Entrepreneurs: What is the Biggest Lie That Entrepreneurs Tell Themselves?

[00:00:02] Speaker A: Ramping up your business. The time is near. You've given it heart, now get it in gear. It's Passage to Profit with Richard and Elizabeth Gearhart. [00:00:12] Speaker B: I'm Richard Gearhart, founder of Gearhart Law, a full service intellectual property law firm specializing in patents, trademarks, and copyrights. [00:00:20] Speaker C: And I'm Elizabeth Gearhart. I help Gearhart Law with their marketing and I run a podcast and content creation studio and provide podcast consulting. [00:00:28] Speaker B: Welcome to Passage to Profit the Road to Entrepreneurship, where we talk with celebrities and entrepreneurs about their stories and their business ventures. [00:00:36] Speaker D: Studies show that 2 in 5Americans want to start their own business. So we're going to ask our panel today on your new business journey. What's the biggest lie new entrepreneurs believe about success and how can they overcome it? Turning to our guest du jour, Dave Anderson. Welcome to the show again. [00:00:53] Speaker E: It's nice to be here. [00:00:54] Speaker B: Yeah. [00:00:54] Speaker D: Well, what is the biggest lie that entrepreneurs tell themselves? [00:00:58] Speaker E: Oh, my goodness. They think if they put CEO in their business card and automatically because they quit their job last night and all of a sudden they're, they're free, that it's supposed to feel good right away. And it doesn't. Entrepreneurship is hard. It is difficult. It is feast or famine, and it's not for everybody. I tell folks all the time, stay in your cubicle if you do not want these problems because you are chasing a different type of animal. So the biggest lie they believe is that it's going to feel good right away and everything's going to be solved because they've become an entrepreneur. [00:01:26] Speaker D: Couldn't agree with you more because I've seen that and heard that myself. Melissa, what's the biggest lie entrepreneurs tell themselves? [00:01:33] Speaker F: One of the biggest lies that they tell themselves is that the first client that they sell to is going to be every client that they sell to going forward. Who wants to buy their products and services changes over time. Their business evolves. What they want to deliver evolves. And staying married to the idea of, of the business that they had before they started will ultimately stall growth and lead to failure long term. [00:01:59] Speaker D: Great advice. Derek, welcome to the program. [00:02:01] Speaker G: Thank you for having me. It's good to be back. [00:02:03] Speaker D: What's the biggest lie entrepreneurs tell themselves? [00:02:05] Speaker G: That success has to be a lonely road. If you're not truly passionate and it is not solving people's problems and fulfilling you, that's when you actually feel lonely because then you're just chasing the dollar, the attention, the clout. So tying it back to your passion. Does this fulfill me and does it actually change lives and connects to something from your past. [00:02:23] Speaker D: That's really well said. Thank you for that, Elizabeth. [00:02:25] Speaker C: Mine is sort of like Derek's. It's like success. How do you define success? It's not just how much money you make. A successful entrepreneur isn't necessarily the one who's making the most money. It's the one who has the richest overall life. [00:02:38] Speaker D: I agree with that. It's all about balance and enrichment. I was going to say that the biggest lie entrepreneurs tell themselves is that their project is going to make them rich. And sometimes that happens, but sometimes you end up making other people rich. [00:02:51] Speaker B: Right? [00:02:51] Speaker D: And so it's very important, though, to keep it in perspective. And part of being a good entrepreneur is understanding your market and making some reasonable assumptions about what your product or service can do and if it can sustain you. [00:03:05] Speaker B: That's great. [00:03:05] Speaker D: But you may not get rich right off the bat. [00:03:08] Speaker B: Passage to Profit is a nationally syndicated radio show appearing in 38 markets across the U.S. in addition, passage to Profit has also been recently selected by Feedspot Podcasters database as a top 10 entrepreneur interview podcast. Thank you to the P2P team, our. [00:03:27] Speaker D: Producer Noah Fleishman and our program coordinator Alicia Morrissey, our studio assistant Risa Kat Bussari, and our social media powerhouse Carolina Tabares. [00:03:37] Speaker B: Look for our podcast tomorrow anywhere you get your podcasts. Our podcast is ranked in the top 3% globally. You can also find us on Facebook, Instagram X and on our YouTube channel. And remember, while the information on this program is below believed to be correct, never take a legal step without checking with your legal professional first. Gearhart Law is here for your patent, trademark and copyright needs. You can find [email protected] and contact us for a free consultation. Take care everybody. Thanks for listening and we'll be back next week.