Hustle versus the Four Hour Work Week shows two competing paths to your success. This episode was motivated by a conference I went to where Ryan Deiss, one of the Co-Founders of Digital Marketer, and Gary Vaynerchuk both spoke. It was the Digital Marketer Conference.
What happened and the idea is: Hustle versus the four-hour workweek. We hear, and so many people are following the four-hour workweek, and we also hear about how important it is to hustle. So, what should you choose and what do you want in life?
You’ve heard me many times talk about the importance of investing your time and effort, and really working a lot harder than just the average person, that is you put in the extra time, the extra effort in order to invest in your own future. I just laughed when Ryan Deiss got up on stage and he was introducing something, and he put up a picture of Tim Ferriss and the beach scene, sitting in the chaise lounge under an umbrella as if that’s his life. First of all, if you’ve seen and followed it, he is a hustler, he does work hard. But the key was people have this image of Tim Ferriss basically working four hours a week, and that everything else is running through VAs, through people in India, etc. doing a lot of the work for him.
There is a lot of outsourcing and stuff, but Ryan turned around, looked at it, pointed to the picture and said: “If that’s the way that guy works, I will eat his lunch.” It’s true. You can’t compete in the world today in a growing, thriving, aggressive business working a very small amount of time. Gary Vaynerchuk got up a little later, he said some of the same things about the importance and how somebody doing something like that, and believing in the four-hour workweek was not going to be able to keep up.
Let me put that a little bit in perspective. First of all, The 4-Hour Workweek was a title chosen by sampling and testing things in Google, looking for what the searches were and what was going to generate the most traffic, and what was going to be picked up the most. That’s really where it came from. Originally, I’ve heard all kinds of stories about what it was. Actually I think the stories changed a little bit, because originally I heard and I thought it was from something that Tim had done, said that he had some title and actually the publisher changed the title, but whatever it was, it was tested. The original title had no relevance, in a sense, to the concept of just a four-hour workweek, but the content was still there.
People need to know that that investment in energy and effort that you have, that’s what’s going to drive your success. That doesn’t meant that you can’t have a leisurely style, but you might be trading off a little bit of the present for the future, so that what you might be doing is you might be pushing more effort now in order to have and build an income stream, which by the way is not easy. Too many people are buying into the concept that they can find income streams all over the place or residual income everywhere.
Keep in mind, as I’ve mentioned before, MLM turns around very often and talks about their residual income. Very few of them are going to really generate ongoing residual income for you. It’s actually very rare. It may generate income for you, you may even make a very good amount of income, but in the product-based world, generally it’s described as 80% of customers will leave within three months, so that auto shipping that’s going and taking place isn’t going to keep up, so there goes your… Imagine your income is going to drop by not just 80%, but by more than 80%. Why? Because not only 80% of your customers, but then your rank goes down so you would leave even more. That’s not necessarily the thing for an income stream, but as I say, there are some. I’m not condemning them. There are some, but just be careful.
You also have to realize and remember probably the expression you heard from your father, your mother or somebody else: “If it was so easy, everybody would be doing it.” I find that expression in general annoying, but at the same time, even though it is annoying, keep in mind that the simpler something is, the easier it is for other people to start it too. We call these barriers to entry in economics, so that if it’s more difficult to start up a particular business, whether it’s because of technical skills, the work that has to be done, lots of different things, the equipment that has to be acquired, maybe special talents, etc., whatever it is. The harder it is to start and enter a business, the easier it is for you to maintain a position that will last a long time.
Sometimes those positions can be made not necessarily because it’s easy or hard, but what happens is you’re early and you make yourself into something which is a true competitive advantage, whether it be quality, customer service, or something else that you become the go-to business. There’s a difference between a business online, it doesn’t necessarily mean it has an income stream. That is and can be very different. Generating an ongoing stream has more to do with some sort of automation or something that people will be repeatedly buying or subscribing. But a business online can be something that you can truly benefit from if you like that and if you enjoy it.
But don’t just be doing it for the money. That sounds funny, in a sense, but if you truly want to survive and do well, find a way to enjoy what you’re doing. I say find a way, because remember it’s not necessarily about your passion, but it’s developing that passion or developing that attitude, and having that attitude to win, to be better, to be proud of what you’re doing. You build a business online that way, and it can be very satisfying. For some people, making a little bit of money is fine. Making a lot is, too. You have to decide that, but it’s not just about the money.
An example was I had to make a decision while I was in graduate school. I was in the process of making a lot of money in real estate in San Francisco. At the same time I had to make a choice. I could continue to make gobs of money that way, or go ahead and finish my PhD. I chose the latter. It wasn’t all about the money for me.
When you’re hustling, keep in mind to what extent you might want to go and when you might want to slow down because there can be effects on things to do with outside people, your family, your friends, and even your health. In certain cases, such as immigrants or women (click on those for more on each), there are other factors that make them unique and highly competitive. We’ll get into that in the next episode because I want to talk a little bit about this whole tussle that goes on within people, and it’s pushed today because everybody’s talking about a balanced life. How does that play? What is the war between a balanced life and hustle for success? Take care. Thank you very much.