The IdeaPreneur

in LeoFinance16 days ago

Hey Jessientrepreneurs

As an entrepreneur, I've had my ass handed to me several times during my 5-year stint running my own business. I can see why people DON'T want to do it. Honestly, it's not worth the risk, pain, time and effort for most people and to still fight against a 90% failure rate to succeed.

It's no secret that MOST businesses can and will fail; there is no saving a poorly run business or one that doesn't have a good product-market fit. It's a hard road with tough lessons, and it's one of those things that requires dedication and fortitude and a somewhat illogical frame of mind.

You have to look at all the odds and say, well, there's a 5% chance, so that I will take it. If investing is about risk, entrepreneurship is the ultimate risk-reward. If you get it right, naturally, you are rewarded with multiples of your investment; it could be 1000x it could be 1 million x.


Entrepreneur ego

Each year I remain in business, people tend to think I've figured things out when in truth I don't know shit, and I am making up everything as I go along. The truth is I don't know what I am doing; all I am doing is servicing my customers and making sure I have enough money to improve my service and products.

I don't think much further than that.

I am not saying my way is great, It's just all I know, and I am happy to learn, and I do learn.

To be an entrepreneur without any support is a humbling experience, and you have to put your needs and ego aside if you're going to get anywhere. It really is a journey of sacrifice. I personally wouldn't recommend it for everyone, I think it's shit, but I am attracted to the challenge, a glutton of punishment.

As I look outside myself for advice, I can see why so many young entrepreneurs fail.

  • They focus so much on their idea, they never actually implement anything.
  • They focus so much on the product of entrepreneurship, which can be a success and want that rather than wanting a business that works
  • They focus on external validation and clout rather than looking at your balance sheet as a way to gauge success
  • They focus on the end goal and not on the day to day grind

People are in love with success, but they are not involved with the journey to attain it. Many see success but never saw the strife involve or the amount of money backing these comapnies.

Ideas are worth zero, and so are many companies

I am often amazed at how people fall involve with ideas, ideas of starting a business, ideas of a successful business, ideas on how the business runs without EVER having run one.

  • I see it in retail investors sentiment.
  • I see it in professional capital allocators too.

Running a business is more than just ideas and narratives, but it seems in today's world, where curated narratives can be created with enough money, we've seen people fall victim to these narratives.

These ideatrepreneur, contrepreneur and wantrepreneurs may grab many of the headlines and make you feel shitty because your business isn't where you feel it should be, but all that glitters isn't gold.

Stick on your path, keep your customers happy and the rest should sort itself out.

Have your say

What do you good people of HIVE think?

So have at it, my Jessies! If you don't have something to comment, "I am a Jessie."

Let's connect

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If it was easy, everyone would be doing it.

People think of it as freedom, the path to a lot of money, and the epitome of being "one's own boss".

I did work for a guy one time (the owner) who said I am the only one here who cannot be fired, nor can I quit.

Few business owners are able to work 8-5, M-F. Even when not at work, it is still there.

I tip my hat to you.

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Thanks man, I think there needs to be a certain level of arrogance and delusion involved in being a business owner lol you can’t waste time listening to why it won’t work you just got to keep failing forward until something sticks

It’s the one thing you can’t buy, sure money helps and you can pretend to be successful for a long time especially with the help of VCs and how cheap cash is but at the end of the day a positive cash flow business is still a hard task

Posted Using LeoFinance Beta the end of the day a positive cash flow business is still a hard task

It is why so many businesses go under.

I have a professor in college who was the ex-CEO for utility in the state. Throughout the entire semester with him, I only remember one thing he said:

"Nothing happens in business until a sale is made."

All the planning, marketing, development, etc, mean nothing until there is revenue generated. Without that, a business is sunk.

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A lot of these businesses and “start-ups” (fucking puke all over the floor at that word, some new age horse shit) are mostly Instagram filtered shit like you say. There is all kinds of hype and cool shit they try to promote for their stuff but at the end of the day it’s garbage. Promotion and shilling is good and necessary but so many of it is just garbage.

I think a lot of people who start and run their own successful business will tell you that they didn’t have a clue what to do, except to just keep at it as best they could. They didn’t make things too complicated or anything but just went with how they thought it would work and it did. There’s no magic formula to doing it, but the important part is outreach and engagement with the customers.

Oh man you hit it spot on, the real businesses are actually out there grinding doing the hard work paying salaries, balancing their books, trying to provide value for the customer! Doing that alone should be more than enough to keep you busy, these companies need to pretend to be successful at the hope of eventually getting there

It’s so disheartening to see this horrible allocation of capital and distorts the idea of being a business owner that it’s all about rhe flashy no it’s all about providing value something many of these new business don’t do at all

If a product is good or service it really doesn’t need much marketing it sells itself! So you can understand why these products need massive marketing budgets to stay alive

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Have failed a few times this side either by having a bad idea, bad execution or just bad interpretation of others. You live and learn though but converting an idea to fully functioning product and business is not for the faint hearted!

I have a feeling the next idea is going to be far more successful and fun though 😉

Especially when you have to do it on your own capital and work, unlike some of these fakers who are either bank rolled by daddy or are just straight up pretending. Lol you just have to look at Instagram and linekdin and wonder how all these people are "CEO"s of nothing companies lol

Oh indeed the best ideas sort of just come to you

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Entrepreneurship is not an easy task. It's not just you but a lot of other people's life depends on you so it's a very responsible position.
And you wont realize it until you are into it.

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Not just that but you are taking up preodutive resources in society with goal of generating a positive output so that your customers also benefit! These days the companies are just empty vehicles to move cash around and aren’t leaving customers satisfied with their purchase it’s just become a way for the end user to consume and move cash around and not spend because that good r service is a net benefit to society

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Always find it amazing how easily some ideas even get funded to the tune of 10s of millions. Some really terrible ideas at that.

Me too even here where money isn’t as free flowing as in other developed nations man some of the dumbest startups get money and you wonder why until you connect the dots with whose friend it is or whose dad knows who and when they fail it’s like eveyeone is shocked lol it’s like I’m taking crazy pills sometimes

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I have always been of the opinion that if I were to start up my own business I would need to already be independently wealthy so that I don't need to rely on the business being successful to sustain it. I'd rather the income came from other places. Simply because I know it is so hard and there are so many factors that are beyond your control (ahem Covid). I would want it to be something I do because I enjoy it without the stress of the bottom line.

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That is the dream brother, I hope to get there eventually where the revenue is a nice to have and I can focus on reinvesting and creating jobs and value rather than covering my own bills and just focus on what I enjoy

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Yeah, I always wanted to own a record store, but until the recent resurgence in vinyl I knew it was pretty much a losing endeavor!

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How do you make a pile of money in the oil business?

Start with a larger pile. 😁

I guess that is the approach you are applying.

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Yeah, I guess so!

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Ideas are really great but how to implement the idea is another job on it own. Am learning everyday

If you don't take an idea and test its merits then it means nothing too many poeple want to feel they accomplish things just by thinking it

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True though

Sounds like a business is tough. I haven't even considered running one as I know it would be quite tough. You need to balance your ideals and what works overall.

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It depends, for a few in the right circles it can be a breeze, I see many people who are able to secure funding for the dumbest shit and fuck it up but hey I'm a business owner lol its so fucked its laughable

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