From Employee to Millionaire Entrepreneur


Find out more about how I can help you Earn More, Work Less, and Enjoy Life in the Monthly Mentor Club here…

How difficult is it to transition from employee to an entrepreneur?

I’ve helped thousands of people successfully go from employee to entrepreneur over the past 21 years.

And I’ve seen most of the challenges in real time.

You of course have to research your audience, come up with irresistible offers, attract customers, provide customer service, manage employees or outsource to team members…and manage your time while doing all of that.

There’s a lot to do, but there are systems to help you with every one of those steps.

The biggest challenge you’re going to face won’t be the competition.

The real enemy is You.

More specifically, the space between your ears.

It takes a few often-subtle mindset shifts to go from an employee to an entrepreneur.

Don’t underestimate just how important these elements are.

It’s easy for ingrained thinking patterns to sabotage you and hold you back.

You hear about how someone else built their business, and you try to follow the same system, but you don’t get anywhere near the same results.

That’s because you don’t see everything going on behind the scenes. You don’t make the changes necessary to fit your market and your skillset.

You have to get your head right before you can get your business right.

#1 – Take full responsibility for your own financial security.

No one owes you anything.

And life isn’t fair.

And business most definitely isn’t fair.

Winners have an advantage.

That doesn’t necessarily mean they have more money…or more connections…or anything you might want to use to disqualify yourself.

I’ve seen the most unlikely people build million-dollar businesses.

I have a client right now who grew up dirt poor. His father left when he was young. His mother regularly told him how much she hated him.

Poverty became his mindset.

But he eventually broke its hold on him. He has a successful online business today.

My story isn’t nearly that bad. But I was broke, in debt, and a college dropout when I came online. I had failed at direct sales, direct mail, network marketing, and anything else business related I tried.

When I came online, I said this is something I can do.

And I found my advantages.

One thing I was decently good at was writing. No, I didn’t any formal education in writing. And I definitely wasn’t what you could consider great. But it’s something I was OK at.

And I practiced that skill. I went through dozens of copywriting courses. I wrote some pretty awful ads getting started. But I kept writing.

And I worked my butt off online. I tried everything that didn’t work until I found out what did.

I took responsibility for my own financial security.

And I did whatever it took to make it happen.

Here’s the mistake I’ve seen a lot of beginners make.

They waste time and energy looking for a prepackaged business opportunity.

But no one is going to hand you success on a silver platter.

Yes, you can buy systems and courses. Back when I started there weren’t many internet marketing courses, but there were copywriting courses. I devoured them.

But the good ones – the ones that really helped me – were the ones that taught me the basics of the system and then told me how to experiment and find my own way.

They gave me a good foundation which I had to build on.

And that’s what you should be looking for as well.

Find good courses…or a mentor who can give you a foundation. They can help you get started and can pinpoint mistakes along the way.

But they’re not going to do the work for you.

Life isn’t fair. No one cares as much about your business as you do. And you’re going to have to experiment a little until you get it right.

And that brings us to the second mindset shift.

#2 – The market is always right.

I’ve been wrong hundreds of times.

I’ve sent emails that didn’t make any sales. I’ve run ads that lost money. I’ve created products no one wanted to buy.

I’ve learned from both my successes and my failures.

I figured out what worked online by trying everything that didn’t first!

Some people need surety before they take action, and that doesn’t mix with being an entrepreneur.

You have no guarantee you’re going to get paid for your next 8 hours of work…or 40 hours…or 200 hours.

You have to have faith in yourself and your mission.

There will always be risks.

Keep your risks small.

Don’t spend $1,000 a day on your first Facebook ad. Start with a budget of only $5 to $10 a day.

Ramp it up when you see results.

Don’t spend the next 6 months creating a product.

Instead, write some blog posts or produce a few Youtube videos and see if you can get traffic for those.

Get people on your list and ask them what they want to buy.

Watch what they respond to and click on.

Build your business, your products, and your services based off of what people are already buying in the market.

When I say something like this, you might think of Steve Jobs and how he never used focus groups.

He didn’t want to ask people what they wanted to buy. Instead he wanted to innovate and figure out where they were going next.

Well he also talked about how he built on other people’s ideas. For example, Apple didn’t invent the mp3 player. What Apple did was take a music system people were already selling…and paired it with the online delivery service of iTunes to create the iPod.

Every innovation Apple created was a natural step from what came before it.

One step at a time.

Who knows how many mistakes were made behind the scenes as they put together each of their products. Testing each aspect until it was ready for the public. And even after it is released..there is a version 2.0, 3.0, and on down the
line.

Every piece of software works off that principle of progression and building on what is already working.

I’ve had clients who had a major success on their first try.

Many times it turned out to be a curse for them.

They expected every future project to work out just as well.

If they ran into a couple of ads that didn’t work, they wanted to give up. They kept repeating how ‘easy’ it was the first time they did something. Anytime it wasn’t easy, they felt like they must be on the wrong path.

Instead of digging in, doing small tests, and finding what worked, they wanted to go all in – and If it didn’t work immediately, they would scrap the project completely.

They didn’t have stick-to-itiveness.

That is a recipe for frustration as an entrepreneur.

And now let’s move into mindset shift #3.

#3 – It’s all about leveraging assets to create value for a hungry buying audience.

One of the biggest mistakes new entrepreneurs make is falling in love with their product or service.

You’ve likely fell into this mistake if you’ve ever been tempted to say, “Everyone needs this.”

You can’t sell to everyone online.

Instead, you need to identify an easy to reach audience which is already buying products and services similar to what you’re going to offer.

Find out as much as you can about the audience.

What are their problems?

What are they currently buying?

What is lacking about the current solutions?

Amazon can be a great source of research into the audience. You can see the bestsellers in any category. You can go through the reviews to see what they like about the product and what they feel is missing. Compare several of the best sellers and you quickly get an idea of what people are willing to pay for.

Then jump over to Facebook Audience Insights. I have a video on my channel that takes you step-by-step how to use Audience Insights to better understand your market. It’s amazing what Facebook knows about their users…and what they’re willing to share with us as marketers.

Review the top competitors who are paying for ads on Google and Bing. What are they selling…and where are they lacking based on what you now know about the audience?

Find a way to deliver a better value to your audience.

This often means mixing and matching several concepts together. Great entrepreneurs are also great observers.

They listen to the market. They listen to the competition.

They are continually looking for ideas.

And they often innovate by taking a great idea and finding a quicker, easier, or more effective way for their customers to get results.

For example, I have a client who owns a fine dining restaurant. We added an additional six figure plus profit stream to his restaurant by serving pre-done paleo meal plans for weights loss.

It leverages the space, kitchen supplies, and staff he already has for additional income. The weight loss market is super-competitive, but he saves his customers time by doing all their cooking and meal planning for them.

He’s made the weight loss process much easier.

And it’s a raging success for him.

Entrepreneurs keep their eyes open for how they can leverage their current assets…and deliver more value to their customers.

What do you have? What do customers want? How can you best connect the two?

It’s impossible for me to cover all the little mindset shifts you’ll need to make as you transition from an employee to an entrepreneur, but those 3 can get you started.

Take full responsibility for your own financial security.

The market is always right.

Leverage your assets to create more value for a hungry buying audience.

 

Find out more about how I can help you Earn More, Work Less, and Enjoy Life in the Monthly Mentor Club here…

Similar Posts:

About The Author

Terry Dean

Terry Dean has been in full-time internet business since 1996 and has helped thousands of entrepreneurs get started online through his articles and products. He lives in Ocala, Florida with his wife and 2 dogs. Find out more about how the Monthly Mentor Club can help you today.