Join us as we explore the dynamic world of entrepreneurship in this episode. Discover the meaning of being an entrepreneur and the different types that exist. We discuss the distinction between being an entrepreneur and being a CEO, highlighting the importance of recognizing strengths and delegating responsibilities. Dive into the challenges and rewards of owning a small business, along with the potential of network marketing as an entrepreneurial opportunity. Learn how network marketing offers a streamlined business model and the flexibility to pursue your goals. Whether you're considering starting a small business or exploring network marketing, this episode provides valuable insights to guide you on your entrepreneurial journey. Don't wait for the perfect time—start now and unleash your potential!

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In this episode, we delve into the world of entrepreneurship, exploring its different facets and shedding light on the possibilities it offers. From the meaning of being an entrepreneur to the various types of entrepreneurs, we uncover valuable insights into the entrepreneurial mindset. Whether you're considering starting a small business or exploring network marketing, this episode provides guidance and inspiration for your entrepreneurial journey.

Key Points:

1. The Meaning of Entrepreneurship (01:02-02:02)

- An entrepreneur organizes and operates a business, taking on financial risks.

- Entrepreneurship is a personal passion, driven by innovation and risk-taking.

2. Different Types of Entrepreneurs (02:02-02:57)

- Coasting entrepreneurs wait for opportunities to come to them.

- Conservative entrepreneurs focus on protecting existing resources.

- Aggressive entrepreneurs proactively seek opportunities.

- Innovator/revolutionary entrepreneurs achieve growth through innovation.

3. Being an Entrepreneur vs. Being a CEO (02:57-05:00)

- Not all entrepreneurs are suited to be CEOs.

- Some entrepreneurs excel in innovation but may struggle with day-to-day operations.

- Recognizing strengths and delegating responsibilities can lead to growth and success.

4. Small Business and Entrepreneurship (06:54-10:56)

- Small businesses face challenges, with varying success rates over time.

- Owning a small business requires wearing multiple hats and managing various aspects.

- Flexibility and motivation play significant roles in small business ownership.

5. Network Marketing as an Entrepreneurial Opportunity (11:26-16:48)

- Network marketing offers a lower barrier to entry compared to traditional small businesses.

- It provides a business-in-a-box model with fewer responsibilities and overhead.

- Time flexibility and the potential for growth make it an appealing option for some entrepreneurs.

6. Choosing the Right Path (16:48-22:14)

- Understanding personal priorities and motivations is crucial when deciding on a business model.

- Small business owners have the freedom to shape their businesses according to their preferences.

- Network marketing offers a streamlined approach and leverages online platforms for sales

Embarking on an entrepreneurial journey requires careful consideration and self-reflection. By understanding the nuances of entrepreneurship, different types of entrepreneurs, and the possibilities presented by small businesses and network marketing, you can make informed decisions that align with your goals and values. Remember, there is no perfect time to start. Take action, embrace growth, and pursue your entrepreneurial dreams. Reach out if you have any questions or seek further clarity on these topics. Your journey awaits!

Transcription:

00:02

Hey, hey, I'm back. And today we're talking entrepreneurship. And so I wanted to just kind of cover that basis because we're going to dive into some of these topics as we go along, but I kind of wanted to like set the stage for it, for this topic. So entrepreneurship is something that is really dear to my heart because I've been an entrepreneur since I was three years old.

00:31

Now obviously I was three, so let's be clear, there was a lot of parental guidance and help in doing. But it's something that is definitely in my blood. And I grew up on a farm as well. And so we always had multiple businesses on the farm. But I had my own. And that will be a story for another day.

01:02

but it's just something that's really dear to me because of that. So this is going to be fairly short, I think. So I wanted to kind of just start with the meaning of an entrepreneur. And it's from the dictionary definition.

01:25

is a person who organizes and operates a business or businesses taking on greater than normal financial risks in order to do so. Many entrepreneurs see potential in this market. And I thought that was interesting just in that they would straight up talk about greater than normal financial risks in order to do so.

