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Entrepreneurs Are A Minority

domular

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This is a reply I made to someone's post but thought some people might get value out of this story and might not see it buried in a response.

Let me tell you a story. I went to a Stompernet Live conference. At the time to be part of Stompernet you paid close to a thousand dollars a month to be part of Stompernet which has online coaching, live help desk, free conferences, etc. - it's changed since this conference occurred. I got to go because I subscribed to their magazine and they opened the conference to subscribers if you wanted to pay to get in, so I did.

Now there were over 700 people there from all over the world. So one of the speakers got up and asked "how many have made your 1st hundred online" almost every hand went up.

"How many have made over a thousand in the last year" Surprisingly a noticeable number of hands went down.

"How many made over $5,000 in the last year" at this point about half the hands were down.

"How many have made $10,000" by now only about 25% were left.

"$50,000" the hands up were getting thin.

"$100,000" there were about 20 hands left

"$500,000" maybe 10

" A million or over" you could count them on one hand.

Now this was a crowd of over 700 people who mostly paid over $10,000 a year to be part of this program. Most people weren't even making enough to cover the cost to be members.

At that moment I relieved how rare online success is, for that matter any business success is.

It's all a fricken facade. If you think most people are doing better than you, you're wrong.

Go take a look at how many people join this site every day. Then look at how many people post and respond on this site - it's a very, very small percentage. Most people might tell themselves they want to be a business success, almost none will be.

If you are a entrepreneur and you make enough in a year to pay for a nice vacation you are very much a minority.
 
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Rickson9

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I agree. Most individuals are not born to be entrepreneurial. That's just the way things happen to be.
 

yveskleinsky

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Three things jump to mind after reading your post:

1. Most people when lost, mistakenly assume that someone else has the answers they seek. I can't believe...actually, no, I can believe that people pay thousands of dollars every month to be led by some pied piper of something. It's sad, and I've never heard one person *ever* mention that they became wealthy thru some sort of course that cost thousands.

2. Most people underestimate the learning curve. There is a learning curve to business and probably more underestimated, there is a learning curve to being an entrepreneur. It takes time to get your sea legs and figure out who you are as an entrepreneur and what direction you want to take. It's easy to give up after a series of flops or when you begin comparing your journey to someone else's. Resiliency is a must have skill for any entrepreneur and that takes eating quite a few slices of humble pie to get there--however most people think entrepreneurship is sexy and fast, so if they hit a bump in the road they quit not realizing that is normal.

3. I can't believe that they were open about their horrid success rates in this seminar--and my guess is not one person cancelled their membership. Makes me wonder what they are doing right!
 

Lights

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I can't believe I'm in that small percentage lol. (not the business success, but participating online here)

Most people won't make it. There's a reason why this is more than planning/hope and the process... there's a lot more to it.
 
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FutureBlessings

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I agree. Most individuals are not born to be entrepreneurial. That's just the way things happen to be.

Thats a true statement, but did you know you were fit to be an entrepreneur? I never wanted to have my own business until two years ago and to be honest this is the FIRST time I'm actually going forth with my plans. I feel this is my calling, trust me I NEVER follow through with my plans on any idea about a career/job that I had. It was just not that appealing to me once I looked at the outcome. Im just not fit to be a good employee i guess.

So my question to you is: do you really think people who are born with the entrepreneurial spirit would succeed further than people who develop their e-spirit overtime? Even once they discover what they truly want and know what feels right for them?

(sorry if this is taking away from the op post not my intentions)
 

Chris Becker

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Go take a look at how many people join this site every day. Then look at how many people post and respond on this site - it's a very, very small percentage. Most people might tell themselves they want to be a business success, almost none will be.

Great observation; I listened to a podcast today talking about membership sites with email opt-ins that relates to this. In the interview, visitors to the website would request some free info or a free eBook, and typed in their email address for it. The next step was to simply click a "confirm email for info/eBook" link sent in the email (reduces unsubscribe rate, I suppose), and they noticed that only about 50% of the people who requested that info/eBook would click it. 50%! That's within ten seconds of requesting it! From what else was said during the interview, they referenced CTR for other websites with opt-in emails that dipped to 20%. It sounds like the same thing going on everywhere: many have the aspiration, but how many really take action?
 

paulosully

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I'm sure the big reason for those numbers is that a lot of people get into an online business because they think it's going to be easy. Then when they discover it's actually work, they don't do the things they need to do to be successful.
Just like this forum. People join thinking they'll find the magic answer after a couple of posts. But it's a long process. You have to read and contribute, which takes time and effort.
 
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domular

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3. I can't believe that they were open about their horrid success rates in this seminar--and my guess is not one person cancelled their membership. Makes me wonder what they are doing right!

I hear what you're saying but my intent wasn't to knock Stompernet, it was to point out that no matter how good the info, the blueprint, the live help desk, that most people will never follow through.

