The Entrepreneur does what he does for the deal not for the money. If it was about money, the Entrepreneur would instead find a sales job that pays a greater salary than what he makes while building a company.
Many Entrepreneurs go years without salary and suffer before reaping the windfall from the fruit of their labor of love. Anyone who enters the life of an Entrepreneur focused on money is likely to fail miserably and should instead seek other ways to make money instead.
The Entrepreneur starts new business based on a passionate idea and is willing to forgo salary often risking their personal assets in exchange for the opportunity to make their idea viable in exchange for a shot at having a future windfall. Many fail, some succeed and others merely survive.
A smart Entrepreneur takes a calculated risk instead of jumping into a business with no knowledge at all. The research is done before they make any kind of investment. It’s 100% sweat equity and then after they see a clear path to building a profitable business do they invest their own money as well as others.
Let’s say you jumped into a start-up business without first planning like the average Entrepreneur does. Don’t worry, instead focus on putting a plan together now, the minute you realize you need it. Minimize exposure while you build the plan and give yourself a chance at being a successful Entrepreneur even if it means taking a step back to minimize your exposure while you create a plan.
The Entrepreneur with a plan will substantially increase his chance of success. That doesn’t mean that the plan will guarantee success. It means that the percentage of success increases with an idea of where you are going.
I am a Serial Entrepreneur who has seen many failures and successes. Because I continue to do start-ups I know that I have that risk that I will fail again. Still, my chances of success are greater through experience only discovered through past failures. I am not afraid of taking that risk and neither should you.