Quick note:
If you invest in real estate, it takes 20 seconds to see how much money you can save in taxes by doing a cost seg & taking 100% bonus depreciation.
Use this calculator to see the math.
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Navigating the inevitable dip
Every business or project or hobby is very fun in the beginning because the progress is coming quick. You’re improving by leaps and bounds. You’re getting the first customers. You’re quickly launching a website and designing a logo. It is full speed and fun.
Then comes the realization that every aspect of life, if you want to grow and create true value for yourself, becomes a combination of the same uncomfortable things.
It’s hard, not fun work to build a business. People like to talk about entrepreneurs as overnight successes. You show me an overnight success - I’ll show you somebody who spent years in the trenches building something that suddenly began to work.
That is the funny thing about entrepreneurship.
You can toil away for weeks or months or years and feel like you’re making no progress at all. Then in the matter of weeks it can all come together, the traction takes hold, and you make massive strides.
If you’re doing it right and setting yourself up to capitalize on opportunities the growth can come at you fast.
From 2017-2019 I felt like absolutely nothing happened in my career. We didn’t grow much. Our real estate portfolio was substantial but not exploding by any means. And then 2020 was an explosion of growth and so was 2021. The stars aligned and my net worth grew by 8 figures over about 18 months.
That's how it always seems to happen. You reach the dip, fight through it or give up, and come out the other side to some serious growth.
But most entrepreneurs attack entrepreneurship like out of shape people attack the new year.
They make massive changes, get all excited and get incredibly intense about business for a few weeks or maybe even a few months.
But then they lose interest because the changes they made aren’t sustainable and they give up, only to go back the other direction and gain all of the weight back more quickly.
You can attack entrepreneurship like a feverish new year’s dieter, or you can make it a sustainable part of your life and build long term habits conducive to sticking with your business and making it through the boring, not fun, trying times.
Sprints happen, that is for sure. Opportunities arise and you have to spend weeks or months flat out, seizing the opportunity, but then it goes back to the monotonous grind. Doing the right things over and over again for years on end.
The truth is that entrepreneurship is a lot like hunting.
The entrepreneur is a lion out in the Sahara desert laying on a rock. Laying on a rock, toiling away in his business doing the boring, not fun stuff.
Then, all of the sudden, the Gazelle appears in the field. That Gazelle is an opportunity worth sprinting after.
The lion gets up and sprints full speed. 100% energy for a few moments. Flat out. The entrepreneur seizes the opportunity and carries it back to his company and it keeps everyone full for a long time.
Entrepreneurship is truly like this.
Your job as the leader of the company is to chase down the opportunity, kill it, and bring it back for everyone to eat.
But those days are few and far between. The rest of the time you’re laying on a rock. Sitting back watching your team work and making sure everybody has everything they need to do their job. You’re toiling away doing the boring stuff the rest of the time.
If you can’t survive the dip, your company won’t be around to take part in the hunting!
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A few posts from this week:
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Onward and upward,
Nick Huber