Why Your Business Will Likely Fail And How To Avoid It
Today you will discover and dispel the marketing myths that will kill your business, and find out the right way about how you, the 20 something entrepreneur, can avoid this common pitfall. Then, you will find out about the right decision that a successful entrepreneur can take.
The 4 hour Myth
So you are a young, 20 something entrepreneurwannabe entrepreneur, and you have gotten the idea business will be this fun and chill life of freedom, travelling, partying it up in exotic places, and only working 4 hours a week on your laptop while getting a massage in your hotel suite.
But here’s the real deal:
Everyone I know who is “chilling”, their business is in decline.
Their business was built while working their ass off, not when they were “chilling”.
Think of Jeff Bezos, Amazon’s founder. He spent 10 years in his basement, 16 hours a week, full grinding it out and his company was losing money. Does that sound like he was just chilling out?
“But now that he is a multibillionaire, surely he is taking it easy?” I already hear you rationalize. Actually, Jeff Bezos reinvests all the money he earns back in the company, not travelling the world or “chilling”.
So, where does this idea of “freedom” come from?
It comes from marketers, who attract average joes and monetize from the appeal this soft version of entrepreneurship has on them.
And you know what? That’s fine. But if you actually want to succeed, you will have to grind it out and do the hard work.
What it actually takes
95% of businesses fail in the first 5 years.
It takes years to build a business that will not collapse on itself and survive economic depressions.
You need to build a ground foundation: delivering to your clients.
You can’t make a few sales, and expect the job is done. Even if those few sales made you thousands. That’s not a business.
Be around the right people
Personally, I would not just pick up and go to a country that’s really poor, living in a cheap hostel and living on bare minimum, partying every day while your business is floundering. And neither should you.
You want to be around people with a good, positive entrepreneurial mindset. If you are around those types of people, you are simply more likely to succeed.
Rich people, people with real freedom, surround themselves with people who have money.
Short term success vs real freedom
Money is real freedom. Money will buy the lifestyle that you want. When you earned the money, only then will you have earned freedom.
Freedom isn’t achieved instantly: do not mistake real freedom with short term success.
Short term success is only down to luck or a few closed sales. That does not make a business.
The right decision to make if you want to succeed in business
So we talked about the delusions young entrepreneurs have around business. We talked about the 4 hour myth, and the need for hard work and grinding it out. We highlighted the need to spend time with the right people, and not just go out and party everyday. We then differentiated between short term success and real freedom. Now, it’s time to discover the decision you need to make if you are serious about succeeding in business:
Repeat this out loud:
From now on, I will work as long and as hard as it takes. Even if it takes 10 years to make this happen, even if I fail 10,000 times, even if I have to learn lessons the hard way, I will make this work.
I personally made this decision when I started back in 2009.
You won’t find a shortcut: I talked to hundreds of people who run businesses. None of them just chill around doing nothing. If their business is at least stable, they are hustling, not chilling.
Make this decision now, or get the 9-5 job lifestyle that is easy and average.
But you are here, watching my videos, so I assume you want something more in life than the average life. If you want something more, then do it. Make the decision.
Thanks for watching and reading the article, and if you have any questions andor suggestions comment below. For more free videos make sure to check out my channel and subscribe at vitkin.net/youtube.