Millennial Entrepreneurs: Here’s Exactly Why You’ll Either Be Super-Rich or Never Make It Past The Startup Phase
When people ask me what I do, I say I’m an entrepreneur. But a month or so ago, my wife turned to me and said, “you know, when you say that, people will assume you own some struggling startup and that you’re one step away from bankruptcy.”
Unfortunately, she’s right. Despite the fact that my largest business is in the top 15% of the Inc. 5000, saying I’m an entrepreneur — and being a Millennial — people can’t help but take pity on me.
And, for honesty’s sake, I shudder when other Millennials come up to me and share that they’re an entrepreneur, because even I conjure up the same image of some VC-funded hack who got lucky with the angel round but may be slinging burgers in a few weeks when the money runs out.
Sorry, I know that’s harsh. But sadly, it’s often true.
BUT — if you’re a Millennial entrepreneur and you’re reading this, I’m going to tell you exactly what makes the difference between becoming super-rich through scaling your business and super-disappointed when your startup never gets off the ground.
And it’s not, as most people assume, a function of your idea and whether the idea is scalable.
In fact, Bethenny Frankel personally told me that she thinks ideas are worthless and that execution is what has carried her from TV housewife to Shark Tank megastar.
I completely agree, but don’t worry — my answer isn’t “execution,” because that would be worthless, and I hate articles that give worthless advice.
Instead, the difference is in the following:
- Clearly defining WHO you are
- Developing your personal brand
- Using your sense of self to scale your company.
So now you’re like, Peter, what in the F does that even mean?
Here’s what I mean:
Entrepreneurs who fail haven’t taken the time to be honest with themselves about what they really, truly want (hint: it’s not money).
If they’re not in alignment with their honest selves, they’ll never take the steps to humbly learn about what really scales a company (hint: it’s not just business intelligence).
In essence, there’s a cascade effect that Millennial entrepreneurs must produce in order to get where they want to go. Defining who you are as a personal brand — with your own mission, vision, values, brand, etc. — helps you clarify exactly what you want.
Think of it this way: since you’re the leader of your own company, your company can only progress as fast as you can. And if you don’t have your individual personal brand fleshed out, you have no internal compass by which to evolve yourself into the leader you must become.
That’s how young leaders become aimless and employ a shotgun strategy rather than a rifle strategy.
Have you ever woken up and thought, I have no idea what I should even start with today. I have so much to do, and yet I have no idea what’s the most effective thing I should be doing.
I’ve certainly had days where I thought exactly that. Especially as my companies have gotten bigger, the growth didn’t always produce clarity. In fact, it sometimes made it even harder, because I had even more options on my radar!
That’s where my personal brand comes in. I know where I’m going, now. I know what I need to do yesterday, today and tomorrow to put the puzzle pieces of my life together. That’s the power of personal branding!
Here’s one last, critical thought you must understand if you want to achieve the revenue, profits and wealth you desire in your life:
Scaling a company is not hard. You already have 90% of all the business tools you need to do so.
Scaling yourself is infinitely more difficult, especially if you don’t even realize that scaling yourself is an essential part of your entrepreneurial journey.
If you want to learn more about how to scale your business and become an influential personal brand, I built a free course just for Millennial entrepreneurs so you don’t have to struggle with all of this like I did!
Check it out here: https://honesttogreatness.com/fast-growth-formula
Thanks for reading — now go out there and crush your most honest, biggest goals.