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The Foundation:
A 3-Step Guide to Becoming a Successful Entrepreneur
Written by Max Knowles July 12, 2018
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“Money, it's a gas…grab that cash with both hands and make a stash...new car, caviar, four-star daydream...think I'll buy me a football team” – Money, Pink Floyd

Is that one of your dreams too?

Entrepreneurship has broken through to become one of the most desired life paths in the 20th century. Everyone wants to live the idea of being their own boss, make tons of money, travel the world and enjoy a beautiful life.

And not surprisingly, millions have succeeded at it.

To clarify, as I am writing about entrepreneurship today, I am referring to any and everything which falls under this category, from owning a small farm to influencing people via social media and even building a network marketing business... Continue Below

To watch the Video Version of this blog click thumbnail 

Continued...

However, regardless of how much everyone on this planet wants to become an entrepreneur, the question is how many do?

The word entrepreneur was taken from 18th century French, which in French meant, ‘to undertake’ and was mainly used to describe ‘a manager or promoter of a theatrical production.’

The word was used for the first time by Richard Cantillon in his book, published in 1755, called, ‘Essai sur la Nature du Commerce au General (Essay on the Nature of Commerce).’

In the book, the author used the word for an individual who purchased a product to sell at an uncertain price later. After an extensive evolutionary process, U.S business consultant, Peter Ducker, believed the term must only be used to define individuals who are creating something new and different.

The reason you need to know this history is not only because you should, but also because even though the term was discovered as early as the 18th century, that is not when its practice started.

Imagine, the first business transaction ever in the world, was entrepreneurial itself but no one ever named it that.

Point being, entrepreneurship is not new, yet its interpretation is often different.

Hence, I write today to address to the young aspiring entrepreneurs to understand what it takes to become a successful entrepreneur and how you can become the entrepreneur you dream of.

Becoming an entrepreneur long before the internet came along was difficult. Just take a moment and imagine it. You did not have the resources you needed; you had to undertake more risk and follow your instincts because there was no data to analyze.  

Today, on the flip side, entrepreneurship has become different. Very different.

It takes less than $50 to start your own drop shipping business online, and you do not need inventory to do so. Moreover, with 2 billion users of social media today, you can build your blogs and pages faster and then monetize them by selling out slots to big brands.

The process of becoming an entrepreneur has become simple, but has it yet become easy? Well, not at all.

Here is another reality check: It never will.

Unfortunately, everything wrong with entrepreneurship today is its “packaging."

Often, when discussing entrepreneurship, the conversation revolves around the idea of becoming rich and famous like Gary Vaynerchuk, Tai Lopez or Mark Zuckerberg. However, there is never much talk about how any of these folks got to where they are at today.

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Entrepreneurship is not a walk in the park or visiting Disneyland. Not even close.

Now, all of this may be sounding pessimistic to you but hear me out. I am not here to discourage you from entrepreneurship, better yet, I want to open your mind to the realities of becoming an entrepreneur.

Entrepreneurship is committing to the process and everything that comes with it, and not planning to get what is on the “other side” instantly.

So, I have compiled three core fundamentals you must be aware of to establish yourself as a successful entrepreneur.

Fundamental 1: Have the Right Expectations

Beyond the fact that entrepreneurship is glorified as the ultimate path towards a life filled with cars, money, traveling, and gadgets, there is one part we always miss out.

The part about getting there.

Many times, I have met progressive entrepreneurs persisting on the idea that entrepreneurship is something you can conveniently do part-time or after your day job, but that is not how it is when you speak realistically.

Building a business, be it online or offline, requires work, sacrifice and commitment.

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When we talk about anything to be done in our spare time, we are looking at committing little time to a vision after our day jobs, friends, family and vacation time.

The way you would have certain expectations from the entrepreneurial path, it does too from you.

To build a successful, thriving business, you cannot plan your business around your life; instead, you must prepare your life around your business. You will have to cut down on the family time, relationships, poker nights, movie nights, and your strolls in the park to work on your business.  

Of course, I do not mean to scare you here, so note, that this is by season, not forever. In the initial seasons of your entrepreneurial journey, you will have to go at it in “Beast Mode.”

Eventually, to get to the lifestyle you dream of, you will have to take the leap of faith.

This is when you let go of your day job to pursue your dream of becoming an entrepreneur and putting in every second which your business requires from you, which takes us to our next fundamental of becoming a successful entrepreneur.

Fundamental 2: Be Adaptable

I am pretty sure, there have been instances where you spoke about entrepreneurship with your friends who work jobs, and they came back at you saying how there is so much risk involved.

That is the difference between entrepreneurs and the rest of the world is that entrepreneurs adapt.

For those who work jobs, they live a patterned lifestyle within their comfort zones and sure, it works for them, but that does not work for entrepreneurship.

When becoming an entrepreneur, it is essential to have the ability to adapt and continue to grasp on to new skills. This is what I call the growth mindset. A mindset which is willing to break all barriers to get to the envisioned dream.

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No one is born an entrepreneur. You learn the mindset and the skillset as you go. You’ve got be willing to put yourself out there and figure it out along the way.

During your entrepreneurial journey, you will come across the requirements of business which you previously had no idea about. Let’s assume for a moment that you are working towards building your own media publishing business and you come across building and hosting a web platform for the first time.

If you are young in the business with little investment and can’t hire anyone to do it for you, what do you do then? Quit? No!

You learn.

Of course, this does not mean that you begin to pass opportunities only if you think you don’t have the skillset for it.

Remember what Ben Affleck said in Boiler Room?

“There's an important phrase that we use here, and think it's time that you all learned it. Act as if.”

Act as if you know it. Once you seize the opportunity, learn the skill, implement and move on. Like Richard Branson says, say yes first, then figure out how to do it.

If you are ever under the impression that you will learn first and then go out to sell the service, that is never happening, because you will never know when you are ready, and every opportunity will pass you by staring you in the face.

Fundamental 3: P.U.S.H Strategy

For those unaware of the P.U.S.H strategy, here is what it means: Persist Until Success Happens.

The success you can get in entrepreneurship is as big as your dream. There is no standard level of success in entrepreneurship; it is an evolution.  

Success is not a one-time achievement which allows you to live with everything you desire for a lifetime. You must keep at it. Again, and again.

The reason I say this is because when you take the leap of faith, you will face hurdles and you will continue to face them every time you come across something you are unaware of. The struggle never ends and it shouldn’t.

Let’s consider a hypothetical scenario to understand this better.

Let’s say you started your first online drop shipping business and made your first sale within three days. Now, to me or anyone, that is a success, since you achieved something.

However, you soon hit a sales block where now you are not able to sell for the next two weeks.

There are only two things you can do now, either, use the P.U.S.H strategy or quit.

Entrepreneurship is a consistent meet and greet between breakdowns and breakthroughs. Yes, over time, you will have adapted to disruptions and conveniently breakthrough them because of the experience you will develop, but you will never be breakdown free. It’s all part of the growth cycle.

Young entrepreneurs today are more motivated to achieve the dream rather than embracing the process of getting to that dream. With this mindset, I have found young entrepreneurs becoming impatient and ending up failing as entrepreneurs

I do NOT want you to quit. I want you to be realistic.

I want you to learn and enjoy the process and the rest, the results, will automatically begin to fall through.

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Understanding these three fundamentals about entrepreneurship still help me remain realistic even today, after all the experience that I have gained. I want you to do the same.

So, go ahead do your best, work at it and keep pushing and while you are doing so, be sure to check out my  YouTube channel for my weekly LIVE shows where I spread all the knowledge I have and my podcast on  iTunes and Stitcher  every week.

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