We kick off the newest addition to Beyond the Present podcast called the Entrepreneurial Edition with short talks from Daniel Molgan dedicated exclusively to business, entrepreneurship, real estate, stock market, Forex, and similar topics for those of our listeners who would like to improve their financial intelligence.
In the first program as part of the Entrepreneurial Edition Dan delves deep into the issue of Entrepreneurship and compares what it feels like to run your own business as opposed to working for someone else. The truth is that some will always be happier and more successful working for someone else while others will be the most fulfilled when they run their own businesses. This short program can help you decide which one is right for you!
SUMMARY KEYWORDS
entrepreneur, business, entrepreneurship, people, work, run, clients, deal, life, prospective client, job, employee, wealth, solopreneur, edition, values, create, hours, decisions, certain types
SPEAKERS
Dan
Dan 00:00
Hello, welcome to the first entrepreneurial edition of Beyond the present podcast. My name is Daniel Molgan. And in this edition of the beyond the present podcast we are going to talk about all things business investment, as well as finances so this particular edition is designed exclusively for the entrepreneurs or those who would like to improve their knowledge of entrepreneurship, business, finance and investment. So this of course, was way back there was a request by one of our basically listeners who requested such a program, of course and now here we are, we have this edition added to our basically podcast series and today we will start our first episode of the Evernote edition of Beyond the present podcast and today of course, this is our first episode of like actually sort of ride by the simple question of what is exactly entrepreneurship and whether or not you the listener should consider becoming one. So, as you probably already know, the word entrepreneurship nowadays is such Big deal. I mean, like it's become almost a global phenomenon, as well as a trend. And quite frankly, I think it's partially due to, you know, the new changes that we're seeing these days and social media and the way many entrepreneurs are using the platform to reach a wider audience, which has made the whole concept more popular. So basically, entrepreneurship is nothing more than you being able to offer your product or service at a profit to a specific customer or a group of customers. That's entrepreneurship, whether you are trying to let's say sell your musical for example, and knowledge as a let's say, a musician or as somebody who wants to sell the product that your company is making, whether you are offering your consulting, coaching services, whether you are set for example, selling you know, certain properties in real estate, all of these things. These are some examples of entrepreneurship that is the ability to run your own business and offer your product or service to a customer or groups of customers who are willing to To pay for that product or service. Now, that being said, isn't really all that simple. That is, knowing the difference is all that it takes to become a business owner? Of course not. So let's now talk about what it really takes to be a business owner and to run your own business. So first of all, there are two styles of entrepreneurship, we have one called solopreneur ship, as you probably know, about 40% of all entrepreneurs are actually solopreneurs. And almost 35% of all the companies registered in the US are run by one person. Now, personally speaking, solopreneur ship is one way to go about it, especially if you're you know, getting started with entrepreneurship because you don't have to pay for your staff. You don't have to hire anybody to have to get an office probably. And this allows you to work wherever you are. And this is of course, very popular among will be called a digital nomad entrepreneurs, that is bloggers, writers, programmers, and so on who they somehow use their own time, or when they want and of course, they get the profit that way. They're set Taiwan commercial force is what we call teamwork. That's when you begin and establish a team could be a team made of only two or three, for example, people or, let's say, individuals, or it could be perhaps made of, I don't know, hundreds or thousands of basically people. But usually most businesses start off with very few individuals involved in the process to run that business, and of course, to work towards improving its profitability. Now, it all depends on your circumstance. Well, Dan, first of all, I'm currently working at a job I got, for example, you know, let's say boss, and he pays me every month and I do my job, and I have my nine to five and all that stuff. Why in the world? Should I consider becoming an entrepreneur? So let me first tell you right now at this issue, you see, becoming an entrepreneur is not an easy thing. Let me just tell you right now, because it was like, well, that way I can work whenever I want. As a matter of fact, my experience proves that basically, getting a job technically is easier, both emotionally, physically and in terms of your time. Then running a business, yes, the 905, you got to wake up early, and then go to the office, stay there until five or whatever it is, come back home. So it's gonna take a lot of time, I just want to work two or three hours per day and be done with it. Well, the fact of the matter is that when you started your business, especially in the first few years, you actually will end up working much more than an employee at the same time, the chances are, your income will be less than a full time job. You see, that's what I've heard from almost any entrepreneur that actually know or have met personally, that is, in the