These days, it feels like everyone wants to start and business and become an entrepreneur.
It’s like the “cool” thing to do.
I’m sure you’ve seen all the “instant gurus” that pop up on facebook and instagram talking about how they travel the world and only work a few hours a day because they have an “e-commerce” or drop shipping business…
Or maybe you’ve heard about all the stories coming out of Silicon Valley from entrepreneurs who have a big “exit” from their tech startup that ends up getting sold for millions (or billions) of dollars…
And of course we all know about companies like Airbnb and Uber, where any of us can sign up for an app and become an instant entrepreneur running our own hotel or taxi business within a few days.
So Is all this real?
Is entrepreneurship really as easy as it seems people are making it out to be?
And can you really become an entrepreneur?
These were all questions I used to ask myself, and I’ll tell you my answers and what I’ve discovered in just a minute…
But first, I want to let you know I’ve created a series of articles, where I’m going to get “real” with you…
Here’s What It Really Takes To Launch A Business & Become An Entrepreneur
I’m going to share with you the mindsets, skills, and strategies you need to be successful.
And along the way, I’ll share stories from my own life and some of my personal experiences and biggest insights and lessons from being a successful 7 figure entrepreneur for the past 10 years.
Before we get started, I’m sure you might be asking yourself, “Who is this guy, and why should I listen to him?”
In case we haven’t met, my name is James Mel.
I grew up in a small fishing town on the east coast of Canada without much opportunity.
I did everything I thought you were supposed to do to get ahead in life – worked hard in college and got good grades. Had a side job to pay for my tuition and textbooks. And then landed a good job.
When I landed my first professional job, I was 25 years old, and remember having big dreams. I remember thinking to myself, if I work hard enough, surely I would be able to climb the corporate ladder and “get ahead” in life.
So that’s exactly what I did.
I was always the first person to get into the office, and the last to leave. I worked my butt off and set new records in my department.
I even invested my own money to buy training programs that I thought could help me become a better employee!
Boy was I wrong…
Turns out, I didn’t even last a year as an employee before I decided to quit.
I fell into a deep depression at the time, but one of the gifts that came from being at my job was that I got to meet and make friends with some really inspiring entrepreneurs.
I was very fortunate to get to know some of these entrepreneurs on a deeper level and see how they ran their businesses and lives.
Once I saw how much success these entrepreneurs created, how much impact they were able to make, and how much freedom they had, I knew I had to learn how to become one myself.
And that’s exactly what I did, I taught myself how to be an entrepreneur.
Fast forward 10 years later, and at the age of 35 years old, as I write this article I currently have 2 multi-million dollar businesses that I run:
One is a very successful 100% online education company that does 7 figures per year…
The other is a multi-million dollar real estate business, which consists of 22 properties and 85 total units.
I don’t say any of this to brag.
I share this because over the last 10 years, I have gone on a wild journey and figured out how to go from an employee to entrepreneur and become more successful than I ever dreamed was possible.
And most importantly, I’ve figured out how to build a successful business not just once, but twice.
And I haven’t only figured out how to be successful offline, but I’ve also cracked the code to becoming a successful online entrepreneur as well.
Okay enough about me…
Now that we know each other a little better, let’s jump in and get started.
Back to the initial question…
Is entrepreneurship really as easy as it seems people are making it out to be?
And can you really become an entrepreneur?
Yes, entrepreneurship is very real, but no it is not easy.
In fact, entrepreneurship is a ton of work…. But you knew that 😉
Look, there’s no such thing as a magic buttons or get rich quick schemes. If that’s what you are looking for, this article series isn’t for you.
That being said…
The amazing thing about entrepreneurship is that anything is possible. Whatever you can dream up, you can create. There’s no glass ceilings like when you are an employee.
There’s something else that’s really exciting about entrepreneurship, which most people don’t realize.
Entrepreneurship is a skill.
People aren’t born entrepreneurs, you become an entrepreneur by developing a skill set.
Let that sink in for a minute…
Why that’s exciting is because it means anybody who is willing to learn this new skill set can become an entrepreneur, and create a business and life they love.
Just like learning a new language or how to play a new sport, the more you develop your skills, and the more you practice, the better you will become and the further you will go.
Entrepreneurship is no different.
I’m sure you are now starting to realize one of the big differences between entrepreneurs and employees is entrepreneurs develop and become good at completely different skills and mindsets when compared with employees.
These skills, mindsets and strategies are extremely valuable and exactly what I’m going to share with you in this series of articles.
Ready? Okay, Let’s get started…
The first thing I’m going to share with you is a step toward building the skill that we’re talking about here.
This skill is so important, I consider it to be the most important skill if you want to make the transition from employee to entrepreneur.
… and it’s probably not what you think.
It isn’t about learning Facebook or Instagram marketing. It has nothing to do with sales or getting customers, and it isn’t about anything like productivity or leadership.
The ability to IMPLEMENT quickly. The skill is called “speed of implementation.”
Let me explain…
The higher your speed of implementation, the more successful you will be.
If you want to make the transition from employee to entrepreneur it is absolutely critical you develop this skill and develop a high speed of implementation.
I first learned about this principle from my mentor and business partner, Eben Pagan and have been using it ever since.
