Quite often, new and less seasoned entrepreneurs get caught up in the idea of being a businessperson. Instead of building their businesses, they’re playing business. They’re making sure their websites look just right, their business cards are cool, and their office space has a certain feel. I think some people like the idea of being a business owner more than they like putting themselves out in the world to test their product or service. Unfortunately, when entrepreneurs do this, they stay isolated, fail to connect with potential customers, and ultimately don’t focus on garnering revenue. This is a big reason many small businesses fail in the U.S.
I spoke about this topic recently with Joseph Warren, host of Your First $100K, a podcast that is little different than most other business-oriented shows. Warren is an entrepreneur and spiritual life coach who focuses on helping business owners make their first $100,000, which was the touchstone of our conversation.
We talked about the aforementioned reasons some entrepreneurs fail at business, practical tips for determining if a product or service will sell, also what it took for me to make that first $100K. Reaching that goal meant being humble and hungry (it still does) and fighting to live another day. Throughout the startup journey, entrepreneurs experience the highest of highs and the lowest of lows. And sometimes, those who are fortunate enough to reach that first $100K end up with a totally different business than the one they started. This certainly was the case when my co-founder and I launched Lendio.
For more of my conversation with Joseph, listen to episode 214 of Your First $100K.