first few years, not only they worked more hours, they actually made fewer dollars for those hours. So because of this, you have to ask yourself, do I really want to be an entrepreneur? Do I really want to run my own business? perhaps be become a consultant, perhaps, I don't know. start investing in real estate. Do I really want any of these things? And to answer that question, you have to look at yourself and your values. What are your values in life? Now everyone was seems like what what is Value values are why you do what you do. You see, every decision that you make stems from your values. So if you perhaps are currently an employee, the chances are some of your values include security, stability, being able to rely on a stable income, and more importantly, not having to think so much about work when you're not working. That is you want you value things like free time, leisure and work life balance. So if you look at the lives of most entrepreneurs, they would tell you that, unfortunately, a lot of those things simply don't exist in the world of business owners. That is, most business owners cannot necessarily determine like, Okay, I'm going to work from this hour to this hour and that I'm going to be fun. It's it's not really that easy for most entrepreneurs, especially in the first few years of any of the business to determine which hours they'll be working, which I was able to not because problems will pop up. There's gonna be some issues documentations taxations. Some other problems the clients might call you Marketing, and so on and so forth. And all of these things will actually make it harder for you to actually work whenever you want to work. So that's one of the things that will, perhaps if you have those values, if you really value let's say, work life balance, or you want to have certain hours just for working from hours, not for working, probably being a business owner probably is not for you from my point of view. Secondly, of course, is about the manner in which you want to run your business. You see, when you're an employee, you have a specific task and responsibility. And oftentimes, your job is about doing whatever task you're responsible for. However, when it comes to running a business, it's far more about the human factor than it is about the technicality of what you do. Because as an entrepreneur, you're supposed to actually do a lot of things, especially if you have a smaller team or even if you're a solopreneur. You have too many things all by yourself things like marketing, things like sales, things like talking to your clients. For example, things like following up with those clients and Of course, dealing with all the headaches that come with dealing with bad clients, you see, when you're working for somebody else, your job is very simple. And it's very clear, do this and do this from this hour to this hour. But as an entrepreneur, there are no such clear boundaries as what you must do. Because sometimes your clients might actually have requests that you never thought perhaps would come up. Sometimes you deal with, let's say, clients that are not necessarily your best clients with all these like bad clients or clients from help, who somehow give you trouble and they have all these excuses for doing business or asking for discounts too much or this and that. So you kind of know that basically, right? So as an entrepreneur, you have to deal with a wide variety of people who are your potential customers. This is one of quite frankly, one of the disadvantages of being an entrepreneur, especially if you are a solopreneur. Or if you have very small team, we have to be involved with everything or with every client. And that's usually most basically often the case with those who begin their business. So just imagine that if you're employed employee, you deal with certain types of people from a certain social background, certain, you know, things that you have in common, perhaps your colleagues who are also in let's say, the IT sector or in the, you know, hospitality sector or in the, let's say, restaurant business. So you see and meet the same type of people, and you interact with them in the same type of basically way. But as an entrepreneur, you basically are dealing with all sorts of people, many of whom You will never ever actually want to meet in real life. I mean, like, if you are, let's say, an entrepreneur, you deal with all sorts of people that most of whom You will never ever be friend in real life, for example, right? This is just, you know, a fact, you might end up talking with somebody have almost nothing in common with, but he or she is a prey, you know, perhaps a prospective client who might actually order let's say a project or ask one of your for example, services or so on and so forth. So, because of this, the human element is very important. So as I was writing this question, how easy It is for you to deal with all sorts of people, many of whom probably will not have a lot in common with you. Because this is the biggest challenge of entrepreneurship, the human elements and the emotional elements. Because if you, for example, don't know how to perhaps deal with people who are, let's say, a little bit more strategic on the side, let's do some clients who use certain tactics to get a good discount, or certain clients who perhaps are not quite upfront with their desires about your products, so they end up for example, postponing or canceling in a way that seems believable. But of course, you know, that these guys are actually faking it. So you have to create, you know, have to create those, basically, patterns. But you know, okay, this client is a time waster these clients actually playing with right now. Oh, this is actually a very good client. Oh, this guy is actually very trusted, like, I should