In this episode we talk about the key to really know if you're building a business that's going to sustain.
How do you build a sustainable business? It really does start with learning about who you are as a founder, because as a founder we have all these million dollar ideas, right? And as soon as you see an idea, you might want to jump on that idea without thinking what my life is going to look like 10 years down the road if I go this route.
When I was in business school, for example, one of the first ideas that I had and it's really because I was inspired by my surroundings is I wanted to do something in personalized medicine, and one of the easiest ways to get in is to do personalized supplements. At this time, I looked around and no one was really doing anything like this. There might have been one company trying something, and perhaps there's other other people that were working on it in the background that just didn't have a digital presence. But you could not really find anything.
So my idea was to make personalized supplements for people where instead of buying 20 different bottles of supplements, they can kind of make create their own supplements stack, but put it into one pill and based on what they're looking for, if they're looking for a boost in energy, you know, they might put a little bit more vitamin B 12 something like that. Depending on what they were looking for, they can kind of construct their own mix. And eventually, as we get enough data, then we can start applying AI and a whole bunch of cool things to it. Anyway, I thought this was a brilliant idea. I started pitching the idea. I even shared this idea with a lot of the professors in the schools and they were like, "Yeah, this is a good idea".
What I wasn't thinking about, however, is what is my life gonna look like? 10 years after I started that kind of business? What I actually enjoy my life. I think I would enjoy building the business. That would have been really fun for me. But the front end of the business where I need to interface with customers and really learn customer pain points and things like that, that doesn't seem like it would have been that much fun. So how do you know if you're getting into a business that you're actually going to sustain and the real the real key is to really know what you love and who you love to be around.
And I was reading an interesting article the other day where it was talking about Rupert Murdoch and Rupert Murdoch. He owns News Corp. News Corp owns a bunch of print type newspapers like The Wall Street Journal, etcetera, and the profits for News Corp have been dwindling because of the Internet. However, Rupert Murdoch still holds on to News Corp He has no intentions of exiting from that business. It sustains because Rupert loves his business. He really loves what he does, and he loves the people that he gets to interface with daily.
And if you ask Rupert why he is in it in his business, even when profits are dwindling, he will tell you he's not in it for the profits. He is in it because he loves working with news editors. Those are his people. He loves working with news editors, and he loves influencing people. He sees it as a game of some sort, but this is what motivates him to get up in the morning and go to work and because he has this motivation to keep doing what he loves doing. This company sustains usually most founders. They will fail because they lose motivation. They might tell you that they didn't get funding or they weren't able to find a co-founder or their tech founder left or Google shut there at a countdown. They might give you these kinds of excuses, but the real truth is they lost motivation. If they did not lose motivation, they would have figured it out. They would have figured out how to make their dreams happen.
Boom. Bam! I'm out.
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