#Ask - The Daily Q&A Entrepreneurship

What are the top assumptions that people have about entrepreneurship that are incorrect?

The word “entrepreneur” has been tarnished. Anyone thinks they can be an entrepreneur. Hell, one of the most popular type of question that comes across my Quora feed is along the lines of, “I’m ____years old, and I want to make a million dollars by the time I’m _____years old. What business should I start?”

I can’t tell you what business to start to make you rich, and you should be extremely skeptical of anyone who tries to tell you differently.

My advice for the get-rich-quick crowd? Keep the 9-to-5. You’ll be happier. Being an entrepreneur is not easy, and there is no guarantee of success. The way we talk about the topic of entrepreneurship needs to shift its focus because, frankly, being an entrepreneur is not all it’s cracked up to be. For the majority of people, they’d be better off financially, emotionally, and physically by working for a traditional company.

So, instead of asking, “How do I make a million dollars?” try asking, “What am I passionate about? What will give me piece of mind? How do I want to live my daily life? What do I have to do to make that possible? What is important to me? What am I willing to sacrifice?”

Will you sacrifice your mental health, romantic and family relationships, and your financial security for a small chance of making money?

If you respond yes, you aren’t ready, and you are heading down the wrong path and you will set your future up for failure.

Don’t get me wrong, I love failure; it’s a wonderful teacher. But fail at an idea or fail after giving it your all on a project and a business that you can’t stop thinking about.

However, if you are looking to just make a million dollars, you’ll never make it. If you want to be your own boss and work at your own company, you have to love what you do because you can’t just clock out at 5 and take the weekend off. If your business isn’t coming from a place of love and passion, then there is absolutely nothing wrong with working for a traditional company. Because, honestly? You’ll likely end up wealthier and saner that way.

When you understand it’s more about the process and money is irrelevant, then you are ready.

Or you could just play the lotto for the best of both worlds.

Thanks for asking. I hope that this has provided you some value.

Take Care.

Do you have a question? I’ve got some answers. Submit your question it to Ask@MikeSpeer.com or Tweet it to me @MpSpeer

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