Nicolas Cole tells founders to stop chasing new ideas and double down on what's already making money. Once you've found a revenue-producing tactic that works, the only risk is the effort to keep it running. Extract cash, build a runway, then decide rationally whether to pivot.
Once you get something to work, you should realize that like, if I keep doing the thing that's working, my only risk is effort. I know it works. It's like you choosing to wake up every day and do the thing. But if you change it and you go, okay, now I want to adjust my business model, or now I want to start launching digital products, or I want to do something different, the risk is beyond effort. The risk is significantly more unknown. You're like, I don't know if this is going to work as well because I am literally doing something different. And so my advice to you and to everyone here, especially in the beginning, especially if this is your first business, especially if you're younger, especially if you haven't had the ability to save up very much money before. My advice would be when you start getting something that's working, just maximize that thing and take as much cash off the table as possible for a prolonged period of time until the amount of money that you've saved up essentially rationalizes, like, now I have to do something different because it's too incremental.
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