01:55

And there's

02:02

different types of entrepreneurs as well. Now we'll get into kind of like the business, the small business side in a second, but there's four different types of entrepreneurs. And the first one is coasting. Opportunity comes to them or it doesn't. And it's kind of that just like passive kind of entrepreneur. The conservative entrepreneur is very like moderate with.

02:28

of resources and protecting existing resources, right? And then there's aggressive, which are proactive, all in actively seeking opportunities. And then there's the innovator slash revolutionary and attains growth through innovation. And so I thought it was just interesting to hear the difference in that. Now,

02:57

Just because you're an entrepreneur doesn't mean that you would make a great CEO. And this takes growth. And even with the right skills and the innovative mindsets, it's depending on where they're at and where or where you're at if you're looking at this.

03:25

It's not that you can't do it. Now this is with a growth mindset. I fully believe that anyone can learn and grow and step into that.

03:34

but some people have things that they have, you know, they have gifts that God has given them and placed in their lives, or they have areas of expertise and areas where they're passionate about things that just light them up, and it comes more naturally to them. And so the day-to-day runnings and operations and being that CEO might not actually be the fit for a lot of entrepreneurs.

04:03

entrepreneurs because oftentimes a lot of entrepreneurs we see fit into that like innovation and revolutionary entrepreneur category and I actually have one of my bosses was exactly this he is brilliant and super intelligent and like does incredible things but he's definitely that like

04:32

innovator and revolutionary person who's in that space managing doing the day to day and figuring out the nitty-gritty and and taking care of that and being the CEO wasn't actually necessarily his strength. Did he do it? Was he incredible at it? Did he do it? And was he good at it and competent and could he get the job done? Yes. Was it

05:00

the place where he was passionate about and where he lit up? No. And so it's really interesting to, as you start to step into those things, and I actually have a friend just the other day, I was having a conversation with, and he has his own business, and he said that he's basically kind of stepped out of that CEO role, right? And allowing somebody else to do that, and he, I mean, he very much is still involved in the business and does all the things, and...

05:28

but he is the innovator and the revolutionary. And I thought there's so much wisdom in being able to recognize that and having being able to set your ego or your pride aside, because oftentimes it comes with a lot of that of like, well, I have to do this and like, well, it's my business. I need to run it. There's no way somebody else could possibly do it better than me. And so for him to be able to say, no, I stepped aside and I'm letting somebody else who's incredibly competent and capable

05:57

run and like do that role for me and they get compensated well for it. That is exception like such such good leadership and growth and having a growth mindset and truly being a leader and being someone who sees the vision of for what could be and knowing that that you are going to have areas where you can be competent in something. It doesn't mean that that's

06:27

your zone of genius. And so I thought that was just really, really interesting. So that's kind of the entrepreneur side. Now, the other side is that kind of the small business side. Now, as an entrepreneur, you probably have a small business or you're wanting to start one. But the entrepreneur is specifically talking about the individual, right? Not the small business. And so just some...

06:54

We hear a lot of facts get thrown around about how many small businesses fail and what the statistics are around that. And so I wanna touch on that a little bit because I pulled them up. So 20% of small businesses fail in their first year, 30% fail in their second year, 50% fail after five years, and 70% fail

07:24

after their 10th year in business. I've heard higher statistics than that before, so it was interesting to actually pull them up in here. Now...

07:41

something else that I read that was really interesting was that most businesses last the average time span lifespan for a small business was like eight and a half years I believe and I thought that that was really interesting because so often it's those seasons and it's okay to say you know you you think about wanting to build something a legacy business and we we do want that

08:10

And so first of all, for the failure rate to be that 70% of small businesses have failed by their 10th year, it only leaves 30%, you know, three out of 10 businesses will still be around. And it depends, you know, those statistics can fluctuate depending on what industry,

08:37

the businesses are in and all of those different things as well. Right. Um, some things that I thought also were interesting was that 84.

