Your first consideration should not be money when starting an entrepreneurial venture.
It took 16 years, a pandemic, and lots of money spent on amazing coaches to realise that just because I could do it well didn’t necessarily mean that that was the right path for me. Do you feel the same?
Did you see the movie Groundhog Day, in which Bill Murray plays the role of a man who wakes up and finds the same day every time? I can recall many nights of waking up feeling like today was the same day as yesterday, this week was the same, and the month before was the same. It was terrifying and cold, sweat-inducing to feel like the whole year had been a repeat of the previous. Groundhog Day was my reality, but it was even worse because Bill Murray had a retake, and I lost years.
What has happened?
My life was a blur; I was chasing the Joneses and scaling the ladder. The excitement faded over time. Although the work was still fulfilling on paper, it became a draining chore, and I only enjoyed weekends. This is what has become my number-one indicator of burnout. It’s when my emotional state is more dependent on the day of the week than any other factor.
You are not the only one.
The Great Resignation has shown that many people feel the need for significant changes. The Bureau of Labor Statistics estimates that the “quit rate”, which represents 3.3% of total employment, hovers around a 4.5million people per MONTH.
This is almost 40% of the workforce quitting each year. Is there a better indicator that we all are looking for meaningful work?
We thought we knew what to do.
Before the pandemic, I commuted every week. Every Monday morning, the airport was packed with people who thought they had everything. It was an excellent place for living and a great workplace. It seemed that our routine was working. It came to a halt when the pandemic struck. Overnight, I was reunited with my family 100% of the time. It changed my outlook on what’s possible.
It’s hard to believe that we were once in a world where the world would be a living, breathing version of the film I am Legend. Can you still remember the closed roads, empty parking lots and closed parks? The pandemic allowed us to take our time, reflect on necessary, and challenge what we thought was a given. I will never again commute to work. It was not what I wanted.
It was evident that many of us were seeking a change, despite the Great Resignation and entrepreneurs starting new businesses at an all-time high.
Perhaps we were a bit hasty.
A desire to change and the lure of more money led many people to believe there were better pastures elsewhere. A recent UKG study shows the opposite.
- Forty-three per cent of job-seekers admit they are happier at their previous job.
- 62% of those unsatisfied with their new job say they feel “the job I quit was more rewarding than my current job.”
- 41% of respondents feel that they have quit their job too soon.
- Only half of the job-leavers are willing to accept a raise.
- Nearly one in five people have returned to their job after having a boomerang.
It’s not about the money.
You aren’t wrong to be unhappy with your current situation. You might be wrong if your current situation isn’t satisfying. Entrepreneurs are drawn to the entrepreneurial lure and the promise of instant riches that social media promises.
Mid the pandemic, I decided to start a multi-family syndications fund. For over 16 years, I have been investing in real property. People ask me how they can partner with me or get in on the investment. To launch and land, I spent more than I wanted to admit on a coach. It looked perfect on paper. My background as a CPA and an investor has been invaluable for me. I managed to live through the 2008-2009 recession and found the right partners and people. My old self was coming out. I thought I had the chops I was sought after. Nothing could stop me, and the earnings opportunity was more incredible than ever. But I stopped. I stopped to think and asked myself, “I can do it, but should?”
Dr Jay Feldman famously stated, “Successful people are better at asking questions and getting better answers.” Reflecting on this quote made me ask better questions. What was it that I truly wanted? It turned out that this one was too difficult, to begin with. So I started asking myself what I really wanted. I recommend this highly to anyone who has never taken a piece of paper and asked themselves what they didn’t want. It is a very cathartic experience. It’s a great way to quickly clarify what wasn’t on the table.
A few highlights for me were the need to commute every day and is required to stay in one place for an extended time. Being able to work remotely and interact with people all over the country/internationally, both in-person and virtually, was extremely important. It was a great experience to build a network with interesting people who do extraordinary things and, most importantly, make an impact.
Two things stood out for me:
- Money was never mentioned.
- It was a strange thing to be a syndicator. It was close.
While money is essential, it’s not the only thing that matters. But by asking the right questions, I avoided making the wrong decision which could have led to me being forced into a relationship or a career/business I didn’t want. A few subtle adjustments to my strategy have allowed me to become a passive professional investor. I also invest in the syndications of others and bring anyone interested along my journey with The Limited Partner community and podcast. These subtle changes helped me to align my efforts.
Asking the right questions will help you avoid becoming a statistic. I would love to hear your ideas!