022: Risk and Wealth Building as an Entrepreneur – Can you really do both?
Listen Here and Now for Our Story about Risk and Wealth Building
We break down the 3 phases of our entrepreneurial journey over the last 10 years and how we took risks and built wealth during each phase. Yes, we believe entrepreneurs can do both risk and wealth building!
Quotable of the Week
“Happiness is not in the mere possession of money; it lies in the joy of achievement, in the thrill of creative effort.” –Franklin D. Roosevelt
Let’s keep this straight – the true joy and thrill of activist entrepreneurship lies in the creative effort it takes to achieve the change we wish in the world AND not go into poverty ourselves in the process.
Highlights from the Episode
- “Controlled Risk” – as an entrepreneur, you’re taking a lot of risks. You control your risk by doing things like writing a business plan, counting visitors to your website or traffic on your block before making a big decision. You also play a numbers game – in sales, reaching out to 100 people is likely to yield more results than reaching out to only 10.
- In some ways, it’s easier to start a business when you have money already. You’re putting less of your money at risk because you have more of it.
- If you’re like us and maybe starting your business while still paying off student loans, you’re putting proportionally a lot more at risk.
- Key question: What would it look like to build wealth (financially and legacy-wise) as an entrepreneur when you’re not starting off with the best chips dealt to you?
- Phase 1: Pre-launch – bootstrapping, throwing events, building partnerships… basically doing to hustle to make it happen
- Phase 2: First 5 years – still hustling… never making as much as we wanted to from the business. Best thing that happened: meeting our financial guy. We also learned the 10x rule. What does that mean?
- Phase 3: Transition – after we were debt free but still not making as much as we should given the time and effort we were putting in, we started dreaming again.
Making it Practical
- (1) If you’re not already, start saving.
- (2) Start questioning everything you might have been taught – especially by your HR if you worked for a big company.
- (3) If you’re living within your means and looking to get rich for sure rather than get rich quick, do a financial analysis with us. To find out more and request a meeting, text “BAEFINANCIAL” to 44222.