The fun part of today’s upcoming generation is their inability to stay focused. There’s a whole spectrum of issues you can debate as to why this is the case, but the truth of the matter is… there is no attention span. I’m not sure if the book, “The Tortoise and the Hare” was taken off the reading lists, but the end result is… respect for the long haul no longer exists.
I have noticed that they want the “quick” way to get rich. They see making money online as super easy… they watch a TV show… and decide, “that’s what I’ll do”… I’ll be an entrepreneur. And that’s fine, as a hare, they’ll make money. But as a tortoise, they will tumble over on their shells and be flopping their poor little legs in no time. The reason is, when you jump ahead of experience, you outrun your luck.
You can capitalize on this. I read a great passage yesterday that talked about the “Silent Generation” that’s the folks born between 1925 and 1945. This is the wealthiest generation. They were born during war and economic instability. They learned patience. Some are comparing Generation Z to the Silent Generation.
Wait! Hang on… there’s a generation after Millennials? YES! In fact, there are two… we just rarely hear about them. Gen Z was also born during economic instability and war. But will they have patience? That is yet to be determined.
The reason the small business owner can capitalize on patience is because the internet is full of “get quick” schemes. Sites like Ebay, Etsy, and Uber, push that scenario. You can make money on them, but the truth is, when factored with the breakdown of someone’s hourly input, they are not. It’s fantastic to pick up an extra $30 to give someone a ride in the afternoon, but do you want to be up from 1am to 5am for the bar close and airport runs? Sounds less like quick cash and more like a job, eh?!
On Etsy, it’s fantastic to make an extra $50 to sell necklaces they create while watching TV… but do they really want to make 100 of them all weekend from sun up to sun down and occupy all of their free time? What does their hourly wage become at that point? When these “ready made” sites are utilized as a hobby or extra income stream they are fantastic revenue generators. But do to the inherent nature of competing on price you will always be in the position of doing the job for the cheapest. When your core business relies on doing the job for the cheapest, you lose.
Those looking for the “get rich quick” method might turn a profit, but at what cost? Free time, exercise time, sleep? Their patience will run out…
I’m not suggesting that you don’t explore these sites or extra revenue. I’m just saying that life has trade-offs. If you go 100% into a Ebay, realize you are at the mercy of Ebay. It’s no different from building your house on a sand foundation. You have no control over your destiny. If Ebay changes their rules, you must comply regardless of how it affects your traffic or bottom line.
This is THE advantage of the small business owner that operates in the real world. Your advantage is your patience. You have built your business in the proven method. Now, here’s where you get to “Insert Your Favorite Sports Metaphor”… I’m going to say here’s where you… “Break away from the pack”! Take your existing business that is solid and utilize the internet’s “ready made” sites for awareness to build your online presence. Simply use them as an advertising channel that makes you money.
This allows you to capture the best parts of the internet without relying on the rules of someone else. And really, didn’t you go into business for yourself because you hate being controlled by someone else?
Again, do NOT rely on “ready made” sites for your core business money. That’s the whole “all eggs in one basket” rule. Dang! It’s funny how all these old school metaphors keep working… but it’s true, never build your business on a platform that you do not control. Some of us remember when Facebook changed it’s rules and all the traffic dried up in one day… some of us remember when Google did the same thing!
The pain of building your business the right way is temporary, but if you go the “fast and quick” shortcut method on someone elses platform, and they shut you down… the quitting lasts forever.
PS: if you love my post… give it a “like”!
1- Look at your revenue streams and where the traffic comes from. Does it come from ads in the newspaper, a sales person, online traffic? If one of those disappeared today how would it affect your business
2- Find new baskets for your eggs! Start to protect your business!
3– Install our app! (SmallBusinessClubApp.com)
Listen to Episode #83 of the Two Minute Commute audio blog Podcast