The Right Jockey on the
Wrong Horse causes
Home Business failures
Episode Transcript
This podcast episode of The Rabbi Who Got Rich on Sunday deals with one of the potential pitfalls of the home business or side hustle.
If you are a follower, you already know that we do a weekly deep dive into the challenges and triumphs of running a successful home business or side hustle. In this podcast episode, we explore the concept of The Right Jockey on The Wrong Horse!
In case you are not yet a follower, I’m Rabbi Dave. Today’s podcast episode is entitled “The Right Jockey on the Wrong Horse Causes Home Business Failures!”
Have you ever felt like you’re putting in all the effort and following all the proper steps but still not generating the results that match the goals you set and that you know you are capable of? As you are about to learn, you are not alone. The same thing happened to me 23 years ago!
All too often, the reason for a struggling side hustle is not the entrepreneur’s attitude or belief or anything they are doing wrong. Let me repeat that because it is critical:
The reason for your struggles in your side hustle is not necessarily your attitude or belief or your actions!
It might be a mismatch. You may be an affiliate or independent representative promoting an opportunity that is less than it was purported to be. That is why The Right Jockey on The Wrong Horse is one of the most critical foundational topics in side hustles, whether you are an affiliate or an independent representative of a direct-selling company.
Right Jockey, Wrong Horse Story and the Home Business
As discussed in previous podcast episodes, I embarked on the home business or side hustle journey several times. Those adventures made me some money, but none brought me close to achieving my goals.
Each time, I put in a serious effort and was competitive, meaning I won sales contests, but my income never matched my above-average achievements. I was frustrated and confused.
I was even recognized as the top customer acquirer for a quarter and received that award in front of 10,000 people on stage!
You can imagine how I felt. After doing everything that the home business gurus taught, I still failed in my first two ventures to earn the income my family needed. I felt like a failure in MLM.
I was pretty down, and when I asked my mentors for advice, they always told me that I just needed to keep going and try harder. I was just getting unlucky.
Then, I found a mentor who told me that perhaps I was the right jockey on the wrong horse. In other words, my lack of monetary success was not because of me, my effort, or my lack of skills. Instead, I represented the wrong direct selling companies.
The mere suggestion that the issue was external was profound!
Following his suggestion, I joined the direct selling company he was involved in, and with the same drive to succeed I had always had, I finally achieved the financial rewards I knew I had always deserved.
I was the right jockey who finally found the right horse!
Common Home Business Misconceptions and Failure
If you have home business experience, some common misconceptions surrounding home business failures will ring true as soon as I tell you about them. Many people believe that if their business isn’t succeeding, it must be because of one or more of the following:
- Self-limiting beliefs
- Not enough effort
- Incorrect marketing
- Lack of essential skills
- “Keep going. You were just unlucky!”
I am here to tell you and am living proof that while some of the factors I just mentioned are important, they are not always the root cause of failure in a home business. After all, if the direct selling business you join IS the right horse, and you have the skills, work effort, and belief, why isn’t it happening?
After all, even bad luck doesn’t last long. In other words, why are you frustrated if you did everything right and stayed consistent? Consistency trumps luck, and skills ensure results, but what is at fault if you are still not earning what you are worth?
It can be challenging to react to this situation without self-blame. However, the problem may be the direct selling business you represent and how it is structured!
Are you the right jockey on the wrong horse? The analogy is simple; even the best jockey can’t win a race if the horse isn’t suited for the race.
The Fit of Direct Selling Company and Home Business Success
Now, let’s explore the concept of company fit and why it’s crucial for home business success.
The Direct Selling company fit refers to the following:
- The fit with your values,
- Does your personality align with the business you’re involved in?
- Is the Direct Selling company set up to offer real residual income (rather than promising what is not there)?
If there’s a mismatch, your income goals may be impossible or too hard to achieve.
Think of it like this: You might be a talented, skilled jockey, but if the horse you’re riding is better suited for jumping, you will not win the Kentucky Derby!
Recognizing this mismatch is the first step toward finding a better fit. It’s not about failure; it’s about being in an environment that does not allow you to utilize your strengths.
Self-Assessment and Identifying Mismatches
So, how do you identify if you’re in the wrong business environment, which means riding the wrong horse? I recommend several things that are simple enough to do, including Self-assessment tools or Personality tests. Self-reflection exercises work too, like asking yourself:
- What kind of work energizes me?
