Great Video, Thanks! My current "Engine" is my full-time job as a developer. I'm looking to transition to a part-time job or freelance opportunities as a developer, which would give me time to build and improve my side project. I already launched on prod, but I want to make it profitable first. So, I am trying to manage the economic risk, simultaneously avoid burnout, and have quality time for family & friends. 😊
@@MauroBonfietti that transition period is always the hardest stage. The key is to make sure the “transition” doesn’t last for years and years (which might mean there’s no business there). Wishing you the best! I hope the transistor works. 🤞
Really enjoyed this video. Great way to think about the health of a business and easy to understand breakdown. Incredibly helpful for evaluating potential businesses.
@@JustinJackson I'm exploring taking a dive into a new business and your discussion on profit margins was helpful. I hadn't heard it explained that way before.
Great video. Right now mine feels like it constantly needs attention but it’s still early days. Trying to find that flywheel. How did you find your business mentor?
It’s common for a business to require a lot of attention/work in the early days - but eventually, you need to be able to reduce your effort (through systems, delegation, software, investment, etc) I met a lot of my mentors when I started the Product People podcast. I built relationships with a few of the guests.
Great video! Financial engine is a great concept! We don’t need to crank it everyday to make it work. I also agree with 1-3 years time frame depends on project size and its nature of growth. I think entrepreneurs need to have a clear strategy to plan the x years to place strict measure in it, is it n% mom growth the threshold to be defined as success? If you could build this momentum of subtle milestones of success, 1-3 years should make it progressively at a good position. On the opposite side, if m consecutive failures happen, it means you should leave the business behind. The x, n and m varies from business to business, as the owner, you need to figure out what they should be.
Great Video, Thanks!
My current "Engine" is my full-time job as a developer.
I'm looking to transition to a part-time job or freelance opportunities as a developer, which would give me time to build and improve my side project.
I already launched on prod, but I want to make it profitable first. So, I am trying to manage the economic risk, simultaneously avoid burnout, and have quality time for family & friends. 😊
@@MauroBonfietti that transition period is always the hardest stage. The key is to make sure the “transition” doesn’t last for years and years (which might mean there’s no business there).
Wishing you the best! I hope the transistor works. 🤞
Thank you very much@@JustinJackson !
Really enjoyed this video. Great way to think about the health of a business and easy to understand breakdown. Incredibly helpful for evaluating potential businesses.
Thanks so much Zack! Really appreciate the kind words. Hopefully it helps people evaluate their current businesses.
Thanks, Justin.
Glad you liked it. Anything in particular resonate with you?
@@JustinJackson I'm exploring taking a dive into a new business and your discussion on profit margins was helpful. I hadn't heard it explained that way before.
Great video. Right now mine feels like it constantly needs attention but it’s still early days. Trying to find that flywheel.
How did you find your business mentor?
It’s common for a business to require a lot of attention/work in the early days - but eventually, you need to be able to reduce your effort (through systems, delegation, software, investment, etc)
I met a lot of my mentors when I started the Product People podcast. I built relationships with a few of the guests.
Thanks, Justin.
Great video, Justin!
Thanks Peter! I appreciate it. 🙏
I would love to see more videos like this 😊
Thanks! I'll try my best. 😅
Great video! Financial engine is a great concept! We don’t need to crank it everyday to make it work.
I also agree with 1-3 years time frame depends on project size and its nature of growth. I think entrepreneurs need to have a clear strategy to plan the x years to place strict measure in it, is it n% mom growth the threshold to be defined as success? If you could build this momentum of subtle milestones of success, 1-3 years should make it progressively at a good position. On the opposite side, if m consecutive failures happen, it means you should leave the business behind.
The x, n and m varies from business to business, as the owner, you need to figure out what they should be.
@@columnsai I like that framing. 👍
Great advice here Justin.
Thanks. I'm glad it was helpful!