To run a successful business, you’ll need to learn a thing or two about sales, management, products, finances, taxes, law, contracts, marketing, and personal development.
And for many, those skills are learned crash course style. Entrepreneurs take the plunge, and either swim or sink.
To some, that path to entrepreneurship is an exciting challenge. An adventure! Let’s go all in and do this!
But others who want to forge their own path in business might have some reservations about winging it and figuring things out as you go. Is there a path to entrepreneurship besides flying by the seat of your pants?
The answer seems to be an emphatic yes.
For example, Max Lytvin, co-founder of Grammarly, swears by university. His MBA in Marketing and Finance compensated for a lack of mentorship and equipped him with specific, technical skills.¹
But it’s not the only route. In fact, only 17% of entrepreneurs have a bachelor’s degree, 18% have a master’s degree, and 4% have a PhD.²
Bill Gates skipped class and went straight into business. His legacy speaks for itself.
That being said, Bill Gates was still taught about entrepreneurship—though he dropped out of college, he learned the ropes from a mentor. In his case, his mentor was billionaire Warren Buffett.
The takeaway? Entrepreneurship, like any other skill, can be learned and taught.
For some, that takes place in a classroom. Others learn from an experienced mentor.
If you have the luxury of time and money for a degree, go for it.
If not, let’s talk. My mission is to free employees to become entrepreneurs. And that starts with mentorship. It’s a simple way to learn how entrepreneurship works, and get your journey towards owning your own business started.
¹ Yes, Entrepreneurship Can Be Taught, Max Lytvyn, Wired, https://www.wired.com/insights/2014/12/yes-entrepreneurship-can-be-taught/
² “20 Entrepreneur Statistics You Need To Know (2022),” Apollo Technical, Jun 20, 2022 https://www.apollotechnical.com/entrepreneur-statistics/
Yes, logic steers the business—entrepreneurship requires a full embrace of data, metrics, and brutal honesty.
But raw reasoning doesn’t sustain you through seasons of hardship and doubt. Far from it—the numbers may actually lead you to quit prematurely.
Think about what’s sustained you through your most difficult challenges. Was it a spreadsheet full of formulas predicting your odds of success? Or was it clinging to the things that matter?
That’s what creates uncommon success—emotion based tenacity to hold on, comeback, and win, regardless of the odds.
And note this well—starting a business that doesn’t inspire you, one without a mission or vision, simply won’t generate that emotion.
What inspires you? What do you want to change? What’s a skill that gets you in the zone? Those are all signposts pointing you towards a business that you can sustain through whatever life throws your way.
There’s a stereotype that all successful entrepreneurs have borderline mythic powers of focus.
They wear the same t-shirt days on end to free up their bandwidth for big decisions.
They hone their mental acuity by reading dozens of big books per year.
They can move boulders with their minds and shoot lightning from their fingers…
You get the picture.
But you don’t have to be a Jedi Knight—or Sith Lord—to become a successful entrepreneur.
You just have to really love what you do.
Studies have shown that people with strong willpower actually enjoy the hard things they do.¹ The maniac who’s out running at 5:00 AM? He’s not necessarily a self-loathing monk—he might be having a blast.
The same is true of entrepreneurs. The fuel for their focus, their refusal to quit, and their seemingly limitless resourcefulness is that they’re having fun.
The takeaway? If you’re going to start a business, choose an industry and mission you love. It’s the best way to fortify your will against the challenges you face… and maybe have some fun while you’re at it.
¹ “Why willpower is overrated,” Brian Resnick, Vox, Jan 2, 2020, https://www.vox.com/science-and-health/2018/1/15/16863374/willpower-overrated-self-control-psychology
Seems counterintuitive, right? Business owners can work long hours, face complex problems, and carry a heavy load of stress—with no guarantee of success.
At least, that’s what you get told. And it couldn’t be more wrong.
Two new studies reveal the truth.
The first, from Baylor University, found that entrepreneurs are subjectively happier.¹ In other words, they feel better. Why? Because they…
• Have a greater sense of autonomy
• Feel a closer connection to their purpose
• Apply their skills and passions to their work
The second study, from the University of Pennsylvania in 2012, showed that entrepreneurs are far happier than employees.² Even the high number of unsuccessful entrepreneurs didn’t change the results. Entrepreneurs, regardless of income, were happier than even highly paid corporate officers.
And it wasn’t just the entrepreneurs. The study from Baylor proved that the presence of small businesses improved the health of surrounding communities.³ The more entrepreneurs, the greater the health of the neighborhood.
Start a business. It doesn’t have to be a stressful, high-stakes tech startup. Just an outlet for your skills that also pays you.