Here’s how it works…
Whenever you get an idea, or learn something new, the faster you can take that knowledge and implement it in the real world, the more success you will create.
The opposite of course, is when we ask a bunch of people their opinion before we do anything, or we decide to make excuses, or come up with other stories to procrastinate.
You can’t do any of that if you want to become an entrepreneur. You must implement as soon as you get a great idea.
The winners implement RIGHT NOW – they have an extremely high speed of implementation.
And this is the one skill you’ll absolutely need to hone if you expect to become a successful entrepreneur.
There are 2 main reasons why…
Reason #1 Far too many people learn something but then sit around, “hoping” and “wishing.” Others are simply paralyzed by fear and don’t take action because they are constantly in “analysis paralysis.”
Nothing happens in life and business until you take action.
Those that know how to take what they know and learn and implement it, make things happen, period.
They aren’t afraid of failure because they know something that others don’t when it comes to failure.
Which leads me to the second reason why speed of implementation is so important.
Reason #2 When you take action and implement, even if you don’t get the result you thought you were going to get, that’s still okay, because you still get something.
You get feedback.
And you are going to learn something from that feedback.
Entrepreneurs know most things don’t work out on their very first try. Things work out by trying and testing different things and getting feedback on what works and what doesn’t.
Then modifying your approach, based on this feedback and trying again to see what new results you get.
You repeat this cycle until whatever it is you are doing starts to work.
That’s the key.
Most people don’t implement very quickly so while they are waiting around procrastinating… the successful entrepreneur has already implemented something 5 times, and each time is getting closer and closer to “cracking the code” on how to make what they are doing work.
Just remember that if you want to WIN, and if you want to move from an employee to entrepreneur – you’ve got to have Speed of Implementation.
Here’s a great example from my own life on how I used speed of implementation to start successfully investing in real estate…
While I share this story, notice that I didn’t set out to start a real estate business.
I also didn’t have any special skills when it came to real estate, and I certainly wasn’t a “handy” person.
As you will see, the main skill I had that allowed me to successfully start investing in real estate was my extremely fast speed of implementation.
Here’s how it happened…
When I was 25 years old I worked really hard to scrimp and save as much money as possible, so I could build up my bank account.
I didn’t know much about money back then, so my only strategy was to be as frugal as possible with my spending, and then save as much as possible – putting everything into my bank account.
It was slow and painful, but after a couple years I was able to save up some money and hit a personal goal.
When I eventually hit my personal saving goal (which I was really proud of) I decided to take my mentor out for launch to share with him the great news…
We got to talking, and I told him all about my strategy of saving as much as much as possible, and then putting it all in my savings account.
I will never forget what he told me…
He said, “James, you’re an idiot! That money is doing nothing for you sitting in your bank account, in fact it is losing value because of inflation… You need to learn how to make your money work FOR you.”
I had no idea how to do this, so of course I asked,
“Well how do you do that?”
That’s when he told me two words that would change my life forever. He said,
Now at the time, I didn’t even know what an investment property was,
I started asking him about 20 rapid fire questions to learn more and figure out what they were, how they worked, and more importantly how I could get one myself?
My mentor was so generous and broke down his entire system for me, outlining exactly how I could get started.
Let me tell you what most people would do in this situation…
They would be happy with having a great conversation where they learned a few things. Maybe they would think about it for a few days, but they wouldn’t do anything with it or implement what they learned.
Here’s what I did…
As soon as I got home, I called up my friend who was a real estate agent.
I told him I had some money in my bank account, and I wanted to buy an investment property. I asked him if he could take me on a few viewings so I could learn more about them?
He said, “Yes” and we arranged to meet that same week after he did some research.
Remember what I said earlier, I was NOT a handy person, and I didn’t know anything about real estate or investment properties.
Notice how that didn’t stop me.
Notice how I took the new information I learned from my mentor, and then IMMEDIATELY called up my friend who was a real estate agent to implement what I learned…
3 months later, I bought my first investment property.
I didn’t really know what I was doing at the time, but I didn’t let that get in the way. I learned as I went along, and got some help from my mentor and my real estate agent. That first investment property turned out to be a big success.
That’s speed of implementation.
Less than a year later, I bought my second investment property, and then my third…
Fast forward 10 years, and as I write this article I currently have a multi-million dollar real estate portfolio which consists of 22 investment properties with a total of 85 rental units, and is growing between 20-40 units a year.
This was all made possible because of my ability to implement quickly.
Now that you know how it works, it’s time for you to develop this skill yourself.
Remember that if you want to move from Employee to Entrepreneur, you’ve got to first master speed of implementation. Act on your ideas right away.
Don’t look for reasons why you can’t do something, just put things into action. Get the ball rolling.
Practice your ability to implement things fast. You’ll start to notice it becomes easier and easier over time and before you know it, this will become a habit for you.
If you’re not sure what steps to take, find a mentor. Ask someone. Get the help or knowledge you need. Do whatever it takes, and then most importantly ACT on it right away.
There is no failure, there is only feedback.
Ok, so that’s the first key skill you need to learn to make the transition from employee to entrepreneur.
All these skills, strategies and mindsets work together, so be sure to keep your eye out for the next article in this series.
I’m excited to share it with you!