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It Pays To Tap On Your Expertise

Melvyn
Melvyn
. 1 min read
It Pays To Tap On Your Expertise

Allen Walton was a regular guy working a 9-to-5 job.

As an employee, he felt the same ways as most of us.

Working hard and being under appreciated.

Working long hours and not getting rewarded proportionately.

Armed with frustration, $1,000, and deep knowledge about security cameras, Walton decided to quit his job.

Making rookie mistakes

Via Elaine Pofeldt:

To get to $1 million in revenue, many entrepreneurs take a shortcut: they start a business in an area they already know well, whether in a field they had worked in or a hobby or other personal pursuit. That helps them avoid rookie mistakes and scale revenue quickly.

When starting a business, time is of essence.

I made the mistake earlier on by choosing an area I have no expertise in.

From having to learn everything from scratch to wasting time on experimenting only to realize it wouldn’t work, and ended up bleeding cash.

That’s not something you want to do if you want to avoid rookie mistakes and scale revenue quickly.

Leveraging your expertise

I’ve always been a proponent of start with what you're good at and not do what you're passionate about.

Sure, you also need to be passionate about what you are good at.

The starting point is to start a list of areas you’re proficient in. With that list, choose those areas that you’re also passionate about.

Once you have identified that intersection, that’s when you can dive deep.

$1M benchmark

That’s what Walton did.

By leveraging his past experience working in a security camera store, he started SpyGuy that went on to achieve the $1M revenue benchmark within the first year.

Let’s get you started on identifying the list of areas you’re proficient in.