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The key 3 steps
- Improve your habits and skills
- Increase your productivity with the "monk mode"
- Entrepreneurship with business models
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Habits
These habits are not going to make you more money, they are going to give you more energy.
- Sleep well (at least 8 hours per day)
- Eat Healthy (you can use meal prep)
- Exercise (at least 10min a day, it is not necesary to go to a gym)
Many times we do not start a project because of lack of energy and not because of lack of time.
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Skills
Responsability. take responsabilities for everything that happen in your life.
Time managment. set your priorities.
Proactivity. be the person who is constantly looking for solutions, not problems.
Deepwork. works for a defined period of time without distractions.
Be real. set goals that really depend on you and not on something else.
perseverance. it is the key if you have no talent.
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Tips
take care of your environment. surround yourself with people who inspire you and push you to improve.
focus on what you can control. avoid feeling bad about something you have no control over.
don't criticize the people you want to become. try to learn from them instead.
don't do things for money. this will only drain your energy and you will end up frustrated.
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Monk mode
This is an extreme productivity strategy for starting a business or a project. It consists of doing a series of things during a certain number of days.
Separate your activities into 2 types: mandatory and optional
- Mandatory. this includes no drink and cigarettes, exercise daily, turn off notification on your phone
- Optional. you can add things here according to your objectives (examples: no coffe, meditate, delete social media from your phone)
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How to start monk mode?
- Defines the number of days
- Create a document for tracking your progress
- Even if you fail one day, keep going.
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How to track your progress?
You can track your progress with these two applications; the simpler the better (you can also use pen and paper)
- Loop.
- Google sheet.
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Business model
There is no such thing as a good or terrible business; everything relies on the person doing it. It is crucial that you understand your profile and select a business plan in line with your strengths.
a business can be bad for you but good for someone else just as it can be bad for someone else but good for you.
The following is a list of some business models you can use:
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Youtube
difficulty: high
investment: 0 usd
Pros: scalable business, several sources of income
Cons: long term
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Affiliate marketing
difficulty: high
investment: 0 - 500 usd
Pros: scalable business, you don't have to worry about delivery
Cons: conditions can be changed at any time
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Amazon FBA
difficulty: high
investment: 2500 - 5000 usd
Pros: amazon is your partner and you don't have to worry about delivery
Cons: stock risk, high competition
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E-commerce
difficulty: high
investment: 500 - 5000 usd
Pros: you have full control
Cons: stock risk, high competition
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Infoproducts
difficulty: high
investment: 500 - 5000 usd
Pros: high margins, very scalable
Cons: you have to expose yourself publicly
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Services
difficulty: high
investment: 0 usd
Pros: high margins
Cons: you exchange time for money, high competition
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Marketing agency
difficulty: high
investment: 0 - 1000 usd
Pros: high margins, very scalable
Cons: you have to know how to sell, high competition
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Business idea
difficulty: high
investment: 0 - infinite usd
Pros: you carry out your own idea
Cons: high risk
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Professional career
difficulty: high
investment: 0 - 15000 usd
Pros: stability
Cons: you can't decide who you work with
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When to invest?
- forget about investments if you are just starting out.
- the best investment is in your business or project.
- your greatest asset is your business or project, they will make you more money or you can even sell it.
you can start looking at investments once:
- you have a stable source of income
- you have built up a safety fund of at least 6 months of work
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CURATED BY
These tips are extremely valuable to me and should be considered when starting a business or project.
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