If you haven’t turned profit in 30 days, move on. Simple reason as to why I am successful in business ventures I undertake
The title of this article pretty much says it all. For me personally as an entrepreneur I will walk away from a business that has not made money after 30 days. It’s a simple rule that I live by whether it is a dot com business, traditional business or whatever.
The reason I decided to write this article is because over the last few months I have come into contact with people coming to me for favors, advice, and even investment money for their business.
I met someone recently who told me they have been at their online product for 4 years now and that is all they have been doing. He has put every penny he has into the business and lives a pretty penny pinching lifestyle so he can keep funneling money into his business. He asked me for a favor to get him a meeting with a very well known person in the industry he is in. I pretty much asked him a simple question…How much PROFIT have you made to date? The answer was $0 because I am still building my business he said. That’s when I had to give him the sad truth..If you haven’t made a penny in 30 days from the day you started working on your business, it means you are either not committed and working hard enough on it, or your idea doesn’t work and it’s time to move on.
Remember, no f’ing emotional attachments in business. Just because you think an idea is going to make money, doesn’t mean it’s going to make money. The proof is in the pudding. Business is such a simple thing, either you make money or you don’t make money. There is no grey area. If you ever come to me or go to anyone to ask them for a favor or investment money, make for hell sure that your business is making money already…and lots of it.
If you stick with the 30 day rule and learn to move onto the next idea when one doesn’t work, you will master a key rule in the art of making money. Also never get emotionally attached to an idea…It’s okay if it didn’t work and you have to try something else.