What Failure Means & How to Deal With It

  This is What Failure Means & How to Deal With It. Hello everyone, my name is Samuel Balaoro, and welcome to the BE Mindset, a place for future leaders and personal development. If you are new here, follow us on Instagram for updates on new events happening in The BE Mindset community. We are in the final part of our Entrepreneurship Month. I know you will enjoy this one because we will be talking about what and how to deal with failure.

INTRODUCTION


INTRODUCTION

  I am really excited about this topic because I realized that no one was really taught how to deal with failure. We know how our parents and the system teaches us about failure, which is not really a good mindset. However, other entrepreneurs do not really do a good job on that either. What usually goes around is that we should learn from our failures and do better next time. But what does that even mean? We will be talking about that and dig deeper into it, but first, we will discuss how school taught us to deal with failure.

What Failure Means to Schools


What Failure Means to Schools

  The way our parents taught us about failure is the way the school teaches us about failure. In the system, failure is bad and we are punished for it. The way school punishes us is by taking something away from us, as our summer vacation or graduation. Our parents like to punish us based on how they were punished when they were kids or by other means. This adds on to making us hate failure in general, which should not be the case.

  I mean yes, nobody wants to fail because failing sucks. But if we decide to hate it, we will not take the lessons learned from it. Failure, like success, is meant to be there as a learning experience. And just like success, failure will not always be there. Success and failure come at different times in our lives, so we need to learn from both of them.

What Failure Means to Entrepreneurs


What Failure Means to Entrepreneurs

  To entrepreneurs, failure is another lesson to learn. This is why their explanation is so broad. The idea is common sense to them, but it is hard for everyone else to understand. Today, we will break the idea down for you to understand better. But first, let us talk about the different kinds of failures.

Types of Failure


Types of Failure

  I like to break up failure in two types. There are minor failures and major failures. It is quite easy to understand. Minor failures are the little failures that you do more often. Some are more noticeable than others. Major failures are the ones that can really hold you back for a while. It is hard to move forward with major failures.

  You can find that minor failures will turn into major failures when they add up. The way to approach them is similar, with one being more serious than the other. First, we will discuss how to deal with minor failures.


How to Deal with a Minor Failure

Acknowledge the existence of that failure.

  This is how you can avoid having that minor failure turn into a major one. If you do not acknowledge that failure, then you can make those exact same mistakes again. No matter how big or small they are, failure is a failure.

  Think of it as having a little hole in a dam. If you choose to ignore that hole, more holes can be made. Eventually, the dam will break apart because you ignored that little hole. Acknowledge that failure. You cannot make things better by choosing to look elsewhere.

Analyze the mistakes that lead to failure.

  Here is the first part when entrepreneurs say to learn from failures. You have to know the things you did that eventually lead to that failure. However, there is a difference between the mistakes you make and the mistakes an entrepreneur would make.

  The mistakes that an entrepreneur would make are calculated mistakes. Everything is scaled, so they are able to look at their analytics and insights to see how things went wrong and decide what to do in order to fix that mistake. Entrepreneurs are ready to take these failures because they knew the numbers. That is why these are called calculated risks.

  Now if the failure you did was not analyzed, you have to do the old fashion way of retracing your steps. This is not the easiest way to do things, so hopefully, you will analyze the risks next time. If you want us to talk more on how to create calculated risks, then subscribe to receive notifications of new articles. Once you have analyzed the problem, then you can do the next part.

Adjust and adapt to do better.

  Now, this is the main part when entrepreneurs tell us to learn from failures. You have analyzed the mistakes. What will you do next time so that you will not make the same mistake again?

  Sometimes the mistake you have made was really small. I suggest to adjust that mistake slightly and you might find better results. I will use advertising as an example. When you start an ad and you see that the conversion is too low, do not freak out. You have probably targeted the wrong audience. So when you try again, but with a different targeted audience, you might get better conversion.

  Another way to deal with your failure is to adapt. For example, let us say you started a business and you bought a commercial building for your business. But just your luck, the whole world goes into lockdown and you lose money from holding that building. What can you do? Adapt to the current times. In this case, it means to change to an online platform and build your own website.


How to Deal with a Major Failure

  Dealing with these failures is actually the same as dealing with minor failures. The only difference being is that these ones can really affect you. It could have affected you financially and/or emotionally. These are the hardest ones to bear. So instead of repeating everything we just said, we will talk about dealing with these failures from an emotional standpoint.

1. If you need to do it, then cry.

  This really goes to the guys because unlike the girls, guys do not really express their feelings. When we were young, we were forced not to cry and keep our heads up because crying is a sign of weakness. In reality, it is not and it is more beneficial if you do. If you do not express how you felt from that failure, then most likely you will hold that failure to heart. It will burden you and will make it hard to move on from it.

