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Accepting Risk (alien.top)

submitted 1 year ago by Code4Kicks@alien.top to c/entrepreneur@indiehackers.space

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Hello Entrepreneurs..

I’ve started several smaller businesses that have been profitable and I’ve been to sell over the years (6 and 7 figures.). Throughout it all.. I’ve maintained my corporate job where I get a mid 6 figure salary. At 50.. I’m really done with the corporate job.. what thought processes do you use to go all in on something ?

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[–] CodaDev@alien.top 1 points 1 year ago

Have you read the book “Untethered Soul”? Would highly recommend.

The key thought for me was that I make my hiring decisions based on what the person brings to the company compared to what they cost. If they are an expense and create no margin within the business for streamlining a pain point or generating extra revenue, I don’t hire them. When the person brings something to the business, then I have a number. If they cost 80% of what they generate, I take them. If they fail to generate or execute, I fire them and find the person that will.

So to say, my employees are dollars on discount. Why? Because they generate $1 and cost $0.80.

I know there’s plenty of people who follow this methodology and, if you’re corporate, odds are you’re getting a discount on your value and it’s probably even more aggressive than that. So, you know people are willing to pay you as much as you’re getting on discount. So what are you worth when you give it 110% for yourself instead? Only question then becomes “how do I get the clients who will pay what I’m worth?” The answer to that is sales and marketing (which you can hire out if you’re bad).

You’ll likely lose a bit on HHI for a little while, but I think you owe it to yourself to at least give it an honest shot.