Reasons NOT to become an entrepreneur

[SuccessInMind]

Evernote CEO and Co-Founder Phil Libin dispels myths about being an entrepreneur.

His whole talk is very enlightening, but this part of his talk really resonated with me. He talks about 3 reasons not to become an entrepreneur:

1) Don't become an entrepreneur for the money.
2) Don't become an entrepreneur because you want to boss around the people who are "under" you.
3) Don't become an entrepreneur for flexibility in work schedule.

Really aligns well with what MJ talk about in The Millionaire Fastlane .

 

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[kahem89]

1) Don't become an entrepreneur for the money.
2) Don't become an entrepreneur because you want to boss around the people who are "under" you.
3) Don't become an entrepreneur for flexibility in work schedule.

I didnt like those, so

1.Do it for the money, as long your giving something back IE value (Value = Cash)
95% of company fails, true, but then again allot of people only try once... try 5 times an be whole hear-ted and i bet your success chance is way over 95%

2. Do it so you can be your own boss, and make the decision you belive are the best for your customers and your company.

3. Agree

 

[911Carrera]

It doesn't matter what you do it for. Just put all your efforts into it and you have a better chance to succeed. All these you shouldn't do what you do for certain reasons don't really matter. It's all noise.

 

[77startup]

Seems like those are the main three reasons people become entrepreneurs. Honestly, I don't think the "why" matters as long as you follow the "rules" to success.

 

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[SuccessInMind]

I don't think Phil Libin is trying to say those reasons are necessarily bad. I think the heart of this clip is about choosing to become an entrepreneur based on deeper reasons than just money, power, and flexibility. Those reasons are superficial and (in my opinion) will hinder an aspiring entrepreneur by making them try to create a millionaire "event" rather than work on the "process."

 

[iCashChex]

Seems like those are the main three reasons people become entrepreneurs. Honestly, I don't think the "why" matters as long as you follow the "rules" to success.

I disagree. Of course your "why" matters, that's what's going to get you through the tough times. And there are no set rules to success. You can reach success a million different ways.

 

[GlobalWealth]

I don't think the "why" matters

I would say the 'why' is the only thing that matters.

 

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[77startup]

I disagree. Of course your "why" matters, that's what's going to get you through the tough times. And there are no set rules to success. You can reach success a million different ways.

Hmm let me re-clarify. The "why" will certainty help you, however I don't think the why is critical for success. I've had internet successes that I literally "fell into" because I followed the basic rules of success without knowing it. Which are

1. Create a product or service that people want.

2. Find a cost effective distribution system that produces > than 1.00 for every 1.00 put in.

There was a big "why" that made it work but I as the entrepreneur did not learn what it was until months after I started making money.

 

[CarrieW]

I can understand exactly what the original poster stated. and I agree!

those reasons are not ones you need in order to be a successful business person.

If i spoke with someone and they gave me those reasons what I would hear is, I cant wait to do nothing while everyone else does everything for me.

what I see would not someone who I would think, would do what is required in order to be successful. you have to be willing to go that extra mile and love what you do or you may as well not even try! they will be cutting corners and neglecting things pushing things off on other people that they should have no business doing.

 

[SHHDlove]

Honestly, I don't think the "why" matters as long as you follow the "rules" to success.

I could not disagree more with you. The only reason I'm doing this is because of my why. If you have a strong enough 'why', you'll learn the rules to get there. Why is the most important thing for me. Here's a good video on this: Simon Sinek: How great leaders inspire action - YouTube

 

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[Rickson9]

Evernote CEO and Co-Founder Phil Libin dispels myths about being an entrepreneur.

His whole talk is very enlightening, but this part of his talk really resonated with me. He talks about 3 reasons not to become an entrepreneur:

1) Don't become an entrepreneur for the money.
2) Don't become an entrepreneur because you want to boss around the people who are "under" you.
3) Don't become an entrepreneur for flexibility in work schedule.

Really aligns well with what MJ talk about in The Millionaire Fastlane .

Excellent post! +speed +rep

This is exactly why I lost interest in being an entrepreneur. I wanted the money. I couldn't care less about bringing value to society. I also wanted time flexibility.

I choose what gave me the best odds of having both - being an investor riding alongside talented entrepreneurs. Entrepreneurs can bring tremendous value to society and that's fantastic, but for me, just show me the cash and let me play video games and sleep/eat all day.

 

[MediaMonty]

I think an easier way to put this is to concentrate on the process, and don't concentrate too much on the events. Those are all events, and many would-be entrepreneurs concentrate on them forgetting that there's a long process to get to those events. For the entrepreneur to be successful, the process is the most important and should be the focus, then the events will come.

 

[77startup]

I could not disagree more with you. The only reason I'm doing this is because of my why. If you have a strong enough 'why', you'll learn the rules to get there. Why is the most important thing for me. Here's a good video on this: Simon Sinek: How great leaders inspire action - YouTube

Haha, It's great to meet people with opposite motivators! I'm doing this because I simply like building profitable systems from scratch, then optimizing them for peak user/customer satisfaction and "battle testing" them out against the competition.

I just didn't want newbies who are reading this to think they NEED a great why to be successful in a business. You could have an extremely simple why, solve a problem , and still have a successful business if you can process information and execute that information.

 

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[NewWorldOrder]

Nice post, but I vehemently disagree with Phil. He didn't say it, but it's almost like he's implying you should be an entrepreneur b/c you're passionate about what you're doing. Baloney.

I think lots of entrepreneurs once they see success believe they're passionate about what they're doing after that fact b/c their success is bringing them tons of validation from society. If nobody wanted Evernote's service, I guarantee you he wouldn't be doing it.

And I'm sorry--entrepreneurship is definitely largely about the money & time. What makes entrepreneurship attractive is the potential reward and control. Take those elements away and you might as well be working a job for Big Company X.

So yes, while you're engaged in the "process", you won't have very much time. And that's okay, because as a Fastlaner you're banking on getting more time (and money) when you have your event that resulted from your years of process.

If entrepreneurship didn't eventually yield substantially more money and time, then it would stupid to do (that is, unless you're lucky enough to be doing passion PROFITABLY).

 

[Graves]

1) Don't become an entrepreneur for the money.

I cringe every time I hear/read this from someone who's filthy rich.
Why perpetuate the belief that making money (and therefore creating value) is a bad thing ? Politicians already do it enough...

 

[deepestblue]

The only reason I could come up with not to be an entrepreneur: You don't want to help people on a massive scale.

 

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[SuccessInMind]

I cringe every time I hear/read this from someone who's filthy rich.
Why perpetuate the belief that making money (and therefore creating value) is a bad thing ? Politicians already do it enough...

:eusa_naughty:

If you watch the clip, he doesn't say ANYWHERE that it's bad to want money, power, or time. What he's really saying is not to expect it during the process of starting up your business, if being an entrepreneur is really what you want to do.

 

[Rickson9]

The only reason I could come up with not to be an entrepreneur: You don't want to help people on a massive scale.

Exactly +1.

If you don't want to help people on a massive scale, but still want to be wealthy, be an investor. Otherwise, entrepreneurship is the way to go.

As an investor, I wait for the market to go bad, prices to drop, and then I just take what I want. I bring no value to anyone but myself.

 

[CarrieW]

just show me the cash and let me play video games and sleep/eat all day.

lol you sound like my husband.

 

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[Graves]

As an investor, I wait for the market to go bad, prices to drop, and then I just take what I want.

You make it look so easy.