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IBM 17 | Why Most People Who Call Themselves Entrepreneurs, Really Are Not

07 Sep 2006 Sterling and Jay 2 Comments

Click here to download this episode.

In this episode we debunk the entrepreneurial myth that you are an entrepreneur if you just quit your job and work for yourself. We explain why most people who call themselves entrepreneurs are not really entrepreneurs. Then we discuss how to avoid falling into this trap by identifying the source of your income streams are and balancing the major roles that you play as a business owner.

Here are the two books we mention in this episode:

E-Myth by Michael Gerber

Rich Dad’s Cash Flow Quadrant

Jay also talks about his book that was just released and is now available in major bookstores. Go here for more info.

This post is in: Mindset for Success, Podcast

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2 Comments Leave a Comment


I’m currently a tech type myself. I work a full time job for someone else with a number of ‘projects’ for myself on the side. I’m waiting on a couple of issues to resolve themselves before I can take the plunge and go out alone. When I do, I can see it will be hard to keep my hands off the work and let someone else do it, perhaps differently.

A question for when I do take the plunge.
How do you get yourself a good manager and/or tech?
Is it trial and error or are there things you should look for?

Sterling Says…

Hello Russell

We are going to do a show all about employees and freelance employees where we will address the questions you have! Thanks for the question, Sterling


This was a great show - probably the best of the new series! Congrats to Jay on the new book.

I have one disagreement with your comment on acting like an entrepreneur and not being bogged down in the day-to-day tasks of running a business. I have found that I am able to do much of my best thinking (or listening to others!) while doing some of the menial tasks associated with my business. Often while I prepare my orders for shipment I will listen to podcasts or mull over an idea I am working on.

We all have menial tasks to perform, even if it is commuting to the next town, and I would argue it is the successful entrepreneur who is able to take what is “down time” for some and make it into productive thought time that can be used to further grow their business.

After all, thinking is hard work and studies have shown that getting away from a problem is sometimes the best way to solve it (you may have discussed this in one of your earlier episodes too).

I would argue that an entrepreneur is an entrepreneur because of the way they think, even if they happen to be doing something else at the moment.

Mark

Sterling says:

Hello Mark,

I am glad you have found a way to spend some time thinking, for me I take my mp3 player filled with interesting business podcasts and go for an hour bike ride or walk. I bring along a digital recorder to record any ideas that come to me on the way. We all should have what you called down time to spend thinking about the vision of our companies and I’m glad you have found a way and time to do that. I would say that most people don’t use the time they are doing the day-to-day tech jobs to think, which is why we didn’t mention it. For me, the menial day-to-day stuff isn’t a catalyst for thought or vision, so I would have never even thought of it. I have very glad you have found a way to do both! The Key is to find the time to think about the vision of your company, even if it is while you are doing other things! Thanks for the note Mark.

Wishing You Ultimate Success,
Sterling

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