- Why do most entrepreneurs fail?
That's a good question.
I believe most entrepreneurs fail, because they start
the business with the wrong reason and intent.
Every single time I speak to a group
of want-to-be entrepreneurs, or entrepreneurs,
and I ask them the question, "how many of you want
"to start your own business?"
And the majority of the hands would go up.
Maybe 50, 60, 80%.
Then I would ask them the next question, "why?"
And usually I hear one of these three things,
I want more money, I wanna make more money,
or I want more freedom, or the most common one is,
I want more time.
Now, if you wanna start your own business,
or you have the aspiration to start your own business,
because you want more time, comment below.
Now, the problem with this is, E Myth.
Michael Gerber talks about the book, E Myth,
he said, most entrepreneurs,
they're actually not entrepreneurs, they are
what we call 'employees suffering from
'an entrepreneurial seizure'.
And that's the E Myth entrepreneur myth.
Meaning that one day they did something, that boss yell
at them, or they feel like they have a good idea,
and they say, "you know what?
"Fuck this, I'm gonna start my own thing."
They are employee, with employee mentality and skill set,
but they are suffering from an entrepreneurial seizure.
Like oh no, I wanna do this, I'm gonna do my own thing
I'm gonna defy my boss and quit my job
and do my own thing, right?
If you wanna start a business because you want more time,
let me tell you this, starting a business because
you want more time is as if you say,
I want to have more time and have a baby.
I wanna have a baby and I have more time.
It's not gonna happen.
When you have a baby, don't you need to spend time,
taking care of the baby?
Making sure the baby stays alive?
Feeding the baby, nurturing and growing the baby?
It's gonna take you more time, not less time,
than what you're doing.
A nine to five job is much easier.
Not if I finish work you go home,
and spend time with family,
watch some TV, weekends, you don't think about work.
As an entrepreneur, if you're an entrepreneur,
you know exactly what I'm talking about.
24 seven, we don't stop, we are always going,
even though when we are off, we're not really off now.
Are we?
We are still thinking, when we're taking a shower,
thinking about how to grow the business.
What do we need to do?
That's an entrepreneur.
That's what we do.
And most people they start a business, why they fail
because they think they want more time.
Now, when you get to a certain point,
goes back to the baby analogy;
When the baby grows up, you could have them going to school
and you can have your parents, your grandparents taking care
of the baby, right?
As the baby grows, become a teenager, adult,
they will have a life on its own.
Yes, they will take a life on its own.
But in the first long period of time for years, guess what?
You are taking care of the baby.
He requires a tremendous amount of attention, love
and just nurturing to make that growth.
It's exactly the same as business, it's no different.
One of my students tell me, "you know Dan,
"if I make $5 million, I'm gonna call it quits."
I said, "you know what?
"That's exactly why you'll never make $5 million."
And she's like, shocked, "What What do you mean?"
"That's exactly why you won't make $5 million."
Why? Because you are thinking about getting to somewhere
so you could quit.
Successful people don't wake up one day and say,
I'm gonna call it quit.
The reason they're successful because, they are good
at what they do, they love what they do,
they're very passionate about what they do.
And that's why they are where they are today.
If you wanna get to somewhere, a destination,
so that you can avoid something else,
that is not gonna work.
And that's why most entrepreneurs fail,
because they start with that intent.
Versus most entrepreneurs who are successful, most of them
they could call it quit, but they don't.
Because that's not how they operate.
The reason, the very fact that you want to get to someplace
where you can call it quit, is exactly why you got nothing
that you could get to, to quit on.
That's what I'm talking about.
So, you have to start with the right intent.
Start with the right motivation.
And knowing that it's going to take some time.
Cause you're not gonna get more time in the first,
two, three, five, maybe even 10 years.
Are you okay with that?
Can you endure, that frustration, the pain, the sacrifice,
if not, then don't be entrepreneur.
Just go get a job, do something else.
This is not your path.
There are other ways to make money, you don't have
to be an entrepreneur to make money.
Don't be sold on the idea that yes,
I need to be entrepreneur in order to be wealthy,
not necessary. It's not necessary.
There are other ways to make money.
If you have not watched my other videos, you can watch
the ways to create income;
the five ways to create more income.
There are many ways to make money, not necessarily
through entrepreneurship.
This is a, this is not something that you do,
this is something that who you are, it has to be
in your blood, in your DNA.
That you cannot sleep, that it bothers you,
that you don't have, if you don't have that roof,
then you're not gonna make it as an entrepreneur.