What advice would you give a young kid who wants to become an entrepreneur?
No advice. I would just give you the 10k Challenge.
It is really simple: Find a way to make an extra 10k in the next 12 months just by doing something that you are good at.
Why?
- It’s an obtainable goal. Everyone loves to sit around and daydream about making their first million. Well, before you can make a million, you have to make 500k, and before you can make 500k, you have to make 100k, and before you can make 100k… Well, you get the idea. The 10k Challenge gets you off the couch and puts you on the path to making that first million.
- You will tap YOUR skill set. If I challenged you to go out and make a million in the next 12 months, you would probably chase a bunch of different shiny pennies in hopes of finding a silver bullet that would achieve that unrealistic goal. At the end of the 12 month period, not only would you most likely not have met your goal but you may even be in a worse position than when you are started. BUT when you tell someone to go out and make a relatively small amount of money over a reasonable amount of time, they will usually start by leveraging marketable skills and talents they already have.
- You will try many different things. Earning 10K in 12 months means you can try a lot of different things and see what works and what doesn’t. When you start small, you are more inclined to test multiple different ideas instead of doubling down on one unproven idea. Many of the things you try won’t work, some will generate a little side cash, but a few will be truly scalable opportunities.
- You will most likely find the business you should be running, at least for now. Most people I have seen complete this challenge usually find the right first business for themselves and scale well beyond the original 10k goal.
^ Once you have achieved your first 10k, do it again but this time increase the goal amount. You will be shocked where you will be in year 3 and blown away by your progress by year 5. In 10 years, you won’t even recognize your old life.
Most people overestimate what they can achieve in a year but underestimate what they can achieve in a decade.
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