4 Life Lessons From Being An Entrepreneur
Change your expectations for appreciation and your whole life will change in a moment.
Tired. Lost. Lonely.
That’s how most entrepreneurs feel.
It’s a constant battle persevering the unknown not having a clue what the next day will hold.
It’s a marathon of consistently working hard every single day to keep your business alive.
Entrepreneurship is extremely tough for most people who attempt this way of life. Some people are successful. Others aren’t.
But those who pursue significance are often the ones who get results. If 2 billion people know your name, your chances of success are often higher than 2 people knowing your name.
As an entrepreneur myself, I’ve spent every waking moment trying to better myself and my future. Here are some lessons which are applicable in both life and business:
Execute And Adapt.
Many people within entrepreneurship spend hours trying to come up with brand new ideas. Yet despite all this organizational planning, they have an astounding ability to fail to get off the ground.
Due to over analysis, and a variety of other symptoms, entrepreneurs regularly try to figure out everything that can go wrong before they even start.
Planning is fine. But execution is better.
Instead of trying to oversee & micromanage every tiny detail within your new business, execute on your ideas and adapt to any unforeseen changes that come your way. There’s an analogy that Gary Vee uses which I love:
You can spend your life reading about press ups. But you’ll never get any results until you actually put in the work.
The Importance Of Listening.
Entrepreneurs often try to come up with new business ideas to have a multi-million dollar exit strategy. But as a direct result of this, they often fail very quickly due to a lack of understanding of their target audience.
Understanding the problems your audience is facing is the quickest way to build a successful business. The bigger the problem, the bigger the opportunity to generate wealth & abundance for yourself (and everyone around you). Here’s an example:
Elon Musk discovered that NASA wasn’t planning on any manned missions to Mars anytime within the near future. In order to solve the problem of humanity not being a multi-planetary species, he built SpaceX to help reduce the cost of space launches, and ultimately accelerate the process of having a human colony on Mars.
If you are able to listen to the issues faced within your specific industry, your business can essentially become the solution to the problem.
The best way to spend your money is by investing it.
It’s extremely easy to get caught up in the glitz and glamour of entrepreneurship that’s often portrayed on Instagram. Many people seem to think that the true identifier of success is how many Rolexes or Lamborghini’s you own. It couldn’t be further from the truth.
The genuinely successful entrepreneurs such as Gary Vaynerchuk & Jeff Bezos understand that reinvesting your profits is the most efficient way to generate a lot more revenue.
Let’s use Gary Vaynerchuk as an example of somebody who is able to reinvest his profits extremely successfully. Vaynerchuk is currently using his agency (Vaynermedia) to understand & experiment different marketing techniques that can propel brands to success within a 2021 world. So when the time comes which he buys other businesses, he can use the “machine” of Vaynermedia to make every single business extremely profitable to eventually buy the New York Jets. That’s the beauty of his long-term strategy.
Instead of buying $200 steaks several nights a week, and making luxury car payments that are unsustainable in the long-term simply to impress strangers you don’t even know, consider living more frugally to reinvest more revenue directly back into your business.
The opposite of success isn’t failure, it’s inaction.
People are afraid to fail. Often, it’s because they’re scared of others opinions if they aren’t successful, or don’t achieve the desired results.
But failure is brilliant: It shows that you tried to do something great, but weren’t successful during this occasion. It allows you to learn from your mistakes so you can fix your weaknesses, and try harder next time.
What’s worse than failure is inaction. Every single achievement of yours was the direct result of you trying something. It was the direct result of you taking action to meet a goal. If you fail to take action, you are simply taking away future opportunities from both your life and business.
You may see a cute guy/girl in the street. But if you fail to take action, you will have zero chance of creating a beautiful relationship.
You may want an entrepreneur to appear on your podcast. But if you fail total action and email them, they will never even know your name.
You could be in the process of acquiring a new client for your business. But if you fail to take action and close the deal, you will never be able to help them or generate income from that opportunity.
“There is no goal that’s too big. People just underestimate how much action is required to achieve that goal” — Grant Cardone.
Never look at failure as an obstacle to success. That’s pessimistic thinking. Instead, see it as an opportunity to increase your actions so you can eventually achieve whatever goals you may have.
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