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Why It’s The Best Time To Be An Entrepreneur

Everyone in the world has been dealing with major economic shifts, and it would be a mistake to start assuming that things are going to get back to what’s familiar, or what you might consider “normal.” In this episode, Dan Sullivan and Shannon Waller discuss how things are going to continue to change for decades and what it all means for entrepreneurs.

Here's some of what you'll learn in this episode:

  • Why a recent major shift should have happened back when the Soviet Union collapsed.
  • How entrepreneurs can use COVID as an example of the kind of thing they’ll have to get used to.
  • Why countries now need to have the supply chain for anything economically crucial contained within their own country.
  • How keeping quiet about your business can grow your opportunity.
  • Why Canada, Mexico, and the U.S. will increasingly become a single economic unit.
  • A useful question to ask your best clients, regardless of their industry.

Show Notes:

With no future: Clients will sit on their money when they don’t see that they have a future.

Entrepreneurial opportunity: There’s so much friction in the world right now, and that means entrepreneurial opportunity.

Lost ground: By the first year of the pandemic, the economy of virtually every country had lost ground.

Disruption after disruption: Entrepreneurs have to prepare themselves for 25 years of disruption after disruption because that’s what’s being predicted will happen.

If rules change: If the rules are constantly changing, you don’t have the same capability and confidence about the future.

What normal means: One definition of normal is going back to the way things were.

Working on itself: The U.S. is going to be working on itself now instead of helping and supporting other countries.

Really shot ahead: Some industries, including financial and residential real estate, really shot ahead during the pandemic.

Have to realize: Everyone who isn’t an entrepreneur is going to be experiencing high levels of anxiety and worry, which is something entrepreneurs have to realize.

The main business: The main business for entrepreneurs over the next 25 years is to continually help other people create a new future for their particular business and to constantly reinforce them.


Deep D.O.S. Innovation by Dan Sullivan

Episode Transcript:
Shannon Waller: Hi, Shannon Waller here and welcome to Inside Strategic Coach with Dan Sullivan. Dan, we were just talking about the context that you pay attention to with regard to entrepreneurs. And you said something I found incredibly intriguing as usual, which is you said you always pay attention to the general economic situation, the environment that entrepreneurs are in. And I wanted to talk today about, because things are changing, things are looking a lot more uncertain. There's lots of predictions coming out there. So I'd love to get your take on what is the current economic situation that entrepreneurs need to pay attention to, and how can they be successful? How can they win in this current economic climate?
Dan Sullivan: I remember when we were about halfway through COVID, so this would be the middle of 2021, through it in the sense of lockdowns and everybody operating by Zoom rather than in-person meetings. And I had everybody identify all the progress that they had made, and a theme kept emerging in the room. And we said, someone asked the question, “How long before we get back to normal?” And it was really, really interesting. Normal mean, in my mind, sort of mean that you're going back to the way things were. And then there was a discussion. People agreed that things had really changed, had already changed during the period of the first year of the pandemic and lockdowns. And that there was still more change ahead. And a lot of this had to do with the economy because in virtually every country, the economy had lost ground.