Wanna Hit 7-Figures? This is why most won’t.

The best part of having a business is not when you have the big financial payoff. I teach people how to have eight figure exits, but even that is a little bit misleading because yes, the strategies and the tactics that I teach and share help people build successful businesses that they can sell. But the best part is not when you sell the business. The best part of starting a business is, is the early days when everything sucks and everything is new and everything is hard. We call that period the grind. It's the period of starting a business when you're coming up with the decisions and everything is difficult and you're just scraping by to get things moving. And I'm here to tell you that although most people want to skip that part and get to the end as fast as possible, and if you were to do that, you'd be missing the best part of being an entrepreneur. That's what I want to talk to you about in this video. I made more than 50% of my wealth from one deal, from one business. It was when the business that I started back in 2013 with $600 matured to the point where somebody else wanted to buy it and they bought it for an eight figure payday. And I had a 5050 partner in taxes and all of that. But I did pretty well from that exit. And when I sold that business, even up till recently, I was secretly afraid to start a new business. I didn't like to talk about it, in fact, I probably wasn't even self aware enough to be able to articulate this. But I was secretly afraid that the next business that I started wouldn't be as big or as profitable or as successful as that business that I sold. I started to have thoughts of maybe I was lucky, maybe I had a great partner, which I did, or maybe it was a one time thing. Maybe I'm not really as good at this as everybody thinks I am and it took several years for me to get over that. And it took those years because I was thinking about the end result, the end goal of what the business would do. How much money would that business sell for A mentor of mine compared it to the second album that a band releases when they've had a commercial hit the first time. There can be kind of like a tenseness to release a second album because what if it sucks? What if it doesn't produce as many sales or the fans don't like it as much? There's a risk in the second time through and I experienced that for myself where I was thinking so much about the end result what if I don't have an 8 figure exit? What if I document this one and it fails? And it kept me frozen. The reason I was frozen was because I was thinking about the end result. However, the thing that I craved the most was not the time that I got a big wire into my bank account. Although that was great, that was fun. It was not the times that we crushed it with a promotion, although that was really fun too. The thing that I craved and missed the most was were the early stages of the business when we were coming up with new ideas and figuring everything out. Those were the moments that I missed the most. It's kind of like going through a breakup. You've ever gone through a bad breakup with a relationship that you know you shouldn't be in, but then you start to remember all the good times and you remember all the fun songs and places you went and it didn't matter that you hated each other 80% of the time. All you think about is the 20% good times and you start to think you'll never be able to replace that ever again. That was kind of like how I felt when I exited my business. Because I thought about those first moments when we were trying new products and we were experimenting and we didn't know if it was going to work. And that is what you really crave as an entrepreneur. Those exciting, uncertain moments where you're figuring it out and, and you're hungry and you're interested and you're passionate. Those are the moments that you're after. Part of those moments is the financial reward of the process. That's true. This wouldn't be a fun game if there wasn't a big reward at the end of it, if there wasn't the potential for profit, if there wasn't potential for growth. But the exciting part is those mysterious, uncertain hard times on the path to getting there. And once you get the big check, once you have the breakthrough, once you get through all of the uncertainty, that's what you will miss. Because what you really want is an exciting journey that leads to an exciting destination. So when I decided to finally start new businesses and get moving again, the thing that allowed me to stop worrying so much about the end result was anchoring myself into those uncertain moments. Right now. For example, I have a project right now that is a brain enhancing nootropic called Switch. And our first product is called On Switch. It's a focus enhancer made for entrepreneurs to put them in flow and in the zone first thing in the morning. And I'm Hesitant to even talk about that project publicly because it's so uncertain right now. We have people who don't like the formula, and we're trying to make the taste better, and we're doing all this stuff that is like, hard work with no payoff right now. And those yet are the moments that make the entire journey fun. Because if it was easy at the very beginning, the payoff would not be all that exciting. It would just be a mathematical formula that led to money. It is the uncertainty and the challenge along the way that makes the entire thing a worthwhile journey. So the fact that I had to be okay failing publicly or letting down my team members, who are putting a lot of energy into this project because Ryan had a crazy idea, I had to accept that as part of the process. Actually, not even the part of the process, as the best part, as the part that makes it exciting in the first place. So many of us hesitate to go into a new project because we're looking at the end result and seeing the amount of work that it will take to get to the end result. I heard it compared once to being on a long road trip and looking at the map and saying, hmm, on this road trip, we're going to go from New York to Tampa, over to Denver, and then drive