Let's connect, follow me here:Follow @nnonimay Pinterest Contact NM
*This post may contain affiliate links.
And don't forget to share this post down below!
The vast majority of people find risk abhorrent. They hate the idea that they could gamble and lose it all, so they never gamble. But there are a small group of people – perhaps less than 10 percent of the population – who are comfortable with risk. They’re willing to raise the stakes, even when the odds appear to be against them because they believe that they can win the day.
If you like reading this article, you might also like:
- – How to use Teachable for free to host your online course, membership site or more
- – Making money with affiliate marketing (as a blogger or without a blog!)
- – The Complete Guide To: making money blogging when you have a small following
- – 50+ online income streams to make extra income online from home (to pay off debt)
- – 4 simple steps to starting a WordPress blog from scratch if you have zero technical knowledge
- – The tools I use to run my 5-figure automated business and blog.
- – Mailchimp vs Convertkit: growing your list to 5000+ and which one is better (and free?!)
- – How to use Tailwind Tribes to grow your blog and traffic on autopilot
- – The ultimate list 40 ways to promote your content: free guide content promotion tools
- – Free email course: A Media Kit That Sells to pitch to press and sponsor and become a professional blogger.
- – How to use Convertkit as a PR tool to automate the heck out of your PR strategy
- – Boardbooster vs Tailwind + 3 more tools to schedule and automate your Pinterest
- – A breakdown, the real costs of running a successful business and blog
Of course, the parallels between being a gambler and being an entrepreneur break down when you think about it. When it comes to gambling, the house always wins, and no matter how hard you “try,” you’ll always leave the casino poorer than when you went in. But with entrepreneurship, it’s different. First, you can win in the long term, so long as you’ve got great ideas. Plus, if you’re willing to work hard, you can nudge the odds in your favor, stacking the deck against your opponents.
This is one of the reasons why entrepreneurs like Elon Musk and Donald Trump work so hard. Trump, for instance, used to put in sixteen-hour days to his business to make sure that it was a success. Musk worked even harder, especially around 2008 and 2009 when the financial crisis threatened to derail both SpaceX and Tesla. In interviews, Musk regularly talks about his 100 hour weeks and the fact that he works literally every single hour that God sends. He talks about how you can always beat your competitors by working twice as hard. If they’re only working 50 hours a week, but you’re working 100, you can get twice as much done and beat them to the punch.
Of course, being an entrepreneur isn’t for everybody. Do you find risk seductive?
You’re Comfortable With Debt
Most startups are in debt, at least for the first couple of years. Many have short term business loans, designed to keep the cash flowing while they develop their products. Some companies are in debt even longer, especially those with a future focus. Tesla, for instance, didn’t turn a profit for more than 10 years. Amazon took until 2004 to record its first profit, ten years after the company was founded.
If you’re planning on doing something really disruptive that’s going to take the market by storm, then you’re going to need a lot of capital behind you. As such, you’ll have to get used to the idea of being in debt and be careful of your “burn rate.”
You’re Good At Motivating Yourself
Many entrepreneurs fail, not because of the market, but because of their inability to go out into the world and motivate themselves. Some people need somebody barking orders at them over their shoulder to be motivated into action. If that’s you, then it might be a good idea to give entrepreneurship a miss.
A competitive spirit is essential for people who are entrepreneurs. You need that inbuilt desire to be the best, otherwise, your product will be surpassed by the competition. An obsessive attention to detail is essential.Thanks for reading! ? If you enjoyed this article, please save it to Pinterest by clicking the 'save' button on any image.
And say hello on Instagram or Snapchat
Subscribe to my Newsletter HERE
Follow me & my blog:
Visit noni's profile on Pinterest.
- Enroll in my productivity & time-management course here http://nonimay.teachable.com
- Enroll in my PR & Free Publicity Crash course here http://nonimay.teachable.com/
- Sign-up for my free video training for bloggers here to learn how to make a living off your blog when you have a small following
- Freshbooks accounting software http://www.freshbooks.com
- Course challenge to earn an extra $5000 in 3 weeks http://www.5kin21days.com
- Thrivecart for my cart pages http://www.thrivecart.com
- Lynx – add multiple links to your Instagram bio http://www.lynx.com
- Creative Market – marketplace for fonts, photos & more creatives to buy my stock + mockup photos (without the tacky stock photo look!) http://www.creativemarket.com
- Auto-post your Instagram posts with Tailwind http://www.tailwindapp.com
- Software to create your own (paid) course or membership site for free http://www.teachable.com
- ClickFunnels – marketing funnel software to set up my marketing funnels http://www.clickfunnels.com
- Convertkit – email marketing for bloggers for my weekly blog newsletter http://www.convertkit.com
- Bluehost for my website hosting http://www.bluehost.com
- Shopify – CMS for e-commerce to create and build on my online shop http://www.shopify.com
- Fiverr – get everything (I mean EVERYTHING) done for just $5 to buy some designs http://www.fiverr.com
- Tailwind – the official Pinterest partner that schedules your Pins + optimize your pinning times & analytics http://www.tailwindapp.com
- Boardbooster – Pinterest scheduling software to loop my current pins http://www.boardbooster.com
- TopTracker – time tracker to track my working hours http://www.toptal.com/tracker/
- Ready to use Media Kit Templates for bloggers http://www.hipmediakits.com
- AWeber – email marketing software to send my business newsletter http://www.aweber.com
- Infusionsoft – complete marketing solution to set up your email marketing + affiliate program http://www.infusionsoft.com
- OneDrive – Microsoft's cloud platform to back up my life. http://www.onedrive.com
- Easy design tool to create your own designs, custom pins etc. http://www.picmonkey.com
- VPN to protect your internet surfing when using public wifi http://www.nordvpn.com
Shop my current favorites:
seamless style="border: 0;">
Most useful blog posts to grow your biz + blog
Travel Advice & Digital Nomad lifestyle
- The best online privacy tools for staying secure while traveling (and at home!)
- Travel apps every world traveller needs
- Latte & laptops –my favourite 5 work places with free wifi around the world
- Use these 9 Habits of highly productive people to stay productive while travelling
- My carry-on long-haul flight essentials