823: THIS is why we quit! (But we can change this...)

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Hey, what is up?

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Welcome to this episode of the Wantrepreneur to Entrepreneur podcast.

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As always, I'm your host, brian LoFermento, and in this Solo Sunday episode, we are going way back in time to one of my favorite topics that I used to talk about a heck of a lot more on this show, and that is why I believe most entrepreneurs, most businesses, most people in any endeavor end up quitting.

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It's so important for us to understand this, of course, so that we can avoid this common pitfall.

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I'm excited about this one, let's dive in.

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So I've been doing something lately here in the beginning of 2024, though I haven't done in quite some time and that is going on other people's podcasts.

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I very frequently get asked to go on other people's shows and it's something that I just haven't had the time or the bandwidth to take people up on that offer over the past few years, and this year in particular.

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I don't know what's in it, probably because my love for podcasting just deepens literally every single passing day and so this year I've been doing it a lot and I think that there's something so powerful about going on other people's shows and being on the other side of the microphone and really answering questions and sharing transparently and trying to bring value to new audiences.

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And for me, especially as someone who's usually on this side of the microphone, someone who is creating content or or interviewing other amazing entrepreneurs, it's not often that I just get to sit down with great podcasters and great interviewers and answer their questions and have them really poke and prod me and and get some of my old stories out and my perspectives and my new strategies and all of these different things.

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And so this year I find myself going back in time and really putting my beginner entrepreneurial hat on, because a lot of these podcasts I mean it's inevitable we do it here on this show as well is that we talk about the entrepreneur's journey, whoever it is that comes on the show.

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We don't just talk about how they're successful.

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Today I love going back and saying, hey, paint that picture for us, fill in those gaps.

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And so, as part of my own journey, when I go on other people's shows, they straight up ask me they're like what was it like when you started your first business when you were 19?

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And it takes me all the way back to my college days and it puts into focus the things that really worked for me, the things that I found really difficult the obstacles, the challenges along the way, the hard lessons that I had to learn, of which there are so many.

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So I've had a lot of fun just really going back in time and recounting some of those things.

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Because here's the thing, when I think about this show, you know we're 800, what are we?

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823 episodes in.

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That's crazy to me 823 episodes over the course of gosh.

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This is going to be in a towards the end of this year we'll celebrate eight years of this podcast, and what I knew would happen and I said this at the very beginning of this show starting is that I knew that the content would mature and grow with me.

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It was inevitable because as I got better at business, as I figured things out, as I understood business at a really deeper, more articulate, more academic, more practical level, well then I'd be able to bring that to all of you here in this show's content, and it's something that I bring with me into every solo Sunday episode.

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It's something I bring with me into every interview that I get to do with these amazing entrepreneurs who are part of the entrepreneur to entrepreneur community.

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But with all of that said, I also know that part of it has been lost along the way because I don't necessarily focus on or actively think about on a day-to-day basis.

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What is it like at the very beginning?

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And I love how many of you DM me on Instagram to share with me that, hey, brian, I'm still in the entrepreneur phase and I'm going to shout out Bruna, for example.

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Bruna messaged me on Instagram this past week.

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That's one listener who I had the great pleasure of DMing back and forth with and hearing Bruna, for example, reveal to me.

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Hey, she said I'm a entrepreneur, I'm in that phase and I found your show and she's actually I don't know if she'll ever listen to this.

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I'll send this episode to her, but she's starting all the way back on episode one, and so it makes me realize I love entrepreneurship.

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I am very fortunate to have as many businesses as I do and love entrepreneurship.

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I am very fortunate to have as many businesses as I do and I help out so many other businesses, either in my portfolio that I've got equity in, or I consult with or I advise.

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There's so many cool things.

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I love business on so many different levels, but I also love it's why it's in the name of our show Wantrepreneur to Entrepreneur.

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I love those beginnings and so, with all of this said, it's for sure the longest preamble that I've ever given to an episode, and I'm so sorry for that.

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However, I want you to understand how I got here and why it's today that we're talking about this topic, and what I really realized is that I used to talk about so many different things seven and a half years ago because I was younger in my journey, I was newer in my entrepreneurial journey, I was still figuring things out and I am still figuring things out just different things, things at different levels, different stages, different steps of my journey, and so going on these other shows recently.

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Now we're getting to the crux of today's episode, going on these different shows.

