How many attempts (businesses) did you make until you reach $5000/month profit?
Hi folks,
I am reading the book The Great Rat Race Escape by MJ DEMARCO and there is a thing called The Baseball Principle (One Swing Doesn't Make A Season). It is basically about you have to try many times before you find the success. There is a survey that said the average number of business failures before profit is around X (hided to prevent bias). So I would like to ask you how many business failures before you have a profit of let's say 5000$/month (enough to escape ramen). I will read your replies and make an excel sheet with formula to calculate average attempts before we see success, I think this data will greatly benefit all of us entrepreneurs here. You can do your freestyle but if possible you can do it by following the format (profit is per month):
06/2022:
* business 1, profit = 0
=> total profit = 0
09/2023:
* business 1: 0$ * business 2: 0$
=> total profit = 0
12/2023:
* business 1: 0$ * business 2: 0$ * business 3: 100$
=> total profit = 100$
03/2024:
* business 1: 0$ * business 2: 0$ * business 3: 100$ * business 4: 300$
=> total profit = 400$
09/2024:
* business 1: 0$ * business 2: 0$ * business 3: 500$ * business 4: 3000$
=> total profit = 3500$
Published in 2024, this chronicle by @baotrungtn details the mechanics of building a profitable, self-funded business without venture backing. Key verified financial milestone: $5000/month.
The community focused on B2B customer acquisition channels, cold email vs SEO distribution, and balancing full-time employment with side-project development.
I am not sure how others here will feel about this, but if you cannot take a business to $5000 per month in almost any market, then it might be more of a "you" problem (I don't have the right skills, I don't know how to sell, etc) than a "I chose the wrong business" problem...
Maybe the reason why business #5 or #6 is more successful is not that they changed businesses, but that they finally developed the skills necessary to make it work through their failures. If they went back to business #1, they could probably make it work this time.
Takeaway? Chose one thing and develop the skills (sales, etc) instead of jumping to the next thing.
If we are talking about $500K per month, then that is a different story...
I can handle the downvotes...
How many tries it will take depends on a lot of factors, mostly luck. Pay attention to what works and what doesn't, and keep improving.
Somebody else saying "it took me N tries before making $5000/month" won't mean much for you, because their circumstances are different from yours.
and for the record, I'm on attempt 3 and overall something like $10k in the red. (in terms of money invested, I'm not in any debt personally)
i haven't made much yet but ig, just don't give up and keep trying and on the side keep an eye to see what works etc. why complicate things, i don't think there's a formula. it's only fair for you to understand the rules of the game after you played it enough times etc.
I'm glad I'm not an entrepreneur when I read stuff like this. I have no interest in a rat race. I'm not very ambitious or competitive. I just want a normal wage and financial stability, not the sky :)
Why are you building an unscientific average from a tiny baised sample, when you already found a survey result?