Once upon a time, when people wanted to start their own business, they went down to the bank. There was physical space to lease, equipment to buy, and people to hire.
Maybe it was a coffee shop, retail store, or professional services firm. Or maybe light manufacturing or a car dealership. Sometimes the profits were substantial, other times meager. But there was always a lot on the line if things didn’t work out.
About 20 years ago, the idea of starting a business changed due to the tech startup craze. Now it was about raising a Series A, then B, then C … and then IPO or acquisition. Profit wasn’t part of the equation, only insane levels of growth that very few achieved, despite the relentless focus on the relatively few success stories.
During that same time period, however, a third way arose. A way to build a business using the reach of the Internet, the power of technology, and the creativity of entrepreneurs who very much focused on profit, all while mitigating risk with digital business models. Oh, and there was no need to deal with investors, because who wants that kind of meddling?
It’s the “third way” that Chris Guillebeau’s new book The Money Tree focuses on. And yes … it’s also the approach taken with the 7-Figure Small strategy for smart business building.
Chris joins us in this episode to discuss the third way and his new book. He also shares tips for generating extra income from his previous book Side Hustle, which is a companion to his popular podcast Side Hustle School.
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