In my last blog, we talked about the difference between Lifestyle Businesses and Growth Businesses. To recap:

• A Lifestyle Business is like owning a job—often better paid and with more freedom than a regular job. Most small law firms, medical practices, and retail franchises fall into this category. The trade-off? You carry the financial risk that your employer would otherwise bear.
• A Growth Business, on the other hand, fills an expanding market in an efficient and scalable way.

If you want to own a Growth Business, you need to:

• Spot or navigate to an expanding market.
• Build an efficient, scalable business model.

Sounds exciting, right? Here’s the catch: growth is painful.

Why Growth is Always Painful

Both spotting opportunities and building a scalable business require creating something entirely new—amid uncertainty and inevitable setbacks.

You’ll have to do things you’ve never done before, things you’re probably not great at. To improve, you’ll need to…