- What values are most important to me in a business?
- Do I prefer a structured or flexible work environment?
If your answers don’t align with the characteristics of your current business, you might be experiencing a role mismatch.
Using a strengths assessment, a friend discovered that she excels in strategic planning but was in a role focused on day-to-day operations. Once she shifted to a strategic role, her performance and satisfaction skyrocketed. While the last example is about work and not a side hustle, it shows us that sometimes it is easier to get help to identify what may be hard for you to see.
Steps to Take if You Identify a Mismatch
If you’ve identified a mismatch, what’s next? Find a new direct selling opportunity altogether!
Start by looking for a direct-selling company that aligns better with your skills and values. Is that all that matters? No!
Knowing the customer retention rate (the percentage of customers who reorder from the previous month over the course of many years of analysis) is critical in the direct selling industry. Unfortunately, many direct-selling companies use creative ways to publish these stats, indicating an attrition rate (rate of customers who do not reorder) of only a few percent. Does that necessarily mean that the month or a few months after the first order, most customers re-order? If it does not, you won’t have any customers reordering after several months. If it does, it means you will have years of income from your efforts that you can rely on due to customers who rarely quit ordering!
What we want to know is the customer retention rate after two years or five (if the direct selling company has existed that long).
How many direct-selling companies brag about 50% retention after years? Almost none, but why?
If we had the data, most direct-selling companies would show a 10% or even 5% retention rate after five years, which needs to be much higher for you to be able to build a sustainable business with true residual income!
Encouraging Stories of Successful Pivots
Let’s take a moment to highlight some encouraging stories of entrepreneurs who found success after identifying and addressing a mismatch. Take Sarah, a talented nurse who initially tried an MLM company. She liked the jewelry and bought a garage-full to sell to her friends. Some other friends bought a piece or two, but she had no repeat business and was out thousands of dollars because the company had a buy-back policy on paper that didn’t work in practice!
After struggling to market, advertise, and invest even more money, she had a friend who helped her to seek advice from a business coach who was a Rabbi who worked a lot on Sundays! She pivoted to a different model of home business that aligned perfectly with her strengths. Today, she’s thriving, having secured a six-figure repeat income.
Andy was a top salesman for his network marketing company and was as loyal as could be. Even though he won most of the monthly sales contests, he could not make enough to support himself or start a family. After only a few coaching sessions together with me, he found an opportunity that paid him what he was worth, and in under a year, he was able to get married and then have kids who always had a full-time stay-at-home dad!
These stories remind us that it’s okay to pivot and that doing so can lead to greater success and satisfaction. Remember, sometimes it’s not about changing the jockey but finding the right horse to ride.
I’ve helped many right jockeys on wrong horses identify their strengths and find a good home business match. If you’d like my help, just ask!
Recap and Weekly Podcast Challenge
We hope you found “The Right Jockey on the Wrong Horse Causes Home Business Failures,” as an eye-opener as to why people fail who deserve to succeed. Perhaps more than any other, this podcast episode was meant to steer you clear of repeating this time waster!
As we wrap up, let’s recap the key points:
- Understand that failure isn’t always due to personal shortcomings,
- Recognizing the importance of your fit with the direct selling company
- Take proactive steps to find a better alignment for your strengths.
Remember, it’s not about you failing; it’s about finding the right environment where you can attain the success you deserve. You might be the right jockey, but you need the right horse!
Thank you for listening. I encourage you to assess your fit within your current business and make the necessary changes for your success. Feel free to share your experiences with me through social media using our dedicated hashtag #richrabbichallenge, or email me with your updates—I’d love to hear from you, and I’ll send you my suggestions!
Thank you for tuning in to The Rabbi Who Got Rich on Sunday. If you found value in today’s episode, subscribe so you do not miss out on future insights and strategies to help you thrive. Don’t forget to share this episode with a friend or colleague who could benefit from “The Right Jockey on the Wrong Horse Causes Home Business Failures.” Our next episode will be “What does a true monthly repeat or residual income look like?”
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Rich on Sunday
One Response
Thank you for your Mishna Yomi series.
Bava Kama (Mishna Yomi) ties into Parshas Vaeschanan, specifically aliyah shlishi: dont kill someone accidentally! Easy enough, rght? Not if you don’t learn Torah Shebiksav and Torah Shebaal peh…