myself,
that sometimes we spend a lot of time focusing,
thinking about what could go wrong.
What could go wrong?
What are some of the risks?
What are some of things that we don't see?
What are some of the assumptions that we're making
that may not be true?
So we don't want to be overly confident.
We want to have just a little dose of healthy paranoia.
I think, it's very good.
So, does that answer your question?
Comment below.
If you have any other questions, comment below.
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Til next time, I'll see you in my Bentley.