One Entrepreneur Tip So Simple That 75% Of Business Owners Forget To Do It

A Conversation with Joseph Warren and Dr. Deb Ekstrom

​Long before Bill Gates founded Microsoft, he started programming computers in high school. This was before personal home computers. If he wanted computer time, he had to hitch a ride down to the school’s computer lab and spend long nights, after hours, experimenting with code he wrote himself.
 
Bill Gates logged thousands of programming hours before graduating.
 
Startup Nation, if you were sit down with a young Bill Gates and recommend an industry to start with, what would you say? Maybe... computers? OF COURSE!
 
It’s almost too simple, but it’s a principle entrepreneur forget ALL THE TIME. When starting a business, start with something you know.
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Start with something you know

​​Creating a business is hard, Startup Nation. But sometimes we make it harder than it has to be. We do this because we confuse difficulty with success.
 
You have to wake up at 5am to beat the competition.
 
You have to live off ramen and canned beans.
 
You have to bench-press 250 lbs.
 
Relying on past experience is a cop out.
 
Here’s the problem. None of these “tips” will get you success. They’re not bad ideas, but taken on their own none of them will lead to a profitable business. You can work as hard as you want, but if you don’t have the right knowledge, skills, and business plan, you won’t succeed. Remember, don’t make starting a business harder than it needs to be. Find the most efficient road to success and then put in the hard work.
 
To do that, start out with something you already know. 
 
Dr. Ekstrom, my guest on Your First $100k Podcast, started her own private practice after graduating from medical school. She knew cosmetic surgery. It was her passion. Why in the world would she abandon that expertise and start a different kind of business?
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“Like” doesn’t equal expertise

​But just because you’ve spent years honing a skill doesn’t mean it’s a great business idea.
 
Dr. Ekstrom warns entrepreneurs to “work in your area of expertise. But just because we like something, that means that’s the thing we’re supposed to do. And that is not the case most of the time. I find that most of the time, you need to embrace the thing you’re already excelling at. What have you already had success with?” 
 
Not all hobbies will become businesses. Just because you like your cat doesn’t mean you should start a cat-sitting business. Just because you like watching action movies doesn’t mean you should start a movie studio.
 
Here’s a good rule of thumb, “If you don’t think you can make $100K doing it, then maybe you should look at a new direction.”
 
There’s no perfect formula for starting a business. But it does take a balance of grit and wisdom. Before starting a new venture, make sure you do your research and consult with trusted mentors. Entrepreneurship isn’t for the weak of heart, but that hasn’t stopped us yet.

Key Takeaway

Starting a business is hard work. To maximize you chance at success, base your business on your expertise, something you know forward and backward.

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Are you looking for a coach and mentor to guide you through a season of business creation? Do you need more grit? Do your emotions sabotage your efforts? Is your new business causing strife in your family?
 
It’s time for a Spiritual Clarity Call. 

It’s simple. You and I will jump on a no-cost, 45-minute Zoom call. We will find a time that’s convenient for you. 
 
Typically, a coaching call like this would run about $500. For you, it’s free.
 
Obviously, the benefits of a Spiritual Clarity Call go much deeper. On our call, we can discuss one or two actionable steps for realigning your personal life with your business life. 
 
After a full coaching boot camp, my clients have avoided devastating divorces, escaped long-term addictions, and overcome serious depression. My clients have also negotiated raises at work, rediscovered their life purposes, and reconnected with their kids. Over time, these positive changes could save you $1,000s.
 
But both you and I know that your life isn’t measured by a price tag. Your life is about the people you love and the purpose for which you were created. If you feel like you’re missing out in either of these areas, we need to talk.
 
Ready to get clarity on your life? Click the button below and set up a Spiritual Clarity Call.

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Deb Ekstrom is starting her own platform for women business owners! It will launch soon at Moneyloveswomen.com