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What is the most MISCONCEIVED part of entrepreneurship?

Discussion in 'The Unscripted Entrepreneurial Mind' started by TreyAllDay, Feb 13, 2018.

  1. TreyAllDay
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    TreyAllDay Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    What is the most misconceived or misunderstood part of being a successful entrepreneur? What part of being a successful entrepreneur do you think most people fail to understand or underestimate?
     
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  2. TreyAllDay
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    TreyAllDay Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    To me, I would say most people (including me at first) assume success has to do with "skills" or "what you know", but don't understand how much of it has to do with personal growth and mindset change.
     
  3. EricFromCanada
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    From my own experience and seeing the experiences of those I know, I would have to say the amount of commitment and hard work needed in order for the business to succeed. Lots of people it seems, who become interested in entrepreneurship do it because they think they can rich easy, and as a result, underestimate the grind.
     
  4. Mattie
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    I agree with you. Many people don't understand the process of growth, mindset, the hard work, dedication, hours and hours of refining just about everything within yourself, besides the skills, and education. Most people I know don't understand my dedication, devotion, passion, and my 100% commitment getting there. There is not an instant reward. I've personally made a lot of sacrifices.
     
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  5. AgainstAllOdds
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    Getting through the bad times.

    You can go from the highest of highs to the most crushing of lows in a span of minutes.

    Grinding, starting up, etc. also isn't pleasant.

    Being an entrepreneur involves a lot of lows that you have to push through, and that most people aren't capable of dealing with.
     
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  6. Tris
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    This is so true. Sometimes having people around you to remind you why you are doing what you do is helpful also.
     
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  7. TreyAllDay
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    TreyAllDay Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Absolutely 1000% agree with this. I recall nights when I started the business waking up in a cold sweat wondering what the hell I was thinking. Not many people know what that's like or are willing to commit to feeling like that.

    Sent from my SM-A520W using Tapatalk
     
  8. TreyAllDay
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    TreyAllDay Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    The commitment thing is huge huge huge.

    Sent from my SM-A520W using Tapatalk
     
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  9. cmor16
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  10. SteveO
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    I believe that what stops people is simply misunderstanding and fear.
     
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  11. Process
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    Process Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    That someone is going to steal your idea KGB style, when the biggest problem for new businesses is getting noticed.

    Actually, the competition to fear... probably has an overload of good ideas to test and implement. Or they are afraid of undermining their existing model by, "giving too much and spoiling people."

    Un-executed ideas are worth less than the turd you offer the toilet every morning. At least those are tangible, consistent and can generate responses in others.
     
  12. TreyAllDay
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    One of the great takeaways I got from the lean startup. The author dares you to TRY to get a competitor to steal one of your ideas.

    Sent from my SM-A520W using Tapatalk
     
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  13. RogueInnovation
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    I don't know about this "successful" entrepreneur stuff
    The connotation behind that is "you must must must measure everything in money"
    And while I get that YOU CANNOT FEEL DIFFERENT WITHOUT MONEY
    It is also true, money cannot make you whole

    There are platitudes around money, FROM LOSERS who think that struggling every day is the "simple life" and "just embrace" the abuse of it. But this is different from what I am saying.
    I am saying that you need BOTH, enough money, AND READINESS to be whole. If you lack either one, the pain will persist in you that you aren't good enough, that you aren't a "success".

    Look, I don't care about "successful" entreprenuer, I care about, am I utilising the real spirit, the real attitude and convictions of an ideal entreprenuer. Am I being the kind of guy who goes out there and changes the world with his ideas and ability to make it happen?

    Too many people get stuck in a cookie cutter pathway to money, they try to do what everyone else does, while screaming "But I'm the better version". It is all a bunch of nonsense, no one is the better version in almost all scenarios, and everyone is in a way screaming for a handout "please pick my business and save me". No Rupunzel, your business is not a rope made out of your own hair for me to climb up, and I am not a Prince.

    You just gotta cut the sh*t.

    If you wanna be "successful" it means you see yourself as pathetic,
    How do you fix feeling pathetic?
    Not by chasing money like a dog after cars.
    You do it by being CALM in places of pressure where no one else is calm. You do it by being a man of reason when all others are unreasonable. You do it by listening when no others listen.
    And then, WHEN CALM AND READY, and you EARN money enough for freedom. You will be released of that disgusting and pathetic chase for cash that lords itself over people their whole lives.

    Thankfully, I'm free of that.
    To me the biggest misconception is that success comes from money, OR out of thin air.
    It takes both mind and matter, not one over the other.


    You wont be "successful" cuz you make money btw
    Ive seen so many MILLIONAIRES run around like headless chickens due to their insecurities cuz they haven't made themselves whole. Screaming like little kids when things don't go their way or pretending they are mr. boss. To me, the most pathetic thing is to not be able to recognize success when you have it. Or to say you have success just cuz of money. Cuz if you are still a little boy or girl inside about the money, then why are you talking "success" when you haven't FELT SECURE about yourself yet. Anyone can feel excitation from having money in their account, anyone can ASSUME it is enough... But the raw truth is that isn't enough.