08:55

84% of entrepreneurs are working overtime.

09:04

Another neat fact that I think is really applicable to this is 99% of small businesses account for 99% of all US companies. That's a US statistic. But I thought it was just interesting to hear.

09:29

what that what some of those look like.

09:36

29% of small business owners are motivated by flexibility. And that was something that I thought was really interesting because as an entrepreneur, something that's really important to me is flexibility. And in having flexibility in my day to day and in my life. But there's a lot of people that they care more about what they're creating and creating something that's their own. And that's such a cool thing. And I mean,

10:05

I love that too. I love having that. But that's not, I wouldn't say that's my, I don't think that's my key motivator. Whereas for some people, they don't care if they have to work more hours, longer hours, et cetera. They just wanna have something they wanna work for themselves. That's their key motivator, right? So if you're looking at going into starting a company, having a small business, being an entrepreneur, you wanna be an entrepreneur, all those things, knowing

10:34

and recognizing what motivates you, what your priorities are in life, right? I mean, those two statistics, one being how many small business owners do it for time flexibility or time freedom, and second of all, how many entrepreneurs are working overtime.

10:56

If your priorities are to spend more time with your family, you need to be really careful about what kind of business you're starting. Now, what I'll say is, as someone who has multiple different small businesses and has traditional small businesses and then also network marketing small businesses, and that is one of the things that I love the most,

11:26

about my network marketing business is because, and I talked about this in the network marketing episode, because the barrier to entry is so much lower, because all those things you're taking care of and you know like you with a network marketing business you know you pay hopefully you know an annual fee, a low a very low annual fee you know less than a hundred dollars

11:55

or whatever it is for you, for your company, and you have access to everything you need in order to build your business. You're not taking time to do research and development or to talk about supply chain, or to set up your supply chain, to work with manufacturers, to work with lawyers and compliance and all the employees and accounting and billing

12:25

your web development team and your sales and marketing packaging and all of those different things. There's so many hats as a small business owner that you get to wear. And it's oftentimes very exhausting if you have a product, whereas if you have a network marketing company, your sole responsibilities

12:55

depending on what type of network marketing company, again, refer back to the other episode. But they basically boil down to sales.

13:06

Not even necess- like a little bit of marketing but not on like a corporate level because all the marketing stuff is done for you. Um, so sales, customer service, and leadership.

13:20

And that really kind of boils it down to what it is. And so that takes so much off of a person as an entrepreneur and as someone with their own business because again, depending on the type of business you have, but if you're with a solid network marketing business, you are a business owner,

13:49

You are an independent ambassador. You know, it's your own business. And so you have to do your own personal accounting for expenses or hire a bookkeeper. And you have to, you're building your network and doing sales and you're providing excellent customer service and you're developing your leadership and leading people and coaching people well. But that's it.

14:19

And so that's why it's kind of that idea almost like some people call it like a business in a box. And I love that term because it really is. It allows you to... How you're going to get paid and how you get paid and payroll is all set up for you. So all you have to do is worry about those those few things. Now, this isn't trying to convince you to do network marketing over a traditional small business. I just find it really fascinating to see what's possible.

14:49

And so then your time is put into, you know, those those three buckets as opposed to. Twenty five different buckets or more, right, and trying to spin all of those plates. And so. It's you if your priorities are, OK, I want to do something else. I want to expand my income.

15:18

and be in control of my income and you know, et cetera, et cetera, those things. But you also, it's a huge priority for you to have time flexibility. Now, that's not to say you don't have to show up and do the work in a network marketing business. We talked about this on that podcast as well. You have to show up and put in the work, but it's a season. Like if you put the hours that you put into a small business, if you put that into a network marketing business,

15:49

you would be so far down the road. And if you were growing and learning and improving, you would be so far and making incredible income with the right company. I'm always going to have that disclaimer in there. Now, this isn't disclaimer. This is not financial advice. This is not me telling you what to do. These are my opinions and and strictly my opinions.

