Should you go for a longevity business or an opportunity business? What are they?
Longevity Vs Opportunity Business, what are the pros and cons of each of them? Is it one or the other? All the questions are answered in today's podcast.
So today I wanted to touch base on two different types of businesses. So there are two different types of businesses. And I get the question quite a lot about which one is better than the other one, so I will address it in the podcast today.
So there are two different types of businesses that you can create. You can create either what's called an opportunity business or a lifestyle business. OK. So we're going to dissect each one and then you can decide which one is better for you and if there is such thing as good or bad.
So when I when I say opportunity business what do I mean? Well basically it's pretty self-explanatory right. It's an opportunity and an opportunity means that it's not something you want to do for the rest of your life.
And it's not something you were necessarily planning on doing. It’s just that, you know something came up and you have this opportunity to start a business. So it could be that you meet someone and there is this collaboration that could happen beyond just your circumstances.
So you could be you know involved in a company and an opportunity comes up. Maybe something trendy at the moment and you want to surf the wave. So there's nothing wrong about it. Nothing wrong with it and it's an opportunity for you to jump in there and basically generate some revenue and then maybe afterwards get out of there. OK.
So the question is, are opportunity businesses good or bad? I mean there is no there's no good or bad in it, right? It's an opportunity. And I would recommend you take them when you have a good opportunity. Then make sure you take them and try to make the most of it right. But what I don't recommend is trying to get involved in every single one, because you know once you start being quite successful, then a lot of people want to drag you into their business opportunities and stuff.
And if you're not careful, then well basically you can you can lose focus by being drag into all these commitments stuff. So as much as I will tell you to embrace opportunities and go for them, I will say just do it if it's kind of what you want to do and that it doesn't contradict what you're trying to do.
I'll give you an example. Like me, I have a lot of people who want to work with me for whatever reason. They're like “Dude we need to work together” and stuff. And it's funny how they think the last missing piece of whatever they need to do is me, right? And it's always “dude it’s going to be a success and blah blah blah blah blah.
The only thing I need is you and your money”. If I'm not careful, at that point that's when you need just you know learn to say “no dude I can't”. Right?
You might come across good opportunities and go and try. And that's how you learn stuff and that's how you get better. All right. Just don't get too distracted by every single opportunity and then you lose your focus.
That was the piece about opportunity businesses and on the other end you have the longevity business. The longevity business basically answers one specific question. So the question is what would you like to do for the rest of your life? If there is one thing you could do for the rest of your life like business wise and stuff, what would that be?
So the longevity business is something you're passionate about. OK. I'm passionate about basketball for example. It's a big passion of mine. So you know at some point when I was younger I could have turned pro in basketball actually. But I wanted to go to university and have a degree.
So I didn't do it. I came back when I was 20 and they told me “dude you’re too old”. But anyway if you're passionate about something, make it your longevity business because this is something you won't have any problems to do for the rest of your life because you just enjoy doing it.
And since you're enjoying doing it, doesn't feel like work. And when things get a little bit like rough and all that stuff, you still have the motivation to do it because it's something you're passionate about.
So you know in essence this is what it is. Taking a lot of pleasure doing that and the good thing about longevity businesses is that, you know what you want to do ideally is to is to have your business to revolve around your passion and you want your business to adapt to your lifestyle instead of having your lifestyle adapt to your business. So the business that I have right now is the longevity business.
I absolutely love doing this thing OK. I could do something else right. But I love doing this thing. And you know learning about marketing and how to build businesses and conversions and everything, I love that stuff. And I decided to tailor my business so that it fits within the lifestyle that I want.
Longevity Vs Opportunity Business, Who you got?
And that's the reason why I do my podcast. That's the reason why I was looking for a way to record my podcast on the go. Because my lifestyle is “Dude like I can be here, I can be out” and I want to be able to have both options. So basically my business is adapting to my lifestyle.
So I bought this mic. The zoom H1. So for anyone who wants to start a podcast, this mic is pretty awesome. The sound is awesome and it gives you the mobility and stuff. The reason I want to have this is you know as I was saying, because I don't want to be trapped in an office now and be at home. Now I can be on the road!
So just to say that everything in my business revolves around my lifestyle and not the opposite. OK. And this is what you need to do with a lifestyle business if you ask me right? Find something you're passionate about. Make it your ultimate goal and then adapt everything to it.
Don't adapt your passion to your business but do the opposite. And older people you see, who are the most successful and have consistent success, are people who have longevity businesses.
So you know because you're passionate about it and once you have a longevity business, then you're patient. You don't rush things. You can say “I can do that all day all night and I can wait six months a year before I get my big break”. No problem. You'll wait.
With opportunities you're more impatient and all that stuff and you know you might like switch very easily depending on where the wind's blowing because you want immediate results.
So which one should you go for? It's either one or the other? NO it's not either one or the other. Ideally I will say have a longevity business that you're passionate about which will basically answer this question “can I do this for the rest of my life?” And if the answer is yes, then go with it. OK.
But also opportunity businesses are pretty good as well man. So don't just disregard them saying that “yeah it's an opportunity. Let's not go for it”. No, you can go for it. Sometimes you have opportunities where you don't actually need to do much. You're partnering with someone and they need your expertise for something, or they need a certain skill, or just financing.
Something you can help them with and they’ll take care of the rest. So why not? If it feels right, then try it. But again, don't get dragged into every single opportunity out there because that will distract you from what you are actually trying to achieve, which is managing your longevity/ lifestyle business and making it flourish so that you're happy and you have a fulfilling life. OK.