333: Why I’m Done Building a $1 Million/Year Business
Is your goal to build a business that brings in $1 million each year? I used to be that entrepreneur, too, but something’s changed. Even though I always feel some vulnerability in sharing the ups and downs of entrepreneurship, I find joy and feel a sense of responsibility in being honest about my journey in building STC with the simple hope to inspire others. I’m sharing five realizations about why I don’t have that same goal anymore. Join me for this solo session!
- Five realizations that came to me about striving to build a $1 million/year business:
- I can’t build a lifestyle business and a high-revenue one. It is OK to choose to optimize lifestyle over revenue.
- I don’t actually need that much money. Living a life congruent with my values is more important to me.
- More growth equals more complexity. Entrepreneurial growth brings me more stress and anxiety, and it is OK to want simplicity.
- My self-worth is not tied to a number, even though excellence has always been my calling card. Being excellent all the time is exhausting.
- I had to redefine what success means to me, and it is no longer purely financial. Winning at what I do is not tied to revenue.
- Practical aspects of my entrepreneurial journey around income, expenses, taxes, charitable giving, and living a healthy and holistic life
- Why each product you launch and market costs energy and effort
- Why it’s important to me to grow less in my business so I have more time to be the husband, father, friend, and person I want to be in the world
- How capping business growth causes the pressure needed to optimize and accomplish new goals in the future
Dr. Ali Abdaal on YouTube: "How I Failed in 2022"
The Old Man & the Three podcast by JJ Redick