Mental Model

Time is the most valuable resource of your life. Ideally what you want is a venture where you have control of your time, your product, and your creative spirit. Target a path (or one of your paths) and venture that is within your control. Letting others decide your work and freedom of expression will only disrupt your tranquility and constrain your freedom. Having an income-generating venture will give you options and the power to influence outcomes to your advantage.

Summary

  • What you will learn – why it’s essential that you have a business under your control.
  • Why it’s important – freedom and peace are easier to attain when you are the owner of an income-generating venture.
  • The outcome – an identified work or business opportunity that is yours and can grow throughout your life.

Overview of the Law

You have reached this point because you have something that is valuable that people or companies are willing to pay for, have been able to sustain that over time, and continue to do it because you love spending time on it. Now is the time to flex your muscles to experience freedom on your terms. Yes, it’s risky but in return, you have full transparency and the financial upside for that risk.

The reality is that it’s rare that you will become wealthy solely by working on someone else’s dream. I do advocate having multiple sources of income with at least one coming from a venture you control. When we work for others and organizations, we are clipping into their environment. While there may be common ground, you will invariably need to compromise.

“Without ownership, your inputs are very closely tied to your outputs. In almost any salaried job, even one paying a lot per hour like a lawyer or a doctor, you’re still putting in the hours, and every hour you get paid. Without ownership, when you’re sleeping, you’re not earning. When your’re retired, you’re not earning. When you’re on vacation, you’re not earning. An you can’t earn nonlineary” – Source: The Almanack of Naval Ravikant: A Guide to Wealth and Happiness – by Eric Jorgenson

Directives

1- Be the owner.

Set the culture and vibe of your venture that is uniquely you.

Don’t ask for permission.

Don’t care about what others think.

Don’t expend time having to explain yourself.

Be the face that delivers value to customers – middlemen can be eliminated.

Embrace your peculiarity as fuel to power your brand and travel down a path that no one else can.

2 – Be generous.

Start with what you have.

Care about your customers more than yourself.

Run your business like you don’t need the money.

3 – Make it anything you want.

Make your role anything you want it to be.

Just do whatever love the most, or you’ll lose interest in the whole thing.

Big is not always better.

Make sure you know what makes you happy and don’t forget it.

Whatever you make, it’s your creation, so make it your personal dream come true.

Experiment With This

  • Starting and scaling a small business to gain more freedom takes time. Run a side hustle business while working at another company that funds your essentials. What is something small I could do to create a venture that is uniquely me?
  • Remember you will not get by working for other people. Your freedom will be compromised by having to work on things you may prefer not to. How would more control in my work change my life? What have I been wanting to do but have made excuses and put off?

References

A Guide to the Good Life: The Ancient Art of Stoic Joy by William B. Irvine

  • Chapter 5 – The Dichotomy of Control: On Becoming Invisible

Anything You Want: 40 Lessons for a New Kind of Entrepreneur by Derek Sivers

Hell Yeah Or No: What’s Worth Doing by Derek Sivers

How I Built This: The Unexpected Paths to Success from the World’s Most Inspiring Entrepreneurs by Guy Raz

The Almanack of Naval Ravikant by Eric Jorgenson

Side Hustle: From Idea to Income in 27 Days – by Chris Guillebeau