There seems to be a big trend at the moment about quitting your job and starting a business, however if you want to be rich then starting a business might not be the answer...
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This is: Bill Every morning he wakes up to the sound of a piercing alarm, dreading the day ahead at a job heat despises. He feels trapped, undervalued, and like he's not making any progress in life. Bill comes to the conclusion that the only way out of the situation is to start a business and become his own boss. So he quits his job and goes for it now.
I'm sure you want this story to have a happy ending. However, life doesn't really work like that as a multi-millionaire businessman. I've seen hundreds of people who quit their jobs and start their own businesses and only a small percentage of them end up being successful. That's because and I'm not going to sugarcoat here.
Most people don't have what it takes to be an entrepreneur before you think I'm trying to crush your dreams. I'm not. I'm just saying it how it is. So before you think about starting any kind of business, make sure you take the following: Five Steps Step one: Kill your delusion.
You've been fed the lie that becoming a successful entrepreneurs all about coming up with the perfect idea. They want you to believe that the only thing that stands in your way is that light bulb moment and once you have it, everything will go perfectly. That's because selling this delusion is highly profitable. I mean I'm sure you've seen the headlines like how I built a million dollar business in 30 days or how I fired my boss and started my own business.
These stories might be true, but they're very out of the ordinary and they don't take into account all the previous failures that that person had to go through to get to where they are today. Media outlets and social media gurus make things sound easy so they can capitalize off your delusion. But guess what you're being polite to in order to become successful in business? you need to burst this bubble of Lies Otherwise, it will be burst for you. And trust me, this is way more damaging for me.
This harsh reality check happened very early on. I Shared my business plans with a friend and he stole all my ideas and set up a business for himself. Fortunately, I didn't have many options like a fancy degree to fall back on, so I had no choice but to adapt and come up with a new strategy. I Suppose that's the difference between wanting it to work and needing it to.
When you're left with no other options, you're much more likely to come out on top I see way too many people giving up when they hit that first Big Challenge as they can't understand why it's not working out perfectly like they were led to believe. but I've got some news for you. Successful people aren't business Gods Who get it right every time most entrepreneurs are winging it, they've never got all of the answers. I mean the majority of businesses on Shark Tank and Dragon's Den they fail and they've got billionaires back in them.
Your biggest Heroes have probably faced more struggles than most, but that's the reason you're inspired by them. After every setback, they pulled themselves together and came back bigger and better than before. So kill your delusion, expect failure, and accept that success doesn't come easy. Step two: Replace your friends In my early twenties I spent every waking hour building my first business I was so obsessed that I didn't even notice how lonely I was. Deep down, a recent National survey by Cigna actually showed that almost half of Americans report feeling lonely and I suspect this is much higher for entrepreneurs. I worked so hard for so long and when I finally came up for air I realized I'd lost almost all my friends and the friends that I still had could no longer relate to my mindset, lifestyle or struggles. If you're anything like me, then you're bound to experience something similar and the more successful you get, the more the disconnect will grow for some time I Felt lost and alone thinking that I was the problem. But then it hit me like a ton of bricks.
Outgrown old friends is a painful, yet inevitable part of the growth process. If your friends aren't prepared to grow with you, then you shouldn't be wasting your valuable time with them. Now it's the time to seek out new people who are willing to level up alongside you. That's why it can be a great idea to have a co-founder as they're in the trenches with you and you're able to motivate each other when you're feeling down.
Just be careful when you're selecting your co-founder because this is the person you're going to be spending a significant amount of time with even more than your family. So it's very important that you know how this person reacts through tough times. It's also a good idea to join communities full of other entrepreneurs. I Run one of the biggest Free Discord Service called Strike it Big and you're very welcome to join.
There's about 30 000 entrepreneurs in there discussing all things business and making money. I'll leave a link in the description below. It's completely free, so replace your friends, find like-minded people, and never look back. Step three: Rethink Money my Friend Daniel Priestley used to struggle with closing high value deals in his job as A Salesman The truth is, he felt uncomfortable asking for large sums of money because he placed too much value on it himself.
Potential customers could sense his awkwardness when discussing money, which would often lead to him losing the deal at the final hurdle. That's when his mentor had to step in. He told him to carry a thousand dollars in cash in his pocket wherever he went. At first he thought this was crazy, but he followed the advice and scraped together all of the money he had at the time because he was carrying it around every day.
