Want To Be An Entrepreneur? This is How!
So you want to be the boss eh? Run your own show? No one telling you what to do? And make a ton of money and have fun while doing it?
Well, strap your seatbelt on because this is gonna be different than what they teach you in business school text books.
Everyone wants to be an entrepreneur
It’s the weirdest thing.
I think it’s become super common for pretty much all millennials to want to be their own boss one day (it’s like a fad – successful entrepreneurs are regarded as celebrities now).
I know it’s not just millennials. Given that most small businesses are owned by baby boomers (since they have the start-up capital, which people tend to think they need). But more than any other age group, millennials have these grand aspirations.
Well, I won’t stop you. It’s your life, pave your own path.
Business plan? Lol, get outta here
This is the most important thing I can tell you.
If there’s only one thing you get out of this blog post, it’s this.
I almost feel like I have to go overboard with some of you because it won’t stick unless I say it this way: “STOP PLANNING, JUST DO.”
You go to any business school and they’ll tell you something like this: “You need a 100,000,000 page business plan. The plan is the foundation of all enterprise so you need to perfectly map out every scenario, how much revenue you’re projecting at each milestone, and how to bring your product to market from A to Z, who are your competitors, what is your target audience down to how much hair follicles they have on their bottom lip (hey, if it doesn’t fit your consumer avatar profile, then you’re not targeting properly – that’s what they’ll tell you); and you better ensure that you pay attention to every detail, and think about every aspect of the business, as well as every hindrance or complication that might come your way.”
DUDE what. Good luck if you’re going to do this.
Can you map out your white water rafting expedition?
I was going to continue without splitting this up, but I felt like the analogy would get lost if I didn’t bold it as a headline title.
If you were to go on the most vicious, most difficult, white water rafting expedition, can you plan it out to the exact detail? Down to like…ok you need to watch out for this boulder here, and this water particle hitting you from this direction in this location here.
That’s kinda like what people are trying to do when they try to plan out their business strategy. I’m all for doing your due diligence. So don’t get me wrong; there’s a time and place for careful execution. But due diligence isn’t usually what stops people from creating massively successful companies.
Again, let me repeat. “STOP PLANNING. STOP IT. JUST DO.”
I wish someone had told me this sooner in my life, I would’ve saved so much time.
Now, having said it that way, I’m obviously gonna tell you that of course you should plan. But here’s the main difference. You should only plan a very broad outline of where you want to be and where you want to go, with super malleable (google that word if you don’t know what it means) milestones along the way.
I promise you 99% of people spend their whole lives planning and never doing. This is pure procrastination and excuse-making. Sometimes the excuses are valid, but 99% of the time, they’re just excuses.
You don’t need capital
Anyone heard of Elon Musk, Bill Gates? Mark Zuckerberg?
Did they start with $10 million cash infusions to go-fund/crowd-fund their business ideas?
Seriously. This obsession with the need for startup capital kills me.
Yes, there are some business ideas that absolutely require capital. If your business idea is one of those, skip it and do it later in your life when you have your own money to burn (again, like Elon Musk with Tesla and Space X – he spent like $250 million or something like that of his own money, that he made from selling PayPal with Peter Thiel).
You wouldn’t believe me if I told you how many messages and emails I get from people telling me their “grand plan” saying that the only thing holding them back is money. They say “only if I had the start-up capital, this’ll be a hit!!”
I’ll tell you like it is. This is weird thinking.
Stop it. Stop saying you need capital. You don’t need capital. If you can’t scale down your business idea to be able to sell to just a small group of customers, one customer at a time; and growing it organically…you’re thinking wrong.
I’m not going to spend a ton of time trying to convince you if you disagree with me. Some people will just never understand.
Are you a solopreneur or an entrepreneur?
Let me repeat that. Are you a SOLOpreneur or an entrepreneur?
If it’s just you. You’re a solopreneur. That’s fine. Don’t get me wrong. Everyone starts as a solopreneur. But businesses are run by people. Not one person. If your business is starting to grow, and you’re thinking about paying yourself rather than continued expansion, you’re always going to be small. Think small, get small.
Stick to what you do well, and set the example. In the beginning of your journey, you may need to work 15 hours a day. But that 15 hours a day shouldn’t be busy work that doesn’t result in anything contributing to your topline. It needs to go towards actual revenue generation and expansion. Outsource everything else.
Games are won by being on the offense, not defense
I come across so many people who’re just trying so hard to keep expenses down to a minimum.
People are obsessed with the bottom line. They forget about the top line.
Focus on the top line, growing revenue. It should be 95/5. Spend 95% of your time on activities that bring in revenue and add to the top line, and 5% of your time on things that reduce expenses. Whenever you’re in “save” mode, you’re playing defense. There’s a time and place for playing defense. But you can’t win games playing just defense.
Your biggest problem, and mine, is obscurity
One of my mentors, Grant Cardone, always says that your biggest problem isn’t money, people, the economy, the government, or anything else like that. Your biggest problem is that no one knows you exist. No one knows your business exists. No one knows your YouTube channel or blog exists.
Look, if they don’t know you exist, they can’t do business with you.
It’s that simple.
Focus your energy on getting infront of more people. It’s NEVER been easier.
Social media is free right? Why aren’t you milking it for all its’ worth? It’s FREE. Rather than spending a ton of money on bulk mailers, putting a guy on the corner of the street waving a sign to come to your business, staffing a full boiler room type setting with a hundred tele-marketers making outbound cold calls all day long, or whatever else.
All of this other stuff used to be what you had to do back when social media wasn’t a thing. Your biggest bang for your buck is leveraging social media. The funny thing is, most business owners don’t even have Instagram or snapchat. It’s crazy to me how they don’t think about these things even though it’s staring them right in the face. They spend tens of thousands of dollars on bulk direct mailer campaigns that yield less than 2% conversion. And yet, forget about the billions of people that are on social media that they can reach, for pennies on the dollar or for free.
Here’s what I want you to do
Not in 2 weeks. Not tomorrow. Not after you finish your school semester or waiting until your kids finish high school and are out of the house.
RIGHT NOW. THIS VERY MOMENT.
Stop thinking. Stop agonizing over meaningless details and get out there and participate in the marketplace!
WOW are you still reading this? GO DO.
Do you want to be perfect or do you want to make money?!?!?!?