  There is a time to laugh and a time to cry. If it makes it any better, tell someone about it. No one will judge you for what happened. Choose the right person to be there for you and actually help you when you are at your lowest. Express your emotions when you need to.

2. When you are done, move on.

  It is perfectly fine to express your emotions, but you should not linger on it for too long. The problem with most people is that they hold on to that failure for too long that they let it affect their lives. It even begins to play with the mind thinking that they cannot do it again.

  You cannot let this happen to you. The world will keep going around and change. Time will not stop for you. You need to pick yourself back up and believe that you will not make the same mistake again. Once, you can get this in your head, then the steps we have listed earlier will be much easier to do. If your failure happened yesterday, do better today so that tomorrow you will succeed.

3. After everything, remember these failures.

  I know I just said you should not linger on the failure for too long. But what I meant is that we should remember that failure so that we do not do it again. It will save you a lot of time and effort for the next time that failure shows itself again. Another reason why people make the same mistake is that they forget what happened for it to begin in the first place.

  When I say to remember the failure, I mean to remember the process. Entrepreneurs have everything recorded through their analytics. This is the same for scientists whenever they are running experiments. If you have everything written down, then you can always look back to it as a reference the next time it shows itself again.

Something to Remember


Something to Remember

  Failure and success are both momentary. Just like a failure, there is a minor and major success. What makes success beautiful is that once you have it, you can replicate it in different variations to have more success. So do not be discouraged if you keep on failing. All you need is one success to make your life different. But you need to always stay on your feet or you might get caught off guard.

CONCLUSION


CONCLUSION

  Thank you for joining us today. Do you know what is a failure, especially for the time we are living in? Not trying to lower the cost of your home. Thanks to our sponsor Suntuity, you can lower the cost of your electricity bill by switching to solar energy. Achieve long term price protection from rising utility rates and start saving on your monthly bill with solar energy. Qualifying is easy, just fill out the brief form and one of their Solar Experts will reach out to schedule a free phone or video consultation. Try out Suntuity today!

The BE Mindset Group is affiliated with Suntuity, but it comes at no extra cost to you.

  We have reached the end of our Entrepreneurship Month. However, we will always be talking about entrepreneurship, so subscribe to our newsletter to stay up to date whenever new articles are released. Not only will you learn more about our articles, but we help you with tips and lessons to improve your life while guiding you through the week. Now if you want to read the first part of this series, you can find it here. If you have reached this far, comment down below how you deal with failure. This is The BE Mindset Group and always remember to be alive, be free, be happy, be you.

INSTAGRAM: https://www.instagram.com/bemindsetgroup/

The Hardships of Being an Entrepreneur

  These are The Hardships of Being an Entrepreneur. Hello everyone, my name is Samuel Balaoro, and welcome to the BE Mindset, a place for future leaders and personal development. If you are new here, follow us on Instagram for updates on new events happening in The BE Mindset community. This is part four in our Entrepreneur Month. We will discuss the hardships of being an entrepreneur.

INTRODUCTION


INTRODUCTION

  I was hesitant to share this at first. What we do here is to help you start making a difference in your life. This includes the decision of becoming an entrepreneur. However, we also want to be transparent because this is reality. You will be facing either some or all of the hardships that will be mentioned in this article. Might as well hear it from us so you will know the things you may face.

DISCLAIMER: You need to do your own due diligence when it comes to what I will be sharing here. The information that I will talk about is from what I got from my own personal experiences as well as from other entrepreneurs and businessmen and women. Even with all this information, you must do your own research. Entrepreneurship is not an easy path to take. What you decide to do is up to you, so work at your own risk.

Types of Hardships


Types of Hardships

  There are two types of hardships that many entrepreneurs go through. First is the internal hardships, which are hardships you will be facing from your own emotions and mentality. The second type of hardship is external hardships. These are the hardships you will be facing from everything around you. Most of the time, external hardships will affect internal hardships. We will break what these hardships are to have a better understanding of what they are.

Internal Hardships


Internal Hardships

Hardships of Fear

  This hardship will always be there. Even if we are told to be fearless, that is a challenging thing to do. The truth is that fear will always be there and whenever we are succeeding, either those fears will get bigger or new fears will come in. The only difference between a normal person and an entrepreneur is the way they react to those fears. A normal person will let fear take control over them, while an entrepreneur will find a way to turn that fear into the excitement that actually pushes them to keep going.

