Going Big with Your Business and the Sweet Spot of Asset Buying
Dan and Ian ‘freestyled’ today on some different topics. The main points discussed were how to ‘take your business big’ and the sweet spot of buying assets. They also riffed on questions from the live audience.
Check out the video to hear the full take on these topics.
The ‘737 Plan’ aka How to Go Big with Your Business
Dynamite Jobs has started to take off these last few weeks so the question was posed, ‘how do you make your business big enough to buy a Boeing 737 within 7 years?’ Dynamite Jobs has been gently growing an audience and creating a great experience for its users since 2017 (over 1000 days ago). The team has added more services including a resume review service and paid listings which are so far successful, but they are going to continue on this gentle path instead of looking for rapid growth.
Read more about the 737 Challenge in Dan’s post here.
Read more about the 1000 Day Rule.
Finding and Purchasing Assets in their Sweet Spots
As the economy shifts, many buyers are waiting for more sellers to enter the market and to start unloading assets at bargain prices. But when is the right time to buy? The Tynan blog has a great piece on how you don’t have to wait until assets are very low in price, but instead, there is a middle ground called the sweet spot. Rolex watches and cars are great examples of assets that can be bought in the ‘sweet spot’. After purchasing, you can use and enjoy these assets which will retain their value and may even appreciate in value.
Are universities (and their tuition) still necessary?
Do we need the quad? The brand new gym? What about the mascot? These things are nice, but rarely justify the hefty price of college tuition. Students are anticipating that they won’t be returning to school in the fall 2020 school year. However, these students are still paying the full price. Students are more openly questioning and evening protesting the high prices.
Could there be another way to have a great career without going into debt? The TMBA advocates learning through doing, especially through the path entrepreneurship. This is a great opportunity to be learning and finding an apprenticeship.
Listener Question: Best Asian vacation spots?
The Philippines is highly recommended. It’s not easy to get to but it’s affordable, everyone is friendly, and you’ll be sure to have a great time. When thinking about where to go, focus on friends and opportunities instead of the location.
Listener Question: How would you start a product business again?
Choose one product to sell and focus on those first 1000 fans. Check out Allen Walton’s advice on starting an ecommerce business in 2020:
Listener Question: How to start a family as an entrepreneur?
No one is ever ready. No matter how much planning and preparation you do, you’ll never be ready. Find the right partner who understands your entrepreneurial direction.
What's next?
More resources and actionable advice to help you build wealth through entrepreneurship: Best of the TMBA
Connect with like-minded entrepreneurs and receive access to services to grow your business: Dynamite Circle
Grow your bootstrapped team or find remote jobs that don't suck: Dynamite Jobs
