3 Signs You’re Going to Be a Successful Entrepreneur | Ep 997

0:00So there's three reasons that entrepreneurs do not succeed that are not technical. So what I mean is this, I get questions a lot about tactics and I have tons of tactics and I've walked through lots of videos and you can watch the other videos for that stuff. But when I talk to entrepreneurs and I talk to plenty of them because we have people come out every single week here in Vegas. And this is to be clear, not small entrepreneurs. So we're talking, you know, 1 million, 10 million, 50 million. And that's kind of the range of the people who come through our headquarters. So legit businesses, right?

0:33The things that limit them are not the tactics they seek. And so there are three things that are required to be super successful in any business. And the reason that I think most people cannot do it is because they are anti-human. So hear me out. And also, when you see some of these really successful CEOs and billionaires and whatnot, and they come off almost robotic, I don't think they started that way. I mean, in fact, sometimes if you look at some of my earlier videos, I seem less robotic there than I do now. It's not on purpose. But the issue is this, is that we as humans want new stuff. We want it now and we want it to be easy.

1:13And those three things are actually the antithesis of what is required in order to be successful in business. We need to not do new stuff, right? We need to keep doing the old stuff. We need to not pursue shiny objects, right? That's what focus is. We have to be willing to delay gratification and not get it now, but be willing to work now, get no reward and hope that we will get something later. And when we fail, which we inevitably will along the way, we have to be willing to continue and not question our original, is it worth it to begin this pursuit? And so when you back that out, the three, I would say character traits, which would just say behavior patterns, how you behave in a number of different conditions are focus.

2:04You have to be able to do one thing. Patience. You have to do it for a long period of time and frustration tolerance. You have to be willing to get kicks in the nuts or the face or whatever. The gonads, there you go. That's, that's co-ed for extended periods of time. And so I see these things because when I talk to entrepreneurs, they always seek the tactics. But I have decent pattern recognition at this point. I've talked to a lot of entrepreneurs and I can usually guess, I'd say what range of entrepreneur they are by how they behave. And that's because all businesses can get very big. Not all entrepreneurs can get very big.

2:42and it's because they can't stay focused they are impatient they quit too easily and that means that you do not lack tactics you lack character and i find that to be really interesting and so the question then comes okay well if that's if that's what's required and i don't think anyone's gonna really argue with me on this like yes i should be more focused yes i should be more patient yes i should be more long-suffering enduring being able to continue when when things become frustrating i don't think anyone's really going to fight me on this. So the question is, how do you do it? And so I think taking a different perspective of if I were the worst or the most dangerous competitor, somebody who I would not want to compete against, what would that person do in my specific situation?

3:28And interestingly, when you, I think it's like called third party bias. There's some, some fancy psychological term, but basically when you, when you are not trying to live your life through your own eyes and you try and give someone else advice, you give way better advice than you follow for yourself. And so like, why is this? And I think this is called the Solomon paradox. There we go. But we give better advice than we adhere to because we do not have an emotional tie to the situation. And I think that that is kind of that robotic thing that I was referencing earlier, which is like, as much as Hollywood and the movies always try to make it seem like, you know, the humans against the robots and then the humans somehow pull it out in the end.

4:08It's like, no, like try have humans go against a robot in jest and humans lose literally every time. And I would imagine that in cockpits for, you know, airplanes, like humans will lose against AI, you know, fighter planes, right? Like it's not reality to think that we're going to win. Like we do a memory contest, computers win, right? And so the idea is that the things that it takes to be successful in business does not necessarily make you more human. And so I think that is kind of like an interesting notion. we have to behave more logically and i would say this if your emotions encourage you to take an action and that action is aligned with logic then great but it's not the emotion that caused it uh to work it's just that the logic was was out and it was just also aligned with how you felt but being able to make the correct decision independent of how you feel i think is where it becomes more difficult and so this is the kind of tactic that i'll share with you which is embracing emotional discomfort and not making the fact that you were uncomfortable, in pain, frustrated, have this feeling, this itch to take action on something because you feel bad, because you want to change how you feel.

