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Today i read an insightful article on under30ceo.com titled “10 Sobering Lessons Learned After Teaching 88 Struggling Entrepreneurs For 6 Months”. The pointers made in the article were brilliant and made great sense that i felt were worth sharing for every entrepreneur and aspiring entrepreneur to be informed in that regard..

If you are an entrepreneur who loves to create value from thin air… this article is for you.

  • You can start a business without an idea. Just go into a market like “Veterinarians” for example and Find The Pain. In that pain, you will come up with a product idea.
  • Entrepreneurs sabotage themselves by focusing on the least important parts of a business in the beginning. The only thing that matters in the beginning is selling your idea and getting money. This means you don’t need a logo, a website, or even a product. I caught a few members making logos before they ever had a paying user. They were scolded. We have members create “sales info packet PDFs” of what the product will do, and get customers to purchase based on that alone.
  • Entrepreneurs put off what they are most afraid of – failing. For most, that’s selling their idea. They will stick their head in the sand and build a product for 6 months, come up for air, only to realize no one wants it. I took that fear of failure and put it at the beginning before any products were made. We had some members fail through 5 ideas before they found their first profitable software product.
  • Entrepreneurs are lonely, but they thrive in a community with others. With a private chat room always on and 15 to 20 members sharing their setbacks, failures, and successes, a thriving connection was created. Live chat was wonderful for creating connections.
  • Entrepreneurs crush through results with accountability. When they saw themselves getting passed up by their peers, they took massive action. It’s easy to be lazy when it’s just you on the couch with your laptop. But when you are connected into a community who’s making progress, you don’t slack off for fear of being left behind.
  • Entrepreneurs who made excuses about not getting results typically suffered from a lack of desire. They were blinded by excuses, but in reality, just didn’t want it bad enough. Those that wanted it bad enough were (surprisingly) endlessly resourceful in building their first software business. Any obstacle was overcome. Their burning desire made it possible.
    1. Building software is totally possible even if you’re technically clueless… if you are taught how to outsource to developers. We had a 55 year old who barely uses Facebook create his first software company.
    2. Money is abundant to you… if you have a painful idea. When members joined, they thought money would be an obstacle. But they found it to be readily available once they developed salesmanship. The most important skill for an entrepreneur is salesmanship. I’m not talking about the image of being a sleazy car salesman, I’m talking about people who can actually ask for money. The question “Would you pay for this?” and “Which credit card would you like to use?” are surprisingly difficult questions for Entrepreneurs to ask. We pushed them through that barrier. Read SPIN Selling if you need help here.
  • Your background, age, race, and geographic location have nothing to do with being successful. We had dog walkers, chemical engineers, shy developers, and college students. All of them built software companies. The most successful student is in New Zealand working from his garage.
  • Entrepreneurs get stuck trying to find something they are passionate about. Picking a business you are passionate about is not as important as being passionate about the process of building a business. I’m not passionate about any particular business industry, but I am passionate about finding problems and solving them. Make your passion solving problems and adding value – then you can go almost anywhere and do anything. And most importantly, you can get started. Once you get started, you start to see dozens of new opportunities open up that never existed when you stood still.

This is a message of hope for any aspiring entrepreneur. You. Can. Do. This.

Source: under30ceo.com, author Dane Maxwell, the creator of The Foundation