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Learning What It Takes To Be A Successful Entrepreneur, with Peter Diamandis

What is it really like to be an entrepreneur? What are the highs and lows? What does it take for great business success? How do you know if the lifestyle is right for you? In this episode, business coach Dan Sullivan and Peter Diamandis explain why some fail and some succeed on the entrepreneurial path.

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

  • Why it’s easier than ever before to find a problem and solve it.
  • What keeps entrepreneurs in the game.
  • Why entrepreneurs ask “Who?” not “How?”
  • The biggest cause of failure for entrepreneurial companies.
  • Why entrepreneurs need to choose their co-founders and team members wisely.
  • Some of the surprises encountered when becoming an entrepreneur.
  • Why only entrepreneurs love failure stories.
  • Why entrepreneurs need to know what they don’t love doing.

Show Notes:

In 1804, an entrepreneur was defined as someone who takes resources from a lower level of productivity to a higher level of productivity.

Being an entrepreneur requires high risk tolerance because you could lose everything.

It’s easier to get a job and do what you’re told than it is to become an entrepreneur.

To be an entrepreneur requires passion for a subject, if not an obsession.

Entrepreneurs need self-confidence in bringing their expertise to the table.

Entrepreneurs don’t want a buffer; they want a direct relationship with the marketplace.

A great entrepreneur with a mediocre business will reinvent it into a great business, while a great business with a mediocre entrepreneur will fail.

Entrepreneurism isn’t a career choice; it’s a lifetime choice.

The only person who can tell you if your idea is good is someone who’d write a check for it.

The instinct for entrepreneurship often shows up very early.

Some people are forced into entrepreneurship because of the failure of large employers.

Most “overnight successes” happen after years of hard work.

All an entrepreneur’s money is in the aspirational future of their best clients.

All entrepreneurs have passion for freedom.


Abundance: The Future Is Better Than You Think by Peter Diamandis

Exponential Wisdom podcast

Unique Ability®

Who Not How by Dan Sullivan and Ben Hardy

Episode Transcript:
Dan Sullivan: I'd like to welcome you to a very, very special Multiplier Mindset. This is with Peter Diamandis, and Peter is, in my estimation, one of the greatest forward scouts in the world of advanced technology. And he created the XPRIZE that put the first private spaceship into outer space. He has many, many prizes for new technological breakthroughs. He had written a book in, I think it came out around 2011, and it was called Abundance, and it was reviewed in the Wall Street Journal. And I read it and I really loved it. And then very shortly thereafter, Joe Polish had Peter as a speaker at his annual Genius Network. So this is probably one of the best mastermind groups on marketing in the world. And Babs and I are clients of Joe in his program. And Joe's been in Strategic Coach since 1997.
I met Peter in New York. He just had gone through the roof with his book and he also had a TED Talk, which went worldwide. And all of a sudden he had huge speaking engagements all around the planet. But he had also just gotten married. And in the first year he had twin boys. So here he was, he was caught between red eyes around the planet and getting home and spending time with his family. And we connected, and it was just the right time, he really liked what Joe said about Coach, and he liked the conversation. So he signed up. And then within about three or four months, he had a video session going through all of his ideas on how you create an exponential company entrepreneurially.
So he had about 50 seats and we put 35 Coach people in. And I took on total reality with him with that. And he says, "Wow, you guys can really put customers into an event." And I said, “Yeah, we've been doing it for a long time.” And I said, “If I'd had six months, we could have gotten 200 or 300 people.” So we decided to create a collaboration between Peter's company and our company Strategic Coach. It's called Abundance360. We're in our 11th year right now. It's a big event. And 360 is the total number of people who can be there live every year. But then he's got a whole series of video workshops that go off, and we have hundreds of our Coach clients involved in that.
So this is a beautiful collaboration because we could never have his skills inside of Coach. That's not really the focus of what our program is, but there's a lot of our clients who really want access to Peter's knowledge. So we've created a way for them to do it. We also have a podcast series called Exponential Wisdom. We got the raw footage from that. So we just wanted to take it and put a Multiplier Mindset context around parts of our conversation. The topic of this particular podcast, what does it take to be an entrepreneur and then to be a continually successful entrepreneur? This is little bit of the interchange between Peter and myself. And one of the things that this points out is that there's a million different ways to be I'm an entrepreneur and there's a million ways to be a successful entrepreneur because it really depends upon what your Unique Ability is, but it takes certain kinds of capabilities to really, really be successful so that your decision to be an entrepreneur is a huge payoff. It's a 10 times payoff. It's 100 times payoff.