The One Piece Of Advice For When You Feel Stuck As An Entrepreneur
In this conversation myself and fellow Rich Dad Advisor Blair Singer emphasize how important it is to have a solid team around you when starting and moving through your entrepreneurial journey.
Starting your own business always sounds magical at the beginning.
You think this is great.
I am going to be my own boss, make my own hours, and live my own life!
Then the phone doesn’t ring and nothing is selling and you feel…..stuck.
You want to give up.
You think you made a mistake.
This is where your team comes in.
This team doesn’t necessarily work for you. They are just a group of people that can help you focus when you feel like giving up.
Look around you.
Are the people closest to you people you want on your team?
Will they motivate you through the low points and put things in perspective for you?
When watching the video, pay closes attention to my analogy of putting your problems into parking spaces.
This is a highly valuable lesson in managing those times where you feel stuck in your business or personal life.
(See full video transcription below)
Hi guys this is Blair. First of all I want to thank you so much for sending in all your requests of some of the topics you wanted to hear about. The requests went from entrepreneurship, to sales, to presenting in front of rooms, to code of honor, and all kinds of great things. I want to share a little of that with a dear friend of mine Ken McElroy. Some of you know him as the Rich Dad Advisor of real estate to Robert Kiyosaki, but probably even more important than that, if I were to epitomize the word entrepreneur I'd make it this guy. You could give him any business and he would give you 25 different ways to kill that cat and make money out of it. It's just amazing.
We had an interesting conversation the other day. He said that the opportunities are everywhere around you and so I just wanted to say is all of you guys are mostly entrepreneurs whether you're in the teaching business whether you're in any other kind of business real estate or investing business it's really important that you are able to see the opportunities around you and so I just wanted to say thank you for doing this. And so as an entrepreneur okay I'm just gonna share what we've talked about here is like I'm just I get stuck on whatever everybody gets stuck on. Everybody gets stuck at some point and they think I’m blowing this up, this is not working, I've reached this plateau, what am I gonna do. You know what, you guys know what I'm talking about and you think like well maybe I'm on the wrong track and you go no no no wait a minute so what did you say to me.
Well, I mean, you were stuck right? You came to my office and I just was pointing out all the things that you had and I think sometimes people don't look at all the resources that are around them right yeah you know and I think that the other point that you made is that if you're an entrepreneur you're gonna screw up yeah and you're gonna screw up all the time. He said I think he said something to be like so what makes you think you're so different yeah what do you mean by that? Well, I think that what happens is a lot of times is a resiliency you know like sometimes and we all get beaten down you know and I mean every single day it just seems like we're all about right but what I was saying was that sometimes you can have a little pity party you know on yourself and you know what's happening and you get stuck in a rut and that's what I was talking to you about I think what happens is you get stuck around these habit ruts you know you get up and you do the same thing everyday and then sometimes you very wisely called me up and I just changed your mindset a little bit right I said well, you know just what? What have you been doing and how have you been doing it and have you looked at this have you looked at that and then the light bulbs start going off again and they were always there.
I think that's the point. The point was you told me, gave me a greatest time he says I want you to make a list this weekend of all the assets not maybe not physical assets but all the attributes, all the good things going on that you've got going on in your business all around a the relationships, the affiliations and I have you guys do the same thing and just start and look at it differently. Yes and all of a sudden all these opportunities are popping out! They do yeah and so that's what happens a lot of times is that people get stuck in the rut and they're not aware of relationships or you know people that they know or mentors or coaches or you know business relationships or acquaintances or maybe they can even be people that they're tied to on social media you know that they could just reach out and start.
There's a lot of things out there I think within our grasp we just don't always know what to look for yeah you know there's a lot of times I know some of you guys are trainers and teachers out there and by their very nature they work alone right they operate alone and they operate out of their laptop or their phones and so their whole world is like this but we just did a thing we just did it from Facebook live for more important than money right yeah about the team, what do you want to say to those people out there about well that's the thing I think most people work independently or in a vacuum and I think that's very common and so therefore you can get kind of stuck in a rut and what happened with you is I just plugged into you as all I just said hey what about this what about that what about this and it just gave you new energy and I think that's an important piece whether it's a coach or a mentor or whoever, it doesn't happen it could be a pastor it could be whatever you know sometimes you just need somebody to you know like say hey look at everything that you have and look at all the things you should be grateful for right and these are all the assets that you have now.
How do you monetize those or how do you capitalize on those or how do you build those relationships you know and they're all there you know I think yeah they're all there yeah well they were there I just didn't see them because you just you keep going down this rabbit hole. I gotta solve this problem I got this problem I need cash flow right here right now I got to do this and what happens is I get narrow focus and you forget everything else that's out there and sometimes that can have that could be detrimental not only to your business but to your health and your family and everything else.
Well it happens a lot and and because you've been with YPO for a long time I have yeah which is young presidents organization where that you guys get together every month in groups and what do you guys do well so we do is well what's really cool about YPO is in the first five minutes everyone does an update so 10 people takes about an hour so you basically list your highs and your lows in your personal life and your business and you have only five minutes and there's no talking so basically everybody goes around and and then there's a moderator which in this case happens to be me.
