In This Episode You’ll Learn:
- The difference between self-employed and entrepreneur
- How to tell what kind of business best suits you
- Steps to take to avoid beginner mistakes in your entrepreneurial journey
Are You An Entrepreneur?
Gino’s career is dedicated to teaching what he needed most when he was thinking about starting a business: how to determine if you’re truly an entrepreneur in the making. He says discovering this from the outset of the entrepreneurial journey can be the difference between success and endless headaches.
“I think the world is divided into two camps: one that believes you’re born an entrepreneur and the rest of the world that believes you’re not. And I’m . . . in the camp that [says] you’re born with it.”
Through working with thousands of entrepreneurs over 30 years, Gino has determined six traits that characterize a true entrepreneur:
While anyone can be on the entrepreneurial spectrum, Gino believes only people who innately possess these six characteristics can be true entrepreneurs. He’s committed to helping people recognize whether they possess those characteristics so they can make business choices that are best suited to them.
“What scares me is our media promotes that the only real entrepreneur is the billion dollar tech unicorn. And . . . not everyone is cracked up to be that and it’s not all it’s cracked up to be.”
Gino has developed a tool called MyBiz Match, which helps prospective entrepreneurs gain clarity about what the perfect business for them looks like. His goal is to help people start thinking with their future business so they can minimize their mistakes in its development.
Gino is a huge proponent of focus and cautions against diversifying a business too much. The more you dilute your business, the harder it is to manage.
“Focus wins in the long run.”
Don’t Sell Yourself Short
Gino says that 80% of entrepreneurs don’t charge enough. A 10% price increase is the difference between losing and making money.
Fair pricing contributes to educating your customer about why your business is valuable, different, and excellent. Selling yourself short depreciates your work.
“The second you realize you’re worth it — the right marketing message, the right sale — everything is going to come out of that.”
Passion, Mentor, Foresight
It’s key for emerging entrepreneurs to discover their passion, find a mentor, and engage in 10-year thinking. This creates clarity for the business-building journey and sets the pace for your business’s success.
Find entrepreneurs who do what you want to do. Reach out and ask them to mentor you. It will take persistence, but it’s worth it.
Long-term thinking is essential for successful entrepreneurship. Paradoxically, thinking of your business in terms of 10-year increments will help you get to where you want to be faster — thinking slower is thinking better in the long run. Take action but be patient.
- Gino’s website
- EOS Worldwide’s website
- “Traction: Get a Grip on Your Business” by Gino Wickman
- “Get a Grip: An Entrepreneurial Fable” by Gino Wickman and Mike Paton
Also Mentioned in this Episode:
- “Rocket Fuel: The One Essential Combination” by Gino Wickman and Mark C. Winters
- “How to Be a Great Boss” by Gino Wickman and René Boer
- “What the Heck is EOS?” by Gino Wickman and Tom Bouwer
- Dan Sullivan’s Strategic Coach
- Casey Brown’s Ted Talk: “Know your worth, and then ask for it”