What Makes Entrepreneurship Hard

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What Makes Entrepreneurship Hard

Summary

  • As entrepreneurs, we face the tough reality of having definite costs against uncertain rewards.
  • It might take weeks, months, or even years to see a return on our investments, and that return isn't always in monetary form.
  • Success might be measured by personal satisfaction, the respect of loved ones, or status within the community.
  • The unpredictability of entrepreneurship can be soul-crushing; despite our yearning to foresee outcomes, we are reminded constantly of our inability to do so.
  • Looking back, we often criticize our past selves for not knowing what we've learned today, feeling like previous work was wasted.
  • However, we must understand that our previous efforts aren't fruitless; they are part of our continued growth.
  • Real progress is recognizing that our past actions were less effective than they could have been and that our new knowledge is a sign of advancement.

Video

How To Take Action

I would suggest embracing the journey of entrepreneurship as a learning process. Here's how to get started:

  • Begin by acknowledging that all the hard work you're doing now is laying the foundation for future success, even if it doesn't feel that way yet.
  • Remember that success isn't just about the money. Find value in the personal satisfaction and respect you earn from others.
  • Accept that uncertainty is a part of the game. Instead of being crushed by it, use it as a motivator to keep learning and growing.
  • Stop being harsh on your past self. Look at your past work as necessary steps that got you where you are today.
  • Every time you learn something new, take a moment to celebrate your progress instead of fretting over past decisions.
  • Apply your new knowledge immediately to your work, no matter how small the change may seem. Each little improvement could lead to bigger results over time.

By focusing on these strategies, progress will come, often in ways you didn't expect. Keep pushing forward, and stay patient – your hard work will pay off in the end, in one form or another.

Quotes by Alex Hormozi

"the thing that I keep coming back to that makes entrepreneurship difficult is that you have a known cost for an unknown payoff"

– Alex Hormozi

"sometimes it's a week, sometimes it's a month, sometimes it's a year, and sometimes more realistically it's years plural before you get the paycheck back"

– Alex Hormozi

"the paycheck isn't always money, sometimes it's just knowing that the thing you said was going to happen happens"

– Alex Hormozi

"it just comes down to this absolute Soul crushing uncertainty"

– Alex Hormozi

"you are the work that you've been working on this entire time"

– Alex Hormozi

Full Transcript

the thing that I keep coming back to that makes entrepreneurship difficult is that you have a known cost for an unknown payoff sometimes it's a week sometimes it's a month sometimes it's a year and sometimes more realistically it's years plural before you get the paycheck back and the paycheck isn't always money sometimes it's just knowing that the thing you said was going to happen happens or that maybe your wife looks at you a different way or maybe it's your your family that looks at you a different way you want status within your community whatever it is and it just comes down to this absolute Soul crushing uncertainty with the idea that no one can actually tell you and you have this unquenched desire to be able to predict the future while at the same time knowing that you can't and you have this desire because every day you learn something and then you look back a year ago and you're like why the hell did I not know this like I'm such an idiot it feels like I'm starting all over again today because of what I just recently learned all the work that I did up to this point is useless but that's the wrong way to see it because like you are the work that you've been working on this entire time and the fact that you can see what you were doing before was not nearly as fruitful as it could have been is the progress that you are making

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