EP 063: Getting Serious About The Purpose of Your Business

When internet marketing was first taking off around the world, a few Australians were getting involved.

The industry was exploding in the states, but most Aussies still had no idea what internet marketing even was.

So, what ended up happening?

If you ever met another Aussie through a mastermind or course in the USA, you would add them to this Skype group to keep in touch.

Now, most of what went on in this Skype group was not something I would not call “business wisdom”.

More than anything, it was just a group of people looking for ways to exploit google loopholes and talk shit.

However, there was this one guy in there who used to post very well-thought-out replies.

He would often reply to people with things like:

“Have you ever thought about X”

Or, “What if Y happens?”

One day he replied to a question I had asked in the group, and I asked him where he was from?

He said Melbourne

I asked if he would be keen to catch up for lunch and share ideas.

(I suspect he was reluctant at first, as I probably appeared to be one of those time wasters.)

I was pretty new to business at this point, after all.

But I can be charming when I need to be, and he agreed to have lunch at hunky dory.
(one of the greatest seafood restaurants in Melbourne)

Anyhow, when we had lunch, he said the strangest thing that has still stuck with me to this day.

I’ll share it with you:

“I’m building a business to sell.

I couldn’t care less about it being profitable.

I want to make this business so painful for our competitors to deal with that they have to buy us at a premium.

All the decisions I’m making are focused on that outcome.”

I instantly realised he was playing a completely different game to me.

And I had no idea you could run a business that way to get that outcome.

I just thought if you build a profitable business, someone would want to buy it…

Anyhow the point being is that if you are trying to build a business to sell -VS- one to make cash today, the decisions and focus points are different.

If you try to do both, you will be making compromises.

Anyhow, this leads into this week’s podcast topic.

What is the real purpose of your business?

Are you building a business for Cash? to Sell? Impact? Lifestyle?

Or are you chasing too many options at once…

BTW… the guy in the Skype group was Grant.

It’s actually how we met 😉

If I didn’t join that Skype group the podcast wouldn’t exist!

It changed my life.

All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.

Episode Highlights:

00:00 Welcome to Business and Investing
1:50 What is the Purpose of Your Business and Wealth?
5:02 Disadvantages of Not Knowing the Purpose of Your Business
7:37 The Importance of (Re)Defining the Purpose of Your Business
9:21 The Big Reason Why You Close Your First Business
11:28 The Impacts of Redirecting the Purpose of Your Business
19:13 Why Do You Need a Wealth Goal?
27:21 Selling a Job vs. Selling a Business
34:50 Why Hybrid is a Perfect Route for Your Business?

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