The Entrepreneur Mindset
While operating an expanding national franchise, I have had the opportunity to speak with many interested candidates. Throughout the qualification process I have noticed that a consistent factor between a Serious Candidate and a less serious candidate is their MINDSET. My goal of this letter is to shed some light on the different mindsets (mental attitudes) that can accompany a franchise opportunity and to encourage you to consider being an entrepreneur.
Don’t ask, “What will this cost me?” Ask, “WHAT WILL THIS MAKE ME?” A slight shift in mindset makes all the difference.
Let me share an example; most people would prefer to receive the “safe” $80,000 per year (A) over $50,000 per year along with an asset appreciating $10,000 per year (B). A residually appreciating asset is what you have when you grow your business. Most people go to work and get their paycheck, but when you work for yourself, you get paid while building your business. So, with this example above, after 10 years, the first person (A) would have made $800,000 while the second (B) would have $1,050,000 in value ($500,000 in salary plus $550,000 in appreciation) and growing! The “big-picture” mentality helps you see the long term value over the short term gain.
After his father lost his safe job, comedian/actor Jim Carrey learned “you can fail at what you don’t love so you might as well go for what you love.”
In the United States, we are commonly instructed to get an education, get a job, work long and hard, minimize risk, save money, retire and be happy. There is some truth to this system along with flaws. Instead: Education is ongoing; reward/security requires calculated risks; work hard, smart and short; happiness is not a destination. Educators (who also happen to be employees) instruct that it is safe to “Get Rich Slowly” (i.e. save as much as you can until your savings earn you enough interest to retire). This typically takes a very long time and a lot of money saved (you would need to have $2 million saved in a money market earning 3% interest in order to create $60,000 of residual income). This strategy is challenging and HIGH RISK! What if there is an emergency and you have to dip into your savings at some time? What if you get to retirement age and you don’t have enough (at this point you are 65 and it would be tough to change strategies)? What if the stock market doesn’t do as well as you had hoped? Not to mention, you are hard at work for long hours during your best years. I call this mindset the “Employee” or “Corporate” Mindset.
The alternative that I prefer is to GET RICH QUICK, RETIRE EARLY AND ENJOY DOING IT! It is not easy, but it is VERY POSSIBLE! It does require a paradigm shift, a change of perspective. Instead of the goal of saving massive amounts of money during your working years in order to retire, the New Goal should be to create a Revenue Generating Vehicle that produces residual passive income. The best ways to do this is through being a business owner or investor. We often think that the wealthiest people are doctors, lawyers and great salesmen. The richest people in the world are actually business owners and investors. This is because although doctors and lawyers receive high hourly pay, they have to exchange their time for money (and they are limited to the amount of time they have). Business Owners can exchange other people’s time for money and investors exchange money for money. Having this “ENTREPRENEUR MINDSET” makes great wealth generating opportunities possible.
Do you live to work or work to live?
Owning your own business can be a lot of work and there is high risk involved. Investing in a franchise gives you a business and significantly eliminates the risks since you have a proven system, support, and the experience of other franchisees to evaluate. A business/franchise takes a lot of work up front to get established, but once the foundation is laid and pieces put in place, it will serve as a great vehicle to create the residual income desired. This is a superior income strategy since it is Easier, Faster, Less Risky and More Attainable to create $100,000 in residual passive income than it is to save enough money to finally retire at the end of your career as an employee.
“I like to take risks – that is how I make money. But there’s one thing, they are calculated risks.” — Kevin O’Leary, “Shark Tank” Investor and Billionaire
Nothing ventured, nothing gained. The greatest risk is to take no risk at all! Most have now realized that being an employee is not necessarily safe. The corporate world is ever-changing and competitive. Yet, employees often sacrifice work they love for the illusion of security. In an average lifetime we will spend 91,250 hours working. That is 22.4% of our lives! Considering you spend nearly 30% of your life asleep, it is important that you spend those working hours doing something that you enjoy. Steve Jobs agrees and says, “The only way to do great work is to love what you do.” I have noticed that I work harder and more effectively for myself than I would for the world’s most inspiring boss. DO WHAT YOU LOVE AND YOU WILL NEVER WORK A DAY IN YOUR LIFE!
Chase your dreams or you will be working to chase someone else’s. I envision you drinking your morning coffee on your own time each day, followed by activities that you can plan and enjoy in a career that makes a difference.
“A journey of 1,000 miles begins with a single step.” – Lao-tzu
Many blessings and much success!
Luke Vercollone
President, Mighty Kicks Franchising
Learn More About the Mighty Kicks Franchise Opportunity!
Why Mighty Kicks? I began Mighty Kicks to help kids. It is now a great pleasure to help entrepreneurs (franchisees) as well. I would NOT recommend Mighty Kicks if you do not enjoy sports, working with kids and running your own business. If you are self-motivated and you do like these things, than I strongly suggest INVESTING IN YOURSELF with a Mighty Kicks Franchise. It is certainly a business you can be passionate about.