How many attempts (businesses) did you make until you reach $5000/month profit?
I am reading the book The Great Rat Race Escape by MJ DEMARCO and there is a thing called The Baseball Principle (One Swing Doesn't Make A Season). It is basically about you have to try many times before you find the success. There is a survey that said the average number of business failures before profit is around X (hided to prevent bias). So I would like to ask you how many business failures before you have a profit of let's say 5000$/month (enough to escape ramen). I will read your replies and make an excel sheet with formula to calculate average attempts before we see success, I think this data will greatly benefit all of us entrepreneurs here. You can do your freestyle but if possible you can do it by following the format (profit is per month):
06/2022:
* business 1, profit = 0
=> total profit = 0
09/2023:
* business 1: 0$ * business 2: 0$
=> total profit = 0
12/2023:
* business 1: 0$ * business 2: 0$ * business 3: 100$
=> total profit = 100$
03/2024:
* business 1: 0$ * business 2: 0$ * business 3: 100$ * business 4: 300$
=> total profit = 400$
09/2024:
* business 1: 0$ * business 2: 0$ * business 3: 500$ * business 4: 3000$
=> total profit = 3500$
16 comments
[ 0.20 ms ] story [ 28.0 ms ] threadMy job is kinda boring and it's not too challenging. I probably can do my weekly work in one day a week so I'm far from stressed. I also don't have any ambition for a higher-level job because this one pays enough to get by. I work in IT (in house) as architect. My yearly reviews are still above average. So I'm pretty good :)
Where I live, the culture has lost that sense of pride and it’s awful. Things are expensive and the quality of service/product I get in return is awful.
My point being, competition and ambition aren’t correlated to the quality of work delivered.
Somebody else saying "it took me N tries before making $5000/month" won't mean much for you, because their circumstances are different from yours.
and for the record, I'm on attempt 3 and overall something like $10k in the red. (in terms of money invested, I'm not in any debt personally)
Maybe the reason why business #5 or #6 is more successful is not that they changed businesses, but that they finally developed the skills necessary to make it work through their failures. If they went back to business #1, they could probably make it work this time.
Takeaway? Chose one thing and develop the skills (sales, etc) instead of jumping to the next thing.
If we are talking about $500K per month, then that is a different story...
I can handle the downvotes...
Having a great product is meaningless if you can’t get people to buy it.
If you’re a one person shop, you need to learn the skills needed.