  That change in an entrepreneurial mindset begins with building up courage and bravery. Now we have talked about this a lot in our article from two weeks ago, so if you have not yet, you can read it here. Basically, we need to be brave when we are in the face of fear. Like what I said last week, to be brave does not mean you are fearless. It means that even if you are afraid, you push on through anyway. Every entrepreneur begins with this when they believe so much on what they are trying to achieve.

Hardships of Not Knowing

  This particular hardship correlates with the hardship of fear. One of the main things you are afraid of is the fear of the unknown. When you finally fight this fear, you will find that you still will not know a lot of things. Most entrepreneurs started off not knowing anything. As they innovate and create new ideas, they are adding more things they do not know about.

  This comes from an open mindset with the ability to adapt to new things and constantly scale up. The only way to prepare for this hardship is to always learn new things and experiment with new ideas. You will find that most entrepreneurs are always trying to better themselves. If they fail from the experimenting, they learn from it and try to pivot that idea with a better solution. They know that if they are not learning new things, they will eventually be taken over by someone better and more capable.

Hardships of Stress

  You will feel this hardship a lot. This hardship will always find a way in your life. Even when it comes to life in general, stress will be there. In a way, this can also be considered as an external hardship. Stress can come from within you and it can be influenced by what is around you as well.

  The way most entrepreneurs find relief from stress and anxiety is to seek help from other people. Like what I said earlier, we have many limitations in our own knowledge. And as we would like to learn it all to better ourselves, there is only so much we can carry. That is why top entrepreneurs outsource those specific stresses to people who actually specialize in those tasks. If you are a new entrepreneur, this does not mean you need to hire people. You can seek help from people you know because they might know those certain things and if they do not, then build up your network.

Hardships of Overworking

  This hardship is really dangerous because this can be the reason why most entrepreneurs quit. There is a specific mindset in this community that can be dangerous for entrepreneurs. This idea is to work hard everyday, start earlier than everyone else, finish later than everyone else, hustle every day, and do this till you reach where you want to be. Unfortunately, this is not effective for most people.

  Consistently working will actually make you less effective. There is a bunch of research showing the proficiency of workers to the amount of time they work and in most cases, the proficiency becomes less the longer they work. What makes this even more dangerous for entrepreneurs is when they reach a burnout, which can eventually make them want to quit.

  There are two things you can actually do about this situation. First, you need to take a break and not worry about doing nothing for a while. Next, you need to check what you are really doing. You will find that a majority of the work you do is not even productive. You are wasting time on some tasks, so look at what you are doing and reallocate your time and effort to the tasks that are actually positive for your business.

Hardships of Consistency

  Now this is the exact opposite of the last hardship. There are those who are working too much and there are those who are working too little. You are either hardly working or you are only working hard when you feel like it. When you know you need to finish something, you will not do it because you are not feeling it. Laziness is not a new concept to you and you probably procrastinate on all your work.

If this hardship is the opposite of the last one, then the same goes for the solution. You need to master self-discipline. If you rely on motivation and inspiration alone, then you will fail. Motivation and inspiration alone can only take you so far. You need to set schedules and learn self-control. We will be talking more about this in later articles, so subscribe to our newsletter if you have not already.

External Hardships


External Hardships

Everyone Close to You Will Judge You

  Out of all the hardships, this one hurts the most. You would expect to have the people who are dear to you understand what you are doing. In reality, they are the ones who really misunderstand you. Of course you cannot blame them. You are the first person to be doing something outside of the “normal route”.

  Many people judge by their limiting beliefs. They think the only way to be considered “successful” is if you go to college, graduate with a degree, and get a high paying profession. Yet, believe it or not, this is the best route for a majority of people. The truth is that not everyone was made to be an entrepreneur mainly because of how uncertain entrepreneurship can be. Unfortunately, all you can do is eat their words and keep working on what you are trying to build because the only time they will understand is if you succeed. If you fail, then they will feel like they were right and will never learn how to grow; whether it is your friends or your parents.

Financial Support

  Here is an obvious one. If you are building your own business, expect to not have any money coming in right away. For some, this might take more than five months. Although, for the majority of people, this may take more than five years. That is why those bigger business startups seek help from angel investors.

  I hope I did not slap you with this realization. It is true that if you want to have a lot of room in your business, you will need some cash to burn. If you think your business idea will not work for top investors yet, then do what I said in last week’s article. Check that out first if you have not seen it yet.

The Constant Change In The Market & The World

  This is one you really do not have power over.  We can really see this in the current time we are living in. Because of the virus outbreak, a lot of small businesses had to close down. This can happen to you as well.

