The Entrepreneurial Mindset

The world of entrepreneurship is often painted as a glamorous destination. From social media feeds to news headlines, we see the highlights, the big wins, and the effortless success. But what is it really like behind the scenes? The reality is far more complex and demanding. It's a journey into the dark side of business, a place where you're forced to confront hard truths and develop a new way of thinking. This is where you must build the entrepreneurial mindset.

The Wake-Up Call

The biggest shock for most new entrepreneurs is the shift from a guaranteed paycheck to a self-made one. We’re used to working for a company that can absorb mistakes and financial shortfalls. When you’re an entrepreneur, you're looking at every dollar that comes in and every dollar that goes out. Every decision carries a weight you’ve never experienced before. Our biggest wake-up moment was when we realized our paycheck wasn't coming on Friday.

Another sobering realization is the immense responsibility of hiring people. When you ask someone to leave their stable job to come work for you, you're not just hiring an employee, you're taking on the responsibility for their livelihood and the well-being of their family. This responsibility forces you to be mindful of every expense, because that dollar could be a part of their paycheck.

Chief of Everything

Social media tends to portray the CEO as a high-level executive, but we see it differently. CEO stands for "Chief of Everything." You’re the one who is paying people, taking out the trash, and doing everything in between. You are the one who is responsible for everything, which is a far cry from the compartmentalized roles you might have had as an employee.

You could be the best employee, even a top-level CMO, but that doesn’t automatically make you a great business owner. Why? Because your skills in a specific segment of a business don’t necessarily translate to running the entire operation. You have to learn to manage different types of people and understand the full breadth of the business.

The Essential Traits

So, what does it take to navigate this landscape? We believe there are a few core traits that are non-negotiable for anyone who wants to be a successful entrepreneur.

• Ownership Mentality: You must be a self-starter because nobody is coming to motivate you. You have to be a leader and find your own drive.

• Grit: This is the ability to endure through turbulence, ups, and downs. Without grit, it's difficult to sustain a business through its inevitable challenges.

• Risk-Taking: You have to be willing to take risks, especially when competing with bigger players. Sometimes, you have to do something nobody else is doing to attract your piece of the market share.

• Embracing Failure: You have to be okay with failing because you will fail. It's not about being a personal failure, but about learning and getting it right the next time. A business could fail not because you're doing the wrong things, but because you're doing the right things in the wrong business. The key is to fail fast and not delay the next opportunity.

The Most Important Skill

We also talked about a critical skill that every entrepreneur needs: sales. Every business is a sales business. You have to be able to sell your skills and your services to get the next job. You have to sell yourself to others, even to get a job or to get someone to listen to your ideas. You can’t be an introvert when it comes to business. You must be intentional about networking and connecting with people to solve their problems.

Ultimately, not everyone is built for entrepreneurship, and that's okay. The economy is built on 9-to-5 workers, and there is nothing wrong with being one. However, for those who are ambitious and want to build a legacy, the journey into entrepreneurship can be the answer. The goal is to move from being a dreamer to being a dreamer who executes.

Watch the full episode at https://youtu.be/tk8KE3y-D24