☠️ Why Most Entrepreneurs Fail

Most entrepreneurs find themselves facing what Alex Hormozi calls “the single hardest jump in all of entrepreneurship”...

When to quit your 9-5 and go all in on your side hustle.

Most never leave their 9-5 and stay stuck trying to find the money and time to put toward building a business.

Because like it or not, your side hustle ONLY exists because of your 9-5.

So how do you transfer from working full time to going all in on your side hustle WITHOUT going broke?

Well, I’m glad you asked.

Here’s what we got for ya today:

• 💰 When To Quit Your Job
  

• 🎯 How To Set (and hit) Your Goals Like Michael Jordan

Read Time: 5 min 3 sec

💰 When To Quit Your Job

If you remember our edition on My Protein, Cookson built a multimillion-dollar company while still working a full-time job.

He was clocking in 70+ hours a week! To me, that sounds like hell.

When I heard that, I imagined something like this:

But on the flip side, you don’t want to quit your 9-5 too early or you risk being unemployed with a failing business. Which also sounds like hell.

So where’s the happy medium?

In my opinion, you should NOT quit your job until you have met 3 requirements:

#1 - Your side hustle’s hourly rate is more or equal to your 9-5

Calculate how much you make per hour at your 9-5. Then calculate the same for your side hustle.

Once your side hustle has a higher hourly rate than your 9-5, you’re in a good spot.

#2 - You have made money consistently for at least 1 year

There are two parts to this. First, you need to PROVE (not think) that you can hold yourself accountable and meet your goals.

Second, you need to guarantee that your business is sustainable.

#3 - You have a cushion

There’s a reason this sounds cliche… it’s true.

Being an entrepreneur means you are now paid for your output, not the hours you put in. Give yourself room to adjust and mess up (because you will).

To calculate how much you need to save, figure out how much you spend on an average month and multiply that by 5.

So now that we know what we’re striving for, let’s talk about how to get there.

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🎯 How To Set (and hit) Your Goals Like Michael Jordan

Most of you know Michael Jordan, the greatest basketball player of all time.

He’s the only player in the history of basketball who’s been to 6 championships, winner of 5 league MVPs, 14 All-Star selections, and 10 scoring titles.

He’s an impressive dude.

But despite popular opinion, Michael Jordan wasn’t born a basketball star. In his sophomore year of high school, he didn’t make the varsity team.

So what changed?

Michael Jordan’s mentor Howard H. White talks about how he helped Jordan become the athlete that he was by setting clear goals and gameplans.

Here are 3 tips from White about goal-setting:

#1 - “Have a vision. Have something that you see crystal clear”

Right now, you want to get to a point where you can work full-time on your business. But that’s not very clear.

You need actionable goals that are black and white. So, make your goals around things like:

• How much you need to save before quitting
  

• How much you need to make hourly with your side hustle
  

• Sticking to a daily schedule that guarantees results

Start with 1-2 goals and make sure they have a reasonable end date based on your side hustle’s growth so far.

#2 - Build a gameplan… and win.

Once you see your goal, find a way to get there. To become the best basketball player in the world, Michael Jordan:

• Hired coaches
  

• Stuck to a rigid practice schedule for 12+ hours a day
  

• Surrounded himself with people motivated to help him win

Find out what it will take for you to reach your goals and stick to them. Be very clear, make the plan actionable, and find a mentor if possible.

PS - Here’s a list of the top 26 business mentorship platforms

#3 - Decide what you’re willing to sacrifice

Michael Jordan talks about practicing before practice, losing friends, and having almost no free time.

He sacrificed everything to reach his goals.

I’m not saying you need to go that far but the point still stands. To get to a point where you can go all in on your side hustle, you will have to sacrifice things you want.

So find your non-negotiables (family, gym, etc), and everything else goes until you hit your goal.

Let us know your goals for 2024 in the poll below!

The Profit Snack Team