Original subtitles

Now that you've filled out part one, you should have a high level framework for

how you want to shape your business.

You've established your priorities,

passions, and risk tolerance.

So what does this have to do with your

business, you might ask? Everything aligning your personal values

with your business will be incredibly important down the line and will inform

your mission. Lastly, you've assessed your risk

tolerance and commitment level.

Perhaps given where you are in life

financially, your business needs to start as a nights and weekends side hustle.

It's totally cool.

It's how most of us start out.

The best thing is to be honest about what you can commit to.

Now maybe you've got twenty thousand dollars to capitalize and you can live

frugally as your business gets off the ground.

Maybe you have nothing.

When I started nasty gal, I was literally

buying clothes at thrift stores and putting them on eBay.

I'd spend 8$ and make 100$ I was just trying to pay rent.

Then in three years we did thirty million dollars in.

Revenue it.

Can happen okay.

Let's take a look at my worksheet.

Starting with priorities for me, aligning

my work with my passion is number one.

Soon after comes having the freedom to

work from home.

As an introvert, this is incredibly

important to me.

I feel safe behind a camera and even

though I do a lot of extroverted content creation and social media.

At home, I'm able to control my energy in ways that are much more difficult in an

office environment. Third is having an impact.

I'm finally at a stage in my career where I want to make a direct impact on my

community, and that means sharing everything I know.

Whether it's an E guide like the side hustle Bible, this course right here for

my upcoming course business class.

Fourth up is work life balance.

This really comes with the territory when working from home.

At the end of the day, I shut my laptop, turn off my email and notifications and,

close my office door.

I go on walks at dusk every day and make

dinner each evening before easing into a relaxing night with my partner.

Last up for me, believe it or not, is making money.

Don't get me wrong, that's not because I don't need money.

For Christ's sake.

I have a mortgage and three poodles.

Do you even know how much 3 poodle haircuts cost?

So yes, I need money, but money ranks at the bottom because I know that if I do

all these other things well.

Money will come, but that wasn't always

the case. I've really never said no to

opportunities as they've arisen, but I'm in a stage in my career and my life where

I have momentum, very lucky, and I trust that if my intentions are clear, I'll be

taken care of.

All right, I'm not going to read back to

you every answer on my worksheet, but before we close this section, I want to

mention a bit about risk.

One of the things that's both a

superpower and that I struggle with is that I can be reactive and I can make

decisions way too quickly.

And sometimes it means I take great

risks, but other times it really works against me.

Ultimately, though, I'd credit risk to all of my accomplishments.

Not all of them have panned out.

But without those risks, none of my

success would have been possible for me.

That being said, we all have to take into

account what risk will do for our lives and careers.

I took a risk when I started my first company, but I was 22 so there wasn't a

lot at stake.

I get asked a lot about how people should

know if they should take that big step and quit their jobs, but I wasn't making

much money in the 1st place.

I didn't have a lot of responsibilities,

a family to support or a big job to quit.

So it's really different for everyone.

Those of us with more responsibilities like me at this stage in my life, I try

to be more deliberate with the choices that I make and think about them longer

than I once did.

I have something to lose now, which it's

ultimately a good thing.

So let's look at another answer.

So the question here is, do you see your business as a full time commitment or a

side hustle? And is this influenced by how much money

you have or need to make? As I'm building out my business and

creating business class, it's a huge commitment and extremely full time,

definitely more than 30 hours a week.

But I'm creating a digital product that I

can manage from anywhere without a warehouse or acquiring inventory.

It's a beautiful thing.

It can be modified and tweaked each year

and at that stage it's working for me.

I'm not working for it.

Once I figured out all the right efficiencies, especially on the marketing

and operations side, it's my goal to have my team protect my time so that I'm not

working as much as I have in the past.

They'll work more autonomously than some

of the past teams and will operate with a small and lean of a team as possible.

I want to play to my strengths as a founder, and I know that I don't need to

be a general manager of a big team that's really, really not good at it.

So with that in mind, here's my answer to the last question.

So the question here is what are the reasons, if any, that would prohibit you

from starting your own business? Is it money?

Is it time? Is it fear of failure or judgment?

I fear that I'll be publicly criticized, which I am, for pretty much everything I

do and maybe including this.

And the good thing is that there are

always more people that like what I do, then don't like what I do.

And I know that I'll tiptoe into the landmines, as most business owners do,

but that comes with the territory.

And I also wrote, you might remember this

from earlier, that work life balance is really important to me.

If I'm lucky enough for my online courses to be successful, my business can become

a hungry monster that wants more and more.

So it's my job to make sure that I create boundaries around my business and learn

to say no, even if that means making less money.

So even though I do need my new business to make money and I do have something to

lose now, unlike when I was 22 when I really look at my fears, it's not the

fear of losing money.

The fear now is not living up to my

potential and being able to give entrepreneurs like you what it is that I

have to share.

So part one, done.

Now we're ready to dive into Part 2, focused on defining your skills, what

you're best at, and where you might need some help.

So take out your worksheet and have a go.

I'll be back in the next video to discuss

and share my answers.