BAD advice you wish you did NOT hear

[Jon822]

Which is my point, but when taken literally, it might not fit.

Billionaires get there because one of their ventures gives them the "f-you" money, or a pile of cash where new ventures are de-risked. Of course, this first venture might only be $1M, 10M, or 25M... the amount is irrelevant, what is relevant is that the sum of $$ changed their life.

The path to your first big pile of "life changing" cash happens with monogamy.

When that hurdle is surpassed, a lot of other opportunities open up.

You can become a billionaire with venture #4 or #6.
Or you can follow passions and write books, start a forum, and dabble in other spaces that won't make you a billionaire. LOL.

This is precisely how Mark Cuban did it and I'm a huge fan of this type of trajectory.

 

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[Kevin88660]

This is precisely how Mark Cuban did it and I'm a huge fan of this type of trajectory.

Was about to cite Mark Cuban too. Elon Musk wasn’t running multiple companies before Paypal.

 

[Lex DeVille]

Them...
Lex, don't do that.
You shouldn't do that...
You CAN'T do that!!
You shouldn't have done that!!!!

Them Later...
Lex, how do I do that?

 

[artz]

"In life, you need to have balance."

“You can’t have a successful business without enough money to invest.”

 

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[MichelleWood]

"In life, you need to have balance."

“You can’t have a successful business without enough money to invest.”

Agree.

And agree.

Balance is B.S.! Balance is objective, it depends on your personal values, priorities, goals and personal satisfaction. I like working on my business, I like working on my investments, I like training. These activities take up the bulk of my day/week. Sometimes friends/family say 'you work too hard, you've gotta have balance blah blah.' These are the same folks who are broke. I have balance, I balance out the entrepreneurial stuff with the 4-8 luxury trips a year overseas!

As for having a successful business without enough money to invest, I've bootstrapped plenty of business ideas. If you're giving value, customers will pay handsomely and sometimes, if you're a good salesperson they'll pay upfront!

WORST advice I was given by a business coach: "Don't sell your business, it's established now running well, you have some systems in place, keep it as a 'cash cow' while doing other things".

This turned out to be dumb advice. Our plan was to build the business up, buy a commercial premises, customize the premises for the business, then sell business and rent out the commercial premises to the new owner. We would benefit from income of a long term tenant plus the funds from the sale to invest in a Fastlane business, without the hassle of managing so many human resources. I listened to the business coach, BIG MISTAKE. The 'cash cow' takes up too much of my time for too little return. In the last 3 years turnover has dropped by 40% due to skilled labour shortages and employee attitudes a pain in the butt to manage. It would have been ideal time to sell when things were flying. I am now building the business up again with a goal to exit in about 3 years via the original plan.