written by
reading time: 3 minutes
Do you have a plan for escaping the rat race?
Many hate the idea of working a 9-5 until retirement, but few know how to escape. If you want out, it all starts with a plan. Do you have one?
Luckily, there are many paths to freedom. I escaped the rate race by becoming an entrepreneur, and in this week’s deep dive, I’ll share seven tips that helped me build a successful business.
If you like this week’s deep dive, my full-length video and article go even deeper.
“Burning the boats” may sound exciting, but it’s not practical for most entrepreneurs. Quitting your job without a steady income can lead to financial struggles and hinder your business’s growth. Find a job that covers your expenses and gives you time to work on your business.
Building a successful business requires hard work and dedication. Prioritize your business by making sacrifices, like giving up non-essential hobbies, and leveraging your available time. For example, you can listen to audiobooks during your commute.
Successful entrepreneurs learn common skills like sales, marketing, copywriting, web development, and more. Invest in yourself and learn these fundamental entrepreneurial skills. They can be applied to any business and increase your chances of success.
Starting a business is an experimental journey. Instead of getting stuck on a rigid plan, follow your interests. Explore new ideas, learn from failures, and adapt along the way. Embrace the learning process and stay open to new opportunities. Get started and see where it takes you.
Successful businesses provide solutions to people’s problems. Identify the problems you can solve and create products or services that address those needs. Aim for easy-to-use solutions to the most painful problems.
You don’t always have to create a completely new product or concept. Instead of trying to reinvent the wheel, consider creating a product that people already understand. Focus on executing a proven idea effectively. Thousands of successful businesses have been built on everyday concepts.
Building a business is challenging, but having the right partners can make it easier. Look for partners who share your vision, have complementary strengths, and are committed to the venture. Choose people you get along with, handle conflicts maturely, and then legally formalize the partnership.
Check out my full-length video and article on escaping the rat race.
I’ve been an entrepreneur for more than 15 years. As an entrepreneur, you wear multiple hats and juggle various responsibilities, from business development to marketing and operations. Therefore, time management and productivity become vital skills.
I frequently ask myself if I’m making the most effective use of my time. I’ve found going long periods without asking this question leads to wasted time.
I’ve also recently become a father, so being effective at work not only improves my business but also improves the relationship I have with my daughter.
This month I stopped doing many things at work that felt necessary but ultimately weren’t. For some reason, this was a hard decision to make. Why is it that deviating from a plan can feel wrong, even when all evidence suggests it’s no longer the best plan?
Thankfully, I appear to be on the right path. I’m less stressed, I have more time for my family, and I think this decision will lead to greater business success. I guess time will tell.
So, I’ll leave you with this. How can you make more effective use of your time? What feels necessary but isn’t?
DISCLAIMER: Please be aware that the information presented in this email is for educational purposes only and should not be considered as personalized financial advice. The creator of this email is not a licensed financial advisor and any decisions made based on this information are at your own risk. It’s important to consult with a qualified financial professional before making any financial decisions, as this information does not consider individual investment goals, risk preferences, or financial situations. Please remember that past performance does not guarantee future results, and all investments involve risk, including the potential loss of your initial investment.
Reinvent yourself with the Success Engine Newsletter—a weekly newsletter packed with proven strategies and practical ideas for personal development, career growth, and financial success.
Here’s what you can expect when you sign up:
CHRIS THORNHAM
1% of all profits generated by ChrisThornham.com are donated to St. Jude Children’s Research Hospital.
Reduce financial stress, reach financial freedom, and achieve financial goals like buying a home, paying off debt, and investing for retirement.
Ten Thousand Dollar Giveaway Sweepstakes Entry Contract
By entering this Ten Thousand Dollar Giveaway Sweepstakes (the “Sweepstakes”), you agree to the following terms and conditions:
1. Eligibility: This Sweepstakes is open only to legal residents of the United States, Canada, the UK, and Australia, who are 18 years of age or older at the time of entry. Employees, contractors, directors, and officers of ChrisThornham.com LLC, its affiliates, subsidiaries, advertising, promotion, and fulfillment agencies, and their immediate family members and persons living in their same households, are not eligible to participate.
2. How to Enter: To enter, visit https://christhornham.com/ten-thousand-dollar-giveaway, and complete the entry form with a valid email address. No purchase is necessary. Only one entry per person is permitted. Automated, robotic, or programmed entries are not allowed, and any such entries will be void.
3. Winner Selection: The winner will be selected in a random drawing from among all eligible entries received. The odds of winning depend on the number of eligible entries received. The winner will be notified by email and will have 30 days to respond and claim the prize.
4. Prize: The prize for this Sweepstakes is $10,000 USD. No substitution or transfer of the prize is permitted, and no other alternative will be offered. All taxes, fees, and other expenses related to the prize are the sole responsibility of the winner. The prize will only be awarded if at least 10,000 eligible entries are received during the Sweepstakes period. If less than 10,000 eligible entries are received, ChrisThornham.com LLC reserves the right to cancel the Sweepstakes, in which case no prize will be awarded. ChrisThornham.com LLC may, at its discretion, extend the Sweepstakes period in order to reach the minimum number of eligible entries required to award the prize.
5. General Conditions: By entering this Sweepstakes, you agree to be bound by these official rules and the decisions of ChrisThornham.com LLC, which are final and binding in all respects. ChrisThorrnham.com LLC reserves the right to disqualify any individual who tampers with the entry process, violates these official rules, or acts in a disruptive or unsportsmanlike manner. The use of any automated or programmed entry method or any other means to obtain multiple entries is prohibited and will result in disqualification.
6. Release and Limitations of Liability: By participating in this Sweepstakes, you agree to release and hold harmless ChrisThornham.com LLC, its affiliates, subsidiaries, advertising, promotion, and fulfillment agencies, and their respective directors, officers, employees, and agents from any and all liability, injury, loss, or damage of any kind arising from or in connection with your participation in the Sweepstakes, the awarding, receipt, use, or misuse of any prize, or any other matter related to the Sweepstakes. ChrisThornham.com LLC is not responsible for any incorrect or inaccurate information, technical failures, or any other errors or problems that may occur in connection with the Sweepstakes, including any injury or damage to your computer or mobile device.
7. Governing Law: This Sweepstakes is governed by the laws of California, without regard to its conflict of law provisions.
8. Privacy Policy: Information collected from entrants is subject to ChrisThornham.com LLC’s privacy policy, which can be found at https://christhornham.com/privacy.
9. ChrisThornham.com LLC reserves the right to modify, suspend, or terminate the Sweepstakes, in whole or in part, for any reason, including but not limited to any error, technical problem, fraud, or any other cause beyond the reasonable control of the company that affects the administration, security, fairness, or proper conduct of the Sweepstakes. In the event of any such modification, suspension, or termination, the company may, in its sole discretion, choose to extend or shorten the Sweepstakes period by up to one year from the original end date of May 4, 2023.
By entering this Sweepstakes, you acknowledge that you have read and understood these official rules and agree to be bound by them. If you do not agree to these terms, do not enter the Sweepstakes.