❌ You Aren't Fit To Be An Entrepreneur!

In this insightful episode, Matt Haycox dispels the common myth that entrepreneurship guarantees boundless success, cautioning against the assumption that anyone can effortlessly make it big in business. Drawing parallels to professional sports, he emphasizes the need for skill, patience, and perseverance, highlighting that entrepreneurial success is not a given but rather the result of dedicated effort and expertise. Matt stresses the importance of realistic expectations, likening starting a business to learning a new sport—it takes time and practice to reach the top. He debunks the misconception that entrepreneurship is easy money, underscoring the rigorous nature of the game and the rarity of achieving top-tier success. With a blend of candor and wisdom, Haycox provides invaluable insights into the challenging yet rewarding journey of entrepreneurship.

Timestamps
0:00 - Intro
0:07 - The Biggest Misconceptions About Entrepreneurs
1:20 - Conclusion

Transcript

I think for me, one of the biggest misconceptions about making it big as an entrepreneur

is that everybody can make it big as an entrepreneur.

I think because business has such a low barrier to entry, you know, you can just start a business today,

Everybody has a big misconception about how good they already are and how much money they can make.

And if you look at entrepreneurs as a class,

we actually make less money than we would do with salary- salaried employees.

Yes, there's obviously the big outliers in there.

whether that's,

an Elon Musk or whether it's just a a local millionaire

who are obviously doing better than they would do as a salaried employee.

But in general,

you know, most people aren't cut out to be to be an entrepreneur

in the same way that most people aren't cut out to be a professional footballer or a professional tennis player or a top actor.

too many people go into business

and then think that they're great at it

just because they've started a business.

The analogy I always give

is that if you started playing football yesterday,

you would never possibly think

that next weekend you should be on the pitch with David Beckham and, you know, some of the Manchester United boys,

because everybody knows

there's a very clear

skill level

and league table of where you actually belong.

But that doesn't seem to exist in business. People seem to think that because they started in business yesterday

and today they're a business owner,

then that puts them in the same ranks as a a Richard Branson, as an Elon Musk.

And it really, really couldn't be further from the truth.

So I think biggest misconception is business is easy.

Everybody can do it.

You know, business is a very, very, very tough game.

like any game, whether it's sports, you know, whether it's arts,

the people at the top, they’re very few and far between.

And yes, there’s a little bit of luck in there.

But in the main, it’s skill it’s time, it’s patience and it's application.

So I think, yeah, biggest misconception of entrepreneurship is

you're going to wake up today and make a load of money.