The Entrepreneur Mindset With Dan Sullivan | EP #33 Moonshots and Mindsets

“you if you think about what it takes to become an entrepreneur and I'm curious uh for those who are entrepreneurs You Know It uh you thrive on it I'm on my 26th or 27th company uh some really good ones some spectacular failures and everything in between but I think uh I would if I were to Rattle off the list of things first of all it requires uh passion or obsession with a a subject because it's not easy it's much easier just get a job and do what you're told so that's the first thing I think it requires a reasonably high risk tolerance because if you're really doing something on your own that hasn't been done before and you could lose it all and you're not sure where your next paycheck is coming which is some part of the early entrepreneurial Journey um risk is there a and then I think there's a a certain amount of self-confidence I would say uh having an understanding of the problem you want to solve and possibly not required an expertise you're bringing to the table because a true entrepreneur um will not ask how but who right as you've famously said they'll pull together a team what are the other elements that you think of an entrepreneur needs to have well I think the one that I've noticed because I am fascinated in people's history so whenever I meet an entrepreneur I said you know when you think about the entrepreneurial path which is definitely a fork in the road from you know from the way that most people think about their future when did you notice showing up if you had to go back to the earliest age that you were doing things different than your peer group was doing you were doing something different than them and you were you wanted to have a a direct relationship with the marketplace okay you didn't want a buffer of someone who guaranteed you income didn't guarantee you security you wanted to hit the marketplace so uh do you remember I mean I I I I do I do I remember uh I was High School I started a a snow removal service uh in my in uh between my house and my friend's house a few miles away we went door too and sold snow removal for 20 bucks a shot wow um that was good because that that would have been the late 70s I think yeah the problem was we had a record three- foot snowfall on one day and destroyed the business because I couldn't take care of it uh but but you know that was my my first uh effort but my real entrepreneurial Journey was my first year at MIT when I started a um a national international student space organization called students with exploration and development of space and it was this bold crazy Vision that actually came true and I was like wow this is cool and there's like this this element of surprise and Delight when you start a business and people and it was a nonprofit but uh and and it I got it I got hooked I got addicted Ed on the idea of an idea and creating something that people would participate how about you Dan what was yours well I grew up on a farm so uh farming is a very risky entrepreneurial business and our farm failed and um my father um recreated himself at age 60 as a landscaper and had his best he worked right till he was 82 and he had his best business year and he left uh um you know my mother um he died at 83 but he he worked full-time uh when he was um 82 and then he packed it in he packed it in he said I can't do it anymore and my feeling is that the day my father um wasn't doing business he didn't know what he who he was and yeah and he just he said I'm out of here you know uh and that that joy that you talk about the excitement and a lot of it is just the Applause I think Applause really keeps people in the game teamwork um deadlines um you know having to cre create new Solutions but you're doing it face to face with the marketplace so you know you're you're you're really getting the best kind of research for the development of what you're doing and it's check writers check writers are crucial and you want to be paid directly you don't want to go through a third party you don't want to have five levels of coming down to you and what I noticed just to finish this topic that it shows up very early I mean the the Instinct for it shows up um um where it's chosen I I think there are people who are forced into it because of the failure of a a large employer and that happens but I noticed the ones who start early um uh tend to create new things more than the people who are forced into it and um yeah and and you had a very uh divided U not only uh postgraduate but you had you were already added an undergraduate because you have your famous getting your Med medical degree yes it very true I mean when you're hooked as an entrepreneur you you love what you're doing and you're excited to jump out of bed in the morning and go and see what are the results of what I did yesterday and what can I do different today um you know Dan I think it'd be interesting to ask a question and and get your insights and I have a few to add of what don't people realize about entrepreneurship like what are some of the surprises uh that uh um if you haven't”

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