March 29, 2020
Why Most Entrepreneurs Fail

Why Most Entrepreneurs Fail

– Why do most entrepreneurs fail? That’s a good question. I believe most entrepreneurs
fail, because they start the business with the
wrong reason and intent. Every single time I speak to a group of want-to-be entrepreneurs,
or entrepreneurs, and I ask them the question,
“how many of you want “to start your own business?” And the majority of the hands would go up. Maybe 50, 60, 80%. Then I would ask them
the next question, “why?” And usually I hear one
of these three things, I want more money, I
wanna make more money, or I want more freedom,
or the most common one is, I want more time. Now, if you wanna start your own business, or you have the aspiration
to start your own business, because you want more time, comment below. Now, the problem with this is, E Myth. Michael Gerber talks
about the book, E Myth, he said, most entrepreneurs, they’re actually not
entrepreneurs, they are what we call ’employees suffering from ‘an entrepreneurial seizure’. And that’s the E Myth entrepreneur myth. Meaning that one day they
did something, that boss yell at them, or they feel like
they have a good idea, and they say, “you know what? “Fuck this, I’m gonna start my own thing.” They are employee, with employee
mentality and skill set, but they are suffering from
an entrepreneurial seizure. Like oh no, I wanna do this,
I’m gonna do my own thing I’m gonna defy my boss and quit my job and do my own thing, right? If you wanna start a business
because you want more time, let me tell you this,
starting a business because you want more time is as if you say, I want to have more time and have a baby. I wanna have a baby and I have more time. It’s not gonna happen. When you have a baby, don’t
you need to spend time, taking care of the baby? Making sure the baby stays alive? Feeding the baby, nurturing
and growing the baby? It’s gonna take you more
time, not less time, than what you’re doing. A nine to five job is much easier. Not if I finish work you go home, and spend time with family, watch some TV, weekends,
you don’t think about work. As an entrepreneur, if
you’re an entrepreneur, you know exactly what I’m talking about. 24 seven, we don’t stop,
we are always going, even though when we are off,
we’re not really off now. Are we? We are still thinking,
when we’re taking a shower, thinking about how to grow the business. What do we need to do? That’s an entrepreneur. That’s what we do. And most people they start
a business, why they fail because they think they want more time. Now, when you get to a certain point, goes back to the baby analogy; When the baby grows up, you
could have them going to school and you can have your parents,
your grandparents taking care of the baby, right? As the baby grows,
become a teenager, adult, they will have a life on its own. Yes, they will take a life on its own. But in the first long period
of time for years, guess what? You are taking care of the baby. He requires a tremendous
amount of attention, love and just nurturing to make that growth. It’s exactly the same as
business, it’s no different. One of my students tell me, “you know Dan, “if I make $5 million,
I’m gonna call it quits.” I said, “you know what? “That’s exactly why you’ll
never make $5 million.” And she’s like, shocked,
“What What do you mean?” “That’s exactly why you
won’t make $5 million.” Why? Because you are thinking
about getting to somewhere so you could quit. Successful people don’t
wake up one day and say, I’m gonna call it quit. The reason they’re successful
because, they are good at what they do, they love what they do, they’re very passionate
about what they do. And that’s why they are
where they are today. If you wanna get to
somewhere, a destination, so that you can avoid something else, that is not gonna work. And that’s why most entrepreneurs fail, because they start with that intent. Versus most entrepreneurs who
are successful, most of them they could call it quit, but they don’t. Because that’s not how they operate. The reason, the very fact that
you want to get to someplace where you can call it quit,
is exactly why you got nothing that you could get to, to quit on. That’s what I’m talking about. So, you have to start
with the right intent. Start with the right motivation. And knowing that it’s
going to take some time. Cause you’re not gonna get
more time in the first, two, three, five, maybe even 10 years. Are you okay with that? Can you endure, that frustration,
the pain, the sacrifice, if not, then don’t be entrepreneur. Just go get a job, do something else. This is not your path. There are other ways to
make money, you don’t have to be an entrepreneur to make money. Don’t be sold on the idea that yes, I need to be entrepreneur
in order to be wealthy, not necessary. It’s not necessary. There are other ways to make money. If you have not watched my
other videos, you can watch the ways to create income; the five ways to create more income. There are many ways to
make money, not necessarily through entrepreneurship. This is a, this is not
something that you do, this is something that
who you are, it has to be in your blood, in your DNA. That you cannot sleep,
that it bothers you, that you don’t have, if
you don’t have that roof, then you’re not gonna make
it as an entrepreneur.

