Paul Millerd helps make sense of things in crazy times with newsletters that deliver sage advice for the self-employed. This week, he discusses building a journey you want to be on, the traps of uncertainty, and the productivity trap.
My conception of the self-employment ‘game’ has evolved to be defined as creating a life that I want to keep living. This means that work is downstream from life decisions. Compared to how I was living until I left my job in 2017, this has been a dramatic shift and one that comes without a map.
The biggest challenge is not making money, though that is certainly hard. It is learning to be comfortable with uncertainty and knowing how to exist in a state of not knowing.
This is incredibly hard because at almost every step of the journey, there are tempting actions to take that will enable you to escape the weight of that uncertainty.
Let’s talk about six of these “traps.”
#1 The dopamine bomb of internet fame
I think it’s still early for creating on the web. If you are able to consistently create content, explore topics you are genuinely interested in and develop some way to improve as you go, you will inevitably get some version of 15 minutes of internet fame. This could come from a famous person promoting your stuff, getting published in a mainstream publication, economic success or or some piece of content going semi-viral for a few days.
To the self-employed creator that dances in daily uncertainty and self-doubt, this can unleash a satisfying dopamine bomb of approval. This can be so blinding and exciting that you might try to chase that same feeling over and over again, even if its not the work you actually want to go deeper on.
I got a dose of this when I posted a Twitter thread exploring the ‘40% of Americans can’t afford a $400 emergency bill’ myth. If you read the report and the data, you’d be doing some serious mental gymnastics to land on such a takeaway. However, I was looking at it from the perspective of a former consultant who is skeptical of how data is represented and didn’t realize I was walking into a political talking point. This exploration earned me the applause of right wing trolls and a twitter follow from Ann Coulter.
Topics of interest in this article include:
- The metrics of success
- The identity trap
- Squad culture
- Worker reclassification
Read the full article, Avoiding Hustle Traps, Squads, From Politics to Seminary & More, and access links on the Boundless website.
Mike Cox answers a question that is close to the heart of every business owner and entrepreneur who may be considering bringing new people into the business, “How much equity should I give a new hire.”
This question greys the hair of every business owner and entrepreneur. After all owners bear the burden of risk regardless of how they answer that question and the more that they choose to let go of equity, the less they feel like an owner and the more they feel like any other executive -except that they incurred a risk others didn’t.
While holding equity is fundamental to being a business owner, the distribution of equity from owners to employees is not fundamental and happens for a wide variety of reasons – some justified and others misguided. And while few employees would ever shun being given equity, their rationale for and level of interest in equity varies for many reasons.
Points covered in this article include:
- Equity distribution, the tool of last resort
- The appeal of equity to employees
- Alignment of agendas
Read the full article, Don’t Give Equity away too Freely, on the Cox Innovations website.