back to New York. Well, we're in New York right now, so we're at our own destination, so let's not go on the trip at all. You missed the point. The point is all of the little things that happen along the adventure. Entrepreneurship is a lot like that. And those beginning stages when you're making mistakes and you're figuring things out are the best part. I'll show you an example. This is a T shirt from the early stages of the company that I sold. The logo doesn't even look like this anymore. The color scheme isn't like this anymore. And I have, like, 12 of these shirts that I wear when I work out, and I wear them proud because I had a hand in designing this shirt. It doesn't matter to me so much that the company doesn't look like this anymore. It doesn't matter to me so much anymore that the company that bought it wasn't able to maintain it the same way that I did or went in a different direction than me. I think about the moments about designing the shirt, and I think about the times of trying the products and coming up with things and doing other promotions and working with my business partner, and the moments that we had in the conversations that we had. Those are the things that I missed. And when you realize that that's the best part, you give yourself permission to step into the uncertainty that is starting a new project. You become okay with the early stages in which it looks like nothing is happening, and it will look like nothing is happening for about six months and you'll go all in on your customers and you'll come up with new ideas and you'll try a new promotion. And all those early mistakes. Mistakes are the things that make the big breakthrough fun. If it was easy, it wouldn't feel fun. I know you don't believe me when I say that, but it is that fact that makes the curiosity in the journey, the challenge in the journey, interesting. And when you can be okay with that, then you're ready to go on the very long adventure that is climbing the mountain or going on the road trip. But if you're only thinking about the destination, then you're missing the best part of the entire experience. Because the point is not to get there. The point is the adventure along the way. Once you are able to own that those early errors and mistakes are part of the process and even the best part, start, you're then in the mental state to be able to build a great company. For example, when I was all freaking out about whether or not Switch was going to be a thing or not, or whether or not we were going to do it, or if I should talk about it publicly, it felt like nothing was happening. Like we were kind of frozen for a hot minute. But as soon as I said, you know what, let's just document it, like, let's sell it at cost, let's see what the customers think, let's get some momentum. As soon as I was okay with that, sales started coming in. And when sales started coming in, we started getting feedback. And not everybody liked the first version of the product, but some people did. And we listened to those customers and how we could make it better. And we started making adjustments and all of a sudden it becomes fun again. And we're trying new samples and different flavors and all of a sudden there's creativity and curiosity again. And we're starting to get momentum and customers and all this starting to snowball a little bit. And then we started running the numbers and I realized that in this business, if our goal is to have an eight figure exit, then the only thing we need to focus on is having three to four core products that we can sell as a package. Since it's a consumable, we can sell it on a monthly auto ship. And if we have 3,500 people or 4,000 people paying 100 to $120 a month, that's about a $5 million business. And based on our margins, that could be an eight figure exit. Now, it's so interesting to me that when I was thinking about the result, I literally couldn't see the path. But as soon as I punted that and said, all right, let's just take the next step forward, let's focus on the best part, the grind, the uncertainty, and let's make some mistakes and let's get some feedback, all of a sudden the path started to light up. It's a strange paradox that is hard to understand. But as somebody who has built and sold a couple companies, somebody who advises a lot of entrepreneurs and walks entrepreneurs through the process of building a seven figure business that they can sell, I'm here to tell you that at some point you'll look back at these early stages of the grind and you'll miss it. So if you can own own that now, then you give yourself permission to go make those mistakes right now. Please go make those mistakes now. Please go enjoy the best part of the process. Please go enjoy the grind that is asking for every review, the grind that is trying ads that don't work out. It's the grind of asking for every sale, going for every promotion, building every new relationship. This is the best part and this is the part you'll miss. So can you drop your attachment to the result so that you can step into the best part? Because if you can enjoy that, there's a really good chance that you'll win. We basically have two ways that we serve entrepreneurs here@capitalism.com there's our mentoring community, which is called the 1%. And we have our incubator, which is called the Capitalism incubator. And in the incubator, we help entrepreneurs get clear on that vision, launch profitably, and have the foundation for a seven figure business that they can sell. You can discover what we do inside of there over at capitalism.com Inc. And our community is called the 1%. This is our community of people who are actually doing this stuff. They're building businesses and they're investing this profits. And if you want to find out more about how you can get plugged into that, that's@capitalism.com 1. Of course, if you want to stick around for the free content, we put a lot of it out here on the YouTube channel. So please make sure you're subscribed to the channel so we can serve you on this very exciting journey that is entrepreneurship. I'm Ryan Daniel Moran with capitalism.com. thanks for watching.