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One thing that interviewers always tend to ask me is why is it that most people quit?

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What is it about that wantrepreneurial phase Everyone knows, obviously, that kind of everything that I do is under this wantrepreneur to entrepreneur umbrella to realize the reason why we quit and I'm saying we because we all quit various things in our life.

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Every single one of us has quit some things, many things, in our lives and in our business journeys, and we will continue to quit because quitting is actually a good thing when it's not the right thing for us.

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So we will continue to quit different things.

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However, today, within the realm of entrepreneurship, I want to talk about what I have seen, having worked with over 5,000 entrepreneurs across all of my businesses, across my 16 years of being an entrepreneur myself.

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Now, what I've seen, the common trend, and that is I'm going to boil it down really simply for you here in today's Solo Sunday episode I think it really comes down to timeline.

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I think that when we expect success or when we judge or gauge or measure our success on too tight of a timeline, we set ourselves up for failure, and it's something that I've been using this analogy on every podcast that I've been going on recently of the gym, just because I think we all inherently understand fitness.

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We all understand health and wellness because we all live it.

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We all know exactly where we are in our health and fitness journey.

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Some of us are in not so great places.

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Some of us are in great places right now.

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Some of us are kind of average middle of the road where we always kind of hang out.

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We're all at different phases of our health and fitness journey, but the one thing we all know is that if we go to the gym today, we are not expecting results.

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That would set us up for failure.

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If you and I go to the gym today and we think that we're going to get anything from today's gym session, we are going to be disappointed.

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Why?

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Because that's not how it works, and we know that, and it's so easy to paint this picture through fitness is that if you and I go to the gym today and we're like man, we really want muscle definition in our arms, let's say.

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Or we really want a six pack and we think that going to the gym today is going to deliver those, of course it's not.

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We're going to come home, we're going to look in the mirror and we're going to be like gosh, it didn't work, I'm never going back.

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But when it comes to health and fitness and going to the gym, we know that it is the compounding effect.

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We know that it takes consistency and discipline and, most importantly, we know that it takes time.

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But for some reason, when it comes to business, we don't operate on that same understanding.

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Way too many people, when they start their business, they say you know what I want to start my business?

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And a lot of them I always laugh at this when I talk to entrepreneurs and beginner entrepreneurs is that they kind of mark their business launching as the day they launch their website and on that day they typically post about it on their LinkedIn or their Facebook or their Instagram and they say how excited they are and then nothing happens.

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It's just like going to the gym one time.

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Okay, your website launched, your business launched, you announced to the world that you've opened your doors.

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That's day one of going to the gym.

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Nothing is going to happen from that.

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If you're lucky, and we've heard some amazing entrepreneurs who tapped into and leveraged their existing networks either past coworkers or past clients or family or friends or just people that they know that they can serve people who they model their products or services after, maybe they can cherry pick and proactively go after those people and that's great.

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That's one way to launch a business.

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But at the end of the day, us simply opening our doors is just the beginning.

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It truly is just day one, and I'm very open.

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If any of you have ever been to any of my in-person talks and presentations that I've done at various places over the years, you know how transparently I share that when I started my first business in 2008,.

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It's called Premiership Talk.

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It became years later one of the world's most read soccer websites.

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But I'm very public about the fact that in my first six months of running PremTalk, I made $200.

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That's it.

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I made $200.

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And that was, by the way, that just came out of like thin air.

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Some company in Seattle cold emailed me and I had pretty much no readers at the time and I quoted them $200 to put their advertisement on my website.

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But the moral of that story is that if I and, by the way, I went on to have $1,000 days and really healthy months, that was my first business success.

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It taught me so much.

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I made money.

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I had 20 people working for me.

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I learned so much about business.

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But if you decided you were going to assess and give it a thumbs up or a thumbs down, or a green light or a red light of should we proceed with this business, yes or no.

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If you decided I was only going to give it, let's say, three months or four months or five months or six months, you would have declared it a failure.

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You would have said, well, this isn't working, and so part of my advantage at that time is I was 19 years old, I was a college kid, I had no real responsibilities in life.

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I just had to wake up and go to class or not go to class every single day, and that's exactly what I chose to do, and so it was a really low cost, low risk way to start my first business.

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And so I just blindly was trotting along without stopping to ask myself that question of is this right, is this worth it, is this a success?