  Of course that is if you are not adapting your business to the times. Even if recessions close a lot of businesses, many new businesses are made as well. You need to always find opportunities during hard times. If your business does not adapt, then you have a high chance of losing it. This can be either from a recession or a new business that saw your weaknesses and exploited it for their advantage. Keep an open mind, innovate, and adapt to the times.

Something to Remember


Something to Remember

  We shared these realities because it is the truth. Even if you are aware of them now, you will still have a hard time going through them. However, do not let your fear overtake you. Instead, look at your vision. If you believe in your vision, then you will do anything you can to reach that vision. So when the hardships do come to you, just keep going and eventually you will reach your destination.

CONCLUSION


CONCLUSION

  Thank you for joining us today. Now normally I would not do this at the end of a video, but I believe this can help you if you live on the eastern side of the United States. Since most of us are stuck at home, it probably means the cost of utility bills has risen from the average. Well what if I told you that you can save money on your electricity bill?

  I suggest trying to switch to solar energy. Think about it, you can take full control and ownership of your utility costs. You get to have tax incentives and overall freedom from paying for-profit utility companies. You are helping mother nature as well because you are using clean, renewable energy.

  That is why we suggest Suntuity Solar. Suntuity Solar is probably the best solar company here in the Eastern Region. They are very flexible and will help you get the best for your buck. Everyone from Suntuity gives 110% in helping you save more in your electricity bills. It is really simple, so sign up for a quick consultation and see how much you can save today.

The BE Mindset Group is affiliated with Suntuity Solar, but it comes at no additional cost to you.

  Since we talk about fear, I have written an article talking about the things we fear and how to overcome them. You can read and learn more about it over here. If you are already starting your journey, I would like to ask what hardships are you facing right now? If you stuck with us to the very end, write down “courage” in the comments to know who are the real family. This is The BE Mindset Group and just remember to be alive, be free, be happy, be you.

SUNTUITY: https://bemindsetgroup.com/suntuity

Becoming an Entrepreneur

  Becoming an Entrepreneur. Hello everyone, my name is Samuel Balaoro, and welcome to the BE Mindset, a place for future leaders and personal development. If you are new here, follow us on Instagram for updates on new events happening in The BE Mindset community. This is part three in our Entrepreneur Month. Today, we will be talking about becoming an entrepreneur.

INTRODUCTION


INTRODUCTION

  This will be a hard topic to cover mainly because of this question, “How do you teach entrepreneurship?”. There is a paradox when it comes to entrepreneurship. Jan Spruijt brought eleven of the most known paradoxes of entrepreneurship studied from other famous professors. If you want to learn more about it, I will leave it in the sources below. One main paradox is the paradox of finding unknown problems and believing in your unknown solution to the unknown problem.

  So how can entrepreneurship be taught? Like what I said in the first part, entrepreneurship is different for everybody. Today, we will just confront this differently. I will bring up different ideas and it will be up to you to decide what to follow.

Fear of An Entrepreneur


One Fear of An Entrepreneur: Risk

  In the last article, I talked about going from wantrepreneur to entrepreneur. The main thing is to just do it. Fight your fears of the unknown and face it head-on.

  Being said that, experienced entrepreneurs know there is a calculated risk. Even while this in itself is another paradox, “The Paradox of Taking Risks”, every entrepreneur will need to learn how to evaluate risk and make educated guesses. This is why most people are afraid to start in the first place.

  If you are afraid to start, here is what you can do. There are people who would save up to start their business. I am not going to tell you to not save up because having some kind of a cushion can really help. Also, I will not tell you how much you need to save because the amount is different for each industry and most people cannot even agree on an exact amount. I would say instead that you should allocate some of the money you make from your job into your business. You will need some kind of financial support for your business and usually, the “cushion” you have built will not be enough.

  The ability to have support can ease you a bit when you need to make a risky decision. As an entrepreneur, you will always be experimenting. You will need to find what works and what does not work. All of that costs money, so create budgets for your experiments and see what works and does not work.

Skills of An Entrepreneur


Skills of An Entrepreneur

  Here is another paradox of being an entrepreneur. We know that we are unique from every other person and other entrepreneurs. However, entrepreneurs generally have the same set of personal skills. This is known as the Paradox of Generalization.

  Whether you decide what you want to follow it is best to have these skills.

Internal Skill of An Entrepreneur

Courage

  This is something we should all have, entrepreneur or not. Now being courageous does not mean fearlessness. To have courage is to go through the situations even when you are too afraid to do so. You can also call this bravery. If you have courage, you acknowledge your fears, but you still go on anyways.