It quickly started to feel insignificant and little more than pocket change. It completely adjusted his attitude towards money and helped him become a multi-millionaire in his early twenties. If you currently work a day job, you probably have this issue as well without even knowing it. but if you want to be successful in business, then you have to believe that there is so much money out there waiting to be grabbed. and most importantly, not be afraid to spend it as a business owner. I Have spent hundreds of thousands of dollars this month alone without hesitation because I Know that investing in my business, whether in staff, stock, or technology, will have a positive effect in the long term. So you need to stop thinking of money as a valuable asset that's hard to get and start viewing it as a tool to build wealth. Step four: Maximize efficiency.
Did you know that 72 percent of all small business owners struggle with feeling overwhelmed? It's no wonder they feel this way, given the constant pressure to meet daily targets, make decisions about the future of the business, and generate Revenue all while trying to maintain some kind of social life? You just have so many plates to spin as an entrepreneur. That's why when someone says to me you're the boss, you can take the day off. It really pisses me off. When you work a normal job, you only have to focus on the day ahead.
After work, You can go home and relax. However, for a business, owner is very hard to ever switch off. You know that you're solely responsible for making sure the money keeps flowing. That's why I Hate it when people put down normal jobs.
Not everyone wants the stress that comes with running a business and that is completely fine. However, for those of you like me that have a burning desire to do business, there is a way to maximize efficiency and keep things running smoothly. The biggest thing that's helped me manage my stress levels over the years put it in place: Great systems and processes. This is because from my experience, the most stress comes from when your business is reliant on people.
It's easy to get caught up in the thrill of starting a new business. But have you ever thought about what happens when your business grows and one of your key employees suddenly leaves? That's where having systems and processes in place comes in. Think of it like a big manual to your business that anyone can follow, even if they're not familiar with your specific company. It's important to start thing thinking about this early on because as your business grows it will become harder and harder to keep track of everything.
This also has the added benefit of making the business far more attractive to potential buyers in the future as they know that they have a full guide of how to operate that business and get a return on their investment. So think ahead, maximize efficiency, and get your systems and processes in place before it's too late. Step five: Become a Wolf! If you want to become successful, then you need to build some kind of team. If you think you can do it all alone, then you're sorely mistaken. You need a pack now I Want you to imagine you have an extremely successful business, but you're running it all by yourself. You're making great money, but it's coming at the cost of your relationships and experiences. So you decide it's time to hire your first employee. I Know this might seem like a million miles away at the moment, but stick with me.
Just imagine all the little tasks you could take off your plate give to someone else to take care of. Just the thought of that seems pretty exciting, but at the same time it comes with a lot of challenges and potential mistakes. I Remember hiring my first employee to serve customers in my shop. It was such a relief to have someone there to help me.
If I ask you to describe exactly what kind of employer you would want in the future, then you'd probably outline someone that is very similar to yourself. But this is the completely wrong way of looking at it. The truth is, you're never going to find someone exactly like you because if they were, then they'd be running a competing business. The key is to hire people who are better than you in different areas.
This way they don't just do what you would do, they actually level up your business by doing it better. So pick the members of your wolf pack strategically and share your success with them along the way. Look, starting a business is not for everyone, but quitting my job and starting a business was the best thing I ever did. So as long as you're confident and you can handle the challenges ahead of you, then my advice would be go for it.
If you want to know what I would do if I started again from scratch, then I'm going to leave this video right up here, but don't click on it just yet. Make sure to subscribe if you want to grow your wealth. Okay, I'll see you over there.
“Outgrowing old friends is a painful, yet inevitable part of the growth process”
Being an entrepreneur will make you by breaking you into something unstoppable if you don’t give up but you definitely have to change your prospective about running a business.
I began my investment journey at the age of 37 primarily through hard work and dedication now at the age of 40 I am thrilled to share that my passive income exceeded $25,000 in a single month for the first time, this success reinforces the importance of the advice mentioned earlier it is not about achieving quick wealth but rather ensuring long term financial prosperity.
Buy tesla stock
This is why I think most people should learn a high value skill and learn to sell it to large companies. Nearly anyone can earn a high six figure income doing this, save,buy assets, and build wealth
I’m glad he’s kind of calling out the YouTube entrepreneurs but who says you have to quit your job. Why not do both?
