Episode 564: What Makes Someone A REAL Entrepreneur?

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1:33Welcome back to Habits and Hustle solo edition. Well, kind of solo edition. I do have my foil Shani with me, but you can't see her because we only have one camera. So you hear her, but you don't see her. And we just kind of just jibber jabber on, you know, current topics that are interesting, at least to us, hopefully to you. And, you know, today's topic, we're going to talk about, I feel, something that is so overused, which is the word entrepreneur. I mean, is everybody now an entrepreneur because of Instagram and social media? Like, I feel like it's become like the sexy hashtag. Like, everybody now wants to be an entrepreneur.

2:15It's so overused. I had serial entrepreneur in my clubhouse bio for about a week because a friend told me I should put it there. Yeah, everyone has that in their bio. And then I was like, this needs to go. Okay, every bio now, if you look on anybody's bio, it has the word entrepreneur. You could be like a dog walker slash, I don't know, I guess meditation guru. Okay, and then you have the word serial entrepreneur. because I think what happens is everyone assumes, well, if I'm my own business, I guess technically you are an entrepreneur, right? Technically you are. Just so many people are now starting their own things.

2:52And even if it's like a small thing, they're counting themselves as an entrepreneur, but it is exhausting. I guess the question is like, what classifies or what are the qualifications to make somebody an entrepreneur? Because there's a lot of people out there who may think or want to be an entrepreneur because it's become that sexy hashtag. but they don't have the characteristics that make a good entrepreneur. And so there's nothing wrong with not being an entrepreneur and being something else. But, you know, now everyone's an entrepreneur. Well, I feel like you're asking the question between what's a successful entrepreneur and what's just not.

3:28No, I'm not. I'm asking a few different questions. My first question is, what are the characteristics of actually being an entrepreneur? Number one, not just saying you are because it sounds good and it sounds sexy because it's trendy right now? That's the first question. The second question I have is, you know, I have not even a question. I have a bone to pick with the fact that there's so many people now just selling courses like as to how to be a successful entrepreneur. But these people, the only entrepreneurial thing that they're doing are selling these courses to entrepreneurs, but they don't have any actual, you know, experience or background in building a company or doing anything entrepreneurial, but they're just now, you know, doing funnels.

4:14So is that an entrepreneur because you thought about that idea to then make money off of the program? So technically you are an entrepreneur. Technically anyone who has their own business, right, or starts their own business is technically an entrepreneur. But I think some people who are just entrepreneurial in spirit, but don't necessarily have a business still also call themselves entrepreneurs. That's a great point. That's a great, great point. So there is a major. No, I think that's so true. I really believe there is a big, big difference between being an entrepreneur and being entrepreneurial.

4:48Right. And, you know, maybe wanting to, you know, kind of work on being an entrepreneur. But like from my perspective, anyway, I think of it as if someone has actually done something repeatedly over time and like got up, failed, got up again, tried it, created something. There has to be an amount of time put in to call yourself an entrepreneur or actually have grown or built a business to some extent. As opposed to just thinking entrepreneurially and being like, you know what? I can make money off of doing this thing. and let's just see how it goes for like a couple months or a year. I don't think that should count.

5:29I mean, I think anybody who starts something, anyone who starts any sort of business venture, to me, is an entrepreneur. I just don't think that they're good entrepreneurs. No, because it's not necessarily like, you could start a business and be running it for three months and for that three-month period, you are actually an entrepreneur. If you then go and start working for somebody else and you stop it, you're not really an entrepreneur. Right, you just tried something. You just tried it and you did. And you had an entrepreneurial idea and you did it. Okay, this is, I guess, where my rant is coming from.

5:58But wait, the coaches thing is really important. The courses thing is really important because I think people who sell courses on how to be a good entrepreneur but have never really successfully started or grown a business, that's psychotic. Well, no. But it's also a really smart entrepreneurial thing to do because they're making a ton of money. So in that regard, they are actually quite successful. So it's so weird. If they do it well. But then that makes them a really strong internet marketer. Right. So what I think is happening. Yeah, true. This is what I think is interesting. I do believe it's like a it's a very blurry, blurry line.