100 thoughts on “Why Most Entrepreneurs Fail

  1. If you like this video give it a thumbs up
    and subscribe so I know to make more
    videos like this one.

    If this is your first time watching my video,
    comment below and tell us about yourself.

    And if you’ve been watching my videos
    for some time now, comment your biggest
    takeaway from this video.

  2. Hello Dan..Africa is a big market that has just recently been discovered…there are too many opportunities to make an impact here now…I'm currently working on something and I want to do a collaboration with you..

  3. Every time Dan says “don’t do it” in my mind I say “fuck that” and fuel my body with adrenaline and feel the strength of my belief as an Entrepreneur through my body, mind and soul.

  4. Dan, can you please do a video on juggling family, hobbies, health, and your business?
    Sure life is about balance, but my business is my priority, and I want to find more ways to be more regimented in that way. I also need ways to make sure that my family (particularly my wife) understands that what I do requires a TON of my time that I couldn't otherwise give to them.

  5. Dan how do you take payments on the phone when making a sale. Please can you make a video on this topic. I am young and not sure what to do. I am trying to start a sales business but I am finding it difficult to know whats the best way to take payments when making a sale on the phone. Thank you.

  6. Another great video ,Dan.
    the good thing is,to make a lot of money, you don't have to be an entrepreneur.
    On the other, it you try believe that you were created to great things in the world,then you better accept the pain and go through entrepreneurship.
    I am personally paying the price because I can't stop no matter how my previous success looks like.

    I wish you good luck and much success!

  7. As an entrepreneur, I am constantly worried. So much so that I have lost weight, I am not sleeping or eating properly. This is the most uncomfortable situation I have ever been in. Having to pay to live + pay taxes and not having any stability feels like shit at the moment! I just hope this is all going to work out.
    Only my ambitions and family are keeping me going at this stage. I just know I can make it!
    Thanks Dan yet again for some insightful content.

  8. Starting your own business is a much different world from working 9 to 5. There is no "clocking out", you are on hustle mode all the time, if problems occur you have to solve them 24 hour on the clock.

  9. Dan lok I'm 16 and I'm currently working to save money for the HTC course. On the free webinar you said that you would only do that a few times a year. So my question is, when will be the next htc course? Pls provide that information for me pls thanks for everything you have change my life!

  10. Dan – there is one element that is not discussed and that I think is overlooked. In today's white collar workforce where most office workers truly do not have high value skills, there is a large aspect of most people's jobs that is just acting and playing pretend. I think a lot of smart, non-technical people are getting sick of that and striking out on their own because they would rather spend time doing something that they can feel good about doing, minus all of the pretending… I'm talking about playing dress-up everyday, constantly acting busy, acting like they care about the most mundane things (esprit de corps!)… it's really ridiculous the level of acting that many white collar jobs require these days. I've seen very intelligent people get fired because they were doing a wonderful job, but they weren't ACTING busy enough… they weren't letting small things stress them out. They weren't calling 5-minute tasks "projects" and reporting on them as such. Their bosses saw that and got rid of them because they mistook quiet confidence as a lack of commitment. Enough with all the acting! That's what is prompting many people to strike out on their own.

  11. Dan i been listening to your explanations about beening successful i do enjoying your video i really inspired and give me strengh and knolege to carry my landscaping bussinees to the level were i want to be i thank you for those opportinity you let me to exploring your ideas.

  12. Winners never quit, and quitters never win. Entrepreneur is about endure the tremendous pain for long time and never quit.

    Btw great view from the hotel in Japan, Sifu!