  Do you remember The Wizard of Oz? There was a character there remembered as, the courage of the cowardly lion. Now that I have said that, you might be thinking of “Courage of The Cowardly Dog”. But anyway, we are all like the lion. Even if we are afraid, we still fight on.

Vision

  It will be hard if you are going through life without vision. Vision is made to be our guide and future goal to reach in our lives. Every great entrepreneur had the vision to follow. Having a vision can drive you to do things in order for you to reach them.

  However, there are two things you need to remember when you have a vision. One is that you need to not only see the vision but take action as well. There is a verse in the bible that says, “Faith without action is meaningless.”. The same idea goes for your vision as well. Second is that you should focus on your short term goals in order to reach your long term goals. You sabotage yourself from reaching tomorrow because you were not focused on today.

Creativity

  As an entrepreneur, you are solving a problem with your solution. Like what I mentioned earlier, the problem you are solving might have been an unknown problem and you are responding with your unknown solution. So your solution may need to adapt and change to certain situations.

  Everything you will do as an entrepreneur will be experimentation. You will have to think of creative ways to do the same things everyone else is doing. That comes to your branding, marketing, closing, support, and much more. How will you stand out from the rest? Do not be afraid if you think you are not creative. You will keep on learning along as you go through your journey.

Opportunity

  A great entrepreneur is able to spot opportunities and take action from it. In general, when one starts their journey in entrepreneurship, they did it because they saw an opportunity in the form of a problem. Most people tend to find opportunities when there are many problems. There is a chance that we will see many entrepreneurs coming out after this pandemic.

  However, we should still look for opportunities while we are already on the journey. Realize that once you are building something in the form of your business, you are also creating more opportunities. The ability to see and react from them is very important. If you react too fast, then things might not work right. If you react to slow, then you might miss the opportunity. Yet no one knows where there is a right time, so you will need to make an educated guess on picking the opportunity.

Integrity

  This is something that should always be there as our reminder. When you become an entrepreneur, life begins to change. You see a possible growth in your business, but more importantly, you see growth in yourself. This will be more obvious if you blew up overnight and your life changes rapidly.

  Will you remember yourself if this happened to you? You would be surprised how many people change once they become rich or famous. It is because of this they forget who they really are and will eventually lose themselves. Holding your integrity means to hold onto your morals, ethics, and beliefs. It is the foundation of your very being. If you want to learn more about integrity, you can read it here.

Skill Sets to Learn


Skill Sets to Learn As An Entrepreneur

  There are many skills to learn as an entrepreneur. When you start off, you will be doing most things on your own before you can outsource them to other people. It is because of this why so many people get overwhelmed in becoming an entrepreneur. We are actually planning on making an article on high-income skills that can help anyone, so subscribe to our newsletter to be notified of when that article will be released. For now, we will discuss major skills you should know right now when becoming an entrepreneur.

Marketing


Marketing

  What is the point of having a product or service when nobody knows it even exists? This is where marketing comes in. There are two types of marketing you need to study. One is traditional marketing, which comes in the forms of flyers or billboards, even tv commercials. Then there is digital marketing, which comes in the form of social media, email, or SEO.

  It is best to implement both, but I suggest studying one first. To me, it is probably best to learn digital marketing because a majority of people are always on the internet nowadays. However, do not forget the best kind of marketing, word of mouth. If your brand is amazing, then people will want to share it. That was how Zara became popular. Word of mouth is very powerful, so make sure your brand is reputable.

Closing


Closing

  Closing is the art form of a salesperson. It would be hard if you perfect marketing, but you cannot even land the finishing blow. When it is marketing, the question is, “How can you show yourself to other people?”. Now when it comes to closing, the question there is, “How can you convince other people to buy from you?”.

  Learning how to market and close can be exciting and nerve-racking. These skills only get better when you practice it through experience. This is especially true when it comes to closing. So I would suggest having a job as a salesperson because then you will have a hands-on experience when it comes to closing a deal. Also, study the best salespeople to guide you along the way, like Jordan Belfort. Sure he did not start off as a good person, and we know that because he shared it in “The Wolf of Wall Street”, but you still have to respect him as a great salesman.

Something to Remember


Something to Remember

  What we have discussed today is merely scratching the surface. Everyone approaches entrepreneurship differently. Some would start without having a financial cushion. Most may not have the internal skills we have mentioned today. A lot of people never knew how to market or close. What we gave above are only ideas taken from other entrepreneurs who were on this journey for a while now. At the end of the day, it is up to you how you want to approach entrepreneurship because the journey is different for everyone.