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I just decided I'm going to focus on the inputs, which is me sitting down, writing blog articles, you know, optimizing my website for search engine optimization, working on the UI, the UX of my website, coming up with clever hooks and angles and ways to cover stories, because I didn't have access to players and I was gonna focus on collaborations and teaming up partnerships with other soccer bloggers.

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Those are the things I was focusing on.

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I was focusing very much on the inputs.

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I totally forgot about the outputs and, of course, the most common output that we all turn to is money.

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We turn to money to be one measurement of success and of traction.

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And is this going to work, or is this not going to work?

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For me at the time.

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Really it was just it was two KPIs.

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It was am I making money?

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The answer to that was resoundingly no, I'm not.

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In six months I made $200 and I was working so many hours.

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But then the other KPI that I was looking at and measuring and keeping an eye on was traffic.

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I asked myself am I getting traffic?

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And by both of those accounts if that's what I was focusing on outputs rather than my inputs then by both of those accounts it was a failure.

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I should not have proceeded.

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But I didn't give myself a six-month timeline.

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I said these are the inputs, and I know that if I focus on these inputs for long enough, I don't know what long enough looks like, but if I keep doing these things, there's no way I won't succeed.

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And so I just blindly kept doing them, just like people who go to the gym.

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You know, if you go to the gym and eat, well, I can't tell you how long it's going to take for you to look different in the mirror.

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I can't tell you how long it's going to take for you to start seeing in the mirror.

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I can't tell you how long it's gonna take for you to start seeing those results that you're looking for, but I can tell you that if you do those inputs correctly, you go to the gym every day, you eat right, you're gonna get the results you're looking for.

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It's inevitable.

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It's just how it works.

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We know how it works in the world of health and fitness.

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And guess what?

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In the world of health and fitness and guess what I'm gonna put this huge disclaimer in there it's different for everybody.

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What works for someone is not going to be the exact same use case for you.

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We all have different bodies, we all have different metabolisms, we all have different genetic makeups.

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We all have all of these different things, and so that's why comparison is obviously the thief of joy.

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I've always loved that quote, and so we're not going to talk about comparing ourselves to others today, but we are going to talk about controlling the inputs, because and this is not a revelation, this is something I talked about so many years ago here on this podcast If you are gauging your success or measuring your success based on some arbitrary timeline that you came up, then the reason why you're going to quit is because you don't get results in that time frame.

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Because if you keep doing the right things and you've got consistency and you've got discipline and, of course, you've got a good strategy and a good roadmap, one that you know is going to work over time because it's rooted in real strategy.

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I mean, that's a key word, so many of our guests come on and say that as well.

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You need to have that roadmap to success.

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If you have all of those things and, by the way, I'm going to add one thing into that roadmap and strategy is, of course, there's going to be pivots along the ways that you're adaptable and you're agile and you know how to assess the situation and you're very intentional about it if you do those things, then you're gonna succeed.

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We don't know how long or how quickly you'll succeed, but you can't look at your efforts and expect results in a certain timeframe, because if you do, you're setting yourself up for failure.

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Now, why do I believe that?

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This is the reason why we all quit?

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Well, I think it's really simple if we look at it.

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Conversely, because what if?

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What if everything we did came with the results instantaneously?

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What if, when we went to the gym, we got the results?

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We had the six pack, we had the muscle definition, we lost the weight, we gained the weight, whatever it is that you're looking to do, whatever your goals are.

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What if, every single time we went to the gym, we walked out of there with the results that we were hoping for?

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Well, guess what?

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We'd go to the gym for sure.

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We know this a million percent, we would.

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What if, when we tried to work on our business, we instantly got results?

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Would we quit?

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Absolutely not.

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We would, of course, then do the things because they work, and so I think our biggest threat is the fact that results are a lagging indicator.

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Results don't come instantaneously.

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It will wait, it will hide around corners, testing, challenging you, seeing if you are going to keep doing the right inputs, and only if you've done them long enough and unfortunately, we don't know what long enough is, but only if you've done them long enough, hard enough, consistently enough, well enough, are you going to get those results.

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And so I think the reason, in my opinion, why we quit, the number one threat to us quitting is not getting results quick enough.

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And so the question then becomes okay, if we're not getting results quick enough, and so the question then becomes okay, if we're not getting results quick enough, what can we do to set ourselves up for success?