6:30Right. Because if you are doing if you do have your own business and you're very entrepreneurial in spirit and then you create these courses and call yourself an entrepreneur and then you sell these things online, I guess you're right. You are an entrepreneur. I guess my problem with it more than anything is that like any Tom, Dick or Harry can do this online now and like create this illusion that they're really successful and they've done all these things. And like the only thing they've really done was, you know, understand how Internet marketing works and get people who don't know any better to sign up for something and learn from somebody who, quite frankly, they don't even know what they're talking about.

7:08So I think that's really my problem is that like people just jump on this bandwagon of what's like sexy or trendy, hashtaggy or whatever. And then that becomes the new thing. It's just there's such like I guess what you're hearing right now is just total like frustration with the masses that are on social media just like touting. Basically like self-promoting their abilities. You know, that's where my problem comes to. You know, like it's a constantly self-promoting their abilities of what they can teach you, what you can learn from them. Pay me this amount of money and you're going to get, you know, all your answers and all your dreams are going to be answered.

7:51That's the shit that drives me crazy. Like just, you know, click over here to this funnel and I'm going to give you everything for free, but just click this and then buy this for$199 and then go to this webinar for whatever. Like, I just feel everything is just like a racket. Yeah. You know, it's all an upsells, all a racket. So I guess technically you are very entrepreneurial if you're doing it and doing it well. Yeah. Right. But at what point are you just a snake oil salesman? Like, where's the difference? Where's the fine line between being a snake oil salesman? Because technically you still are an entrepreneur.

8:26Well, you're an entrepreneur. You're just a scummy entrepreneur, which does exist. So then that's it. So it's like there's differences between like anyone can call them. Anyone who starts a business can call themselves an entrepreneur. But you need to have the discernment to say, are they a good or bad entrepreneur? Are they a scummy entrepreneur? Are they smart entrepreneur? Like what are the prefixes that go to entrepreneur? So this is, okay, I'm so glad I'm just, I'm talking this out and like saying this out loud because I think that is what the crux of it all is. I think it all goes under the umbrella of being an entrepreneur, but there are different types.

8:56You could be a really successful one, a successful entrepreneur. You could be just someone who's like, you know, trying a lot of stuff, but never really had success. You could be a really good in one area, like an internet marketer know how to like get money out of people and be a great salesman. You know, I think that's what it is. Well, I understand also your frustration because you actually are a successful entrepreneur and people selling courses on entrepreneur that have never really done anything before or have a proven record is very frustrating. It's how I feel about people who sell podcast courses, who've literally been producing for like five months.

9:28And now all of a sudden they're selling like, you know, courses for like$800. I'm like, what? I've actually purchased some of the podcast courses out there to see like what's going on in the competition. And some of them are awful. And I can't believe people are paying. People pay like$5.99,$8.99. Some of them are$1 ,300 for these courses that are giving them information that's outdated, that's not really that great, that you could find on YouTube for free in five seconds. Well, I don't think any of these, I mean, listen, I shouldn't say, I don't know. Okay. I don't know. But what I would imagine is that, you know, you can find anything online.

9:59You can Google anything, You can YouTube anything. So the question really becomes like, are you somebody who you're what you're really paying for is convenience. You don't want to go through the hassle. I don't blame you of researching and going through all the due diligence. So you're picking a package that someone's done for you. And the problem is, like, if you don't know what you don't know. So if you're somebody who is someone who's interested in a certain area and you see someone advertising it because they have the wherewithal and the ability to know how to advertise well. then you're going to buy that course doesn't mean the information is great so this comes back i feel like this podcast not this particular episode but i think the overarching message one of them in this whole podcast that i do habits and hustle i feel like the same through lines are always coming up which is like being discerning from who you get information from who you get advice from like discernment is so important right that's one of the through lines it's like also it's like who do you want to be?

10:59Like, what are you trying to accomplish and act accordingly? Right. I think that's another through line. But I think the idea of having discernment and knowing who your outlets are, like who you're watching, who you're listening to, where you're like, what you're doing, like, maybe I'm not the best person for you to listen to. Like, maybe I'm talking out of my ass. Who knows? But she might be. Yeah. But I mean, I'm not I'm not selling anything right now. Maybe I should. Not yet. Not yet, but maybe I should. I am very entrepreneurial. Exactly. I am very entrepreneurial. But I think it's really important if you are going to buy something from somebody, like know who you're buying it from.