CONCLUSION


CONCLUSION

  Thank you for spending time with us today. Like what we said earlier, this is only scratching the surface of entrepreneurship. But because we talk about entrepreneurship here in this community, we will always dig deeper even after this month is over. So if you want to see more of the best personal development and entrepreneurship content, subscribe to our newsletter to receive the latest updates on new articles being released. If you have not seen the first part of this series, then you can read it here where we give an introduction to entrepreneurship. This is The BE Mindset Group and always remember to be alive, be free, be happy, be you.

SOURCES:

Jan Spruijt: https://www.openinnovation.eu/17-05-2017/11-paradoxes-of-entrepreneurial-thinking-why-entrepreneurship-can-hardly-be-taught/

Are You a Wantrepreneur?

  Are You a Wantrepreneur? Hello everyone, my name is Samuel Balaoro, and welcome to the BE Mindset, a place for future leaders and personal development. If you are new here, follow us on Instagram for updates on new events happening in The BE Mindset community. This is part two of our Entrepreneurship Month. If you have not seen part one then I suggest reading that first before here because we will be discussing the people who think they are entrepreneurs but are in fact wantrepreneurs.

INTRODUCTION


INTRODUCTION

  Wantrepreneurs are everywhere. Especially in this day and age, everyone wants to be an entrepreneur. Gary Vaynerchuk calls this the #entrepreneurmovement. Now, why does everyone want to be an entrepreneur? More importantly, who is an entrepreneur and who is a wantrepreneur?

Who Are Wantrepreneurs?

  The word “wantrepreneur” is not actually a real word. It is basically a term used for people who want to be entrepreneurs. That is why it is WANTrepreneur. In reality, most entrepreneurs start off as wantrepreneurs. However, we will look at why that word has a negative connotation.

Why Are There Wantrepreneurs?


Why Are There Wantrepreneurs?

  In the last article, we gave a little introduction of what entrepreneurship is. I have mentioned a little reality check of what will it take to start a business from what Tony Robbins said. Knowing this, we can all agree that being an entrepreneur is actually really difficult. So in knowing this, why are there so many wantrepreneurs?

  It is simple really, they want the “entrepreneurial lifestyle”. You can call these people the Wannabe Entrepreneurs. They just want to have the advertised lifestyle of an entrepreneur. It’s either a nice home, a sports car, trips, and vacations, relaxing all day and partying all night. The reality is that most entrepreneurs will not get to experience this because of all the hard work being put into running their business.

  What makes this sad is that a majority of businesses fail after the first year. If they survive that, they can still fail after five years. Wantrepreneurs do not see the truth about entrepreneurship. Sometimes they might be lazy or negative. They like to criticize real entrepreneurs about what they are doing without doing anything real themselves.

Credits to Trevor Wallace for making this video. This is pretty much a literal idea of a wannabe entrepreneur.

Can You Stop Being a Wantrepreneur?


Can You Stop Being a Wantrepreneur?

  If you are a wannabe entrepreneur who is being fake about everything, becoming a real entrepreneur may be too hard for you because you first need to fix yourself as a person. However, if you are a “textbook” wantrepreneur, then you still have hope. Now you are probably wondering what is a textbook wantrepreneur.

They consumed all the content.

  This is the reason why I say most entrepreneurs started off as wantrepreneurs. When everyone is thinking about becoming an entrepreneur, they take in all the entrepreneurship content. Some may have even made this like their own religion.

  You are probably watching and listening to ALL of Gary Vaynerchuk’s content. You watch his YouTube videos and listen to his podcast. This can be any business person really, but I say Gary Vaynerchuk because a majority of people, wantrepreneurs and entrepreneurs, consume his content and he’s the most popular. Now I do not think he sparked life for wantrepreneurs on purpose, but his content makes everyone want to become an entrepreneur. Not only that, but he makes you want to hustle as well.

  I am not saying Gary Vaynerchuk is the enemy. He is a real man with real businesses under his belt. Like what I said earlier, this can be anyone. If not Gary, then probably Tony Robbins. Maybe you look up to uncle Grant Cardone. You probably even thought about moving to Mars because of Elon Musk. All I am saying is that you take in all the content.

You are learning everything you think you need.

  This in a way goes along with the first one. You are trying to learn everything you think you need in order to become an entrepreneur. The funny thing about that is that you will never be fully prepared to start your journey. What makes it worse is that you have probably studied the wrong thing. There are certain skills you need for certain businesses you are trying to achieve, so make sure that you at least have a business blueprint of where you want to go.

Either you think you don’t have enough money or you are saving money.

  This is probably what makes everyone worried about becoming an entrepreneur. Where will they get all the money? Most likely there will be no money coming in when it is a startup. In a way, it is good to save an amount of money for your startup. However, do not focus too much on the money when you are first starting out.

