Justin Welsh Challenges the ‘Two Out of Three’ Business Myth

In a recent LinkedIn post, Justinwelsh challenges a common business adage that suggests entrepreneurs can only achieve two out of three core objectives: having fun, helping people, and making money. Welsh argues that this perceived trade-off is a misconception, particularly among those who don’t fully grasp the positive impact of entrepreneurship.

He opens by directly addressing the popular notion:

“Everyone says you can only have two of these. Why?”

According to Welsh, this limitation is not inherent to business but stems from a misunderstanding of its potential. He posits that when business is conducted ethically and effectively, all three elements can coexist and even reinforce each other.

Debunking the Myth: The Synergy of Fun, Help, and Profit

Welsh contends that the idea of sacrificing one positive outcome for another is flawed. He elaborates on this by stating,

“You don’t have to trade one for the other.”

This perspective shifts the focus from a zero-sum game to a holistic approach where success in one area can fuel progress in others.

He further emphasizes that making money is not inherently negative and that the process of building a business doesn’t need to be a grueling or unethical experience. In Welsh’s view, many who subscribe to the ‘two out of three’ rule fail to recognize the profound positive externalities of entrepreneurship.

The Societal Impact of Business Building

The entrepreneur highlights the significant societal benefits that well-executed businesses can bring. He points out that entrepreneurship can be a powerful force for good, contributing to:

• Changing people’s lives.
• Lifting people out of poverty.
• Setting up families for generations.

Drawing from his own experience, Welsh shares his journey of building a solo business over the last decade, which he states grew to over $15 million in profit. This personal anecdote serves to underscore his argument that substantial financial success is achievable while also making a meaningful impact.

“I spent the last decade changing the trajectory of my family by starting my own little one-person business. And over that time, it grew to $15M+ in profit.”

To support aspiring entrepreneurs, Welsh has made a free 30-page field manual available, detailing the seven critical elements he believes are necessary for success. He concludes his post with a reinforcing message:

“When you help people and have fun, the market rewards you with money.”

In essence, Justinwelsh’s LinkedIn post serves as a motivational piece for entrepreneurs, encouraging them to pursue business ventures that are not only profitable but also personally fulfilling and beneficial to society, dismantling the notion that these goals are mutually exclusive.