Valuetainment - 15 Reasons Entrepreneurship Isn't For You

00:00:00.080 My job is to scare you today.

00:00:01.960 You know why?

00:00:02.960 Because there's way too many videos selling you on becoming an entrepreneur.

00:00:06.200 Today is the complete opposite.

00:00:07.840 I want to scare you.

00:00:09.200 I want to be honest with you.

00:00:10.640 I want to show you the truth.

00:00:11.640 I want you to realize the reason why I'm sitting in a dark room writing all by myself with

00:00:15.840 a light on me is because that's exactly what's going to happen if you get sold on the concept

00:00:20.640 of becoming an entrepreneur.

00:00:21.860 So today's episode, I'm going to give you 15 reasons why maybe you shouldn't become

00:00:28.620 an entrepreneur today.

00:00:29.780 Maybe this is not the best time for you, and I want you to fight every single point

00:00:33.600 I make and there's a little surprise for you to go in two different directions.

00:00:37.720 So stay tuned.

00:00:39.000 This message is directed to those of you that are thinking about becoming entrepreneurs.

00:00:48.100 So here's what I'm going to do today.

00:00:49.100 I'm going to try to scare you off.

00:00:50.840 I'm going to do whatever I can for you to say, there's no way in the world I want the

00:00:55.040 pressure of entrepreneurship.

00:00:56.600 And every time I give a point to you, I want you to say, I can handle that.

00:00:59.720 If you can, great.

00:01:01.240 If not, at the end, I have an alternative for entrepreneurship for you.

00:01:05.400 So let's get right into it.

00:01:06.660 Point number one, you are not ready to be an entrepreneur because somebody always needs

00:01:12.500 to motivate you.

00:01:14.000 Something, someone, somehow, you need to be constantly motivated.

00:01:17.800 You do not know how to motivate yourself.

00:01:19.660 Therefore, entrepreneurship isn't for you.

00:01:23.000 Point number two is competition scares the hell out of you.

00:01:25.140 Ever since you've been a little kid, you played sports.

00:01:26.660 You were worried about losing.

00:01:28.600 What if the other guy hits you?

00:01:29.960 What if the other guy beats you?

00:01:31.280 You are so scared of competition.

00:01:33.740 So if you become an entrepreneur from morning till night, all you have to be thinking about

00:01:39.160 is the fact that somebody out there, your competition, wants to put you out of business, and that scares

00:01:45.820 you.

00:01:46.820 You start the sentence the right way, which is what?

00:01:48.500 What if?

00:01:49.500 But the direction you take it right after you say, what if, doesn't go in the direction

00:01:53.380 of an entrepreneur.

00:01:54.380 Let me explain to you what I mean by this.

00:01:55.380 You say, what if this doesn't work out?

00:01:58.960 What if they put us out of business?

00:02:01.240 What if nobody buys our product?

00:02:03.260 What if?

00:02:04.260 It's always going into what if the pessimistic route, rather than what if they buy it?

00:02:07.960 What if this thing blows up?

00:02:09.180 What if we're able to pull this off?

00:02:10.520 What if this thing takes off and becomes massive and we become national, international?

00:02:14.320 Remember, what if, after you say what if, the words that come after what if, isn't the words

00:02:19.680 of an optimist.

00:02:20.680 It's the word of a pessimist.

00:02:22.260 And to be an entrepreneur, you have to be optimistic, yet a little bit paranoid, but you

00:02:27.820 have to be optimistic.

00:02:29.900 So for you, everything in your life has to be perfect before you make a decision.

00:02:34.060 Everything has to be perfect.

00:02:35.060 You have to be perfect till you get a job.

00:02:36.600 It has to be perfect before you date.

00:02:38.640 Everything has to be perfect before you decide to commit.

00:02:41.240 Everything has to be perfect before you start your business.

00:02:43.280 You have a perfectionist problem, and perfectionists rarely make good entrepreneurs.

00:02:48.400 They make good product developers.

00:02:50.020 They make great engineers.

00:02:51.420 They make great a lot of other things, but they don't necessarily make the best entrepreneurs.

00:02:56.340 The idea of seeing your bank account go from $50,000 to $40,000 to $30,000 to $20,000

00:03:02.840 to $10,000, $5,000.

