About a month ago, I decided that I was going to experiment with creating an online passive income business, and report back to you my progress as I went along. Here’s update #1.
I forgot how tough it is to start a start-up.
I don’t know how many other undertakings compare to the feeling. It’s not like working on a new project at a job or whipping up a new report for a class.
I think it’s the element of you that serves as the change agent. You are creating this business for you. You are responsible for creating the vision and outlining each small step down that path. You are the one worrying most about seeing you fail.
Mixed in with the fact that your actions are not tied to a predictable or expected outcome (ie. a salary, a letter-grade), it’s an environment in which you feel a force of pressure and experience a range of emotions.
And this is just how I feel working on a side-gig while earning a full time income at a stable job. I can’t even begin to imagine what it’s like for new entrepreneurs who depend on their businesses to succeed in order to pay the bills.
I also truly believe that how you respond to these emotions possesses the greatest impact on your ability to execute; and starting a successful business is all about execution.
Actually in many cases, the idea behind the business is almost irrelevant. It’s your ability to take action and adjust the sails along the way.
If you’re not convinced, just listen to this 10 second clip from Gary Vaynerchuk (one of my favourites):
With that in mind, here are the three themes that best describe the past month for me:
Getting your new venture off the ground is a lot like building a snowball. Yes, the proverbial snowball. The key is to keep building on your momentum every single day, even if it’s something small. Eventually, it starts to add up.
Slowing down on the other hand is a lot like taking a day off at the gym; going the next day becomes 5x harder.
There have been a few days where I’ve bounced off the walls with excitement, and a few where I haven’t given the business a second thought. My focus needs to be on building momentum so that I can experience more days in that first category.
This has to be the devil sitting on your left shoulder. I’ve found myself frequently asking myself ‘do I have the skillset to succeed with this idea? Should I pursue a different idea? Do I even have what it takes to succeed in whatever that business would be? Why am I doing this?’
That leads us to the final theme…
I know that the self-doubt is not going to go away any time soon – at least not until I prove to myself that I am capable and can generate results. That means I need to try to persevere through this foggy patch of clouds, acknowledging that clearer skies potentially lie ahead.
The book “The War of Art” helps with this tremendously. Watch the 10-minute Cole’s notes version if you’re interested:
Getting into the nitty-gritty
My intention with these updates were to a.) tell the story of my ‘passive income’ experiment as it’s being written, and b.) outline some of the steps I’m taking in case you’re working towards the same goal.
I waited a little too long to put out this first update, so I’ve decided to split it into two. This post obviously falls into category A – next week, I’ll get into some of the specifics of what I’ve been doing so far.
Let me know in the comment section below if you got any value out of this one; I hope it sets a primer for the email next week.
Just click below if you’d like to get updates as I go along.
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