How Entrepreneurs Thrive

Scenario: "Dude, it's going to take so much blood, sweat, tears, and a zillion hours of work to build a million-dollar business. Ahh!" You take two people from different socio-economic backgrounds: <ol> <li> Poor kid Pappy who works his butt off feeding his family.</li> <li> Rich dude Richie rolling with silver-spoons from his rich dad.</li> </ol> Flash-forward 15 years later: They become entrepreneurs. Typically in these scenarios, what would happen? <ol> <li> Pappy would grow up generating a decent $50K/year working 100-hour work weeks.</li> <li> Richie would grow up making $MM/year working half-as-hard.</li> </ol> You might think: <h3>"Hey! That's unfair! The rich kid fed off his dad!"</h3> But, look closer to their business mindsets/expectations/biases: <ul> <li>Pappy: "It's almost-impossibly-hard to make millions. That means since I work 100 hours making $50K, I must work 20x more work."</li> <li>Richie: "It's not-that-hard to make millions. I saw how my dad, his partners, and his peers worked. Now if they can do it..."</li> </ul> In others words -- while Pappy thinks it'll take 998543985925328230985092835039809235 to build a million-dollar business: Richie thinks it'll take 5000 hours to do it. The both act accordingly -- with Richie probably always winning. <h2>How Your Mindset Can Screw You</h2> <ul> <li>You expect an easy test: you start finding the least path to resistance.</li> <li>You expect a hard test: you start over-complicating yourself.</li> </ul> Your expectations dictate how you'll act. <ul> <li>If Pappy thinks creating a million-dollar business takes is super-complex -- like computing complex profitability formulas, enforcing Six Sigma management, conducting comprehensive due diligences for suppliers, doing five-month background checks, attending nationwide networking conferences, reading every Tony Robbin books, yadda, yadda, yadda -- he'll complicate himself unnecessarily.</li> </ul> That leads to: 'I never enough time in a day to do what I have to do in a day,' resulting in a disastrous failure. <ul> <li>If Richie thinks it's simple to gear his business for millions, he'll take a much easier route: (1) consistently filling his sales pipeline, then (2) fulfilling those orders. Done.</li> </ul> His chances for success got way sexy. <h2>Building Your Business Should be Simple</h2> <ol> <li>Take any typical entrepreneur who's built at least a 25MM business from scratch (not some ebook self-proclaimed wiz-master).</li> <li>Ask them how you'd start a business that generates over $1 MM from scratch -- in 3 years.</li> </ol> How would they respond? Something along the lines of: "Not too difficult. Focus on..." (Yeah, we'll let you in on that 'secret' in a future article.) The point? It shouldn't be overly complex/hard/crazy to build a thriving/lucrative/million-dollar business. <ul> <li>If you think it's complex, you'll confuse the freak out of yourself -- leading to a probable disaster.</li> <li>If you think it's easy, your confident booty will scope out the easiest path to get there -- boosting your chances of succeeding like the badass we know you were meant to be.</li> </ul> If you're guilty of the 'it-takes-too-much-work' mindset, start reminding yourself: <h2>"Wow, it shouldn't be so hard after all."</h2>   2007-04-19T20:58:00-07:00 true 527 how-entrepreneurs-thrive

2009-11-06T21:45:45-08:00