¹ “The Good Business of Thriving Entrepreneurs,” Justin Walker, Baylor University Hankamer School of Business, Mar 30, 2020, https://www.baylor.edu/business/news/news.php?action=story&story=218228
² “Rich or Not, Entrepreneurs Are Happiest in Study,” Elizabeth Blackwell, TheStreet, Sep 28, 2012, https://www.thestreet.com/investing/rich-or-not-entrepreneurs-are-happiest-in-study-11721398
³ “Entrepreneurs Are Happier And Healthier Than Employees According To University Research Studies,” Bernhard Schroeder, Forbes, Apr 1, 2022, https://www.forbes.com/sites/bernhardschroeder/2022/04/01/entrepreneurs-are-happier-and-healthier-than-employees-according-to-university-research-studies/?sh=340a1cc73ee6
And it’s no wonder why. You’re abandoning the familiar routines and regular paychecks of your 9-to-5 for something uncertain and unfamiliar.
You have to face a lot of fears.
There are the financial fears. Are you going to be able to pay your bills?
There’s the fear of overwhelm. Anything new can be daunting. And it seems like as an entrepreneur you’ll face challenges and obstacles that you’ve never faced before.
There’s the fear of failure. Not accomplishing what you set out to do is one of the worst feelings in the world. And entrepreneurship seems to expose you to fear of failure like nothing else.
The result? Entrepreneurship feels like a Pandora’s box that’s better left closed.
But here’s the truth—entrepreneurship doesn’t have to be scary. And if you make and follow a solid plan, it is possible to achieve personal and financial freedom. You can reach the entrepreneur lifestyle.
Again, it’s no wonder why. When you abandon the routines and paychecks of your 9-to-5, you face more than fear—you face unlimited freedom.
As an entrepreneur, you have the power to control your own time. You work whenever you want, not at your boss’s whim.
As an entrepreneur, you make your own decisions. No more watching your ideas bog down in red tape and bureaucracy.
As an entrepreneur, you pursue your own potential. You reap the rewards of your hard work, not your boss.
In short, entrepreneurship gives you the power to just live your life on your terms, not someone else’s.
It’s like Cicero once said…
“What then is freedom? The power to live as one wishes.”
All that’s standing between you and the power to live as you wish is fear. And with the right planning, system, and mentorship, that fear can be overcome.
That’s why I’m a leader with e2E. Because that’s my mission—to free employees from fear so they can become entrepreneurs.
It’s no secret that there’s an uprising among employees. It’s called the Great Resignation. The cause? The fact that workers…
-Want to earn more money
-Feel burned out and unsupported
-Lack leadership and mentorship¹
And so they’ve quit in the millions.
Can you relate to that? Do you feel like your boss doesn’t really care about your well-being or career? Is your gut telling you that your talents could be earning you more?
Perhaps you’ve worked hard for a raise, only to get passed over in favor of someone less qualified.
Or maybe you’ve explored new opportunities, only to find employers are requiring outrageous qualifications for little pay.
Plan A was getting a promotion. Plan B was getting a new job. And now, both seem impossible.
So what’s next? “Plan E”, the path to entrepreneurship.
Your Plan E leads to the entrepreneur lifestyle—owning your day, working when you want, collaborating with whomever you like.
It’s your escape plan for making a smooth transition from where you are now to the business and lifestyle you want. This plan gives you an easier way by lowering risks and removing obstacles. And most importantly, your ‘Plan E’ can put you in the helping hands of experienced mentors who can guide you on your journey.
Make no mistake—there will always be stumbling blocks along the road to building a business.
But a solid plan can keep you moving forward in spite of those hiccups so you’re not forced to retreat back to employment. It’s the difference between hitting a dead end or hitting the mark.
Any successful “Plan E” must assess…
The Risks that can end an entrepreneur’s dreams
The Reality that the most rewarding success will also be the most painful to earn
The Mindset that you’re either growing or dying
The Answers about which industry and market you’ll serve—and how.
The People you go into business with who are critical to success
The Options of going into business spare-time, part-time, or full-time
The “E-Factor” of becoming a digitally-enabled entrepreneur
You don’t need permission. Once you’ve made your “Plan E”, you’re free to begin your mission. You’re ready to make the move.
If you have any questions about entrepreneurship, let me know. As part of the e2E movement, it’d be my privilege to help guide you from employee to entrepreneur.
¹ “The Real Reasons Workers Are Leaving in Droves? (Burnout Is on the List, but Not at the Top)” Melissa Angell, Inc., https://www.inc.com/melissa-angell/great-resignation-burnout-workers-upskilling-career-development.html