TBL Episode 60: Understanding the two games you’re playing in your online business

The Bottom Line by Evolved Finance

Dec 16, 2019•21 min

--:--

Listen in podcast apps:

Episode description

The more experience I get as an entrepreneur, the more I realize that I’m playing a weird and complicated game. And while it can be a frustrating and scary game, it can also be highly rewarding and lucrative if played properly. If we break down the core functions involved in running a business of any kind, then we’re actually playing two games at once.

Game #1 is all about generating revenue and income.
Game #2 is all about managing and utilizing that revenue as effectively as possible.

All entrepreneurs must stay focused on playing Game #1. If played poorly, the business will cease to exist. What most people don’t realize, however, is that the better an entrepreneur becomes at playing Game #1, the more important being good at playing Game #2 becomes. To the point that paying attention to Game #2 becomes just as important as generating revenue. That’s why if you don’t learn how to play both games well, your business won’t fully achieve the results you want. That’s why in this episode, we discuss:

Why most online businesses only focus on driving revenue for as long as they can (Game #1)
Why so many entrepreneurs ignore and neglect managing their cash flow (Game #2)
What happens if you ignore Game #2, even if you’re amazing at generating revenue
Why consistent, predictable profitability is especially important for online business owners
How good bookkeeping can help with Game #2
What you need to get better at playing both games at once