It’s a common theme in entrepreneurship, taking things to the next level is always exponentially more difficult.
This has to do with the definition of entrepreneurship: “Capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit” So the ‘next level’ is by definition, bigger, more complex, and certainly more risky. If you’ve established revenue streams and have the machine running well, why would you shake things up?
Over the years you develop an strong understanding of risk. To level up your current business is easier than moving into a new business. For me, I saw that I needed to change industries three times.
First, I was in the corporate world. This was far from entrepreneurship, but I know I had to change my path. I started modestly, designing template websites on the side for small business owners. But that allowed me to get established with semi-online businesses which led to the next career overhaul… into affiliate marketing. In affiliate marketing I grinded for over 270 days without turning a profit!! Finally I turned things around and my final campaigns made over 170k in 15 months. That was all on autopilot (once they were set up I just let them run)
But another career evolution was around the corner. I knew affiliate marketing had a limited life cycle, so my revenue wouldn’t continue for long. I could have stayed focused on building the affiliate empire, but other than the money I wasn’t learning much and it was dreadfully unfulfilling. So to take things to the next level I took around $60,000 and worked 80 hours a week for 14 unprofitable months to build our sex toy eCommerce store. THAT was the biggest risk I had taken yet. And very lucky that our persistence paid off.
So we can see at each stage of evolution I had to take bigger risks, bigger start up investment to get started.
Why do entrepreneurs take these risks? Is it because they are risk tolerant gamblers?
I believe it’s because entrepreneurs have the unusual talent to see into the future. They experience their vision and have manifested it, every time re-enforcing this belief.
Why does this lead entrepreneurs to take risks? Because they will always have two visions for the future; one for if I keep doing what I’m doing now, and two what will happen if I start doing this other thing?
I could look down the decades long career of my accounting career and see what was ahead, I simultaneously saw the possibilities if I made a BIG change in my life TODAY how amazing my life could potentially be!
This is the same rationale that led me to make BIG life decisions. Once the decision is made, the final step is to go ALL IN. That’s what separate’s the achievers from the false-believers
BTW, if you want to see what we’ve been building over the last two years, checkout My Bedroom Spice our online adult toy store! We’ve poured our hearts and souls into the brand, enjoy