  13. Sir iam struggling to take action iam reading books and developing my skills and see all your videos how to grow but iam not taking any action on business what do i do please suggest me sir its not only my problem many people struggle to start plz make a video on it

  14. "Why most entrepreneurs fail".. oh, I know the answer! Because most of them are creators that do things they like, but not necessarily it's what the market likes XD

  15. Dan – great video! This is really one that resonates with me. You did find an excellent analogy to express the real why and passion, "not only want", to be an entrepreneur. Thanks

  16. In my school, they have this program called "sports PE" where you can do an after school sport instead of PE. Many of the sophmores in Cross Country are only there so they can wave their PE period. However, those who are freshmen can't do sports PE. There's the difference. Those who are they only to wave their PE period don't have the motivation that the majority of the freshmen do. Those who are doing sports PE are there for the credit, while those who aren't are doing for themselves.

  17. I'd like to know, if you allow me, what's your daily routine to keep success & maximize the use of time through the day,,, for example, for me i wake up early, i write down today's tasks & goals, then i read book, then i go through my work for these tasks and goals, at night i watch videos to learn and read again….i think time is the most important asset we have, im sure there are more better ways, we can all share our experiences and benefit…. thank you

  18. Thank you for answering that question from your perspective. 🙂

    Btw, I love how your camera ppl started recording this in 60 fps, it really keeps it real and not dreamy when recorded in 24 or 30 fps. Please do continue recording future videos in 60 fps, it keeps your messages authentic instead of making us dream about it (due to the psychological effect of different frame-rates).

  19. I agree with a lot of your topics, you do motivate me!! However some successful people do work hard so that they can quit. Build a business, sell it or automate it then build a house in the forest, and escape from the hustle and bustle to focus on other things….. you didn’t make that choice, neither did Kevin Leary but a lot of people who attain financial freedom do…

  20. Most businesses close due to a lack of capital. Why do most businesses lack capital? Because they don't sell as much as they need to keep the business growing (thus includes raising capital from investors, that's a sale). Why don't they sell enough? Because they don't put in the time to sale, or lack the skills needed, to sell. Why do they lack those skills or don't put in the time? Because they're lazy. They're not putting in the effort needed to sell constantly or improve their sales skills. If they have the needed skills and put in the time then it's because there's no need for the product. The product sucks and you can't even sell your self into the product and you quit because rather than putting in the time to change product or service you give up on your business.

  21. Hey all I’ll be talking about what I learned about networking by working in retail. If interested come checkout my channel and my Instagram account 120xconsulting

  22. Hi SIFU thanks for your time & the practical ideas you give US. I'm building my own business but i'm still working in a big company. The problem is i'm so focuses on my own stuff than the fucking Job, that's why i want to quit, even i still need the payments to invest in what i'm obsessed do 24/7.

  23. Focus more on providing value,the money will follow. People are always willing to pay premium amount if you provide value to 'em and help them solve their problems.

  24. The first vacation we took after starting our business was 5 years later. I remember being in line to board a plane or just getting in to our hotel on vacation and getting business calls that were our most important clients and had to be answered. It's not easy and there were many sacrifices both with family and financially but we did it. However, to maintain our success every day is working as if we had just started. Same commitment and dedication. I completely understand what he is talking about and can say he is 1Billion percent correct.

  25. Very well said, the best way to set things straight, too many start they "own business" today to success but then give up in an instant just because they think it's not making money quickly enough or there is just a small chance of failure

  26. I'm 17 years old and currently in class 12
    everyone keeps telling 'follow your passion' , but I don't know where my passion lies as I am busy studying for entrance exams , so should I stop thinking about being an entrepreneur??

  27. Excellent, Dan! I have some practices that I follow such as focus on my effort and create a good structure so that my business will not put into failure for it is my passion to sell and earn profits and I love doing that. And also, I share what I learn to my team because they are my company in moving my business forward to success!

  28. Hi Dan , I know in many of your videos u said u did copywriting , digital marketing etc. May I know how and where did you learn those skills when u were struggling in ur life?

