I take you on a journey through my eye-opening experiences as an entrepreneur. I was astounded when I looked at my numbers from last year, realizing I had been out of touch with my own business's inner workings. It was a wake-up call that came unexpectedly during a routine call, where the profit and loss statement, which I hadn't reviewed in months, was discussed by chance.
In this episode, I shared insights from running not just any business, but a sales outsourcing company I started years ago with a simple goal: to make it successful enough to do whatever I wanted. It's a story of not just achieving financial success but also finding personal satisfaction and joy in the work I do.
You'll hear about the nuances of business management, the importance of regularly reviewing your financials like the top line, gross margin, SG&A expenses, operating expenses, and net margin, and understanding your balance sheet and debt loads. These aspects are crucial, yet often overlooked in the day-to-day hustle of entrepreneurship.
I'll also delved into the journey of mastering entrepreneurship, a path that took me decades, not just years. It's a tale of building a business from scratch, seeking happiness and work-life balance, and confronting the reality that these pillars aren't always as stable as we hope. Market conditions shift, and life throws curveballs, affecting the very foundations of our business and personal satisfaction.
But there's more to it. I discussed the challenges of this instability and how I navigated them, emphasizing resilience, the willingness to continuously work on oneself and the business, and the relentless pursuit of solutions.
Listen as I reflected on being a conventional entrepreneur and the lessons learned from managing a successful business amidst life's unpredictable shifts. This episode from my Dec 15th Gurus and Sages Live is a deep dive into the real-world experiences of entrepreneurship and is essential listening for anyone on or aspiring to this challenging yet rewarding path.
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Ep 5 | How I think about my 7-figure passive income business.