… is a good business strategy when applying it to your own ventures. Consider yourself making 1.000€ a month today, then you should never accept to join a venture or start a business, that can’t make at least the same without your full commitment. And should it require your full commitment, make sure it can bring in at least 10 times your current income.
It is a concept of business handling, that follows yesterday’s gak about being able to say ‘no’. If you work 10 hours today to make 1.000€ don’t start another business that can make you another 1.000€ a month, if it requires your full time or parts of it. You will not be able to take on both projects with full engagement and in the end, you will most likely loose both your projects – due to the fact, that you can’t commit 100% to two projects.
If you can join a project that can make you 1.000 € without you having to engage in it on a daily basis, it is worth getting involved in, but with a current flow of 1.000€ a month for your full commitment, you should tell yourself, that you won’t join another project, or work, with your full commitment if it can’t guarantee at least 10 times what you are making today.
Then next time you can join a business, you say the same, and this way, you will only evolve in the size of projects, making sure only to engage in something that can help you grow financially and skill-wise.
This is based on a principle by Grant Cardone.