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I'd like to share with you a unique experience I had – a meeting with a group of venture capitalists during a retreat. As it turns out, this retreat was more than just that; it was a vision quest.

The Retreat: An Encounter of Entrepreneurs

This encounter took place just before the COVID pandemic hit. The retreat was carefully designed, aimed specifically at entrepreneurs and founders. Of the nine participants, most were linked to venture-backed businesses, and then there was me.

If you've watched my previous videos, you'd know that I've discussed two pathways to building a business – being bootstrapped or venture-backed.

Bootstrapped vs. Venture-Backed: Two Paths to Business Building

In a bootstrapped approach, you self-fund your startup; you inject the initial capital and then profits from sales feed your business growth. This is the route I've always taken, and it's common for those in industries like digital content, teaching, training, online courses, and membership sites.

In contrast, a venture-backed business is one where you raise funds from investors, usually from angel investors initially, and then venture capital firms if all goes well. This path is often chosen by businesses that require a considerable upfront investment, like software companies.

Venturing into the Venture-Backed World

As I walked into this retreat, surrounded by venture-backed business entrepreneurs, I felt a tad out of place. There was a notion in my mind that these businesses were the “grown-up” kind. Yet, as the first day progressed, I was surprised to find myself at the center of attention, with everyone asking questions about my business.

A Change in Perspective: The Appeal of My Business

I came to realize that all of these venture-backed entrepreneurs seemed to envy my business. Their businesses were built to grow and sell, but only about 10% make it to that sale. This journey often requires them to report to a board of directors, seek approvals, and constantly raise more money. All of this for a slim chance of a big payday, without the freedom or consistent income that my business offers.

The Value of the Journey in a Digital-Based Business

Digital-based businesses like mine – training companies, online courses, membership sites, coaching programs, or masterminds, may not sell for billions, but they offer an enriching journey. They offer freedom and steady income, something I realized was the ultimate desire of most of these venture-backed founders.

In the end, my retreat experience was a validation of the path I had chosen. Every day, I am grateful for being in this business and having the opportunity to coach others in this field. So, let's conquer another week together. Let's go get them this week.

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