5:18You feel like you need to change your business and that in changing your business, it's going to change how you feel on the inside. Now, you taking action oftentimes does alleviate anxiety, but it doesn't mean that the action was still correct because it might take time for us or for that to play out, right? And so while you're in it, you feel better, but then you look back at the carnage or the rubble of you breaking your business yet again and shifting your team's focus and say, well, they said it was this priority last week and then next week it's this next priority, right? Is that you're constantly whiplashing everyone, including your customers, which more realistically looks like very confused messaging and marketing, which means that you stand for nothing because no one knows because you change your mind all the time.

5:58Right. And so, and that's because you read an article or you watch a video or whatever. And it's like, ah, actually that's, this is the most important thing. And so you, you have to be able to stick with things for extended periods of time and not start new projects. Um, so you can see things through because fundamentally like all great thing come from doing more work in a very narrow place that other people are willing to do. Super real. I think about it like, um, surface area of thinking. How, how much time have I given this idea? How much air, like how many, how many coats of paint have I put over this problem where I walk away and I come back and look at the paint, make adjustments, go back, look at the paint.

6:37And the reason I think this is important is that like over time you're in different moods. You talk to different people. You look at that painting with different eyes, different lenses, different perspectives, different things you're comparing it to. And the more diverse the lenses that you look at a solution through, the more complete and elegant the solution will come. And that only comes from having that many repetitions over periods of time on a specific problem. And when I say specific problem, it doesn't have to be just a problem in the business, it'd be the business as a problem as a whole.

7:11And I think that is why the people who are unfocused do not necessarily win. And to be clear, this is actually less a question of intelligence. This is why I say this is a character trait issue. Like a focused fool will beat a distracted genius. Man with focus will beat the man with intelligence. Real. And so in thinking about that, one, how can I behave this way? Which is what would the most dangerous competitor in my place do? Let's do that. Number one. Number two, if I feel an emotion, is the action I'm taking to try and make this emotion go away? Or is it what my business needs me to do? And those are often not the same thing.

8:00More often than not, what you need to do is keep doing what you were doing and just let this emotion pass. Because emotions are like the weather. They come and go, right? And so we have to sometimes just give them time, give them space, acknowledge they exist. Great. I feel you and I'm going to continue doing this thing. And then finally, laddering up to those big three, those big three character traits, patterns of behavior. Am I this, this new, this second business that I'm considering this second revenue line, this new idea that I have, is it really required? Is there anything that, that logically stops my existing business from doing twice as much or five times as much or 10 times as much besides the fact that it's quote hard.

8:42I somehow think this other thing is easier because I haven't done it yet, but I promise you it will also be hard. And so it's just unknown hard versus known hard. And so you just take unknown hard. Don't do that. Like take known hard. In terms of patience, the patience I think is, is giving yourself that surface area of thinking is being able to have multiple coats of paint over the same problem and coming and revisiting it with different perspective and different eyes. And then finally, the frustration tolerance component is, am I able to sit with discomfort and continue to take the actions that I thought I should take before my emotions tried to convince me that they were inconvenient or incorrect?

9:29And so, um, just something I've been thinking about on the Sunday as I just review the week. And I think about some of the conversations I had with different entrepreneurs and how almost none of them. They were all seeking tactics, but what they really needed were traits. They needed to change the way they acted in their business because it didn't matter what tactics I provided. They were never going to scale because they are not the type of person who can. So yeah, happy whatever day you're watching this one. Rock and roll. If you like this video and you're a business owner who wants to break through your current revenue ceiling, I distilled every lesson from scaling 10 businesses past 10 million and three businesses past 100 million into a completely free scaling roadmap that I've used to go from zero to one, zero to 10 and zero to 100 plus.

10:13And so you can click here and you can check it out. Again, absolutely free. And since you're a business owner, appreciate you and enjoy.