MBA1129 How to Know if Entrepreneurship is Not For You

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Hey oh. Welcome to the $100 MBA show, your go to Business podcast for practical business information every single day with our daily 10 minute business lessons for the real world. I'm your host, your coach, your teacher Omar Zenholm. I'm also the co founder of the Hundred Dollar mba, a complete business training and community online. And in today's episode you will learn how to know if entrepreneurship is not for you. I've coached and mentored many people and in those experiences sometimes I would have to approach somebody and tell them this is just not for you. Hey, they hired me to be honest, so I have to be honest. But in today's episode we're going to explore what were the traits of these people that I believe that entrepreneurship is not right for them. I'm going to outline what are the things that if you don't like, if you're not willing to do, you're just not going to make a good entrepreneur. You're just not going to be able to make it in business again. This is just the honest truth based on my own experiences as well as the experiences I've learned from others. If you are really struggling with entrepreneurship, you need to also consider the option. Maybe it's not for you. I'm not willing to train eight hours a day in a swimming pool to be an Olympic swimmer. There's nothing wrong with me understanding. I'm just not an Olympic swimmer. I don't have what it takes. It's not for me. And when I say I don't have what it takes, it means that it's just not part of what I want. It's not something that I want to pursue based on my preferences in life, on my preferences of who I am. And I'll explain exactly what I mean in today's episode. What are the traits, what are the things that if you're not willing to do, you're just not cut out for entrepreneurship? Yes, this is gonna be a raw and honest episode, but that's my job. I have to be honest with you. So you get the truth, not the sugar coated, anyone can do anything mantra. So let's get into it. Let's get down to business. I'm gonna jump right into it and give you the first thing. If you're not willing to do this thing, then entrepreneurship is just not for you. And that's putting up and not being able to put up with change and inconsistency. Sometimes in business, things will not be consistent. Things will change, things will be volatile. Some things will be challenging things. If you like consistency, if you like mundane, if you like to have just a very normal, consistent life in terms of work and the way you pursue your career, then business is not for you. The nature of the marketplace is inconsistency up and down. Now maybe the overall trend through the long term, 30 years out, the trend is going up and your business is going to do just fine. But you got to be able to weather those storms, those inconsistent moments, those. Those peaks and valleys. You got to be ready for that. You got to be willing to take on change at any time. Things change all the time in business, whether it's the technology, whether it's the customers, or whether it's the marketplace, whether a new competitor comes out of nowhere, this is the one guarantee you have in business is change. Things will change. Things will be inconsistent. So if that's something you don't want to deal with, that's something you just don't find appealing. Or maybe you just don't want to have to live with, then. No, don't go down that road. You know, I used to be a school teacher. I was a high school university teacher. That was a very consistent job. People have to be educated. I did pretty much the same thing every day, year after year. Maybe there'll be some small changes. They'll change a Textbook or a curriculum, or I'll get some new students, or I'll teach a different subject, or they'll change the subject a little bit. But overall, my life was the same. Nothing was majorly different. And that bored the hell out of me. But a lot of people, a lot of my colleagues loved it. That's what they love. And for them, consistency is important. It's a value they value. So if that's you, then I would advise against being an entrepreneur, because you will be suffering, you will not like it, because that volatile type of marketplace that sometimes happens in business, the ups and downs, it's just going to be a part of who you are in your life and your career. Number two, if you're not willing to change who you are, if you. If you're not willing to change who you are, just forget about entrepreneurship. Because you have to develop. You have to change who you are. If you want to improve and improve your business, you have to be willing to change. You have to be willing to look at yourself and say, I'm not what I need to be to be where I want to be. If you're somebody who's like, you know what? I'm happy with who I am. I don't want to change. I don't want to develop. I'm scared of change. I don't want to change myself. I'm afraid if I change myself, that people won't like me anymore or the people that are close to me or, well, look at me differently or funny or judge me. If you're not willing to change, if you're not willing to develop and improve, even at the cost of maybe disappointing people that, you know, people that are close to you, then you're gonna really struggle becoming a successful entrepreneur. Every entrepreneur in their journey develops themselves and changes and morphs into something better. If I look at my friends, my close friends in the last, I would say, five or six years, they've changed tremendously because I've constantly evolved, and I have to be okay with that. I have to be okay with the fact that I've changed. Yes, I have a handful of friends that have not changed because they're okay with me changing. But if you don't want to change, if you don't want to evolve, if you don't want to improve and take some big leaps in your improvement, the business is not for you. Number three, it's a biggie. You're terrified of failing to the point it immobilizes you. If you're afraid to fail and that Fear of failure is stopping you from taking those steps forward, stopping you from launching that business, from becoming the entrepreneur you want to be. You're just not going to make it. Failure is a rite of passage for entrepreneurs. You have to fail. Failure is a part of your success. And you can't be afraid to fail always. Most people that don't make it in business don't make it because they're afraid to fail. They're afraid to put their work out there. They're afraid to put their work on display. They're afraid what people will say. They're afraid that it won't be successful. They're afraid that, you know, if they write a book, it won't be a bestseller, whatever it is. You can't allow fear to paralyze you. That fear of failure, if you do, it's a recipe for disaster. You gotta be willing to take those leaps. And I'm not saying that failure has to be enjoyable. You just gotta be under the understanding that, hey, it's going to happen, I can avoid failing, and that if it happens, you know, it's not going to be so great, but I'll learn from it and I'll move on. You can't let it stop you from doing things. If you're afraid to fail. I'm talking about terrified, then entrepreneurship is not for you. Number four. If you believe work or business, quote unquote, and life are two completely separate things. People that think that if you start a business, it's kind of the same thing. It's the same compartment as if you had a job. No, it's not the same thing. With a job, you clock in, you clock out, you have hours. And after those hours, you are not responsible for what you have to do at work. That's it, you're done. You can continue your life. Your life starts now, right? You can go to the gym, you can go to the movies, you can go eat out. And you don't have to think about work anymore. And work is not part of your life. Now, I'm not saying you can't have work, life balance as an entrepreneur, but you have to understand that life influences business and business influences life. This is not the case. When you have a job, you can separate them very neatly. Can't do that in entrepreneurship. You just can't do it. Why? Because if you neglect your life, if you neglect your health, if you neglect your physical fitness and you neglect your sleep, it's going to affect your business. If you think the stresses of business is not going to affect Your personal life? Think again. It's too personal. It's too close to the grain. Most entrepreneurs see life as an entrepreneur, a part of their greater life. It's not a job, it's a lifestyle, really. I'll give you a perfect example. I'm going to the We Are Podcast conference, which is a podcasting conference in Brisbane. I'm going there as a speaker. I'm speaking on stage, I'm doing a panel. So for all intents and purposes, I can consider this work. I'm going to go to work. But that's silly. No, I'm not going to work and I'm not going to play. I'm just living life. It's a part of my life to go to these conferences. It's part of my life to go and meet new people. So when I'm having dinner at this conference, is that life or is that work? It's neither. It's both. You know, I'm meeting interesting people, having good conversations and enjoying myself while improving my business. You can't box it up, or what I like to call, you can't bento it up. You can't put it in a bento box. You can't like, put, you know, work here and life here, health here. It's all one thing. When you're an entrepreneur and you got to be comfortable with that. If you're not comfortable with that and you want to put everything in a compartment, then it's going to be hard for you to adjust as an entrepreneur. I'm not saying you can't have time to relax. Of course you can have time to relax. Of course I go on vacation and unplug. But what I'm saying is that you can't just see everything you do with work as work and everything you do in life as life. They both help each other out because you're the leader of the company. And as you improve, so does your company improve. Even the things you do for your personal life, when you have a vacation and relax, or you have a good night's sleep, that's going to help your business. You get the point.