trust him, but this lady probably not so much. So you need all these social skills to be able to manage your time because as an entrepreneur You need to be able to make a certain quota, whatever it is for you, basically. And you have certain amount of time with you and your team and your, let's say, staff members. So the worst thing you can do as an entrepreneur is to spend that time with the wrong people doing the wrong things, or simply doing things that are not quite valuable for your time, which is why the second element of entrepreneurship is personal management and time management. You see how well are you in terms of being able to manage your time and your basically plans? Are you more disciplined or are you more spontaneous, the more spontaneous types? Well, from my point of view, unless you're involved in certain types of artistic career, they are generally better off working as employees because that those working hours creates that structure for them. So that okay, well, I got to go to work from nine to five, and then I'm free, right? And this allows our lives to be more organized. But if you are, let's say more spontaneous, I'm gonna run your own business. You might run into a lot of trouble because organization and discipline is very Are you critical in running your own business to know like, these are the hours, okay, I should do this, I should do that. That's the second element, you have to work on very well. The third element of entrepreneurship, of course, and the valley that most entrepreneurs aspire to, is freedom, and being able to make your own decisions. You see, that's perhaps the biggest advantage of an entrepreneur, again, you pay a lot for it. Let's be honest, because we're an employee, your boss makes all the decisions. It's very simple, or you're a supervisor. But when you run your own business, you get to decide what kind of job you will do, how you will do it, and with what types of people so you have this autonomy of deciding and making decisions about your business and the kind of people you tend to work with. I think that's, of course, very, very important score. Of course, it's totally worth all the effort and struggle, that have to go through to, you know, become an entrepreneur. But from my point of view, if you look at the values of entrepreneurs, they they seek freedom. They seek independence, and of course, In most cases, if you look around you, you realize that in most cases, those who are successful as entrepreneurs tend to create much more wealth than those who are highly skilled professionals who tend to work for somebody else. It's just a you know, a simple matter of mathematics. So if your ambitions financially is pretty high, the chances are you should aim for being an entrepreneur, but then please be be aware that the majority of revenue as of today, an average entrepreneur make makes about 40 to $45,000 a year in the US, as you probably know, the average income in the US is actually higher than that is over $52,000 a year right. So being an entrepreneur does not mean that you are going to be rich, because becoming rich itself is once you run a business and is very successful, and then can actually generate profit and then repeat that process. So if your sole motivation to get on hers to get rich quickly, the chances are you will be disappointed. Because in most cases, entrepreneurs, especially the first five to 10 years, you've actually do not generate massive wealth. If you look around you and like, you know, very famous top entrepreneurs, multi billionaires Elon Musk, Jeff Bezos, you realize that they actually went through a very long process and it took them decades to accumulate their wealth, and the same thing of force apply. So all other entrepreneurs, so if your sole motivation to be an entrepreneur is to just basically have higher income, I got some bad news for you. If you really think that by become an entrepreneur, you will become a millionaire, I don't know in a couple of days or months or even years, but chances are you will be disappointed. So write and ask yourself, What do I value? Do I want to explore possibilities that are out there in the marketplace? Do I want to have the freedom to decide what kind of work I will do? How I will get them done? What kind of people I will serve? Or do you have the desire to perhaps be your own boss or make your own decisions, or instead you value things like security, you Think of work as a means of service, getting your money and then moving on with your life because let's be honest, I am not at all saying that everybody should be not Brunner. As a matter of fact, I know that most people should not become entrepreneurs, because that's what math says. Most entrepreneurs fail in the long run. Most businesses fail in the long run. So if you want to get in the club, you should really ask yourself is this for me or not? and becoming wealthy can be easily done by getting a job in a very high, you know, highly prestigious company or a corporation. So that's not the only path to wealth. There are many ways towards wealth. There's of course the path of personal investments, we're gonna later talk about hopefully, in other episodes, how you can actually invest in different things to increase your net worth. But ultimately, if you want to run your own business, you better have a very, very strong and you know, reliable reason to become the kind of person who will run basically his or her business because the the path ahead will be very difficult and it's not going to be an easy Ride, if you will, because you will deal with a lot of obstacles, the learning curve in most businesses is actually very steep at the beginning, so you have to spend many hours, days, weeks, months or even years, learn the business, and then you can actually move on to