Stay Away From This Costly Entrepreneurial Mistake

You have decided to embark on an entrepreneurial journey. After discovering a lot of inspirational stories about billionaire marketers who have faced failures, you feel confident in your resilience. You are considering, “Even if I fail, I will continue to move forward, creating new companies. Good fortune will surely come one day, thanks to the regulation of averages!” And besides, you are right, at least in theory.

You have decided to start a fast-growing business, most likely in the mobile phone industry, and have assembled a team of skilled workers.

Now you are ready to get started!

On the other hand, before you get started, let me share a core belief with you. It is the whole puzzle piece, the billion dollar paradox that no one seems to talk about. Without understanding this paradox, your chances of becoming a billionaire are slim. Seize it, use it, and you are one step closer to very great wealth!

First, let’s establish the scope. We want to dive into the intricacies of the world of commerce, understand its hidden dynamics, and how its avid players best interact. We’ll start by exploring some of the small paradoxes that emerge in the larger one. Ready? Let’s dive in.

Paradox #1: Entrepreneurs Don’t Like Standard Jobs

It’s true, most entrepreneurs aren’t natural businessmen or managers. Consider a typical 2d businessperson. They thrive on a structured 9-5 process, enjoy a corporate environment, and like being divided into departments with neat labels like HR or R&D. Businesspeople also love working with accountants, it’s just the way they are.

Now, don’t get me wrong: entrepreneurs are the most important. On the other hand, you most likely don’t aspire to be one of them. You want to be an entrepreneur, right?

The entrepreneurial mindset

Entrepreneurs generally couldn’t care less about the structured corporate world. They despise the semblance of protection that a 9-to-5 process brings.

Entrepreneurs are often outspoken leaders. They are dynamic, chaotic, and very. For this reason, they most often hate accounting and other routine tasks. Entrepreneurs are much more committed to starting new ventures and taking risks than businessmen.

For them, the real impact of their companies is more important than quarterly earnings or shareholder returns. For this reason, investors have an advanced relationship with entrepreneurs, often preferring to imagine their money to corporate businessmen.

Paradox #2: Entrepreneurs struggle with long-term growth

Being an entrepreneur is exciting, but it also comes with a paradox. Entrepreneurs often find it difficult to keep an eye on long-term business expansion because of their inherently volatile nature. If you are an entrepreneur, you are always itching to start something new, expand a modern business, or invest money in a revolutionary idea that might just break through the arena. This system is exciting, on the other hand it will definitely backfire, and it often does.

The “fuck it, let’s do it” mentality popularized by billionaire entrepreneur Richard Branson sounds great for startups. On the other hand, it’s much less efficient when running a medium or large-scale business, which requires point of interest and a cautious means.

Running a large company involves overseeing dozens or even many groups of workers and managing millions in troubled capital. You won’t have the money to take a chance on that. And yet, another paradox emerges: Without reference to those difficult scenarios, entrepreneurs are much more likely to become extraordinarily wealthy than most people would suppose.

Paradox #3: Most Billionaires Are Entrepreneurs

Undoubtedly, most of the world’s billionaires are entrepreneurs, not just businessmen. They have discovered how to transform their activities from hands-on jobs to automated techniques. They do this by hiring a skilled entrepreneur as CEO and letting him run the company while they quickly move on to the next problem. This cycle is what keeps the momentum going.

Don’t get me wrong, billionaires hate the idea of ​​a “process” as much as anyone else. So why not hire a businessman anymore? that thrives in that environment?

A successful entrepreneur, billionaires have mastered the art of work run with businessmenThey know how to recruit them, put them at the helm of their emerging startups, and leverage their expertise to automate commerce. Here’s how they transform their “startup process” into a self-sustaining enterprise.

And that’s exactly how they become billionaires!

Finding the right type Explicit individual

The total inconvenience you will face if you choose this path to billions is supervising the businessman you hire. Make sure he is actually doing the best possible job. It’s a win-win situation: you get more free time to pursue new ventures and the businessman gets what he needs: a secure 9-to-5 process.

Keep innovating!

As you supervise your most popular CEO, restart the cycle. Grow as many companies as you can. Experiment and see what works. If a problem grows to the point where your “to hell with it” regulatory style is no longer valid, start looking for CEO-like entrepreneurs to bring on board.

Unfortunately, these CEOs will never become billionaires. On the other hand, yes. I actually hope you do. In short, you will have some automated companies, generating substantial wealth. On the other hand, consider that it is not all about the money anymore, right? Or… is it?

The article “Avoid This Costly Mistake in Entrepreneurship” first appeared on Hongkiat.

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