Okay? Does this happen to anybody else? You sit down with a juicy, cute PC, some McNuggets, and those golden fries from McDonald's. Then you take a long sip of your Sprite because you can still hear your mama saying, don't fill up on that drink before you eat your food. But you're grown now, so you do what you want.

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If entrepreneurship is just not for you, you have bad habits and you're unwilling to change them. Habits are interesting. Habits are things that we do consistently that affect everything in our life in the long run. Everything in our business for the long run, whether they're good habits or bad habits. If I have a bad habit, it's gonna affect and compound, compound that effect on my business. If I have a good habit like I'm reading for 30 minutes a day, I may not feel the benefit of 30 minutes a day every day, but over time I will. So if you have a lot of bad habits, whether you are incredibly unproductive, you waste a lot of time, you're bad with money, you're not investing in yourself or improving your own professional development or whatever it is, and you're not willing to change those habits or you don't have the willpower to do it. If you just don't want to do it bad enough, then you're just not going to make it. You have to have good habits. The majority of your habits have to be good ones. And the funny thing about habits is that they get refined. You know, it gets subtle over time. Those good habits become great habits. Now, I'm not saying that you can't have a guilty pleasure here or there. You know, watch Netflix to veg out a little bit and relax or play some video games. Don't totally okay. But a lot of people that are unsuccessful as entrepreneurs is just that the majority of their habits are bad. They're negative. They just impact them in such a negative way. And what happens is that they're not motivated enough, they're not hungry enough, they don't want it bad enough. They don't want success in entrepreneurship bad enough to change those habits or to find out how to change those habits. Habits are kind of like the little things that define who we are. So if you have good habits. Those little things will make you a good person or a good entrepreneur. So be mindful of your habits and maybe it's the reason why it's stopping you from being successful. They're very subtle. You don't see them. Whether you're judging people, whether you're comparing yourself to other people, whether you badmouth yourself in your head and it destroys your confidence, these are bad habits. Be mindful of your habits and it can make a world of a difference. That wraps up today's lesson. A lot of tough love today, but it comes from a good place. I want to see you succeed. I hope today's lesson on how to know if entrepreneurship is not good for you or not right for you was fruitful. So you could do the opposite. So you can put on the juice so you can really make sure you're doing the right things. Before I go, I want to leave you with this. When I really took that huge leap from being a full time teacher or educator to being a full time entrepreneur, I had to change who I was. I really had to change who I was so I can become an entrepreneur. An entrepreneur is a different kind of person. They have different habits, they do different things, they think differently, they do different things every single day. So I had to actually imagine who I wanted to be. I had to imagine what a successful entrepreneur is like. What do they do? What do they do when they wake up in the morning? What do they do when they go to bed? What do they do during the day? What are their habits? And I had to kind of fill in those gaps and change who I was. And I had to be willing to do that. It was tough, it was hard, but it was a reality I had to face. And I'm so thankful I did do that because it's helped me so much. I became something I needed to be. And that person keeps evolving, keeps changing, keeps improving, hopefully.

And that's my goal.

Thank you so much and I'll check you in tomorrow's episode. I'll see you then. Take care.

Of.

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