There are five things I wish I knew before becoming an entrepreneur.
After my 9-figure exit, I started a new company and forgot about these five things.
A painful lesson, which is a story for another time.
Whether you are starting your first company or your next one, know this and know this well.
There are five things you must master before becoming an entrepreneur.
Who am I, and how do I know?
I was that kid who started his eLearning company right out of school with no money, experience, or team.
The truth is I had no business being in business, and the results showed.
I didn’t know it at that time, but when I started my eLearning company, I enrolled in the School Of Hard Knocks.
Countless dollars and trial-and-error taught me the truth about becoming an entrepreneur.
Knowing these five things helped my eLearning company go from “zero” to “hero.”
Out of the ashes of failure came these five things that would pave the way for my 9-figure exit.
What are these five things, and why do you need them when becoming an entrepreneur?
There’s only one way to find out.
Becoming An Entrepreneur Is All About Chasing Your Passion And Not The Dollars
Nothing great in the world has ever been accomplished without passion – Georg Wilhelm Friedrich Hegel
True entrepreneurs chase their passion for solving painful problems for people.
Help enough people solve their problems to get what they want, and you get what you want.
Notice the order. You help people first before you help yourself.
Read and prosper from “Make More Money Now By Solving Massive Problems.”
Want the five-step formula to retire rich and happy?
- Find a painful problem your passionate to solve.
- Ensure problem affects many people.
- The problem must be so painful that people are happy to pay you to take their pain away.
- Be the best in the world at solving the painful problem
- Put yourself out of business by finding and solving the next painful problem.
A quick story.
I started my eLearning company with no money, experience, or team. I had no business being in business.
My passion and grit kept me in the game long enough to solve a painful problem. Thirteen years later, I experienced a 9-figure exit.
After my 9-figure exit, I started a new company. This time I had the money, experience, and team. I even had the same business partner from my eLearning company.
It did not take long for the new company to rack up 7-figures.
7-figures of losses.
The company was a bust.
I chased the money with the new company, not my passion.
Know this and know this well.
Becoming an entrepreneur is chasing the passion and not the dollars.
Do you know the “must-have” trait you need to succeed when becoming an entrepreneur?
Keep reading to learn more.
Why The Combination of Passion And Grit Make You Unstoppable
Passion combined with grit transforms your dreams into reality – Jeffrey Feldberg
Becoming an entrepreneur is combining your passion with grit to welcome sweet success.
While passion is a “must have” when becoming an entrepreneur, it’s not enough.
If becoming a SUCCESSFUL entrepreneur was easy, everyone would do it.
Be prepared to welcome failure as your new best friend. All-day. Everyday.
Sure, you can weather through challenges for a week or two. But can you deal with failures and challenges for three years?
In my experience, most entrepreneurs reach their stride at the three-year mark.
Passion can only take you so far.
It’s your grit that saves the day and sets you up for success.
Grit is what gets you out of bed the next day, ready to take on the way. Day, after day, after day.
What the point of passion if grit becomes your “daily driver?”
Grit keeps you in the game long enough to work through the challenges. Know that the so-called challenges are opportunities in disguise.
It’s your passion that has you come back day-after-day.
Ready for a secret about becoming an entrepreneur?
Some of the most successful companies began as cockroach startups.
Read and prosper from “Cockroach Startups: What You Need To Know To Succeed And Prosper.”
At the heart of running your company like a cockroach startup is the combination of grit and passion.
When it comes to overcoming failure, your grit is your faithful ally and friend to save the day.
Do you know the one thing you must always do when becoming an entrepreneur?
Keep reading. Do this now, and you’ll thank me later.
Becoming An Entrepreneur Is Following Your Vision. Always.
Vision with action can change the world – J. A. Baker
Becoming an entrepreneur is knowing that you follow your vision. Always.
Money can buy many things, except for two things.
Happiness (a topic for another time) and your unique company culture.
Read and prosper from “Company Culture: Why You Need It To Achieve Massive Success.”
Your company culture is a direct result of your vision.
Think of your company vision as your compass for business success. Along your journey, many people will disagree with your vision, including your employees.
Does this mean that your vision never changes?
Over time you will change your vision as you respond to market conditions.
What is important is that you stay with your vision despite the heat you’ll take from those around you.
A quick story.
When I started my eLearning company the Internet was both new and unproven.
I believed in the Internet.
My vision was having my servers accessible only through the Internet.