I think your advise is very accurate. As an employee who has worked very hard to build other's businesses, here is some more advice. 1) Your employee probably isn't going to work 60 or 80 hours just as you do. If you find someone to give you a solid 8 hours per day and treat your business as their own, then keep them around! 2) You can train skills but you cannot train attitude. You may not find the employee who matches every skill you require. But the employee with a great work ethic and attitude is worth training or mentoring. 3) Don't become impatient because people don't see "the obvious". As Mr. Tilbury has pointed out, not everyone has the "millionaire mindset". They likely will not understand right away what your strategy is or why you do the things you do. If they did then they would have their own company right? 4) don't become impatient or take your frustrations out on your employees. It's very difficult to be the captain of a ship, and you will want to snatch yourself bald some days! But you need to realize you have people there helping you to get to where you wish to be. They are working hard and creating your dream for you. So go take a walk and calm down. 5) make sure the company can run without you. Everyone has life issues pop up. You have an unexpected family emergency, a death of a loved one, or even a car accident. I knew a man who micormanaged employees so much that when he had a stroke, his company crumbled. So as Mr. Tilbury stated your employees know your plans for 1 month, your vision, the direction you want your company to go in, and the autonomy to make this happen.
My dad and I have a small side buisness
We have no desire to make it big with it just enough to make some extra money, spend time together, and just enjoy it.
Took me over a decade. Lost every relationship I've ever had bc of it. Never went on a vacation. Worked for no pay often. Failed constantly.
Ohh it was worth it 😊
OMG where was this video when i was thinking of starting my own business?! Now 6 years on running my own business (after leaving a lucrative corporate job), i learned every lesson Mark talked about in this video, plus thousands more! So true starting a business isn't for everyone, which is why i challenge everyone coming to me for my advice on starting their own business why they want to get into it in the first place, and help them peel off any illusion they may have about owning their business. It may sound harsh as if i'm raining on their parade but if you can't answer those cold hard questions then business may not be for you. Pure passion isn't going to sustain you when you haven't got customers walking through the door and the landlord's chasing for the rent. There's too much media spotlight on the perks and overnight success stories of owning a business, and there's way too little on how hard it is to build a successful business and how too many fail along the way. Cudos to Mark for making this brilliant, honest video ❤❤❤
I'm trying to understand index funds, have no clue what I'm doing so far aha
Quitting a well paying job, even if you hate it, is the first mistake. There is plenty of time outside of work for many (if not most) people to try learning how to make things or start a project. Don’t abandon a consistent source of income and psychological security unless you have reasonable expectation that you will find success. Try things out, learn, grow some on the side, then you can make a more educated bet later on if you want to quit your job.
There are many ways to make money. Period. I’d rather try and be independent and fail than never have tried at all.
Mark I really needed this. I’m in my 30s. I’m an entrepreneur and my net worth is approaching $20M now. Everything you said is true. Soooo painfully but beautifully true. And nobody tells you like you’re laying it out here. Everyone glamorizes it so much but the majority of what it takes to be successful is not glamorous. Right now my pain point is what you said when you mentioned relying on people. Without systems you’re more a slave than if you had a 9-5. Thanks for your wisdom
So "Don't become an entrepreneur, but do join his entrepreneur website"…Scam, scam, scam as always, just for clicks/money…😅
Your comments about spending money are contradictory: you say, you don't need to be afraid of spending money, and right afterwards, you say, as a boss, you are constantly worrying about keeping the money flowing.
No.1 problem is actually spending the money the RIGHT way, which is very difficult for most people, and has also a lot of luck involved.
But mark is missing the point.people who have a desire to start their own buisness should do so because nobody wants to take the not knowing to the grave.theres no failure in trying ,only in not trying.
If all else fails you go back to the trade you was in.
Never ever be too scared to try.
I started restaurant business and failed fantastically. Fortunately I was in my 20's and early 30s. Lost all my money but I started investing in crypto, real estate, and stocks while being an employee. Now at 43 I'm worth $700k
🔥🔥🔥
True narcissists, says he didnt spend anytime with friends or family but then says the friends are the problem and to ditch them.
In the section about maximizing efficiency and implementing systems and processes, you mentions the importance of creating a manual for the business. Could you provide more insights on what kind of information and content should be included in this manual? How detailed should it be, and what are some best practices for creating an effective and comprehensive business manual?
we are all wants to get rich
The fundamental benefit of being an entrepeneur is control.
Doing things your way.