11:36Like don't just go buy a course on because some Yahoo tells you he's an entrepreneur and he's going to answer all your dreams and you're going to become like super successful by doing this, this and this. Like look at their background. Yeah. Most of the time these people are a bunch of Yahoo's. That's the problem. Also, it depends on like what their marketing is. If they're if they're promising you, you know, the dream life and everything like you have to kind of read between those lines. There's a slang or not a slang. It's an acronym, I guess. D.Y.O.R. means do your own research. And it was heavily used in the NFT space because a lot of people would purchase projects without doing their full research.

12:09They just see an influencer posted a project. They would buy it also. Yep. And then they'd get screwed. Right. And that project would tank and it would actually, you know, be a FUD, which is just like a project that kind of goes to shit. And like that would happen a lot. And so DYOR became a really big theme. And I think that's a big theme of your podcast is literally do your own research. Like, don't just believe everything, you know, don't believe it. Look into it. And yeah, exactly. But I think also it's just about the fact that like I get so worked up when every day there's another like crop of entrepreneurs, self-help gurus, people who are experts who like aren't.

12:46They're just not.

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14:40Wait, I have a question for you. How much do you think Shark Tank has had an impact on this kind of thing? Okay, so the next thing I had written down that I didn't even get into because I'm on my rant right now is I think it was because it was like the evolution and the popularity of Shark Tank that like it made everyone feel like, oh, I can do that. And listen, I think it's amazing. Don't get me wrong. I think if you have a great idea and like you stick to it and you actually are building something successful or not, you're an entrepreneur. I'm all for that. What I don't love is when people try to take advantage of other people's like naivety.

15:15Right. And just like unknowing and, you know, take them for a bunch of money from someone. That's a charlatan. You're a charlatan then. You're a snake oil salesman. You're a charlatan. You have no business doing it. You know, there's enough real people out there that you can learn from versus that you don't have to settle for these, you know, these charlatans who are selling you the moon and the sun and everything else in between. But you have to be able to do your own research and have discernment because that's what social media is becoming. And it's becoming more and more of that every single day.

15:49I used to see only fitness stuff, for example. Maybe my algorithm has changed now a lot. But I do believe that what's become, who are becoming celebrities, who are becoming famous, who are becoming like Insta famous or social media famous are people who are these big motivational gurus and entrepreneurs who are just completely just like behind the scenes, a total Yahoo. who? I think it's hard for people who are not. I feel like if you live in L.A., you know that, right? Like because you're so exposed to this kind of BS and you're exposed to the behind the scenes, you watch people taking their Instagram photos, you know what they look like in person.

16:23Like you're you're more aware. I feel like it's really hard when people are disconnected from this world to be able to discern between, you know, who is that and who is this. And I completely agree. And I feel like for you, it's so frustrating because you're surrounded by all these people who are doing that, you know, and you can see the behind the scenes of all this stuff. And you're like damn like there's so many people who are just really preying on people but i think if you just anybody can i don't think it's only because in la i think now anybody can be anywhere and they and they're social media famous and they can do whatever like a lot of these people by the way i mean i mean if you grow up in la or you live in la you see the behind the scenes so you're you're more able to discern it i understand well i guess my point in general overall is that you just i think anybody who just takes like a moment and questions a little bit and like hmm what is this or like just does a little bit more, you know, background, I think you'd be surprised.

17:14But I think we've done other episodes on that. I think it's just really more about the idea that like really what does, what is an entrepreneur? Like really what is the definition versus being just entrepreneurial in spirit? There is, I think, a huge distinction. And, you know, is that like amount of time that you have to sustain something or build something? I really think if someone is persistent and resourceful over a long period of time and stays and sticks with something over and over again, regardless of the success, you really are an entrepreneur and you want something and you know, like, and you are, you've grit and you try over and over again.

17:54But just by creating something and throwing a lot of money on advertising and selling a program doesn't make you an entrepreneur. And it sure as hell doesn't make you a great expert to teach entrepreneurial skills. Like that to me is like a joke. That's it.