Episode
#106 - Business Principles 102 - Should I Work For Myself?
1:14:32
Published: Thu Sep 26 2019
Description
Jonny & Yusef from PropaneFitness.com join me for another Business Principles episode. Today we're talking about one of the questions we're most commonly asked - should you take the plunge into self employment. Being your own boss sounds fantastic, but what's the reality of your income being completely in your own hands? Expect to learn our favourite mental exercise for working out the true salary of your job, why Jonny & Yusef left high paying graduate jobs to pursue their passions, what sort of personality types are not built for self-employment and whether we believe everyone can find a job they enjoy. This episode is brought to you by https://pso-rite.com - if you're sitting at a desk all day, this product may be a fantastic addition to your routine to reduce psoas tension. Extra Stuff: Check out everything I recommend from books to products and help support the podcast at no extra cost to you by shopping through this link - https://www.amazon.co.uk/shop/modernwisdom - Get in touch. Join the discussion with me and other like minded listeners in the episode comments on the MW YouTube Channel or message me... Instagram: https://www.instagram.com/chriswillx Twitter: https://www.twitter.com/chriswillx YouTube: https://www.youtube.com/ModernWisdomPodcast Email: https://www.chriswillx.com/contact
Chapters
The episode discusses a mental experiment to help determine if you should leave your desk job and start your own business, featuring the stories of Johnny and Youssef who went from high paying graduate schemes to selling fitness online.
00:00 - 03:51 (03:51)
Summary
The episode discusses a mental experiment to help determine if you should leave your desk job and start your own business, featuring the stories of Johnny and Youssef who went from high paying graduate schemes to selling fitness online. The importance of the erector spinae muscle is also briefly mentioned.
Episode#106 - Business Principles 102 - Should I Work For Myself?
PodcastModern Wisdom
Starting a business too soon can result in a lack of profits and difficulty sustaining oneself.
03:51 - 07:29 (03:38)
Summary
Starting a business too soon can result in a lack of profits and difficulty sustaining oneself. It's important to wait until profits eclipse a stable salary before starting a business.
Episode#106 - Business Principles 102 - Should I Work For Myself?
PodcastModern Wisdom
A man questions whether his job is worth the salary he receives in exchange for his time and effort.
07:29 - 09:56 (02:27)
Summary
A man questions whether his job is worth the salary he receives in exchange for his time and effort.
Episode#106 - Business Principles 102 - Should I Work For Myself?
PodcastModern Wisdom
The podcast discusses how finding the right job can be both financially and personally fulfilling, including tips on how to balance work and social life.
09:56 - 12:24 (02:27)
Summary
The podcast discusses how finding the right job can be both financially and personally fulfilling, including tips on how to balance work and social life.
Episode#106 - Business Principles 102 - Should I Work For Myself?
PodcastModern Wisdom
The speaker discusses the disappointment and lack of fulfillment they experienced in a job, likening it to unrealistic expectations.
12:24 - 16:41 (04:17)
Summary
The speaker discusses the disappointment and lack of fulfillment they experienced in a job, likening it to unrealistic expectations. They suggest categorizing jobs realistically as box A or B to better manage expectations.
Episode#106 - Business Principles 102 - Should I Work For Myself?
PodcastModern Wisdom
The speaker shares her perspective on finding enjoyment by doing something she likes to overcome the feeling of being trapped and unhappy.
16:41 - 20:43 (04:02)
Summary
The speaker shares her perspective on finding enjoyment by doing something she likes to overcome the feeling of being trapped and unhappy.
Episode#106 - Business Principles 102 - Should I Work For Myself?
PodcastModern Wisdom
The speaker discusses the difference between enjoying a Friday night out with friends versus feeling the need to drink because it's a social norm.
20:43 - 24:22 (03:39)
Summary
The speaker discusses the difference between enjoying a Friday night out with friends versus feeling the need to drink because it's a social norm.
Episode#106 - Business Principles 102 - Should I Work For Myself?
PodcastModern Wisdom
This conversation explores finding fulfillment and purpose in a career, even when it's not immediately obvious or easy.
24:22 - 29:11 (04:48)
Summary
This conversation explores finding fulfillment and purpose in a career, even when it's not immediately obvious or easy. It includes personal anecdotes and practical advice for job satisfaction.
Episode#106 - Business Principles 102 - Should I Work For Myself?
PodcastModern Wisdom
Many individuals have a skill they excel in, which enables them to prioritize their personal time and find joy in life outside of work.
