Your map to gold is already filled with landmines, rough patches and uphill battles fought with yourself mostly. The glory of success comes when you have found yourself where X marks the spot. You’ve accomplished a great feat, you’ve achieved what only 6% of all Americans achieve according to a study by Kauffman Foundation 2016 : to call themselves business owners and live off it like early tribes and settlers lived off the land near the Nile River in Africa.
I’ve always wanted to call myself a business owner. It’s been since as early as I can remember. Selling candy and toys to kids in 3rd grade recess, leaf-raking and snow removal (the old fashion way) in my neighborhood, creating a record label, screen printing t-shirt designs …and so on and so on.
Many of our Comfort Killers are either aspiring entrepreneurs or building a real business on the side. Most people find themselves in real estate. But very few understand what their priorities are for owning a business. It’s funny that when I was 7 years old all the way up to age 16, my priority was MAKE MONEY then something happened… something shifted, and it became EVIL to have such a priority so it shifted to CREATIVITY and GIFTING. And now newcomers and talking heads are back at it again, making you feel bad to MAKE MONEY your priority
Well those days are long gone and now we see why so many businesses fail before they start, because their priorities are ALL WRONG. Everyone wants to figure out the best way they can add their creative juices to a project without wondering if the project is worth it or the costs of putting on such project or worse… are you going to get returns on investment for this project?
For instance, during my clothing brand days, my team and I thought it would be a great idea to create a basketball tournament in the town we lived in. These were our thoughts. “Remember how cool the basketball tournaments used to be when we were younger? It would be cool to do one of those”
The project folded faster than the airball shot after shooting the idea from half court.
Why? Priorities. If you go in any project with emotions based off your childhood memories, good feelings about the outcome doesn’t always associate with the getting of $$$. So, then what should be your priority? Listen, if you want to call yourself a business owner then the priority of any business is to make money, more specifically to make a profit. That profit can be turned into more money, more expansion, more products and even those ‘feel good projects’.
Anyone can get a roadmap for $1 at Dollar General. It’s cheap paper. But I want to help you draw some conclusions as to what goes on that roadmap and how you can get serious about being a 6 percenter.
The Law of Supply & Demand
If you look inside any business, sector or industry this law holds true. The law states that the amount of commodity, product or service available and the desires of buyers of it, considered as factors of regulating its price. That was straight from Google.
Well, what if we think about supply and demand another way? Why don’t we say that if 99% of the people are doing this one thing… it will lower its value and instantly apply the law above. What if we look for the 1%. I mean if everyone is doing the same thing what are your chances of making any real money in that space?
The object is to use this law and apply it to the choices people make not just commodities.
BIG, Blockbusting and Glamourous
The door knockers of America are currently outside alone now. They are free to knock blocks of doors without much competition …you know why? It’s dirty.
The sales people who pick up the phone with their lead list or an old customer list are the only ones calling. You know why? It’s dirty.
The direct mail marketers, whom you believe is holding on to a thin thread, is actually making a killing again. You know why? People actually rather get mail now. (not email). You know why? It’s filthy work.
People who dug up the hole at my apartment complex to fill it with rocks and lay bricks are few and mostly migrated to America for a better life and opportunity. They are digging gold. You know why? No one wants mud on their shoes.
The point is – everyone is a damn coach, everyone is flipping homes, everyone’s writing a book about marketing, everyone has a course, everyone is in the glamour industry. You know why? Because it’s where the 99% go to snuggle up to feel good.
So there is an imbalance of people willing to commit to the ugly. So if you’re priority is money, get rich, get wealth. Do what the 99% are not doing. Emerging industry or new and developing sectors.
When you want money? Plenty will be waiting because investors love being first to rush at something in hopes of one thing? Ay, it’s not to be creative.
Owning a thing Vs Controlling a thing
One of the biggest lessons I learned over the summer was the need of always wanting to own something vs controlling it. That is what the book E-Myth is all about. I got caught wanting to throw my name on everything, because it’s glamourous and goes down in history. It’s too early to own if you are a startup. Most people hate the thought of selling their baby so bad, me included, that I would turn my nose up at anyone mentioning it.
Why are we like this? It’s a slave mentality I think. The first notion of you owning something comes up, you grab on it to it and go with it all the way to bankruptcy. If you are unwilling to let go… you’ll be with the rest of them. What is the difference then?
When you control something your emotion is at bay – you have skin in the game but not your damn emotions which is probably the reason more businesses fail than people would like to admit. People are caught up with keeping up with the Joneses so much that they cannot see that their kitchen is going up in smoke. They tend to look out the window more than looking at their numbers. Avoiding the pain of failing rather than sticking to a boring formula.
Most formulas for success are the most boring formulas known to man – you know why? They are repetitive and it’s the small stuff. The detail. Keep working the small stuff and you’ll have BIG wins. But humans seem to be wired differently. We want to work the BIG stuff or don’t feel like we are doing anything. We get mad when the needle doesn’t move.
I like owning shit. I really do. But I had to get out of that habit and decided to create my business differently by looking over it and putting people in place to own it. I allow them to own the content, own the lead generating, own the PR. Once that is owned …I just have to control it without emotion, only using stats.
I’ve just given you $15,000 of knowledge. Please don’t read in between the lines. Everything is here ..black and white. Let’s keep going.
Small Fish, Big Pond?
Be a small fish in a growing pond. So you grow with the pond. The pond is the industry, sector, focus, plan ..or whatever. Grow with it. Let’s take it back to the gold rush of the 1800s. Not sure if you know this already but I love to tell it. Levi Strauss, a Bavarian immigrant, saw gold in the gold rush (new emerging market). But here is how he used the law of supply and demand applied to choice. He told himself – everybody is rushing to the caves for gold, what if I supply those gold rushers with durable jeans so they can stay in the caves longer and don’t miss a moment due to torn trousers ever again. Was that genius? Or was that going against the 99%.
I love this story so much it always brings back the spirit of pure entrepreneurism in my blood. How about the Chinese stores? They were super 1%. These general stores usually owned by the Chinese sold shovels, pants, and just about everything gold rushers would need before they made their trek to the mountains. Want to know where these general stores were situated? Right at the foothills of the Gold Mountain. Pure 1%.
Remember when Detroit declared bankruptcy? It was July 18, 2013. I was speaking with a colleague at work and I mentioned how nice it would be to start looking into real estate there using the Warren Buffet formula which is buy it all after the crisis. Buy in panic. I had no money, I was just daydreaming in 2013. And that’s why it appears that the rich keeps getting richer. Because during the crisis when prices plummeted. You didn’t have the capital. The rich did.
So anyway, I asked my colleague if he thought it was a good idea. The first thing he said to me was NOBODY is buying there. It’s dead zone. It’s abandoned. I looked at him and shook my head. If you’re thinking about buying Detroit now, you’ve already missed the bubble – it’s popped. You’ll get the leftovers but leftovers can turn into grand buffets. The point is no matter what industry you are looking to get into.
- Be clear about your priorities.
- If you’re priority isn’t MONEY then you don’t have a business.
- Use The Law of Supply and Demand in your decision making
- Go for the dirt, instead of the glamourous. More money vs you’ll run out of time.
- Look for new and developing sectors in business. If you try to gold rush now in old caves and mines .. you’ll be wasting your time. Think about it.
- Owning vs. Controlling. Think bigger than one rental property, one source of income, one business, one lead generation technique, one, one, one.
- Small fish in a growing pond
I really hope you enjoyed this article. Share it out to your friends and family.
Stacy A. Cross – Chief Gold Digging Officer