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And I think there's really only two answers here.

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One we can focus on getting results quicker so we can gauge those success metrics and we can twist them and we can say, okay, maybe money's not gonna start coming in right away, but maybe I can look for wins, find those successes through these preliminary indicators.

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So we talk about lagging indicators versus indicators that come earlier.

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So these early indicators suggest that if we keep doing these things, we're on the right path and then those lagging indicators will catch up over time.

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So maybe instead of looking at how many dollars you're making or how many clients you're closing, you could Look at it as how many conversations am I happening?

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How many people am I telling about my business?

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Wherever those metrics are coming from, you can change those success metrics to keep you going on that path.

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So that's the first thing we can do is we can accelerate or quicken our success metrics.

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And one other way and I think this is actually a very healthy exercise that we can all go through is to be more impatient when it comes to dollars.

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I think that so many of us, when we start out our first businesses especially, is that we focus more on our websites and our branding and our business cards.

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These are all things that I'm guilty of.

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I'll firsthand tell you that Building our email addresses so we have some fancy.

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You know, like I've got hello at imetbriancom.

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We focus on those things, the tech pieces they're also fun, by the way.

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I love tech tools and softwares and we focus on buying all these perfect tech tools rather than saying you know what?

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I'm going to be impatient for clients.

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I'll figure the rest out, but I'm going to go get clients and if this is the metric that you want to focus on cool, go out there, focus on it.

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Ask yourself, if I could only work two hours this week, what would it look like to go get new clients?

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What are the things I would work on?

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It wouldn't be your website, it would not be your business cards.

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These I know for sure.

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So that's the first thing that we can do in the face of today's topic is accelerate those success metrics and change the success metrics if we need to accelerate them.

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And then the second thing and I think this is important, and this is obviously I love talking about this during Solo Sundays is change our mindset, change our attitudes.

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I've always loved that Maya Angelou quote where she said if you don't like something, change it, and if you can't change it, change your attitude.

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That actually was plastered on a building right around the corner from where I lived in Los Angeles.

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So every single day when I went on a walk I read that quote.

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It got so deeply ingrained in the way that I operate and I think it's really powerful for us to take on board.

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Is that, if you're listening to this here today and saying, gosh, yeah, I am going to quit if results don't come quick enough, it's a real, I mean, it's an important question for me to ask you here in today's episode what if you didn't get what you wanted in the next six months?

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Would you keep doing this?

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What if you didn't get it in the next 12 months?

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Would you keep doing this?

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If the answer is no, then maybe this isn't the thing for you.

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Maybe there's something else that you should be doing, because it might take six months, it might take 12 months, it might take 18.

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It might take two years.

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We never know.

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And so that's why we quit is because those results are delayed, is because the results don't come quick enough.

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So we can either change those results that we're looking for or we can change our attitude with With me.

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When I started my soccer blog, I didn't have to care about the results, I didn't have to care about the outputs, I didn't have to care about any of those things because I was a college kid with no real responsibilities, no real bills.

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Little did I know I was racking up the biggest bills of my life through student loans, but I was fortunate to pay those off through starting and sticking with my businesses, but to pay those off through starting and sticking with my businesses.

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But all of these things are important for us to take control of because it is a shifting timeline.

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There's no such timeline.

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It's never dictated for any of us.

00:20:30.944 --> 00:20:44.093
I could start this podcast over from episode one all over again, and it will not have the same growth timeline or trajectory or path that my podcast took, having launched it in 2016.

00:20:44.093 --> 00:21:02.250
It'll be different every single time, and so these are the things that I think we need to talk about more openly, because I think that we all need to sit with it and think about this stuff, because it is a threat and, wherever we are in our business journeys, this doesn't go away.

00:21:02.250 --> 00:21:08.833
It's why I loved my conversation with melissa hoffman a few months ago, because she talks about new level, new devil.

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These things never stop.

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I mean, when I try a new marketing strategy, when I try a new channel or or avenue or medium, whatever it is that I try, I have to give it a chance to succeed.

00:21:20.402 --> 00:21:31.326
And so I sit down and I ask myself these questions and, for example, when I talk to any of my business partners in my various business portfolios or anyone who works on any of my teams, I say how long are we in this?

00:21:31.326 --> 00:21:31.528
For?