    To me, "success" is about how CLEARLY YOU SEE what entrepreneur means.
    AND THE ABILITY TO FOLLOW THROUGH.
    I RIGHTLY am suspicious of my own entrepreneur abilities cuz of my follow through ability.
    But I have followed through ENOUGH to be without any worries in life. An if that isn't success, then what will more money bring? Lol.

    So, I know I'm a success.

    However, I am NOT this "successful entrepreneur" thingy
    I admire Elon Musk for that
    and I will try to get to that WHEN I CAN
    But in the mean time, I count my successes where I have them, and I'm pretty happy.

    If your only way to feel ok about what you are doing is to be "iron man"
    Hahahahaha
    Get a reality check.

    There are two kinds of success
    F*ck You Success (which I got)
    And
    I'm the spirit of an entrepreneur (which I admire Elon for)

    If you can't enjoy the first cuz you are too busy feeling small in the shadow of the second, I laugh at you. Stop being SUCH an idiot. Get your FU money, and feel whole, and THEN WHEN READY go further. Don't get life backwards and think the only success is that which others will praise you for. WHO CARES WHAT ANYONE THINKS, be your own man financially.

    That is my view on it.
    But as far as a big misconception in business itself, I would say the misconception that "doing the moves and making the steps will get you there", haha, no. You need to understand each step you are taking AS MUCH AS you are willing to take the step. Taking the step without understanding is an action fake, and understanding the step but not taking it is a hobby not a business.

    I'd say a big misconception is that people think a business just needs a figurehead in order to run. I dunno, be more than that.
     
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  14. TreyAllDay
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    Great writeup - very interesting. I think success is reaching the goals you set. IE: I feel successful in business but many other areas of my life, fitness, friendships etc I feel like less of a success.

    I used goals because success is relative. Yea - my business success is great to me. But compared to elon musk, neither my successes or the risks I've taken are even measurable.
     
    Last edited: Feb 14, 2018 at 8:05 PM
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  15. Andy Black
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    That you're always figuring it out as you go along. That it's a journey.
     
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    I Would say that the concept of “making money” is misunderstood.

    In economics 101 entrepreneurship is a resource.

    We are here to maximize utility for society and provide value and produce effectively. Solve problems. Basically allocate resources where they are needed. And not waste anything.

    Chasing money ignores that and just focuses on the money cause most people just think about the money and the cool stuff you can buy with it.

    When you are chasing money from the eyes of an economist you are wasting resources because you are not making sales and hence wasting resources.

    Thinking about it this way increases probablities of building something where buyers amd consumers will gravitate towards. Cause you take into account the interests and needs of another party.

    And also that a lot of success is just knowing how to think critically. Failure is almost rarely the fault of external causes rather faults and errors in our own thinking and judgement.
     
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    1. So and so said they liked the idea and would buy one. That is all that is needed for market confirmation.

    2. Someone will steal my fantastic idea. The second an investor hears how good my idea is, we'll be gabillionaires.
     
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    Failure. I pity the person who hasn’t failed yet. I pity the person who hasn’t been humbled yet. Why? Because those that have (and take responsibility) are immeasurably smarter and better equipped.
     
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    The idea of being your own boss. Most people think it means infinite free time. It actually needs you need immense self-discipline to keep yourself on track with no one to answer to but yourself.
     
  20. TreyAllDay
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    I would put this at my number one, which is part of "mindset" obviously. Looking back on my early ventures, I would quit when I contacted 10 people and didn't get a response, failure was like a shameful thing. Huge part of the mindset change is rethinking what failure is, and realizing it's a necessary part of the process.
     
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  21. TreyAllDay
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    TreyAllDay Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Very true, the hardest thing to rewire in my head was to not chase money.
     
  22. Andy Black
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    I don't think we *make* money, I think we *earn* money.

    There's millions flowing around us at all times - we just need to connect to it so it flows through us. (There’s a reason it’s called cash-flow and currency.)

    Also, and more importantly:
    • "Money is proof you helped your fellow man." (@MJ DeMarco)
     
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    Luck.
     
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    • Thinking that you don't have to deal with work that sucks when you have your own business (since you're a "CEO" now).
    • Thinking the outside world believes you when you're "working on projects and startups", while you actually have done jack sh*t.
    • Thinking that just starting with that super unique idea will replace your income and make you rich in just a few months.
    • Thinking profit is extra money and not eaten away by taxes.
    Man, what was I thinking...
     
  25. TreyAllDay
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    This is huge lol. It's funny because I thought to myself "once I make 10k a month, I'll be golden, how could you not live off 10k a month". Well, realistically in order to stay below tax bracket, I pay myself $8500 a month and end up taking home $5k after taxes
     
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