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I take notes and I say okay Mark’s got an issue here with this business you know some might just be communicating and some of them might be an issue but you don't deal with it then and then at the end you do what's called a parking lot you draw a line you say urgent important you known on urgent important you know unimportant not urgent you know what I mean you've seen the quadrants you basically put them in the right spots so you get all the ten people and put them in the parking lot so and you can kind of see which ones are the most important. And the other thing that's interesting about these five minute updates that a lot of them are similar so for example one of them might be I don't have enough time well that might apply to three or four or five people right and so that's an issue you know. Or another one might be I have a partner stealing from me or I'm going through a divorce or I have a sick kid or whatever I mean can be everything good it's both it's personal and business then what you do is you decide which ones you go deeper on you explore more so you go deeper on that issue as a group and then it gets really super fun because at that point they're all really surface you know but the cool part is everybody usually has one or two so you'll wall roll out of there with 15 or 20 issues and then what you do is those are the issues those are the issues everybody's carrying today and they're not gonna go away in a month or two months you know so so then you put a program around those things and you try to handle those as a group so that's how that's how the group works together you know and we've had big issues we've had companies go public we've had companies go from public to private we've had spouses pass away we've had her inheritance issues we've had kid issues you know we have mergers and acquisition issues we have bankruptcy issues you know all kinds of stuff come up. So you're always connected but you're dealing with them together as a group yeah and I think the the point first of all thank you so you guys got just we're given a magical process right now that you can replicate at some level but it you can only replicate it if you're willing to reach outside of your own domain you can't do this in isolation you can't do it at home.
What I'm asking many of you to do is to take a look at your natural inclination to try of having to solve your own problems because if you haven't solved them yet the chances are you're not gonna solve it unless you get some outside influence and some outside support so get used to working with other people get used to finding other people to be your advisor your teammates fight off the natural inclination to say well when I'm good enough on my own that I can go talk to somebody else but I don't know what to look stupid that's stupid okay so I'm a big proponent as you know. I wrote the book code team code of honor be around people that you trust you have a dream you have an idea you have a goal you deserve to have it and if in in in one of the only reason you won't have it is because you get in your own way which is my case and so great friends like this you have the ability to you know set the paddles and you know and and and and kick started again say look at this this and this and that's a gift and the question is do you surround yourself with people that are willing to tell you the truth and are willing to to support you at that level I don't ask him for answers although be nice he gave me one but usually it's a question and usually it's an opportunity and in and I'm left to go figure it out on my own. And then if I need resources I have other people to go to.
So ask yourself how big is your circle and how tight is your circle how much are they concerned about themselves as opposed to working with you or getting better themselves.
I think you're gonna find I think what somebody once said if you want a good indication of how you're doing take a look at the five people you spend most time with and they're mostly a reflection of you Jim Rohn that's right that's right Jim Rohn. So I'm fortunate to have him here fortunate to share this information with you like I said I'm a big believer anything good that I have ever really accomplished in my life was because I had a team around me. As a matter of fact, the time is when I screwed up the biggest was in my trucking business and my coaching business, my training business computer business when I screwed up the biggest is a team bailed me out it was not me that got myself out of that mess it was it was a team of people that pick my assup and got me back on track yeah there's trust and a relationship that's right if that's the key you know. It's the same with family right if you know you you know one of the interesting things that I always ask people is you know how often you talk to your Dad or your Mom or your brother your sister and the people that don't are oddly enough are people I want to really want to do business with because if they can't and I'm not saying there aren't reasons why you might do that but the point is is that you know even I have dysfunction of my own family and you know my buddy it might anybody it might even be me but the point is the point is it.
I still am building bridges yeah and so you know those are relationships and trust and if you have that back to your point you'll have a safety net because you will fall you will stumble a flat on your face guaranteed in business personally all that couldn't but if you have if you don't have a foundation of trust with employees or peers or family or business people or whatever then you'll be very alone and isolated and that's actually where depression said sense right they say the cure for depression is community. That's right oddly enough I mean I'm not saying some of it is a clinical but community is a big piece if you plug yourself into community then you're magically it's you know people support people that's right we're both just studying a book called big potential by Shawn Achor and he wrote a book called The Happiness Advantage and it says exactly that same thing that happiness is based on your connections with other people and you know and that happiness creates success not success creates happiness and if you want to be better yourself help somebody else get better and so that's the relationship that we have that's a relationship once you guys to have. Keep sending in requests just think about that.
I don't want to skip over that point what well because not very many people approach individuals with trying to make them better for sure almost nobody and so that's a very important piece if you are always trying to give give give give give it'll come back but if you're always taking it won't that's right so if you want to get better today help somebody else get better that's the message that is the message that's the message. And by the way it's not the way we're brought up or brought up to be the fastest to be the smartest to be the quickest and all that stuff very and that's how school is that's how businesses but the evidence the Harvard research says that's exactly 180 degree opposite psychological safety that's right that's our new yeah we've been talking a lot about this that's right. Are you providing an environment or creating an environment of psychological safety and that's pretty simple do you beat somebody on the head when they say something obviously you're not gonna have psychological safety that's right, do you let people speak up and make sure that everybody has a turn in saying something or someone you or somebody else is hogging the conversation on and are you being fully transparent yeah that's a biggie yeah because most people aren't and I understand that in beginning especially in a new relationship you're gonna keep kind of guarded but after a while everything gets exposed at that point are you willing to come to terms with it you know and be exposed and work on it that's right are you learning something. I hope you guys have learned something because I'm learning something just in the conversation.
The truth of it is like I said as an entrepreneur you got dreams and you deserve to get him and so what we're doing here is just sharing what's worked for us through disasters and through successes and hopefully you're gonna learn something from that as well so if you have other questions other things you want to hear about other pieces of advice let us know comment on this and let me know what you want to talk about. But again thank you for doing this. Of course! It's awesome and we're gonna be spending the next days with kids with Robert Kiyosaki immersed in this stuff so wish us well yes okay well beat it. Till then be awesome! Thank you.
I would love to hear your thoughts on this conversation in the comments below...