  If you are worried about money, you can do some things. First, you can save a certain amount for your business startup. Then you can use your main source of income from your job to help sustain your business. If more money is needed, then try to have overtime or get a side hustle. There are many side hustles available now, so pick one that’s easier for you.

How to Stop Being a Wantrepreneur


How to Stop Being a Wantrepreneur

1. Just Start NOW

  This is really what makes an entrepreneur different from a wantrepreneur. You need to start now. There is a saying, “The best time to start was yesterday. The second best is today.” You have to just do it. Stop letting fear overtake you because you will never be fully prepared. Do not think too much about the money because that is not as important as what you want to create. Most importantly, stop consuming all the content and start producing.

2. Fight Your Fears

  This goes along with the last one. The reason why I have mentioned that one first is because in order to fight that fear, sometimes you have to just jump right in. Having courage and bravery does not mean you are fearless. It just means that you had the guts to do so even when you are afraid.

  However, now that you are in you should fight those fears. We know the saying, “Fortune favors the bold”. If you are going to make smart decisions, it is best to do so when you are not afraid. The hardest thing to do is to make an emotional decision. Being said that, you should make your decisions when you can decide with your head. You should not decide when your heart is afraid or optimistic. Both can have a negative effect on your decision making, so decide on a balanced heart.

3. Give Rather Than Receive

  This becomes more true as you go along the entrepreneurship journey. It is like what I said earlier to produce instead of consuming. If you do not take action on the things you have learned, then everything becomes meaningless.

  The same can apply to start the journey. From Tony Robbins, we know that a business is 80% psychology 20% skills. Now if we look at our psychology, we probably started for ourselves. That is completely normal because you know you want to make a change in your life. However, as you go through your own journey, you begin to realize that it is not all about you. At the end of the day, what you are doing is meant to help others rather than yourself. Once you realize that you need to give more, then you will feel fulfilled.

Something to Remember


Something to Remember

  In reality, it is not bad to be a wantrepreneur. That is the starting point for most people who are thinking about becoming an entrepreneur. It is only bad if you are pretending to be someone you are not. Entrepreneurship should not be seen as a status, but merely a definition of one who really wants to make a difference. Once you convince yourself that you want to become a true entrepreneur, then take that leap of faith and you will continue to learn along the way.

CONCLUSION


CONCLUSION

  Thank you so much for joining us today. I know that many of you are excited to begin your entrepreneurship journey, but subscribe to us so you will see what else we will talk about in this subject. We also discuss topics for personal development and leadership skills. If you want to learn how to face fears, you can read more of that here. This is the BE Mindset Group and always remember to be alive, be free, be happy, be you.

Entrepreneurship Introduction

  Entrepreneurship Introduction. Hello everyone, my name is Samuel Balaoro, and welcome to the BE Mindset, a place for future leaders and personal development. If you are new here, follow us on Instagram for updates on new events happening in The BE Mindset community. We are starting a new subject in the month of May. This month will be Entrepreneurship Month, so for the next four weeks, we will be talking about that.

INTRODUCTION


INTRODUCTION

  Entrepreneurship is a hard topic to talk about nowadays. Mainly it’s because of how mainstream the word became. In this day and age, everyone is an entrepreneur. There are people who are entrepreneurs or wantrepreneurs (we will talk more on that later in the weeks). Entrepreneurship in itself has evolved from its roots.

  Now that this current pandemic came in, some people are being forced into becoming an entrepreneur. At the same time, this pandemic is showing the real from the fake entrepreneurs. A part of why I decided to dedicate this month to entrepreneurship is because of the fact that COVID-19 is making people do things they normally do not want to do. So through this month, I will give an introduction to entrepreneurship, the hardships and failures you will face, and being an entrepreneur during our current time. During all this I want you to decide whether or not entrepreneurship is really for you.

What is Entrepreneurship?


What is Entrepreneurship?

  Entrepreneurship is defined as, “The process of designing, launching, and running a new business, which is often initially a small business.” As an entrepreneur, we should be reminded that this means we are working to build a system for generating income.

“Business requires an unbelievable level of resilience inside you, and I tell everybody, the choke-hold on the growth of your business is always the leader, it’s always your psychology and your skills – 80% psychology, 20% skills.”

Tony Robbins

  Tony Robbins said, “Business requires an unbelievable level of resilience inside you, and I tell everybody, the choke-hold on the growth of your business is always the leader, it’s always your psychology and your skills – 80% psychology, 20% skills.” This basically means that entrepreneurship is not really made for the average individual because running a business can take a toll on a person. I do want to discuss more of the “new meaning” of entrepreneurship, but I will save it for the wantrepreneur article. Just note that being an entrepreneur basically starts with launching and running a business.

