I often get asked why I bother with entrepreneurship. I guess I am seen working 24/7. And I don’t have a really fancy car or pad to show for it. I don’t turn up decked out in tailored suits or expensive watches. And generally do not seem to have a lot of cash.

All of the above is true, I am currently asset poor (like most entrepreneurs). So why do it?

Pretty much all rich entrepreneurs were broke at one point or another. What’s the difference between an entrepreneur that made it and a lottery winner? Well, both are playing a game to win big but the entrepreneur played a game with much better odds of winning even though many more variables are at play.

There is always some luck involved and the majority of big shots will tell you so. Luck is made of course. To be lucky you have to get a few things right environmentally. Whether that is being in the right place, at the right time, in the right shape, with the right contacts, or any other of the tens of variables that could be right in a given moment to win big you have to be playing the game to have any chance of making it happen. I’m sorry, but if you are stuck in a cubicle making calls for somebody else chances are you’ll miss the chance.

It is also a point of persistence. I do not mean you keep flogging the same dead old horse (I have made that mistake) but I do mean you keep going and trying out new projects until one or more work out.

The biggest mistake I made is setting up a project with too high a cost of failure. There was too much at stake for my circumstances, if it went wrong (and it did) it would take me years at the level of income I had then to recover to zero never mind back in the black.

So how do you go about it? Grant Cardone’s excellent book the 10x rule really drums in the idea of thinking big – I recommend you read it. The technique is simple but hard work. Think what you think is possible with your venture – then multiply it by 10! Work out what you have to do to make it 10 times as successful and do whatever it takes to get it done.

When I first started out doing small websites and a few hours of IT support each month I was hoping to make £500-£1000 at it each month to help cover my bills. This was all wrong – I should have thought I want to make £5,000-£10,000 each month from this and done what it would have taken to do so.

It took me 5 years to get up £5,000 a month after I changed my services, moved away from IT support (that was based on time for money) and created marketing packages that included websites so I could put clients on monthly retainers. Beforehand I was doing one-off jobs which meant I was scrabbling around for work after each big job finished.

If I had thought big from the start I would have made it to that level in just a few months. Faced with the problem that so many little websites would have been very difficult to promote for and sell each month. I would not have been physically able to fit in that many hours of IT support at £25 per hour either. I would have had to think outside of the box I found myself in and come up with ongoing marketing packages much sooner.

One of the main things that ensures success is making a big goal and then figuring out how to surpass that goal as quickly as possible. The smarter the solution (whilst maintaining quality), the quicker and more fruitful will be the success. You have to keep the momentum going. When I planned out making my first 6 figure income it seemed a huge goal – you seldom make it to your initial huge goals unless you keep aiming higher. Half way towards 7 figures set your sights on 8 figures and you’ll breeze on through 7 figures no problem. Keep your sights on 7 figures and it’ll be harder!

For me, when we look at whether or not to start a new venture we figure out what we feel is a big goal in terms of profit and value provision – then I look at it hard and decide whether we can pull it off. For us, that means can we get to that level quickly and with minimal time investment once at that level.

Right now, the magic figure for me for each project is £50k per calendar month in terms of profits. If I cannot figure out a somewhat realistic way to hit that figure without requiring my constant time investment I try to refine the project or find another one. Note, this is not for investments but for active projects. Investments would need to be way higher in terms of potential profits as you are completely depending on others to do the work.

It should not all be about money though. One of our projects is non-profit so it does not fit with plain profits as a deciding factor. When you look at this you need to look at positive impact. How is it going to help?

The magic really happens when you can combine the two – high profitability with high positive impact. If you combine the two you get big goals which can be really pulled off. You can easily push the purpose of your endeavour and get support. And you can walk into any sales situation knowing what you are selling is valuable and worthwhile.

All entrepreneurs have passion by the bucket-load. Why else will you get up at 5am every day and work 90 hours a week for no pay? You are passionate about your endeavours and that’s it. Position your passion, your profits and your positive impact in the same direction and your success is a matter of “just do it”. And positive impact means we all win from your endeavours.

I have 8 potential projects that have passed these qualifications. Each has various actions that will be required to get them to hit those levels of profits – some will take more time or money investment than others. However, by going all in on all 8 at once I can quickly find out which ones are most likely to succeed from in real time and can adjust my focus accordingly. This is me working on one thing – my success.

I know a lot of thought leaders push that you should only work on one thing. I agree with the principle but not necessarily the application. The one thing you should work on is your success in life. That includes work, family, love, relationships, personal development, education and your spiritual well-being (and anything else you have in your life). Do all the projects you want. Better to cram as many lives as possible into this one and hit many big goals not just one. Check out James Altucher for more on this, he puts this idea across well (as he does with most things).

So if you have projects you want to get off the ground, decide what your big think goal is in terms of monthly revenue or impact and ensure the projects you pick to dedicate yourself to are capable of making those goals a reality. If not regroup, rethink and start again.

Your success is the one thing you should work on. And make those goals big and beautiful so we all win.

Takeaways:

  • Think Big
  • Do not think small, ever!
  • Look at whether your venture will have a large positive impact
  • Use your passion
  • Do not limit yourself to one passion project
  • Be persistent at success but don’t flog a dead horse