The most powerful strategy to become financially free comes down to one simple formula: rinse and repeat. Here’s what I’ve learned from consulting with 1000s of entrepreneurs: Mistakes start happening when we start getting distracted. Entrepreneurs seek to become financially free so they can pursue more, better, and greater opportunities in life. Oftentimes, the moment someone starts to perfect their primary product and really nail that product market fit, they tend to get distracted. Entrepreneurs are idea factories, and once one idea starts to come to fruition, many entrepreneurs start to get a little cabin fever. Making a business run smoothly is often a process of repetition, right? Wash. Rinse. Repeat. Entrepreneurs are dynamic and can often become restless when their business ideas start to gain traction. Running the business becomes more about daily maintenance than dynamic innovation. It’s hard not to get bored. Daily maintenance, even for a business you’ve built from the ground up, can start to feel mundane to an entrepreneur.
So what does the entrepreneur do? They want to move on to the next big idea—a new product line, a new venture, invest in a new business, or launch a new company. They become disenchanted and distracted away from that primary product or business that is actually helping them to become financially free. There are two different ways that this entrepreneurial restlessness shows up.
First, there’s Midas Touch Syndrome.
This is when an entrepreneur finds a good deal of success in their primary business, and that initial success leads them to decide they must be really good at making money in all different types of businesses. Midas Touch Syndrome is way more common than a person would think, and it costs entrepreneurs millions of dollars every year. Why? Because your primary business is where your expertise lies. It is the arena in which you are the most knowledgeable, most capable, and most efficient. No matter how business savvy we may be, any time we enter an unfamiliar market space, there’s going to be a learning curve and it will be expensive. We pay market tuition. We incur losses in order to gain the knowledge we need to make money in a new industry.
Second, we have Shiny Object Syndrome.
Entrepreneurs are often those among us who crave excitement. It takes a lot of guts and a lot of enthusiasm to launch a business. Once that initial rush is over it’s usually replaced with emails, order fulfillment, taxes, payroll, and paperwork. While these daily tasks are vital for keeping our businesses and bank accounts healthy, it’s not exactly edge-of-your-seat actions. This is when entrepreneurial restlessness appears in the form of launching several new products or investing in new companies that provide services or products that the entrepreneur doesn’t entirely understand. Driven by raw entrepreneurial grit and a hefty out-of-pocket cash infusion, the entrepreneur distracts themselves away from their primary source of income to go see if they can make lightning strikes twice.
In both of these syndromes, the primary income source is neglected, and unnecessary expenses are incurred. Watch the full episode for a detailed breakdown of what makes Rinse and Repeat the most powerful wealth-building strategy, and learn how to start applying Rinse and Repeat now.
