Peter Taunton sold two companies for over $40 million each and says confidence is what separates founders who succeed from those who fail. He warns that doubt can cripple progress and compares an unprepared entrepreneur to someone entering a gunfight with a slingshot.
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Screw all the doubters in your life. Hey guys, it's Chris Prefontaine. Welcome to another Motivational Monday. I'm going to give you another glimpse behind the scenes, so to speak, of a recent interview that Zak and I did with Peter Taunton. Peter started with super humble beginnings. He's a super humble guy, and he talks about 3 very, very important things for you to have huge success. And coming from a gentleman that went from a failing gym in his early 20s to now in his late 50s having sold his company twice, each time over $40 million, there's some cool words of wisdom here.
Yeah, so my book is called Impossible Hill, and the purpose behind the book is to empower people, is to— is how do you make the impossible possible? I mean, it's, it's so surprising for me, guys, when I'm talking to people about the entrepreneur journey, the fear of failure, the doubt that some people have within themselves. So it is not uncommon, guys, when I'm talking to people about a business plan and they're spitballing ideas off of me and this and that, it is not uncommon. I would say 40% of the time.
Yeah.
I pull people back. I take the business plan and I put it on the shelf and I get into the head, the head of the entrepreneur. And I ask, because somewhere along the way, in most cases, people listen too closely to people who instill doubt in them. Now, it's not, it's not, it's perfectly healthy to proceed with a level of caution, but there's a, there's a complete difference between caution and a an outright lack of confidence in yourself. In other words, when push comes to shove, people, they have a sense of fear, they have a sense of doubt within themselves, their ability to actually overcome significant adversity. So, I tell people, look, I try to get between their ears and say, look, you are as deserving as anyone for success. But in order to be prepared for success, here's what you have to know, what you're Here's the battle you're going into. I don't want to send an entrepreneur to a gunfight with a slingshot. All right? So I want them mentally tough of talking about adversity, talking about those moments where you feel like, oh my gosh, this is it, that I'm going to lose everything. And every entrepreneur at some point feels some of those emotions. And those emotions are perfectly normal. And you just have to find your way to work through them.
Yeah.
And, you know, and have the confidence and then instill that confidence to those around you. So being mentally prepared, financially prepared, and physically prepared are 3 very important components to winning as it relates to being an entrepreneur.