16:18

and my perspectives. Everybody's gonna have a different perspective. This is not legal advice in any way, shape or form. Okay, got it, good. So with a small business, being really cognizant of the time it takes. Now, if it's a passion project of yours and it's something you are wanting to invest in this, this is your purpose and your drive and all of those things. Go do it, we need more small businesses. I love small businesses.

16:48

Traditional and network marketing. I love them all And we need more of those Just be aware of what that looks like Okay now some other kind of Interesting things that I just wanted to touch on first of all you can you know, especially now these days Depending on the type of business you have whether it's what we call B2C which is business to consumer so you're selling a product to a consumer or it's B2B Which is business to business?

17:17

So you're selling, you're providing a service or a product for another business, will determine a lot of what your business looks like, what your marketing looks like, what your sales looks like, what your, like so many different factors play into that. And then along with that, depends also on how you're selling and what your marketing and your sales and what that looks like, right?

17:47

have a brick and mortar business, like a storefront, and you have an in-person place for people to shop. You have a B2C business, and you have an in-person place for people to shop. Or if you're a B2B business, business to business, where you're providing a service, and you have equipment and employees, that could look, those spaces and what you're looking for are gonna look very different.

18:15

And then there's the online space, right? And so whether you're an entrepreneur with a small business and you work by yourself, for yourself and you do consulting or you have that, it's still very much your own business. You can consult under different companies or just independent consulting, right? And where you find your own clients and you do all of the work and you do that by yourself.

18:45

And then just from an online perspective, selling your products online. You can decide whether you want to have a brick and mortar, an actual storefront for people, or if you are just marketing your products online. That's going to depend on the kind of products you have. But the online space has opened up so much for us and allowed us to do so much. You get to choose, though.

19:15

a client that has a, I want to keep this vague. They have a B to C business, so business to consumer business with products that are

19:36

best tried on in person and, you know, shopped in person, but everyone buys them online these days. Everyone buys them online.

19:49

but her integrity and her, what she's comfortable with is to not sell online. And so she gets to make that choice as a small business owner. And that's a business choice for her. And she's been able to be very successful even without having that online store. And so you really do get to choose what works for you.

20:17

and what works for your business and what you're comfortable with. So those are just a few things I wanted to touch on and kind of that difference between small business owner versus entrepreneur and, and some of that stuff. And then also kind of that network marketing piece coming into it a little bit because it, I think there's so many different facets to it. And if you have dreams and if you have goals, things you want to go and do,

20:47

Go do them. Like I said, fail forward faster. Jump in. Be smart. But start. Don't wait for the perfect time or someday down the road or whatever, start. Because there'll never be a better time than right now. And if God has put something on your heart and you feel...

21:13

the need and the desire that you should be stepping into it, and you've used discernment and prayed about and all those things, then step into it. Don't wait for it to drop out of the sky for you. Start researching it, but not just researching it, start taking action steps to move forward on it. All right, we'll be back with another episode. I'll be back with another episode. My sleeping kitty is still here. Like I said,

21:44

I'm probably gonna be batch recording these, so you're getting me with my mint green yet again. But that's the joy of getting to batch things and have time flexibility, right? And that's one of these things that I want to be able to pour into you and to hopefully shed some light and bring some clarity, but also to do it on my schedule and to be able to do it when it works for me. So I hope this has been helpful and encouraging. If you have questions,

22:14

about any of this. I would love to hear. Reach out to me on social media, email me. The links are all in the show notes and in the show description. So be sure to reach out to me. I would so love to hear from you. Tell me what you found interesting or a perspective shift or just question something that you want me to clarify, whether on any topic or anything or your own perspective. I would love to just hear your own thoughts on something as well. And

22:43

and hear your perspective. So we'll see you all again soon.