Startup Advice for Entrepreneurs – The Vegas Money Formula
The Vegas Money Formula teaches you how you can make small bets on to break through the noise and accelerate return on your efforts.
If you are ever listened to a guru in the internet marketing or startup space,you’ve probably heard advice that sounds somewhat like that,”Figure out how to get an extra hour out of each day and use that time to work.” Or perhaps you’ve heard that one,”Live as little money as possible until you’ve got a profitable startup”
I am here to tell you that this information is not just outdated,but it might very well be the reason whyyou have not made much progress on your business idea.
The Vegas Money Formula may be the piece of the puzzle you’ve been missing. Your big break.
Why Most Startup Advice Out There Does Not Work Now
Organic Reach on the Web Has Declined Dramatically
Lots of the gurus offering information on the internet have been around since the early days of the world wide web,when getting views and fans was easier to hack than it currently is. These”experts” expect you to have the ability to publish something and get an organic audience exactly the same they did.
In March 2013 Google stated they were conscious of 30 trillion pages online. By 2016 that number was 130 trillion and 576,000 new sites are created every single day.
Because the world wide web has grown so hugely,it’s more difficult to break through the noise and get discovered. Additionally,platforms such as Facebook and Google rely on ads to make money so their incentive to surface content is closely tied to revenue.
Take this for instance. When I started marketing years ago,when a Facebook business page posted,16% of fans saw that post. That number has steadily diminished. Unless you specifically cover to”boost your post,today’s average organic reach sits well below 1 percent.
If you would like feedback from someone other than your mom or your best buddy,you must figure out how to break through the noise and get through to your target audience.
Later in this post I will teach you some techniques for actually reaching your audience so you get the feedback you need. But first,let’s debunk the”save your pennies” information that kills the progress of numerous entrepreneurs.
Why A Scarcity Mindset Rarely Works,Particularly for Entrepreneurs
Entrepreneurs tend to be dreamers. They solve problems since they’re able to imagine a bigger,better world that exists beyond the now.
Most startup coaches who assert”internet freedom” say that if you can hold on and save your pennies for long enough,you will come to hustle your way to success.
I disagree.
To request an entrepreneur to pull back from their vision and put their physical self in an uncomfortable position is the most surefire method to detach them from their dream.
Rather,I recommend a mindset change. If you can put yourself in a position where you are not worried about how you are going to cover next month’s rent,you can turn your startup endeavors into a hobby.
This lets you live comfortably,fuel up on real food and sleep,and thenspend your free time on leveling up along with your small business.
Mindset is important to what we do. A mindset of play,pursuit,and healthful gambling is central to the Vegas Money Formula.
What is The Vegas Money Formula?
The Vegas Formula for Entrepreneurship is the regular practice of taking a little additional budget from the end of every month and investing it in an experimentation framework that puts you in front of individuals who would potentially encourage your business.
I call the amount that should invest Vegas Money since it ought to be the amount of money you can afford to lose without negatively affecting your everyday life.
The difference between this and actual Vegas is that the house is actually just you (and not some huge smoke-filled casino dinging with slot machines).
Rather than throwing your money at a pair of aces,you are making small,incremental investments in your future.
Later in this article I’ll explain how to implement the Vegas Money Formula,but first let’s explore why it skyrockets your likelihood of success. startup advice
Why The Vegas Money Formula Works So Well
What I like most about the Vegas Money Formula is two things:
1. Unlike actual gambling,the odds are not inherently stacked against you. In fact,when it comes to entrepreneurship or publishing on the world wide web,the more attempts you make,the more likely you are to get a hit or go viral. Publishing more and receiving feedback from people increases the chances that you will find your people and hit on something big. Ji Lin of Andreessen Horowitz came out this year and said this to make a comfortable wage in the United States,you just need 100 people who care enough about what you are doing that they will support you.
The more you get out there,the more likely you are to connect with those 100 people. Examples and models where these kinds of direct to money support channels exist include Substack,Mighty Networks,Memberpress,Thinkific or alternative course platforms,and much more. If you monetize via e-commerce or something like BuyMeACoffee you are still likely to need more than 100 fans,but the principle still stands. The Vegas Money formula puts you in front of people consistently. If you’re willing to learn from the comments that the formula provides you,you are increasing your likelihood of finding the supporters you need to succeed.
2. If you win big,the payouts offer an outsized return on your investment. There was a window after World War II when faithful office employees were essentially guaranteed a job for a very long time. Workers higher up on the corporate totem pole got company cars and expense accounts that let them wine and dine without making a dent in their ever growing pool of wealth. For awhile,this was a set of the wealthy class who always knew they could rely on an increasing savings account.
Those times no longer exist and many people nowadays are made to work on an hourly basis with perks,bonuses,or an expense account. In today’s world,the most likely way to make outsized returns for yourself would be to either raise your hourly rate or break away from snare of trading your time for money. The Vegas Formula serves to increase your worth or assist you experiment with new monetization models that disassociate your own time from money. Now that you have context for what the Vegas Formula is and how it works,let’s discuss how to integrate it into your everyday life.