I got a lot out of that conference and the money I paid to attend was worth it. Was it worth almost $1,000 a month to be a part of their group - not for me.
 

domular

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So my question to you is: do you really think people who are born with the entrepreneurial spirit would succeed further than people who develop their e-spirit overtime? Even once they discover what they truly want and know what feels right for them?

(sorry if this is taking away from the op post not my intentions)

I think there are lots of paths to being an entrepreneur.

I kind of consider myself an accidental one. I put up a site in about 2004 never hoping to make any real money and it just took off. That niche started to die off but at that point I had a taste of what it felt like to make my own money and knowing I created it out of thin air. I started looking for another business to start and because I kept my eyes open when I was going down one path I discovered another.

That conference was just a big demonstration of the 80/20 law. You can take almost anything in life and look at how success falls and it seldom changes.

And yes I'm now a crappy employee, I would have fired my a$$ a long tie ago :) Here's to all us unemployables.
 

domular

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many have the aspiration, but how many really take action?

For most any type of training, self improvement, coaching is just a cheap high to make themselves feel a little better about themselves. It's a temporary way to buy something that you can tell yourself at least I'm trying to do something to fix my sucky life.

Henry David Thoreau was so right - Most men lead lives of quiet desperation.
 
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MJ DeMarco

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At that moment I relieved how rare online success is, for that matter any business success is.

It's all a fricken facade. If you think most people are doing better than you, you're wrong.

Life throws all types of distractions at us ... American Idol, Call of Duty, Vodka/Tonic down at the Bar, Farmville, Facebook, TMZ, -- all serve as the impetus to keep people in the majority and not elevating to the minority.

It's sad, and I've never heard one person *ever* mention that they became wealthy thru some sort of course that cost thousands.

Neither have I. I'm also still looking for that 22 year old millionaire who got rich because he stopped drinking Starbucks and cut coupons.

I feel this is my calling

This tells me you have what it takes! =) Congruency is great as it makes the roadtrip smoother.
 

millionairesol

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My concern now that I'm here? Learn It, Do It and Sell It-that's the path I want to follow for it leads to the fastlane. I do not spend money again on highly priced seminars. What I look out for these days is the quality of information contained in the seminar, and of course, whether it will solve a problem that will help me solve more problems. I then go ahead to search online first if I can find similar solutions or something very close before I go ahead to pay or not. But mostly I have come to discover that most of the things most people advertise already are within reach only if you will search a little more.
 

PaulRobert

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Go take a look at how many people join this site every day. Then look at how many people post and respond on this site - it's a very, very small percentage. Most people might tell themselves they want to be a business success, almost none will be.

If you are a entrepreneur and you make enough in a year to pay for a nice vacation you are very much a minority.

Great write up domular! +rep

I have to say, a lot of people say they will start this and that business but when the first obstacles comes up , they abandon ship. As MJ once stated, the path to the fastlane is not a freeway with smooth pavement and bright lights. It's a lonely road, with many potholes and abandoned vehicles. Those that continue and persevere will eventually achieve the freedom.

Some people say money talks, bull**** walks. I think it's better to say action and perseverance talks, bull**** keeps you on the sidewalk.
 

Ferrari Girl

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I don't think it's necessarily that most people are not born entrepreneurial, it is also very much a fact that most people are not taught to be entrepreneurs, they are taught the slowlane.
 
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Rickson9

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Teaching may help individuals reveal any entrepreneurial ability sooner, but the majority still won't have it to any significant degree.
 

Birdoftruth

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http://www.nytimes.com/2011/08/14/fashion/maybe-its-time-for-plan-c.html?ref=business

I felt bad for a lot of people in this article. It's like they're trying to be heros, not even aware the fastlane exists...

There's one thing all those people have in common. They are going for something they thought they loved. Just because I like to prepare greek food doesn't mean I should give up my job as a lawyer and open up a greek kitchen on the corner of 5th. Just like what MJ says, You have to go for what people need, not what you love.

Even the clay molding guy...How much of a barrier is their to opening up a shop online that sells pots? What made his clay pots different so that I would buy it? Their one-of-a-kind yea but Are people looking at design when it comes to clay teapots or effectiveness? Is his style a trend right now or did it blow over 5 years ago? What about repeat business...Is a teapot a one-time purchase or could you convince them to stay with you? If so why would they stay? This could either be a business or a job.
 

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'If you are a entrepreneur and you make enough in a year to pay for a nice vacation you are very much a minority.'


This is a nice thought, but most of us who should appreciate this are too busy hustling on the next deal.

I firmly believe the minute you stop to appreciate what you've done, you're going to miss the next opportunity. In this crappy economy, with future prospects looking bad, it's full on heads down work.

I'll stop when I have $5M in the bank and enjoy the view, until then, gotta hustle every day. If not for me, the employees want their paychecks too :)
 
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domular

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I firmly believe the minute you stop to appreciate what you've done, you're going to miss the next opportunity.

