When you think of great entrepreneurial role models, who comes to mind?
Probably über wealthy startup founders, CEOs and angel investors who's books on entrepreneurship are hailed as the modern day blueprints to business success.
These entrepreneurship icons often tell us that growth at all costs is key. Get enough early investment capital and you can even operate your business at a loss from the very beginning until you find a way to dominate your market.
Of the tiny startup minority that finds success (9 out of 10 startups fail), those founders then sell their companies for a multi-million dollar payday, earning their place among the angel investors to begin the cycle anew.
Given that strategy's tiny potential for success, why would you even try to be a startup?
We think it's not only dumb, but dangerous...
Follow your passion! Dare to believe in your dreams! You can do it!!
Sound familiar? The areas of entrepreneurship and personal development/motivational stuff and intertwined and "follow your passion" is run-of-the-mill advice in both.
But is it actually good advice or is it just another example of guru bullshit?
In my experience, it's bad advice and the "follow your passion" crowd usually don't last long as entrepreneurs.
So, you should be a hard hitter and chase the money, right? Coffee is for closers and all that.
Well, chasing the money is also a pretty reliable way to fail at the startup game...
So, what exactly is the right approach? Check out today's video to find out...