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I mean this year, for example, we are investing in YouTube.

00:21:35.228 --> 00:21:42.204
We've got new thumbnails, we're working on new uploading YouTube shorts every single day and new titles, and we're trying to get better.

00:21:42.204 --> 00:21:42.807
We really are.

00:21:42.807 --> 00:21:47.423
So if you're not following us on YouTube, search my name on YouTube and you will find my YouTube channel.

00:21:47.563 --> 00:21:56.940
Laura, who's on my team, is heading up so many of those efforts, and it's something that we always internally talk about, where we ask ourselves gosh, are we in this Like?

00:21:56.940 --> 00:21:59.544
Are we just going to keep doing this, regardless of the results?

00:21:59.544 --> 00:22:00.766
And the answer is yes.

00:22:00.766 --> 00:22:05.752
So we keep doing it and that fuels us because I will say it's been a tough nut to crack.

00:22:05.752 --> 00:22:13.641
We're starting to crack those nuts and we're starting to see some of those early results, which is great, but we haven't really exploded there.

00:22:13.681 --> 00:22:16.910
I mean, we obviously know podcasting and it's our number one platform.

00:22:16.910 --> 00:22:26.394
It's where we excel, it's where we're always in the top charts, but we are nobodies on YouTube and so we just consistently tell ourselves like, let's just keep doing it, it's going to happen.

00:22:26.394 --> 00:22:28.627
It's going to happen one day and hasn't happened yet.

00:22:28.627 --> 00:22:37.550
Probably isn't going to happen this month, probably isn't going to happen next month, but we will keep going, and that's my message for you in today's episode.

00:22:37.550 --> 00:22:44.811
And this is really the thing it's going to separate the ones who make it from the ones who don't.

00:22:44.811 --> 00:22:45.779
So get out there, keep control on those inputs.

00:22:45.779 --> 00:22:47.747
The outputs will take care of themselves.

00:22:47.747 --> 00:22:50.407
That's it for me in today's episode.

00:22:50.980 --> 00:22:57.932
I'm so excited, gosh, we this year is just flying by, but this week we have got three amazing guests.

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I'm not even going to tease them here.

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I think you're going to enjoy all of them.

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There are three very different conversations, different types of businesses, different mindsets on display.

00:23:07.575 --> 00:23:19.353
All three of this week's entrepreneurs Paul, reese and Tim all three of them really reveal so much of their mindset and what makes them tick and what makes them keep going in this week's conversation.

00:23:19.353 --> 00:23:29.307
So make sure you pound that subscribe button because we'll see you, as always every Monday, wednesday, friday, saturday and Sunday here on the Wantrepreneur to Entrepreneur podcast.

00:23:30.730 --> 00:23:36.307
Hey, it's Brian here, and thanks for tuning in to yet another episode of the Wantrepreneur to Entrepreneur podcast.

00:23:36.307 --> 00:23:40.307
If you haven't checked us out online, there's so much good stuff there.

00:23:40.307 --> 00:23:47.050
Check out the show's website and all the show notes that we talked about in today's episode at thewantrepreneurshowcom.

00:23:47.050 --> 00:23:49.503
And I just want to give a shout out to our amazing guests.

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There's a reason why we are ad free and have produced so many incredible episodes five days a week for you, and it's because our guests step up to the plate.

00:23:58.380 --> 00:24:00.345
These are not sponsored episodes.

00:24:00.345 --> 00:24:01.949
These are not infomercials.

00:24:01.949 --> 00:24:05.424
Our guests help us cover the costs of our productions.

00:24:05.424 --> 00:24:16.384
They so deeply believe in the power of getting their message out in front of you, awesome entrepreneurs and entrepreneurs, that they contribute to help us make these productions possible.

00:24:16.384 --> 00:24:24.894
So thank you to not only today's guests, but all of our guests in general, and I just want to invite you check out our website because you can send us a voicemail there.

00:24:24.894 --> 00:24:30.826
We also have live chat If you want to interact directly with me, go to thewantrepreneurshowcom.

00:24:30.826 --> 00:24:32.250
Initiate a live chat.

00:24:32.250 --> 00:24:41.647
It's for real me and I'm excited because I'll see you, as always every Monday, wednesday, friday, saturday and Sunday here on the Wantrepreneur to Entrepreneur podcast.