You Need to Decide This…
Summary
- Every entrepreneur needs to decide if they're making money to impress others or to build something valuable.
- If you want to build something valuable, live as cheaply as possible.
- Take as much money as you can and invest it to make your venture bigger.
- If you make money to show off, you spend all your cash flaunting it.
- Only one of these paths offers security—the path where you live for yourself and not for others.
- When you have a bad day trying to live for others, you won't have enough left for yourself.
Video
How To Take Action
I suggest implementing these strategies to grow your business or personal development effectively:
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Live Cheaply: Cut unnecessary expenses. Focus on necessities and avoid overspending on luxuries. This will free up more cash for investment in your venture.
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Invest Back in Your Business: Take the extra money you save and pour it back into your business. This means upgrading equipment, hiring better staff, or increasing your marketing efforts.
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Prioritize Value Creation: Focus on providing value rather than flaunting success. This means enhancing your product, improving customer service, and maximizing the user experience.
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Track and Measure: Keep a close eye on where your money goes. Budget diligently and make decisions based on factual data rather than emotions or the need to impress others.
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Self-Reliance: Work on being financially secure by not depending on external validation. Security comes from knowing you have solid financial habits and a business that can withstand tough times.
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Reinvest Earnings: As profits come in, continually reinvest them. This makes your venture stronger and more sustainable long-term.
For personal growth:
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Focus on Essentials: Spend your time and money on things that genuinely improve you, like books, courses, or health.
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Avoid Comparisons: Your achievements should satisfy you, not be a tool to measure against others.
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Cultivate Security: Build skills and habits that provide security, regardless of external circumstances. This includes financial discipline and mental resilience.
Implementing these small and cost-effective strategies will create a stronger foundation for long-term success and personal fulfillment.
Full Transcript
every entrepreneur needs to make a fundamental decision of whether they're making money because they want to oppress other people or because they want to build something that is valuable if you want to build something that's valuable you live for as cheap as you can you take as much of that money as humanly possible and you try and make that thing bigger if you're trying to make money so that you can show people stuff then you take all that cash and you try and flaunt it but the thing is is only one of those entrepreneurs is secure because the day that you have a bad day when you're trying to live for everybody else is the day that you have enough to live for yourself