  29. I want to build something my son can own. I want him to have a better opportunity in life then i did. I was always told "You CAN'T." When i proved people wrong rewards were taken from me. There i learned the world doesnt owe me nothing.
    I want my son to have a better outcome.

  30. this week I saw 2 effects of the teachings you offer on youtube of the 150 videos I've seen , in the field of entrepreneur, in the context of starting from scratch, I THANK YOU MORE DAN LOK FOR THAT OPPORTUNITY, the translation was done with google translation from romana to english and may not represent 100% my words in English

  31. U have so many bullshit declarations which are either unproven or non-viable. Build ur company silently. Ur VERY VERY NOISY. An EMPTY can is so NOISY.

  32. i m a self taught programmer and graphic designer i m starting my own game company in india. and my age is 17 i failed in chemistry exam in my school. i hate school

  33. Most of enterpenior fails becoz of no experience before and they jumped.and they invest rapidly.which is happend to me😀but now i experience many more things by more more failiors.

  34. Be an Entrepreneur because "want more time" ??? Entepreneur… more time…. hahahahahahahahahahahaha

    you can't make the game if you only play 4 hours at day.

  35. Dan I am that employee with a seizure! Man that quote spoke to me on so many levels and now makes me question whether I am truely thinking like an entrepreneur :/

  36. This is personally one of my favorite videos I have ever watched you produce Dan. This video to me truly explains how I got to where I am today and I would recommend anyone who wants to know how to watch this. Your ability to articulate such details to the path of financial success is incredible. Thank you

  37. creating somthing is way more time consuming then day job i remmber when i go to day job you just do your job thats it and when you create bisnius you almost always think how to improve and grow i make now same as day job and i think i work more but i like this because in same proces i grow

  38. Hi Dan, this Is Dave from Hong Kong and I started to watch your channel month ago and I’m inspired a lot ~ I’m very appreciated that many people was inspired by you and I think inspiring others to the goodness is one of the definitions of “success”

    I’m working at an insurance company in Hong Kong and running a sales team of around 60 agents for over 8 years, my annual income at around 300k usd and most of the income are produced from the team. It actually sounds very good compare with all other peers of mine, however I have a big dream of develop a big and valued cooperation (insurance agency somehow is not truly a business) which can earn a good profit and bring values to the others. I was dreaming it for a long time. So I started to run a financial company last year.

    However as one year of running both job and the company I found a bottle neck that I can’t put 100% energy and effort on my new company because I need to take care the existing team, so it comes up a situation that seems both the team and the new company is not doing good, so I’m struggling on either giving one up for another and indeed my deep vision is to creat a empire of a good profit company.

    If I quit from the insurance team , I’ll lost immediate strong income that my new company cannot cover in short term as I need to pay mortgage, take care my family…etc. so what do u think of my next action shall do ? In order to fulfill dream and also satisfy my living. Your golden advise would helping me a lot a lot ! Many thanks and wish your YouTube channel achieve 1M subscribe very soon so can help out more people

  39. There where a lot of distractions going on but you kept on topic any how! I like your messages they are real and straight to the point! Thanks for sharing these videos.

  40. I think I’m happy to be a business owner with a number of high income skills. I can still be a multimillionaire and be fulfilled at the same time.

    My intention of going into business is to choose the people I work with. ☺️

  41. But if i say my enterprise is succesfull and i can retire at 27 like you did, i actually have loads of time right?
    Normally you only have 2 of the following things: energy time and money. But when you are in rent at 27 you have all of them and that is what i am aiming at. I know that you experienced it in a very boring way and returned to buissness but i believe i can plan my life in a great healthy way and always having time for my friends and their needs and problems.

  42. “This is not something that you do, this is something that you are”

    So i find it,
    The reason why i hardly sleep thinking to build my side business, because this is not what i do, this is what i am,,

    Thanks a lot Dan ,,
    Because ur video, now im about to take over 20% share of startup without no F#%^ing money ..

    “U dont need money to hv business, all u need is a better strategy”

  43. This is so true, entrepreneurship is like an obsession, I even dream about my business while sleeping.

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