29:11 - 34:26 (05:15)
Summary
Many individuals have a skill they excel in, which enables them to prioritize their personal time and find joy in life outside of work. By prioritizing themselves and carving out time for activities they enjoy outside of work, individuals can find greater happiness in their overall lives.
Episode#106 - Business Principles 102 - Should I Work For Myself?
PodcastModern Wisdom
The gig economy allows for entrepreneurial characters to create jobs for themselves out of exploitation, such as running a Porta Lou business, for those willing to do a job that may be seen as boring or unsexy.
34:27 - 39:58 (05:30)
Summary
The gig economy allows for entrepreneurial characters to create jobs for themselves out of exploitation, such as running a Porta Lou business, for those willing to do a job that may be seen as boring or unsexy.
Episode#106 - Business Principles 102 - Should I Work For Myself?
PodcastModern Wisdom
The podcast hosts discuss different stereotypes that exist regarding low-income individuals regarding giving money, overspending, and more.
39:58 - 45:24 (05:25)
Summary
The podcast hosts discuss different stereotypes that exist regarding low-income individuals regarding giving money, overspending, and more.
Episode#106 - Business Principles 102 - Should I Work For Myself?
PodcastModern Wisdom
Pursuing a passion does not always guarantee success if you do not have the psychological profile to handle self-directed work and the uncertainty of irregular income.
45:24 - 48:45 (03:21)
Summary
Pursuing a passion does not always guarantee success if you do not have the psychological profile to handle self-directed work and the uncertainty of irregular income. It is important to balance a passion with a separate and stable income to maintain financial stability during dry spells.
Episode#106 - Business Principles 102 - Should I Work For Myself?
PodcastModern Wisdom
The benefits of making sideways moves in your career, such as leveraging your skills within a different sector.
48:45 - 53:34 (04:48)
Summary
The benefits of making sideways moves in your career, such as leveraging your skills within a different sector. The advantages of working for both large corporate companies and small startups are also discussed.
Episode#106 - Business Principles 102 - Should I Work For Myself?
PodcastModern Wisdom
The speaker shares his experience of shadowing surgery during his holiday time to progress in his career and emphasizes the importance of aiming for the best case scenario in pursuing one's goals.
53:35 - 57:55 (04:20)
Summary
The speaker shares his experience of shadowing surgery during his holiday time to progress in his career and emphasizes the importance of aiming for the best case scenario in pursuing one's goals.
Episode#106 - Business Principles 102 - Should I Work For Myself?
PodcastModern Wisdom
The episode discusses the balancing of having a stable income versus the risk of starting one's own business.
57:55 - 1:02:03 (04:07)
Summary
The episode discusses the balancing of having a stable income versus the risk of starting one's own business. It highlights the value of having a job that can facilitate personal interests and self-funded projects.
Episode#106 - Business Principles 102 - Should I Work For Myself?
PodcastModern Wisdom
The speaker discusses how he used to think small luxuries, such as a nice coffee and piece of chocolate, were worth the extra cost, but now realizes it doesn't make much of a difference in life.
1:02:03 - 1:05:29 (03:25)
Summary
The speaker discusses how he used to think small luxuries, such as a nice coffee and piece of chocolate, were worth the extra cost, but now realizes it doesn't make much of a difference in life.
Episode#106 - Business Principles 102 - Should I Work For Myself?
PodcastModern Wisdom
The pursuit of materialism in an attempt to achieve happiness is a common trait among many individuals in today's society.
1:05:29 - 1:08:43 (03:14)
Summary
The pursuit of materialism in an attempt to achieve happiness is a common trait among many individuals in today's society. However, the means to achieve that goal are often difficult to come by and not necessarily a guarantee of long-term satisfaction.
Episode#106 - Business Principles 102 - Should I Work For Myself?
PodcastModern Wisdom
The importance of brand over revenue in the short term is discussed in a video and a famous book called Ready Fire Aim that details how to acquire customers to reach a million dollars in revenue.
1:08:43 - 1:13:04 (04:20)
Summary
The importance of brand over revenue in the short term is discussed in a video and a famous book called Ready Fire Aim that details how to acquire customers to reach a million dollars in revenue. The example of I Heart Radio requiring users to download their app to listen to Joe Rogan is given.
Episode#106 - Business Principles 102 - Should I Work For Myself?
PodcastModern Wisdom
It's important to prioritize long-term growth over short-term gains when building a business to ensure sustained success.
1:13:04 - 1:14:15 (01:11)
Summary
It's important to prioritize long-term growth over short-term gains when building a business to ensure sustained success. Determine your freedom number, the minimum revenue needed for financial independence, and build your business to reach that point for a solid foundation.