00:03:04.620 The idea of risk losing everything, like you go to sleep having sweats, scared nightmares,

00:03:10.740 monsters, dreams that you never want to have about, oh my goodness, if I lose everything,

00:03:15.920 I will have to start all over again.

00:03:18.020 I cannot handle something like this.

00:03:19.620 I worked so hard to save this $50,000, this $100,000, this half a million.

00:03:23.740 There's no way in the world I want to do this.

00:03:25.720 If you can't handle the pressure of risk, entrepreneurship isn't for you.

00:03:30.060 Remember how early I talked about being a perfectionist could hurt you and being an entrepreneur?

00:03:33.940 There's a challenge with being a perfectionist that says you don't like asking people for

00:03:37.240 help.

00:03:38.240 You are too smart to ask people for help.

00:03:40.240 See, the thing about entrepreneurs is they know they're not the smartest one in the room.

00:03:45.860 They are very comfortable asking everybody for help.

00:03:50.860 Hey, John, I need to raise money.

00:03:52.260 Do you know anybody?

00:03:53.260 Hey, Billy, I need an engineer.

00:03:54.760 Do you know anybody?

00:03:55.760 Man, I have no clue how to put a pitch deck together.

00:03:57.980 How do I do a board?

00:03:59.040 What is a board meeting?

00:03:59.980 What are these minutes they're talking about?

00:04:01.360 I don't know.

00:04:02.720 Can you please help me?

00:04:04.300 Yet the perfectionist and a know-it-all has a hard time saying, I have no clue what this

00:04:08.800 is.

00:04:09.800 Can you help me?

00:04:10.800 Next one is you're not a good number one.

00:04:11.800 You think you're a good number one, but you're not a good number one.

00:04:12.800 Look, there's a lot of things I know I'm not a good at.

00:04:15.000 When I play basketball with my friends, I will tell them, I'm not the best player, I'm

00:04:18.760 not the second best player, but I'm a good rebounder, I got strong elbows, I got 245 pounds

00:04:23.740 to throw around, so you can go out there and do your thing, but I'm not your best player.

00:04:27.720 I'm probably three or four.

00:04:29.100 The sooner you know whether you're a number one, a two, three, four, five, or maybe even

00:04:33.060 a ten, the sooner you went at the highest level.

00:04:35.620 Remember, the 20th employee at Facebook who had shares, who was not the number one, not

00:04:40.800 the number two, not the number five, not the number ten, is still a billionaire.

00:04:44.240 You understand how that works?

00:04:45.920 You don't have to be the number one to be wealthy.

00:04:48.060 You just have to know if you make a great number one.

00:04:50.480 You ready for this next one?

00:04:51.860 This one's a little scary.

00:04:52.860 You may want to skip this part.

00:04:53.860 I don't want this thing to be like one of those scary movies for you.

00:04:56.480 The idea of knowing all the pressures on you, all the blame is on you, all the judgment is

00:05:01.900 on you, just right now listening to you like, oh my gosh, my stomach is getting nervous,

00:05:06.240 Pat.

00:05:07.240 The idea of you not wanting that, it isn't for you.

00:05:10.060 Look, when it's sports, you want to give the ball to Kobe to shoot the last shot.

00:05:14.640 He loves that, right?

00:05:16.660 When it's baseball, when it's business, in every possible way, the entrepreneur says,

00:05:21.420 I can handle the pressure.

00:05:22.980 I can handle the blame.

00:05:24.400 I can handle the judgment. 1.00

00:05:26.000 It sucks. 0.94

00:05:27.000 Don't get me wrong. 0.94

00:05:28.000 But I have to figure out a way to handle it.

00:05:29.600 And if that's not you, maybe it just isn't for you.

00:05:31.640 Do you like your Sundays?

00:05:32.640 Do you like your Saturday night plans?

00:05:34.140 Do you like your Friday night plans?

00:05:35.640 What do you think about Friday night?

00:05:36.640 You're at dinner with your friends, 11 o'clock, and all of a sudden, one of your employees

00:05:39.140 calls you, telling you, we just lost our client because the server went down.

00:05:42.640 And you have to step away and be on the phone until 3 o'clock in the morning with Amazon Web

00:05:45.920 Services.

00:05:46.920 And you have to talk to them because this just happened to me.

00:05:49.920 And you have to be on the phone.

00:05:51.720 What do you think about that?

00:05:52.960 Just thinking about the start with this, the hell no, I don't want to do that.

