308: How to Quit Your 9-5, Motivate Yourself, Experience the Entrepreneur Lifestyle, and Take Action with Ryan Grant

Ryan Grant from the Online Selling Experiment decided that working for someone else (as an accountant) simply wasn't for him. In order to make "the jump" from a corpoate 9-5 to becoming a full-time entrepreneur, Ryan decided he needed to have the following in place:

• $500-$1000 per month income from 10 hours per week (which he could 4X if he had to in an emergency)
• A cushion of money (savings)
• A stream of real estate income (Ryan occupied one end of a duplex, rented out the other end, and found a roommate to share his unit as well)

Since going full time, Ryan has built and scaled a business (with employees) with Amazon FBA. He started with retail arbitrage, then expanded to wholesaling and private labeling. Listen to what he has to say about system thinking, self motivation and avoiding bright shiny objects.

Quotes:                                                                                                                                   

“Ideas are only worth something once they're executed, and you won't really know what you're capable of or what's possible until you try.” – Ryan Grant

“The only person to keep you motivated and to keep you going is yourself.” – Ryan Grant

“Most people tend to bite off more than they can chew. I've taken that approach and found that it doesn't actually lead to results in very many places. It leads to doing a bunch of things at a fairly low level.” – Ryan Grant

Takeaways:

04:03 Start planning your business exit strategy while still working your day job to ensure a smooth transition.

16:51 Proactively manage potential isolation in entrepreneurship by intentionally creating social interactions and networking opportunities.

18:28 Systematize one business method completely before adding new income streams to prevent spreading yourself too thin.

22:45 Avoid chasing multiple shiny objects simultaneously, which leads to doing many things poorly instead of excelling in one area.

25:36 Take small, concrete actions to test a business idea, like scanning product barcodes with a free app and investing $50-$100 in initial inventory.

Podcast: Play in new window | Download (Duration: 28:02 — 25.7MB) | Embed

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Filed in: Archive 2: 2017 • Interview • Podcast