I think that's sad. What are you really working for, if not to enjoy the ride? I hope when you get to $5 million in the bank you'll be happy but if you can't enjoy what you've now why will you be able to appreciate then. Good luck.
 

Georgian

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What's this whole "born to be entrepreneur" thing, like it was some kind of genetical legacy, or whatever. The son of the king will be king, he has the blood of kings. BS!.

Anyone can be anything they wish, if they put that high enough on the priortity list. If farmville is higher in priority then entrepreneurship, that guy will be successful. At Farmville.

When threatened by cancer, people change their diets, which they've tried for decades without success. Why? Because, all of a sudden, guess what? It's a a priority.

How may people have entrepreneurship higher on their list than facebook, emailing, american idol, beer with friends, nfl or whatever.
 

millionairesol

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I think that's sad. What are you really working for, if not to enjoy the ride? I hope when you get to $5 million in the bank you'll be happy but if you can't enjoy what you've now why will you be able to appreciate then. Good luck.

I think one way to show appreciation is by also helping those around you who are less privileged. I am grateful for where I am now and soon I will hit the home runs...lol
 
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JEdwards

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'If you are a entrepreneur and you make enough in a year to pay for a nice vacation you are very much a minority.'

Saturday I was at a wedding announcement party.. One of the people there said oh you and Mike have a lot in common, He owns his own business too, so she said Mike come over here, Jack owns a business too.. He asked what kind of business I own and I tell him I have a little company that deals in selling stuff, he said that's great. and he went on for 40 minutes about Advocare and how he is going to retire in 2 years..

Anyone can be a business owner. very very few can make money at it..
 

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Perhaps I wasn't very articulate, but I think my point is similar to Mr. Edwards.

The minute you think you're hot stuff, that is the moment you loose your edge.
It doesn't mean I'm unsatisfied until I hit some level of savings, or that I'm depressed all day if we don't sell X this week....

I appreciate the international travel, the time at home, the expenses and cars that my enterprise affords me.

That said, I'm not satisfied because someone else thinks I should be. I do what I can everyday to share the power of being your own boss and working with a high performing team of co-workers.

While I'm young and motivated and filled with energy, I'd rather keep moving forwards. Hopefully by middle age I won't have to do that anymore.


Oddly enough, after writing all this.... Perhaps I don't spend enough time smelling the roses, I'll think about that a bit tonight.

Business is fun and success is fun, but it does come at a cost..... (mind drift here, yikes)
 

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At StomperNet, the speaker should have asked: "How many of you really made more than 500k last year in net profit? And you are willing to be audited." Bet none of them raise their hands ;) You know what? These StomperNet guys are F*cking broke. True entrepreneurs would have done their due diligence and avoid crap like StomperNet.

» StomperNet Shit Storm

» StomperNet FailWhaling

» StomperNet LIVE 11 DEAD

Bleep bloop.
 
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domular

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Perhaps I wasn't very articulate, but I think my point is similar to Mr. Edwards.

The minute you think you're hot stuff, that is the moment you loose your edge.
It doesn't mean I'm unsatisfied until I hit some level of savings, or that I'm depressed all day if we don't sell X this week....

I appreciate the international travel, the time at home, the expenses and cars that my enterprise affords me.

That said, I'm not satisfied because someone else thinks I should be. I do what I can everyday to share the power of being your own boss and working with a high performing team of co-workers.

While I'm young and motivated and filled with energy, I'd rather keep moving forwards. Hopefully by middle age I won't have to do that anymore.


Oddly enough, after writing all this.... Perhaps I don't spend enough time smelling the roses, I'll think about that a bit tonight.

Business is fun and success is fun, but it does come at a cost..... (mind drift here, yikes)

Now THAT, I have to agree with!
 

Lights

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What's this whole "born to be entrepreneur" thing, like it was some kind of genetical legacy, or whatever. The son of the king will be king, he has the blood of kings. BS!.

Anyone can be anything they wish, if they put that high enough on the priortity list. If farmville is higher in priority then entrepreneurship, that guy will be successful. At Farmville.

When threatened by cancer, people change their diets, which they've tried for decades without success. Why? Because, all of a sudden, guess what? It's a a priority.

How may people have entrepreneurship higher on their list than facebook, emailing, american idol, beer with friends, nfl or whatever.

BS. In a perfect world maybe. But tell that to everyone who have low math abilities and cannot figure how to do an equation to save their life, and no amount of education or schooling will make them a genius at math.

Tell that to a person who is tone death, that they can sing like Sarah Brightman. Or tell that to a 67 yr old man can look 18 yr old supermodel... Not going to happened.

Not everyone can be something. We are all born with limited abilities, and we need to explore what we're capable of. Not everyone can be a doctor, or an entrepreneur, or Shakira. Not going to happened...
 

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