generating profits. So having said all of those things, now let's talk about what time people should not become entrepreneurs, and that they will actually be more successful getting a job. You see. Not everybody, from my point of view, should aim to be an entrepreneur, because doing so could actually push their plans way back. So the people who should not consider entrepreneurship, from my point of view, are those who believe in a clear work life balance and structure to see entrepreneurs that I know of personally. Generally, their lives are not as orderly and organized and a lot of people among us, we value organization in order. So if you want that level of order in your life, where things are happening in order Probably running a business will make you very unhappy. Even if you make more money you will be unhappy. I mean, do you really like to make more money and then be unhappy all the time? What's the point anyways? Right? So the second question, of course, is, Are you the kind of person who would prefer to deal with certain types of people, and do not really enjoy talking with people from all walks of life, that's very important, because as an entrepreneur, especially if you have like a big kind of business, or the kind of is that actually serve a mass audience, especially if it's like, you know, aimed at almost anyone who can come and become your client, let's say restaurant businesses, let's say I don't know health and fitness business, let's say coaching and consultancies, all of these things, you will have to deal with people, you know, people from all walks of life, kinda like you know, being a doctor where almost anybody can be a patient. So, are you the kind of person who enjoys dealing people from all walks of life, and not necessarily those who are like you are who share your opinions. Think about those who are completely unlike you, whose lifestyles are not at all like you, if you are the kind of person who prefers to only spend time with certain types of people, for example, those who are at your level of education, those who live in your town or those share your beliefs, ideologies, and so on, that again, better not information may be very unhappy, because you will end up dealing with people from many different walks of life, who you have to deal with, because they are your prospective clients or prospects. And because of this, you need to somehow feel but upset about this matter, because maybe you really don't enjoy dealing with somebody who is I don't know, perhaps 3040 years older than you or opposite 20 years younger than you or somebody who is coming from a very different background that perhaps is very radically different from your background, right. So if you don't enjoy that kind of experiences, interactions, probably it's better to get a job so you can actually have a smaller social circle made of like minded people. And finally, is About your major goal in life is C, running a business is pretty much a group endeavor. It's really about other people, it's about serving other people creating value for the society. And it's a very rewarding experience. But if you're the kind of person who values perhaps more deeper things in life, like you really enjoy perhaps discussing the details of nature's philosophy for hours, and you perhaps don't want to be, let's say, interrupted by a customer, talking about, oh, we have a problem with the piping of this house, for example, then maybe you should not consider working on your own and perhaps at least delegate those kind of tasks with, you know, for other people who are willing to be interrupted. Some of us we don't really like to be interrupted when we're doing something we want to like, focus on that thing. Entrepreneurship is kind of like being a fireman at any one moment. Something could go wrong. There's sort of problem right here. It should be addressed. You should always be on a standby mode, if you will, for your job and your business. And if you don't Like that approach again, there are many other ways to be wealthy, you do not necessarily have to opt to run your own business. Now, of course, was the beginning. And I really believe that becoming entrepreneur from my point of view is a very rewarding experience. And I think if you have listened well to us up until now, you probably have now a basic idea of what it really takes to be an entrepreneur, and whether or not you should become an entrepreneur. But don't worry, even if you don't want to be an entrepreneur, there are many ways to create wealth without running a business or establishing a group of people who serve customers. There are many simpler ways to become becoming wealthy, including invest in real estate which can be done all by yourself without running a basically a lot of businesses and without having to deal with tech stages, all that stuff or a team or so on and so forth. And in this series, hopefully the entrepreneurial vision of the podcast we will discuss them one by one. And of course, we will also at some point address other issues such as forex stock market, they basically investment as well as other types of business and And financial topics. So that's all we have for guys. I hope you enjoyed our first episode as part of the entrepreneurial edition of the enterprise and podcast. Of course, as always, you have any questions or you would like me to talk about a specific business or financial topic, just send me a message. You can reach me anywhere Dan Molgan and I will be glad to answer it. Hopefully they're on podcasts or face to face or live. Alright guys, that's all the time we have for Thank you very much. And let's see what it takes to become an entrepreneur. For now. I wish you all a wonderful day or night ahead depending on where you are. All of our beautiful planet. Have a good one.
