Entrepreneurship

Why Losing Multiple 5 Figures Was The Best Way To Learn An Important Business Lesson

In the first year of my online business I lost $37k and a whole lotta time… It was 2019. My family and I had just arrived in Spain, and since I couldn’t practice medicine upon arrival, decided to go full-time on what was my part-time gig until then: coaching doctors on business and entrepreneurship. It…

Aug 26, 2022

a man with glasses is looking at a laptop
Photo by Francisco De Legarreta C. on Unsplash
Table of Contents
    Add a header to begin generating the table of contents

    In the first year of my online business I lost $37k and a whole lotta time…

    It was 2019. My family and I had just arrived in Spain, and since I couldn’t practice medicine upon arrival, decided to go full-time on what was my part-time gig until then: coaching doctors on business and entrepreneurship. It was time to productize my knowledge and build a real business around it.

    However, I made the same mistake I help my clients avoid, and spent 99% of my time in busy-work instead of valuable work.

    I should’ve followed Jim Rohn’s advice: “don’t major in minor things”.

    It’s easy to fall for the seemingly urgent activities while neglecting those that move the needle in your business.

    In my case, going back and forth with a graphic designer creating a new logo, colors, and fonts. Or outlining a course, building the website, reading every review of online marketing platforms, and automating processes I didn’t yet have… And yes, all of these things sound important. Crucial even. But they’re not.

    If I could go back to 2019, this is exactly what I would do instead:

    1. Identify money-making activities from everything else.

    2. Ship simply. Complicate later.

    3. Track and schedule money-making activities

    Table of Contents
      Add a header to begin generating the table of contents