00:05:55.580 I want to spend time with my kids.

00:05:56.580 Well, if you do become the number one guy, you're the entrepreneur of the company, you're

00:06:00.620 going to make a lot of those weird calls where you have to tell your family during dinner

00:06:04.160 saying, I'm sorry guys, I have to pick up this call and step away.

00:06:08.000 If you don't want that, just make sure you don't become the number one person and be an

00:06:11.960 entrepreneur.

00:06:12.960 Maybe the alternative is something for you.

00:06:15.300 There's no way you'll pull it off.

00:06:16.300 There's no way he can do it. 0.98

00:06:17.300 He's not smart enough.

00:06:18.300 He can't handle this. 0.54

00:06:19.300 There's no way in the world this guy has what it takes to run a business.

00:06:23.220 Says your friend, your best friend, your cousin, your nephew, your mom, your dad, your

00:06:28.620 sister, your brother, your best man, all of those guys say it to you.

00:06:33.300 Is it going to hurt you?

00:06:35.040 You're going to think about it.

00:06:36.480 Is it going to give you nightmares?

00:06:37.480 You're going to sit there saying, I can't believe they said it.

00:06:40.800 And it immobilizes you because you can't move.

00:06:43.500 Well welcome to the arena if you decide to become an entrepreneur.

00:06:47.500 Because everyone is going to have an opinion about you when you're small.

00:06:51.080 And if you can't handle it, you may want to step out of the arena and go work behind the

00:06:55.620 scenes, not in the arena where all the criticism, all the magnifying glass is on you.

00:07:02.060 Does that scare you a little bit?

00:07:03.740 Step aside.

00:07:04.740 If it doesn't, you're like, I want it, then go be an entrepreneur.

00:07:07.020 But it's on you.

00:07:08.020 You're doing it for money.

00:07:09.020 Yes, you.

00:07:10.020 You are doing it for money to be an entrepreneur.

00:07:11.460 What I mean by that is the fact that you want to get rich quick.

00:07:13.840 You want to go out there and make all the money.

00:07:15.540 And this whole thing to you is like, oh my gosh, I want all the cars, the houses, all that

00:07:19.620 other stuff.

00:07:20.620 That's what I'm doing it for, man.

00:07:21.620 I want to make money quick is what I want to do.

00:07:24.120 And that's just not how business works.

00:07:25.940 Business doesn't work quick.

00:07:27.700 And typically, the person who starts the business takes the least amount of money for a while

00:07:32.120 because you have to make sure you pay your employees because they need to pay their bills

00:07:35.640 so they don't quit on you.

00:07:37.180 You're the last person that's a priority to make money if you do it right, especially if

00:07:40.680 you want to scale your business at the highest level.

00:07:43.900 So yes, if that bothers you, that concerns you, maybe this isn't for you.

00:07:48.080 You don't yet have a clear blueprint philosophy with how to handle money.

00:07:51.340 That's what I mean by it.

00:07:52.340 Like when you run a business, I remember having dinner one time at Fleming's with a friend

00:07:55.060 of mine where he's talking about he's a lawyer working for a guy who's making a half a million

00:07:58.940 a month.

00:07:59.940 But every single month he took the profits out and it pissed off all his employees.

00:08:02.980 Eventually these guys left him to go do their own thing because the lawyer's like, why would

00:08:06.580 I give the money back into the business?

00:08:08.520 I'm taking all the money out because I want to put it in my own saving account.

00:08:12.340 That may have made sense for him as a short term thinker, but he lost people because all

00:08:15.960 he thought about it, his blueprint was, there's no way I'm putting more money into the office.

00:08:20.320 There's no way I'm going to expand.

00:08:21.840 There's no way we're going to put a second off.

00:08:23.820 There's no way we're going to be doing that.

00:08:25.140 So your blueprint with money is a little bit out of whack where maybe you need to work under

00:08:29.280 somebody to get a clear blueprint before you go decide to do it on your own.

00:08:33.520 And the understanding of money, being irresponsible.

00:08:36.780 You make the money.

00:08:37.780 You buy something very quickly.

00:08:38.780 You spend it too much.

00:08:39.900 All of that stuff is part of your blueprint.

00:08:42.080 So maybe you ought to get your blueprint to be a little bit more clear before you become

00:08:45.840 the number one, the one that takes all the pressure in and becomes an entrepreneur.

