The Importance of Humility in Entrepreneurship

A YouTube talk by Sachin Patel about the evolving mindsets entrepreneurs need. This excerpt focuses on humility as a critical mindset at a growth stage: after early ego-driven persistence, entrepreneurs must adopt humility to admit struggle, ask for help, iterate quickly ("fail forward fast"), and learn from failures. The speaker gives an anecdote about a failed launch and offers the affirmation: “I recognize that failure is needed to create success. And I ask for help.”
Chapters
So cool. Now, when I look at this stage and it's funny, the, the mentor team, our mindshare mentor team, we were sitting here trying to, you know, we've gone through and built all of this. We wanted to look at like, what is each stage? What's the mindset you need at each stage, what's the success trap at each stage, what's the minimum viable product or process? Each stage? And what's that mantra affirmation you need? And when I think of this stage, there's a really, really, really important mindset, and that is the mindset of humility. And in fact, I'm almost thinking of, as I start to see people come in this stage, that I'm going to start to give them what I call a piece of humble pie. Because for a lot of us, in order to get to a certain part of our business, we have to have a good, solid ego. If we don't have a good, solid ego, as people start to tell us that we're crazy, we're a quack, you'll never make it. Who are you to do this? And then all that stuff, you'll, you'll, you're going to fall apart. But then as you start to do this, the humility is what's going to take you to that next level. And it's really easy at this point to start to drink your own Kool Aid. So one of the things we tell people, and Tim's like, you cannot use that. And we have a call, don't catch the HIV virus. He's like, you got to fix that. But for now, I'm going to roll it by you. And so I know we probably have to change it, but okay, it's hiding isolation or vulnerability because what happens if someone starts to get to this level is they don't want to tell people they're strugg. They don't want to tell people, you know what? The thing I was doing before isn't working anymore. Now I'm scared. I'm starting to go back to where I was right. And. Or they think they're better. I actually had one gal who I coached whose name you would totally know who. I pulled up when she had a little list and helped her along the way. And then she wouldn't talk to anyone who said, oh, that person's not big enough. Oh, that person doesn't have a big enough list. I'm like, you know, the people who support you on the way up or the people are going to support you as you start to slide Back down. Because success is not a straight path. Boy, at least my success certainly hasn't been. It's been, you know, highs and lows and highs and lows. And that's just on a daily basis, right? That's the life of an entrepreneur. So, you know, part of this is, is, number one, being being willing to fail. Because here's a time now where. Where you're really innovative, right? You are innovating, you're creating, you're testing things, and they're not all going to work. I remember I had four New York Times bestselling books, and then I launched what was became Warrior Mom. But it was miracle mindset, and it wasn't working. I did everything exactly as I knew how to do it. Everything that had worked before, I'd lined it all up. In fact, I was more organized, more prepared, got everyone on board, et cetera, and the thing just wasn't working. And I had to actually go to my entire peer group and say, I am so sorry. You've all supported me on this. And it didn't work. And, you know, because they all put their time and energy into it, and they thought they were going to get paid. Paid well to support it, and they didn't because it didn't work. And they're like, that's okay. You know, we appreciate you being honest. And, you know, and I said, I'll share. I'll share what happened. So maybe that'll help you. So you got to be willing to, I call fail Forward fast, right, and innovate all along the way. And I will tell you, over the years, the things. The places where things have gone sideways are the places where I've learned the most. Who here feels the same way? Like, where you really, really, really learn is when things don't work. Like, you learn from your mistakes. I wish I could be one of those people that I go, oh, look at that. Big mistake that guy did. I won't do that. I'm gonna learn from him. No. I always have to do it myself, right? Yes. In fact, I don't trust business coaches who haven't had some major epic fails. I look for that in them because, you know, it's easy to be super cool and happy when things are going awesome, but I want to see how someone is when things down in the dumps. I want to see how things are when, you know, your assistant has to, like, put money in the bank for you. That's when the rubber meets the road. And so our affirmation at this stage is, I recognize that failure is needed to create success. And I ask for help. And boy, asking for help. Vulnerable. But you look at the most successful people and that's what they do.
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