Every month new and potentially lucrative opportunities come my way. People consistenly present new business ventures, ideas, and other sources of revenue to my team.
In one of the worst economies this country has ever seen, your average joe would die to have just 1 of these opportunities. Then why is it that I not only turn down 99% of new revenue streams, but I actually loathe them?
The answer is simple:
It’s smarter to develop a few high profit and scalable businesses than waste time on small, quick cash projects.
Small, fast cash projects are dire if you’re having problems paying the bills. Everyone needs to secure a position where they can live comfortably – that’s why you should always live well below your means (I don’t own a single credit card and have no business debts). If you want to live in a penthouse luxury apartment, get your dollars up so you don’t have to sweat next months rent. If you’re not there yet, stick to your 1 bedroom loft!
Here’s a true secret that few entrepreneurs understand: scalable businesses with solid revenue models is where the real money is at.
i.e. Have you ever heard of Drew Houston? Chances are no…until recently that is. Drew Houston created DropBox, which received $250 million dollars last week in funding. Drew’s team toiled away for years building out DropBox.
DropBox harnesses a simple concept that is scalable. Can you think of any other simple concepts that are scalable?
– Google: Searching for things on the internet, FREE service.
– Facebook: Social media profiles, FREE service.
– Twitter: Texting on steroids, FREE service.
Guys like Larry Page or Mark Zucherberg have had thousands of opportunities thrown their way during the creation of their core businesses. They chose to leave money on the table and STAY FOCUSED on the big picture. And where did they end up?
This past summer I had to stop my consulting service. While $350 an hour is an easy income, my weeks started getting booked out. That left no time to focus on 2 core projects, which are highly scalable. Essentially I chose to leave guaranteed money on the table and refocus on the big projects at hand. It was a good move…
Take a step back and evaluate where the core of your time is spent.
Are you building other people’s businesses or your own?
Maybe you’re happy with fast cash jobs and the comfort of a guaranteed income. If you are then stick to what you’re doing. But if you want to come into incredible wealth, learn how to leave money on the table.