The True Cost of Switching
Summary
- Every time you switch businesses, you start from zero again. The cost of switching is very high.
- Many new entrepreneurs struggle because they can't stick with one thing long enough.
- Sticking with the same business for a long time gives you more leverage.
- The owner of Panda Express opened 600 new locations in a year after making the same dishes for 45 years.
- Even if you're not in the best business, staying with something for a long time makes it hard to fail.
Video
How To Take Action
I would suggest implementing a few key strategies to help your business or personal growth journey achieve lasting success. A good way to start is by sticking with one focus or business idea for a long period. New entrepreneurs often fail because they switch ideas too frequently, but you need to avoid that pitfall.
-
Stick to One Idea: Instead of switching businesses or ideas frequently, choose one that you're passionate about and stick with it. The cost of constantly switching is high, and you’ll never get the chance to build momentum. Trust that with time, your consistent effort will pay off.
-
Leverage Time: Staying with the same business over a long period gives you leverage. The longer you stick with something, the more you learn, the better you get, and the stronger your position becomes. This applies to both business and personal growth habits.
-
Consistency Over Perfection: Don’t worry if the business or idea isn’t perfect. The key is to consistently improve and adjust as you go. The owner of Panda Express didn’t have the best business idea from the start, but he stuck with it and eventually opened 600 new locations in one year.
- Long-Term Vision: Adopt a long-term vision. Give yourself a timeline of, say, five years to really see what your idea can become. This takes some of the pressure off and allows you to focus on continuous improvement without the stress of immediate results.
By applying these strategies, you’ll build a stronger business or better personal habits that will be tough to fail. Remember, the key is in staying the course and making consistent improvements over time.
Full Transcript
every time you switch vehicles you start at zero again and this is why the cost of switching is so high which is why so many new entrepreneurs never make progress is that they can't stick it out and so that's where doing the same thing for a longer and longer period of time you still get more leverage the guy who owns Panda Express open 600 new locations this year he's been making chicken orange chicken and kungpow chicken for 45 years so even though he might not have been in the highest leverage vehicle he was able to stick with that vehicle for 45 years and being able to stick with something for 45 years makes it really hard to suck