I refused to invest in phone lines and modems, to the dismay of those around me.
Looking back now, it’s clear that my decision was the right one.
Had I strayed from my vision, two things would have happened.
First, I would have spent the little money I had on infrastructure that wasn’t needed. Second, straying from my vision would make my company vulnerable to the competition.
Craft, create and implement your vision as though your future depends on it.
Because it does.
Becoming an entrepreneur requires you to master one critical skill.
Do you know what this skill is? You really should, but probably don’t.
Becoming An Entrepreneur Is Master The Art Of Converting Critics Into Raving Fans
Master the art of converting critics into raving fans and you master your destiny. – Jeffrey Feldberg
Becoming an entrepreneur is knowing how to convert your critics into raving fans.
Easier said than done.
Why should you care or even try to convert your critics?
For starters, you, as a leader and your company, improve when you can listen to and understand your critics. Behind the criticism is an insight into areas where you can improve.
Some of my best customers started as critics. I remember one prospect who told me, “hell will freeze over before I ever work with your company.”
By taking the time to listen to the concerns and address them paved the way for success for all involved.
Was it easy?
Not a chance.
Often, your critics come from a place of fear. When a critic becomes a raving fan, you’ll have a customer for life.
Will you be successful every time?
But when your former critic is now a raving fan, you’ve paved the way for a sterling reputation and new customers.
Becoming an entrepreneur is accepting the challenge of converting critics into raving fans.
You can take that to the bank.
Last but not least, is one of the most important things you need to do when becoming an entrepreneur.
Do you know what it is?
Keep reading as you don’t want to miss this or get left behind.
Learn How To Welcome Failure Today So You Can Usher In Massive Success Tomorrow
Defeat is not the worst of failures. Not to have tried is the true failure – George Edward Woodberry
Becoming an entrepreneur is the unique ability to welcome failure today, massive failure.
Why does becoming an entrepreneur have you welcome failure?
Failure is an opportunity in disguise.
Read and prosper “How to Welcome Failure For Spectacular Success.”
Success both in business in life is knowing what to do and not do.
Often, knowing what not to do is more important than knowing what to do.
Becoming an entrepreneur is not an easy path. It’s so-called failures that separate entrepreneurs from wanta-preneurs.
What’s so important about so-called failures?
When things don’t work out, you’re getting feedback from the marketplace and customers.
The reality is that it doesn’t matter what you think or believe. The market is always right. All-day. Every day.
Becoming an entrepreneur is the ability to change your offering to meet the needs of the market.
Failures create important pivot-points for you to change your offering, message, and approach.
It’s also failures that teach you lessons you won’t learn anywhere else.
Something wonderful happens when you’ve learned your lessons, and change your approach.
Failure welcomes success.
At first, success is slow and appears as a series of small wins.
In time, success takes center stage and becomes massive.
Your passion and grit keep you in the game long enough to learn from failure so you can welcome success.
Becoming an entrepreneur who’s successful means you’ve solved a painful problem. People are beating a path to your door to have you take their pain away.
You’re no longer becoming an entrepreneur. You ARE an entrepreneur!
Becoming an entrepreneur is not a goal, task, or something to do.
Instead, becoming an entrepreneur is a way of life.
What separates the wanta-preneurs from the entrepreneurs are five traits.
When you master these five traits and help people in the process, you write your own ticket.
Who am I, and how do I know?
I was the kid who started his eLearning company right out of school with no money, experience, or team.
Becoming an entrepreneur, a successful entrepreneur became my obsession.
My new best friend was failure. The truth is I had no business being in business, and the results showed.
Along the way, I spoke to successful entrepreneurs to learn their “secrets.” I didn’t realize it at the time, but I also enrolled in the toughest and most prestigious school around. The School Of Hard Knocks.
What I learned shocked me to the core.
Becoming an entrepreneur, a successful one, is more about knowing what not to do.
I learned that my future success was waiting and ready for me, but I was not ready for it.
My years of “schooling” prepared me for my future success, and when it arrived, it was massive.
Thirteen years later, I became an “overnight” success with a 9-figure exit.
In this article, I’ve revealed five key traits to master when becoming an entrepreneur.
What do you do and where do you begin?
Start with the first trait and stay with it until you master it. Move on to the next trait and repeat it. Do this for all five traits.
You can do it. I know you can.
So what are you waiting for?
Here’s to you and your success!
Your Biggest Raving Fan,