There is no difference between running a good business and a bad business
One of the longest lessons it took me to learn is that there is no difference between running a good business and bad business. When you look at a business from a very high level there are 3 universal components:
- Customer Acquisition
People give you money, you provide a service. There are 2 costs associated with providing that service. The cost of acquiring a customer and the cost of providing that service. When Profits from service provided > Customer Acquisition + Overhead you are winning….
Are you though?
You could launch a platform for people to journal daily, a tool for downloading YouTube videos, or a system that converts speech into text. Sure, these can yield profits, but they might demand as much of your time, energy, and resources as a business with the potential to rake in 7 or 8 figures.
Where do you want to invest your time?
The distinction between a “good” and a “bad” business isn’t just about financial gain. It’s about the potential for growth, scalability, and personal fulfillment. It’s about pursuing a venture that aligns with your long-term vision and goals. Why settle for short-term profitability when you can invest in a venture that gets you excited to wake up every morning.