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Confessions of Unprofitability

By on September 1, 2009 in Marketing and Making Money

Are you running your business to make the quick buck today, or building to create something amazing over the long term?

I was inspired to make this video (made in a hotel room in San Diego) by Jason Jennings’s book Think Big Act Small: How America’s Best Performing Companies Keep the Start-up Spirit Alive, and the free chapter of Gary Vaynerchuk (@GaryVee)’s new book CRUSH IT! Why NOW Is the Time to Cash In On Your Passion.

Here’s the thing … even though my decision does happen in business every day (especially for those who become *great*), it’s definitely not being talked about enough in our industry. And for a long time I was afraid to say this out loud … but after reading Jason’s book and Gary’s chapter, I’m convinced it was right for me and it may be right for some of you.

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  • http://www.melaniward.com/ Melani

    Love this! Always makes me chuckle when I hear people call themselves the Million Dollar this or that when I know they can’t even pay the people that work for them a few hundred bucks! What is the big deal with all of it? As if having that car or jet or whatever else actually has anything to do with how totally psyched you are about your life, your work, your relationships, your health, etc. As you said, you work 70-80 hours a week but your LOVE what you do. And you’re not living on the street, filming your videos from the bread lines. You are homeschooling your daughter, traveling, investing in your business and you love it. How awesome is that? You will be able to pay your bills because you’re as smart cookie and not paying them is not an option and neither, does it sound like, doing work you hate. Yay you for just being honest. Bravo.

  • http://www.marketinggoddessblog.com/ Elizabeth GP

    Werd on “we all teach what we need to learn” – as I was writing that, I was sitting there thinking, “Well isn't this interesting, Elizabeth [me in this case!], your response to this…!”

    Regarding plan Bs, this is absolutely true. Straight up: if a potential client comes to me inquiring about my coaching and I know that they have income coming in from somewhere else, I know right off the bat – i.e., 2 lines in an email – that we need to establish how important their business is to them. All too often, having that cushion means that the motivation to step up to the plate just isn't there. (Can you tell that I've given away a LOT of time with these peeps? *laugh*)

    “Balance is a myth” is another topic that everyone thinks but nobody says out loud. When you LOVE what you do, it doesn't feel like work, so who says working 60+ hours a week is, well, work? (The “putting yourself last” part I was referring to above was specifically about the money and paying yourself, which is how I heard/interpreted it.)

    Anyways. Put my vote down for a video on that one!

  • http://twitter.com/YourDivineBiz Kim Turcotte

    Elizabeth – I love the new energy you are bringing to the world with your videos. This one is GREAT! It is so true and it's something I've never heard anyone else talk about “in public” before! Thanks for sharing your truth and your wisdom!

  • http://twitter.com/YourDivineBiz Kim Turcotte

    Elizabeth – I love the new energy you are bringing to the world with your videos. This one is GREAT! It is so true and it’s something I’ve never heard anyone else talk about “in public” before! Thanks for sharing your truth and your wisdom!

  • http://twitter.com/TeresaHBerger TeresaHBerger

    Love your outtakes! You are dead-on with the reinvesting, and I'm so glad to hear your honesty about the un-profitability. I think this is something that needs to be better taught to those entering the entrepreneurial world…an Entre101 course!

  • http://twitter.com/TeresaHBerger TeresaHBerger

    Love your outtakes! You are dead-on with the reinvesting, and I’m so glad to hear your honesty about the un-profitability. I think this is something that needs to be better taught to those entering the entrepreneurial world…an Entre101 course!

  • http://twitter.com/TeresaHBerger TeresaHBerger

    Love your outtakes! You are dead-on with the reinvesting, and I'm so glad to hear your honesty about the un-profitability. I think this is something that needs to be better taught to those entering the entrepreneurial world…an Entre101 course!

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