He’s driven around several times now. But sometimes we’ll be going on the 130, an 80mph road in Austin, at under 70mph.
A lot of people think that when your child or student just starts to drive is the most dangerous time. It isn’t. The most dangerous time is when they become confident. But when he’s going a little bit slow, it can be dangerous, just like a business. When your student gets to a point where their experience is low, but their confidence high, and they’ve been driving a month or two, their confidence is much higher than it should be.
I’ve noticed that a lot of younger people (and I was the same way in my teens and 20s) are much more confident than reality. It was not proportionate to my experience. That was a result of my own foolishness and naivety.
So what do you do with that when it comes to building passive income?
It works to your advantage.
When I started building passive income, I was much more ignorant than I am now. I still probably have a very large amount of ignorance in my life: I have a lot to learn between now and the next 10 years. But when I started, I knew so little.
It was because I knew so little that I took risks. Almost dumb risks, because they weren’t calculated well, but it worked to my advantage.
So many company owners today can tell you that if they had known what they know now when they started off, they would never have started their business, or set it up the way they did. Yet they would never have had their success.
Sometimes your ignorance can work in your favor. I’m not supporting ignorance, but let me share the other side. If you have so much information, research, and calculation on suppliers and products and market trends, you won’t know what to do anymore. Your brain is constipated with information and you can’t make decisions because you’re overwhelmed with data. That’s a painful place to be.
The way to break out of that is to talk with someone else and get an outside perspective. You need to walk away from your research and come back when your mind is fresh. Other times, you have to pull the trigger and move forward. You’re not going to have every piece of possible information and a perfect forecast: you just have to decide.
Know that you’re not going to know everything. Let it allow you to take a risk, move forward, and do it with all your heart. You do need knowledge, but in business, it’s okay to know just enough to be dangerous. I encourage being dangerous! That’s how people shake things up, break into competition, and force other companies to get off their butts.
When Uber and Lyft came to Austin, taxi cab companies were really mad. They weren’t mad because they were losing business, though they were. The real reason they were mad was because they didn’t want to do what it takes to improve their services to a point of excellence that people will want to call a cab. In fact, when I used to drive for Uber years ago, one of the first things people would say when they got in my car was “I hate the cabs here.”
The cab companies needed to change the way they played their game. But instead, they complained, used politics, and pushed Uber and Lyft out of the city. That’s one of the dumbest things Austin has ever done. Tons of people lost their jobs, and the competition went down. Competition is what drives excellence.
Uber and Lyft had to do some foolhardy stuff for them to get to the point where they received so much praise. I commend them for it.
Know enough to get dangerous. Don’t sit on your butt forever to make a decision. Sometimes you just have to pull the trigger and do it. I’m nervous when my son drives, because he’s not really ready for it, but how is he going to get ready if he doesn’t start?
I hope this gives you hope and encouragement. Move forward. Don’t wait forever to make a decision. Just make one. Then build your wings on the way down.