Starting a business is no joke; unless you are really serious about it and it’s not a spur-of-the-moment decision, starting your own business just might not be for you. For someone to become a successful entrepreneur, it takes a lot of consideration before they take the leap, not to mention a wealthy financial budget that will allow them to sustain a business in the long run. Without a doubt, it’s the decision of a lifetime and for many could be their biggest career experiment.
For 29-year-old Colin Grussing though, it looks more like a hobby than an actual career. The New Orleans’ “most fearless and crazy entrepreneur”, as Tech.co suggests, demonstrates that opening a business – or in this case, businesses – is something that can be done literally every week, provided that you have the appropriate resources to do so. In an interview with the same company, Grussing said that the 52businesses project originated out of his interest to work on several projects at once, rejecting the notion of getting a “regular job”. As such, he kept a list of ideas he wanted to expand on and went on to work on multiple startups.
The 52businesses Project
Grussing’s entrepreneurial success through different startups – such as RootSuit (the popular website that sells full-body spandex and even made it to Shark Tank), Meusu and Apocalypse Camp – all made it much easier for him to develop his 52businesses project, which aimed to act as a business consulting agency for existing startups and nonprofits, costing him about $100,000 in total.
52businesses represents an innovative project that aims to help would-be entrepreneurs start their own business, providing them with the support they need while exposing them to a network of people including mentors, lawyers, accountants, marketers, and investors for a week. Whether a business is about to be launched or is still in the initial stage of brainstorming ideas, 52businesses is able to help entrepreneurs make the biggest step in their careers by starting their own business. Essentially, Grussing and his team help to launch a business each week out of the total 52 in every year. No matter how challenging this sounds, the entrepreneur says this is the most fulfilling experience in his professional life.
But just how does he do it?
Well, considering that a great deal of cash was needed to accomplish his goal, Grussing wouldn’t have succeeded if he hadn’t made the right investments at the right time. Having invested in real estate allowed him to earn enough passive income to retire and pursue other interests to exploit his entrepreneurial passion. A passion that is as meaningful and inspiring as the success behind it.
Grussing says, “We want to encourage people to responsibly pursue their ideas, and ultimately contribute to a stronger, more resilient economy.” Since ideas are incredibly powerful, they can bring innovation and change and that is the kind of material the world needs.
To evaluate the success of each of his businesses, Grussing aimed to calculate profitability within the seven days, targeting a success rate of 100 percent. Considering that an average startup would need months, or even years, to show any signs of profitability, Grussing’s goal sounded overly ambitious to start with, but nonetheless proved effective. According to Entrepreneur, 87 percent of his businesses continue to thrive, while 27 percent have made new hires and 22 percent say they intend to expand within the upcoming months.
Perhaps the secret to his success can be found in that small “list of ideas” he made while still in his teens and the one he still maintains. By assessing the current limitations of the market, he is able to identify the needs of society and more particularly the needs of individuals (because, let’s be honest: if it weren’t for him, where would you find a spandex bodysuit when you need one?), all the while coming up with some incredibly creative solutions and as such advising other entrepreneurs to do the same.
If anyone would like to achieve what Grussing has through this project, they must be crazy enough to make it happen. They also need to be curious and fearless as far as it concerns trying out things that have never been done before. Perhaps this is the reason why every entrepreneur tends to perform better on the risky road of their career trajectory, while placing 50 percent of their bets on success and the other 50 percent on failure.
Expanding on that, both Grussing and Jason Seidman, 52businesses’ CEO, have some vital tips to share as far as it concerns their business success:
As Grussing supports, you should “focus on being effective rather than efficient”, and to accept that surprises – both good and bad – are inevitably hiding around every corner. Having said that, Grussing wanted to stress the importance that there are endless possibilities into making things happen, though there are also the ups and downs that will force you to look at opportunities in a different way and determine how to make them work for you best.
On the other hand, Seidman believes that entrepreneurial success isn’t the result of fast decision-making but rather a careful consideration of your career development and risk management: “Take action, but without leaping. Utilize your network and your friends and your family to get a prototype – without quitting your job first, without dropping out of school. And then if the idea proves to continue growing, then it’s time to reevaluate those things.” Also, a wealthy number of supporters can help you expand your professional network, allowing you to learn and exchange ideas in order to maximize your chances of success.
See Also: Best Advice for Successful Entrepreneurs
While an entrepreneur with years of experience on his back would immediately reject Grussing’s concept of entrepreneurship – quite possibly because there were many risks involved in the process – Grussing showed just how serious he was when he said “just watch me”.
The 52businesses project confirms that everything is possible, as long as you have an idea that works and that can help others. If the financial support is what you are lacking, save some money – or invest in the real estate business and do it Grussing’s way.
Do you think starting up a business can be done that easy? Let me know what your thoughts are in the comments section below!