Let’s Redefine the Word Currency in Business.

In Evolved Enterprise, Mindset, Moonlighting on the Internet, Profit Path by Shelby B Larson1 Comment

I wrote about this topic of currency in my book Moonlighting on the Internet where I refer to any legitimate, consistent stream of income as a “Profit Path”.

When people hear the word “currency,” they almost exclusively think specifically about money. The reason for this is obvious. However, I would like to inject a couple of additional angles on how you view currency.

1: Money is not the only currency required to create a sustainable path of income online.

2: Just like money, these other currencies are not infinite wells.

3: Just like money, you have other priorities in your life that these currencies must be divided across.

Types of Finite Currencies

Time:

Time is by far one of the most precious, sought after commodities that you possess. It takes time to build a business. It takes time to run a family. It takes time to manage a romantic relationship. The list goes on. You may not always think of your time as a currency, but you absolutely must think of it this way while working to make money online. I would submit that to most people, their time is a currency more valuable than money. It must be treated as the true treasure it really is.

How much time do you realistically have to spend each week creating your profit path? Can you carve out one hour per week? Two? Five? More?

It’s not enough to know how much time you could devote to this, it’s equally (if not more) important to have a plan for where you’re going to get that time. Just like money, if you don’t plan for it, life will suck it away!

My follow-up question is, if the opportunity was good enough, could you temporarily devote a greater amount of time to creating your profit path? Remember, “no” is an acceptable answer, just like in the exercises you’ve already done. The point of this is to know what you REALLY have available to you, and how you would get it if you needed or chose to.

People make the mistake of thinking that money is worth more to them than time in the start-up phase, when starting a business with few resources. But I actually don’t think that’s true. I think it’s more likely that time is sometimes an easier sacrifice to make because you literally don’t have access to more cash. It’s not that people value their time less; it’s that their goal is important enough to them to sacrifice their time (a highly precious and sought after commodity) for the short-term, so they have more freedom not to in the long-term.

Patience:

This is another currency that is not infinite. Busy, driven people get worn down. The more you are balancing on your plate, the more patience will be demanded of you. I can add to this list, positivity, coping ability, and energy. These are all things that are critical in all areas of our lives. I bring this up because burnout is a very real thing. Wherever you are spending your various currencies, you are taking away from another area of your life that might have gotten them otherwise.

Balance:

How will you stay balanced, and how will you know when you’re not balanced? I find it very helpful to write down what is important to me when it comes to maintaining balance, and what things might be red flags that my life has shifted off balance in a way that isn’t acceptable to me. Sometimes, you will choose to run with your time and resources unbalanced in the short-term to get a dream off the ground. That’s okay. The point is that you’re being intentional about it. Trust me when I tell you that it is not pleasant to crash because you’ve been running unbalanced too hard for too long, and have no idea how to course correct.

Support:

Who is your support system? Is it a spouse? A best friend? Is your dog part of your team to stay balanced and happy? Who can you lean on? Who is a resounding voice of reason that you trust to help you evaluate what you’re doing and how you’re doing it when things get stressful? Everyone needs a support structure, so who is on your “Team Awesome”?

For most people, no amount of financial freedom will replace a broken family, a lost love, or poor health. I remember saying to my husband one day, “I think my business has turned into my sixth child and anyone observing me would assume it’s my favorite child because it’s getting the most love and attention.” Believe me, balance is a very real thing and not something that can be sacrificed in the pursuit of financial aid and freedom.

My Interview with Yanik Silver

While my book is primarily written for people who are early in their journey as an entrepreneur, do not mistake this issue as one that only “newbies” fall prey to. In my upcoming interview with Yanik Silver we talk about this topic and how even the most seasoned entrepreneur is not immune to this. We also focus heavily on how to choose a path that is in alignment with who you are and how to stay that way.  Evolved Enterprise is one of my favorite topics.

You can listen to the episode at:

Maverick Village – Evolved Enterprise at it’s FINEST!