10 Business Rules for 2024 (And Beyond)

Welcome to this week’s edition of ‘The Adventure Capitalist’. A lot is happening here and I’m working behind the scenes on a big project that will launch in the next few weeks. Stay tuned!

Here’s what you can expect in this issue:

• Austin’s 10 business rules for 2024 (and beyond)

• How to “dial in” your life to maximize the fun and minimize the stress

• Is Bitcoin about to rip? Why my favorite analysts are bullish

Let’s go!

10 Business Rules for 2024 (And Beyond)

Since 2010, I’ve sold millions of dollars worth of products, hired 70+ people, served over 700 clients, and traveled to over 30 countries.

I’ve also burned out, broken up with a business partner, been sued, fired my entire team twice, and lost hundreds of thousands of dollars from embarrassing decisions I’ve made.

I made these 10 rules to keep me from making the same mistakes:

1. Don't Compete, Play A Different Game

Don’t focus on competing with others. Instead, think about how you can play a completely different game. If your offer isn’t unique, change your positioning. Lean into what makes you unique and be bold.

2. Build Once, Sell twice

Focus 90% of your time on recurring revenue and products with resale potential. Resist the temptation to do profitable things that cannot be resold.

3. Be Fearlessly Ambitious

Many people shy away from asking for what they want; you shouldn’t. Don't be afraid to send a bold message, pick up the phone, or hop on a plane to meet someone. When you want something, stop at nothing to make it happen.

4. Prioritize Location Independence

Traveling as a family is one of the greatest joys in your life. Focus on building products that allow you to work remotely, and don’t take location independence for granted.

5. Hire Exceptionally or Not At All

More employees often means more stress. Eliminate, then automate, and if that fails hire someone great. Keep the business simple to maintain the freedom that you enjoy.

6. Prepare To Lose Interest

Falling out of love with your business happens gradually, then all at once. Build your business to sell it in the future, even if you love what you do now.

7. Don’t Get Caught Flat-Footed

Always be ready for lean times. Maintain 90 days of “all in” expenses in your account. This number must be higher if your business is seasonal.

8. Always Have a Content Exit Plan

No matter how excited you are to create content, you'll grow to hate it. Plan for this by committing to a specific timeframe for creating content, then find your replacement.

9. Go Up Market

If you're competing on price, you've already lost. As seductive as it might be to lower your prices to make a sale, avoid it. Keep your prices at the top of the market and do whatever you need to justify them.

10. Play Long-Term Games

Choose to play long-term games in a good market with long-term people.

If you’re working with clients, work with highly motivated and successful people. Clients who negotiate on price will drain you of your energy and time.

If you're building a product, avoid ending up in a race to the bottom by never trying to compete in a commoditized market (e.g. call recording tech)

These are the 10 rules I keep close when I make my decisions.

What rules do you have for yourself?

The Lifestyle:

🌎 Global Adventure:

Have you ever dreamed of spending a month in southern Italy? This house near Palermo is gorgeous. It fits 12 people and could be your compound to work/explore the Sicilian coastline (link)

Living in SE Asia just got easier. Thailand just introduced a new remote work visa that’s 180 days for ~$270. If you enjoy it, you can extend it for another 180 days for the same price (link)

💰Wealth, Business, and Life:

What our society does to little boys is a a tragedy. As a father of a “rough and tumble boy”, I’m aware of the challenges coming his way. This video nails it (link)

How “dialed” is your life? In 2020, Kevin Dahlstrom (one of my favorite X follows) went ALL-IN maximizing his lifestyle. That idea led him to do something everyone told him was crazy. He bought two of everything! Here’s his interesting story and how it worked out (link)

Is Bitcoin about to rocket? The setup looks divine and some of my favorite analysts are getting bullish. LFG (link)

🚁 The Best of the Best:

Three years ago my wife and I bought new carry-on luggage from Travel Pro. If you travel consistently, buying great luggage is a huge upgrade. Their 21” bag is well-designed, incredibly durable, and makes traveling much smoother. Right now they have a 25% off sale for Father’s Day. (link)

The Aman Tokyo is one of the best hotels in the world. I was there a few years ago and will continue to pepper you with Japanese travel content until you book a flight! (link)

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