Stop Letting Money Define Your Success
Most entrepreneurs aren’t making $100k in their first year…
Financial Expectations as an Entrepreneur
A few months ago, I polled my LinkedIn network to ask how much people made in their first year of entrepreneurship. I’ve got to say, the results were enlightening.
Whether you’re starting a side hustle, freelancing, or working full-time, I swear the algorithms on social media know. You’ll be infiltrated with content about it, mostly of people sharing their income that just-so-happens to be 20x yours. It can lead to a whole lot of comparison, and if you’re like me, it can make you feel pretty defeated.
The truth is, most entrepreneurs aren’t making $100k+ in their first year. In fact, some of the most successful entrepreneurs I know answered $0-$10k in my poll. I was shocked, because some of these people are millionaires, making multiple six figures a year now.
What I want to focus on here is this question: What would’ve happened if they stopped after year 1 because they “didn’t make enough?”
For one person, if they stopped after their $44k year, they would’ve missed out on the $500k year they had just a few years later. For another, if they threw in the towel after a $13k year, they would’ve missed out on the $180k they’re on track to make this year, just 3 years later.
This is all to say a few things:
If you don’t make a gazillion dollars in your first year (or even in your second or third year), you’re not a failure.
It can take time to make something profitable. In Airbnb’s first year, they made $200 per week ($10,400 per year). Now, they’re a multi-billion dollar company.
If you truly feel passionate about it, keep going.
We live in a world that makes earning money non-negotiable. We all gotta eat. But that doesn’t mean we have to tie our idea of success to how much we’re able to earn right off the bat.
If stories like these are motivating to you, you’d love the Mind Your Business podcast. Here are a few specific episodes worth listening to:
Wooohooo! 6 new gigs!!
The CEO of Observer is looking for writers to contribute to their Business Coverage category as they gear up for a partnership with Yahoo Finance.
$75-$100/hour 👀 Brave People is looking for a web copywriter to assist with clients’ copy. 8-10 hours per week.
$2,000/month for 12 videos total + engaging with the community online. Ideally looking for someone in NYC for a hybrid working style.
Looking for a part-time product manager (with the potential to grow into a full-time role) to help organize projects across teams. Budget is $35-$65/hour 👀
Turo is a online platform that allows people to rent other people’s cars. Based on Turo’s potential earnings calculator, you can earn around an average of $10k-$20k per year for renting out your car when you’re not using it. 🤯
Respondent is a paid survey and interview website where companies conducting product research find participants (aka you!). Some projects equate to around $100-$200/hour.
Bonus Gig Opp: Anyone good at building websites on Framer? If so, check out Contra. I swear I’ve seen like 10 postings on there looking for Framer website designers in the past couple weeks. 😅
Want to see a specific type of work? Just let us know. And for more opportunities, check out the list here.
What I’m Thinking About
Having a “low” first year isn’t the end of the world. But how do you know when it is actually time to throw in the towel? How do you know when it’s time to pivot, or maybe even shut things down?
It’s a tough question, and it might not feel good to think about. But it’s important.
Next week, we’ll dive into how to identify when things aren’t working, when and what to fix, and how to recognize when it really is time to shut things down.
See ya next week,