00:08:50.160 You're married.

00:08:51.160 And if you go tell your spouse, I want to start a business, he or she doesn't support

00:08:53.960 you at all.

00:08:54.960 It's like, babe, I want to start a business and imagine if this thing works out and what

00:08:59.380 if we make it?

00:09:00.380 Well, babe, what does that really mean?

00:09:01.380 Well, you know, the $180,000 we have in a bank, yeah, what about it?

00:09:04.280 You know, we're going to put all of it into the business.

00:09:05.900 Wait, wait, wait, wait, wait, you're going to do what?

00:09:08.080 That $180,000 that we've spent the last 10 years saving, we're going to put the whole

00:09:13.080 thing in a business and we're going to get a building.

00:09:14.960 Babe, we're not doing that.

00:09:16.500 Stop it.

00:09:17.500 There's no way in the world we're doing that.

00:09:20.020 And then your wife or husband who doesn't support you calls their parents, calls your

00:09:23.580 parents, tells them not to do this.

00:09:25.760 And then you've got four other people calling you and you know if you do take the 180 and

00:09:29.740 put it into the business and it doesn't work out, not only you're never going to hear

00:09:33.540 the end of it, but it could also lead in, you know, eventually to that one word, what's

00:09:38.160 the one word that starts with the letter D, what do they call that word?

00:09:40.920 It's called a divorce. 0.93

00:09:42.040 That's what could potentially happen and that also scares you.

00:09:44.740 So you have to make sure your spouse is fully bought in.

00:09:47.360 If you're married, if you're single, who cares? 0.99

00:09:49.220 But if you're married, you have to make sure your spouse is bought in or else there's going 0.86

00:09:53.260 to be a lot of future pressure coming your way.

00:09:55.960 This next one's actually a technical one.

00:09:57.300 You actually don't have a real solution to a problem.

00:10:00.160 Like you don't have a real product.

00:10:01.320 You're just kind of winging it, ah, I'd like to start a business, let's go out there and

00:10:04.200 do this.

00:10:05.200 You don't really know what that's going to be and the reasoning behind it, the motivation

00:10:08.940 behind it is not strong enough to be able to go through all the pain.

00:10:12.180 You need the right reasons and motivation to start a business.

00:10:14.720 So maybe you need to step back and kind of put your plans out there before you go out

00:10:18.380 there because you don't yet have the right solution to the problem, if that makes sense

00:10:20.900 to you.

00:10:21.900 And last but not least, you simply cannot handle being lonely by yourself late at night, no one

00:10:27.980 to talk to, no one wants to pick up your call.

00:10:31.200 Everything is your fault.

00:10:32.200 You like to be able to lean around other people, be around other people and as an entrepreneur,

00:10:36.700 you are going to be lonely.

00:10:37.700 You can't go to your mom.

00:10:38.700 You can't go to your dad.

00:10:39.700 You can't go to your sister.

00:10:40.700 You can't go to your wife. 0.95

00:10:41.700 You can't go to your husband.

00:10:42.700 Because you told them, you sold them the dream that this business was going to work and they

00:10:46.120 bought into it.

00:10:47.120 So for you to go complain to them, they're going to be like, wait a minute, you sold me

00:10:49.920 on this thing.

00:10:50.920 So you are going to be lonely and that scares you.

00:10:53.700 So therefore, if you're watching this right now saying, Pat, you kind of influenced me to not want

00:10:58.700 to be an entrepreneur, you scared the hell out of me, to be honest with you.

00:11:01.940 Is there an alternative?

00:11:02.940 Yes.

00:11:03.940 Here's the video.

00:11:04.940 Go watch this one of my favorite videos I've ever put together called The Alternative to

00:11:08.160 Entrepreneurship.

00:11:09.160 Or, if you're watching saying, Pat, you didn't scare me at all.

00:11:12.700 Matter of fact, you fired me up.

00:11:14.700 Well, if you need a dosage of Life of an Entrepreneur, maybe it's good for you to go watch the video from

00:11:20.700 2015, it's been six years, called The Life of an Entrepreneur in 92nd to remind you why

00:11:27.700 you do what you do on a daily basis.

00:11:31.360 Take care everybody.

00:11:32.360 Bye bye.

Valuetainment - April 20, 2021

15 Reasons Entrepreneurship Isn't For You

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