Traits of Entrepreneurship


Traits of Entrepreneurship

  When becoming an entrepreneur and starting a business, you begin with these specific traits.

1. You are solving a problem.

  This trait is the reason why technically everyone is entrepreneurs. The reason why there are problem solvers and entrepreneurs is the approach between the two. A problem solver is just that. They find a problem, then they solve it. An entrepreneur would also find a problem, but the next two traits are what makes them different.

2. You want to serve others.

  As an entrepreneur, you will not only find an answer to a problem. You create the solution and find how it will not only help yourself but other people as well. That is the main purpose of a business. They create solutions that will benefit everyone.

  Think of something like Facebook. They knew people wanted to share certain times of their lives with other people. Mark Zuckerberg, the creator of Facebook, made a platform for people to do those things and much more. Jeff Bezos made retail shopping far easier online by finding the best prices and shipping it to your house the next day. Elon Musk, our real-life Iron Man, created an easy online payment method, PayPal, before making cars that don’t use gas and modern rocket ships that are planned to fly to our neighboring planet Mars. They all didn’t only find an answer to a problem but gave solutions for our lives to be easier or better.

3. You want to make a profit.

  This is the reality of entrepreneurship. The reason why I did not put this first above everything else is that this should not be the first priority of a successful entrepreneur. One of the problems with wantrepreneurs is that this part becomes their main focus. Everyone wants to make money and become rich. With this Capitalist economy, that is possible. However, when this is the idea and every works for it, they usually get let down.

  Not everyone will expect to have a profitable business at the beginning of their journey. In reality, it can take a really long time. Some even work for five years to start making a profit in their business. We will go over this again when we release our article on hardships for every entrepreneur.

Why You Began Entrepreneurship

You Believe Your Life Has More Meaning


You believe your life has more meaning.

  Everyone has thought about this at least once. You were probably working while you thought about this. Maybe you were driving and this came to your head. Most likely you have thought about this when you were trying to sleep.

  What is our purpose in life? We always had this question in the back of our heads. Unconsciously, we are driven by that internal higher calling. Entrepreneurship provides a pathway for a said higher calling. We want to make a change for a higher reward in life.

You Don’t Like How Your Life is Currently


You do not like how your life is currently.

  This goes along with the first one, but it is still something different. Everyone can complain about their lives. However, entrepreneurship answers to the complaints differently. Wantrepreneurs most likely just want to be lazy. An ordinary person would just do more of what they do not like because they think they have no other choice.

  Everything is up to perspective. From what you see and the way you think will determine how you answer those problems. We will give more details of this in a later article.

You Want Wealth


You want to have wealth.

  This is most likely the reason why everyone wants to be an entrepreneur. It is hard to determine riches and wealth because everyone has a different meaning to it. Generally, they mean they want to have the imaged billionaire lifestyle. They want to have a big house, a Lamborghini, a yacht, party all night with beautiful women, or all the power and fame.

  Well in this day and age, not everyone wants that. Some just want financial freedom. They still want to have a normal life, but knowing that they can live without financial worry. There is even a movement called F.I.R.E., which means Financial Independence Retire Early. Everyone wants a lifestyle. However, it should be remembered that a greater reward means greater risk.

What Should You Do Now?


What Should You Do Now?

  This is merely an introduction, so really you do not have to do much. I do suggest to study more of this independently. Entrepreneurship is a big topic and I have only scratched the surface. Also, do not only study entrepreneurship but successful entrepreneurs as well as companies. We will take a deeper dive into this topic in the next couple of weeks and even after Entrepreneurship Month is over.

Something to Remember


Something to Remember

  Do not be pressured in the idea of entrepreneurship. In reality, entrepreneurship is not meant for everyone. There should not be a class difference between entrepreneurs and other people. You can still become wealthy as an employee. However, if you are going to stick to this route, you better learn how to work smarter in order to reach that goal because most likely what you are doing right now will not work. Working harder does not mean anything if you lose everything in the end.

CONCLUSION


CONCLUSION

  Thank you for joining us today. I know this was a short article, but this is only an introduction to entrepreneurship. If you have not already, please subscribe to us for more content and notifications on when the next article is released. If you want to read about following your passion and purpose, you can read more here. This is The BE Mindset Group and always remember to be happy, be alive, be free, be you.

Source

Tony Robbins: https://www.inc.com/sonya-mann/tony-robbins-says-entrepreneurship-is-not-for-everyone.html