Being an entrepreneur is not for everyone. Many people don’t want to take the risks or have the complete control that an entrepreneur has. For me, being an entrepreneur is perfect for my attitude and personality. When I was younger, I did not like authority, and I hated it when people told me what to do. One of the best things about being an entrepreneur, especially for me, is that I have complete control over my business and what I do. I do not have a boss telling me what to do, and I am allowed to make my own mistakes. I think one of the worst things for me would be to be forced to make someone else’s mistakes and not have a say in how we do things.
How I have had entrepreneur type tendencies my entire life?
At a very young age, I played football, basketball, baseball, tennis, and even soccer (which I hated). What I found out about myself when I played sports was I was fine taking instructions and learning as long as I agreed with the instructions. If I did not agree with the instructions, I had a really hard time following them. I would get frustrated and find myself not listening to my coaches.
As a sophomore in high school, I was on the sophomore basketball team. Basketball was my favorite sport by far when I was growing up. I was fortunate enough to grow very fast as a kid. I was 6′ 1″ when I was 13 years old and had the same size shoe until I was 14. I was always one of the tallest kids in my school growing up. When I saw my height charts growing up, I was in the 99th plus percentile.
My dad had done the same thing by growing very early in his life and then stopped growing when he was 13 or 14. It was great being taller than everyone else when I was younger. However, I had a sneaky suspicion I would not be taller than everyone else my entire life. By the time I had stopped growing at 14, however, I was still one of the taller kids on my basketball team. My coach insisted that I played center or power forward because I was taller. He thought my best bet moving forward was learning a low-post game because he just assumed I would keep growing.
I knew I would not keep growing and that playing power forward or center was not going to be a good move for me. There’s no way I could compete against players who were 6 inches taller than me. So, I wanted to work on my outside game through shooting, dribbling, and playing point guard. My coach was not having it and insisted I play on the low post. He would not even let me shoot three-pointers in practice, even when I was shooting on my own. I can see why he had this position because he thought he was doing what was best for the team. However, while I want our team to win, I also want to progress as a player while thinking about my future as well.
The coach’s idea of what was best for our team did not lineup for what was best for me. Now, if I had been in the NBA or college or even on the varsity high school team, I could understand the coach wanting to make the team as good as they could without regard to player development. Although, I still think a coach’s job is to help players development. Since I was not on the varsity team, I would think the coaches would be more concerned with developing players instead of winning. How in the world was I going to make varsity as a 6-1 center anyway?!
Why entrepreneurs do not like to be told what to do
My goals and aspirations were often not lined up with the goals and aspirations of who was giving me instructions. I thought I knew what was best for me and did not listen to anyone who thought differently. In some ways, this was good and promoted independent thinking, but in other ways, it was bad because I was not learning from those with more experience than me.
I enjoy taking the lead in making decisions in my life. I do not enjoy other people telling me what to do, especially when I do not agree with what they’re saying. Many people have a different mindset and are fine taking instructions from others. They actually need people to tell them exactly what to to do and when to do it.
What is the best thing about being an entrepreneur?
I created an Instagram quote the other day about making your own mistakes.
“One of the best things about being an entrepreneur is you get to make your own mistakes, not someone else’s”
As an entrepreneur, we make our own mistakes because we make the decisions. We are responsible for how well things work out or how successful we are. If you’re working for somebody else, you are making other people’s mistakes as long as you are doing what you are supposed to. If you don’t agree with what they say, you don’t have much choice whether to do it or not.
I love being an entrepreneur because I get to make my own mistakes. I have full responsibility for what happens and the outcome of my actions. I cannot stand it when other people tell me what to do, especially when don’t believe it is the right thing to do. That is one reason I’ve never been good at working for other people or having a boss.
Do you want to be an entrepreneur?
If you’re thinking of being an entrepreneur, you need to realize that you have full control. You will not have someone telling you what to do every step of the way. You will not have someone else to blame if something goes wrong. You have responsibility for the good, the bad, and the horrible. Those who can take control of this mindset can be extremely successful. Those who do not want the responsibility will have a very hard time being successful as an entrepreneur.
There’s nothing wrong with not having the right attitude or personality to be an entrepreneur. However, it is best if you learn this before you jump into business on your own. You have to be ready to take full responsibility and own up to your mistakes as well as learn from them. Some of my mistakes have been the best learning tool for improving my business. But I cannot get mad at other people or circumstances for the mistakes I make. I have to realize that I should have done that, and next time I’ll do something differently.
What are some mistakes I have made as an entrepreneur?
I have run multiple businesses for the last five years. I have 20 rental properties; I have flipped over 155 houses (26 last year); I have a successful blog; and I own a real estate brokerage. I have taken many risks and made many mistakes with all of my businesses. I thought some decisions I made would be absolute home runs that turned out to be duds. Other times, I have made small decisions that I thought would have no impact on my business become huge successes.
Here are a few of the mistakes I have made over the years that cost me a lot of money:
- I hired the wrong SEO company who completely messed up my blog and ripped me off.
- I hired the wrong project manager to run my house flipping business.
- I have hired real estate agents who were not cut out to be agents.
- I have hired the wrong contractors or not kept tabs on them.
- I worked on a house flip myself for 6 months.
I have made many more mistakes, some that have cost me over $50,000. It can make you sick thinking of the money you lose from these mistakes, but I have to also consider that I am very fortunate to be in a position where I can lose $50,000 and be just fine. With big risks come big rewards.
From every one of these mistakes came bigger successes. I learned from the mistakes, and in the end, my business is better and more successful because of them.
What do entrepreneurs have to be careful of?
Being an entrepreneur fits me perfectly because I can make my own mistakes, but that does not mean I should do everything on my own. One of the tough parts of my business is listening to people who have a different opinion than me or giving up control to others. I have hired great people, and I must trust them to make the right decisions without doing everything for them.
I have also had to learn to listen to the right people who can help my business. It has always been hard for me to listen to people who I did not agree with. When I played basketball, my coach and I had different motivations. This happens in business all the time. There are some people who want others to succeed and will help them build their business with solid advice. There are others who are just trying to make money and will give advice based on their own well being.
Being an entrepreneur is not for everyone, but it can be a wonderful experience for those who are cut out for it. There are ups and downs when you own your own business, and you have to be able to embrace them. You also have to be willing to take full responsibility for your mistakes.