Evan Carmichael argues that most entrepreneurs fail because they chase money instead of passion. Ben & Jerry's and Milton Hershey both faced early failures before succeeding when they aligned their work with genuine belief in their mission. Study others' paths, but expect discomfort and persistence to be non-negotiable.
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If your first company didn't work out, don't give up hope. You can still make it. You can still have success as an entrepreneur. Most successful entrepreneurs in the world failed in their early attempts, so don't lose hope. I got a question from a reader on YouTube, irborneranger89, who wrote in to say, I meant to ask you, do most entrepreneurs fail in their first attempt at trying to be successful? There's a lot of reasons why entrepreneurs will fail. One of the biggest reasons, the most important one, is that you're not following your passion. You're starting the business for the wrong reasons. You're starting the business to try to make money without having a deep understanding of what you're trying to do. You have to stand for something. You've got to believe in what you're doing. You've got to feel it. And most entrepreneurs don't feel it when they're starting the business. They feel exciting, they feel energetic because of of starting a business, but not because of what they're doing. You have to believe that what you're doing is the right thing. So a lot of entrepreneurs will fail. And a lot of the most successful entrepreneurs in the world didn't have success right from the start. They had to figure themselves out. They had to figure out what they stood for. They had to figure out how to run a business. They had to figure out how to get customers. They made so many mistakes along the way, and it seems sometimes funny Because you look at these guys now and you see the huge success that they've had, but if you look at their stories, look at how they got started, a lot of them had no idea what they were doing. Ben Jerry's Ice Cream, huge company now, highly successful. When they got started, they had to close down their store and they left a sign up front saying something like, "We had to close down because we don't know what we're doing." A lot of entrepreneurs go through that progression, and a lot of entrepreneurs had failed businesses at the start and then started something else, something that was more in line with what they were doing, what they really wanted to do, more in line with themselves. And some entrepreneurs just kept going. They had it right from the beginning, they had the right passion, idea, and energy, but they made a lot of business mistakes along the way. Milton Hershey started the Hershey Chocolate Company. He failed in 4 different cities over 5 years. Went bankrupt, got disowned by his family, but he kept going. He kept finding different ways to do it because he passionately believed in what he was doing. You can shortcut your success path. It doesn't have to take you 5 years. You don't have to go bankrupt multiple times. You don't have to have your family disown you. If you learn from the success of other people, you model their success, put it to work for you, you can shortcut your path. Doesn't guarantee you're gonna make it on your first try. But if you love what you're doing and you're genuinely helping people, you have to keep trying. You can't get down on yourself to say, oh, it didn't work out the first time, I'm gonna quit. You have to keep going. You owe it to yourself to keep going. You owe it to your community, to yourself, to everybody around you, to your customers. The trick is you have to love what you're doing. That's the core of everything. If you passionately believe in what you're doing, it's the right thing to do, you love it, it's helping people, you're providing a great product or service that is badly needed, then you will attain success. It may not happen right away. You may have to go through a huge stretching period for yourself where you're going through uncomfortable phases because you're learning and you're growing and you're doing things that are scaring you. If you don't have the knowledge, you don't have the experience, It's gonna be harder, it's gonna take longer, but as long as you stick to your path and you don't give up and you don't quit and you believe in what you're doing and you know it's right and you continue on, then I guarantee you eventually you'll have success. You can't quit. Believe. If you like the video, please give it a thumbs up below. It makes me wanna do more for you. And if you have a comment about this video or question for your company, please leave it in the section below. I always read those and I'll do a video reply for you. I always love seeing those comments come in. Thank you guys. I'll see you soon.
