Financial Tips | Debt Management

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By: M. Angioni II

One of the biggest problems new entrepreneurs have is that they get discouraged. Some get discouraged more easily than others, but regardless of your tolerance level for disappointment, becoming discouraged is a natural emotion for all entrepreneurs. The difference between a successful entrepreneur and unsuccessful one is how you deal with the discouragement.

I am going to be very blunt, not all of us will become successful. This is an economic impossibility! If everybody on earth had one million dollars, then having one million dollars is the norm. How can you be rich if everybody has the same amount of money? Wealth is not measured by an actual number; in other words, having a million dollars does not necessarily make you wealthy. My previous hypothetical proves this point. Wealth is measured by how much MORE money you have then everybody else. If 30% of the people on earth had one million dollars, 60% had a billion dollars, and 10% had a trillion dollars, then the billionaires are “middle-class,” and the so-called “millionaires” are actually poor! The point is, in order to be “rich” you have to gather more assets than most people, and not base wealth on a specific numerical figure. Why does this matter? This matters because, as I said, not everybody can be “rich” and the people that “cap” their success to a specific number will eventually find themselves without money.

Overcoming adversity and discouragement will be the difference between entrepreneurs that succeed and entrepreneurs that fail. Those who let failure defeat them do not have the true entrepreneurial spirit and most likely only enjoy the title of “entrepreneur.” The way I see it, those people can keep the title! I’ll call myself a garbage man if me and my business family make more money than you and yours!

Losing your motivation to make money is the biggest obstacle you will face. Raising capital, obtaining ideas, and forming your business family are minor hindrances compared to losing your motivation. If you cannot obtain financing, you keep looking; if you cannot create a new idea, you keep thinking; and if you have trouble forming your business family, you keep networking. But, if you lose your motivation, that means that you have given up. There is no solution to this. I can only give you the tools; I cannot put fire into your heart. With that in mind, I offer the following words...

Whenever you find yourself becoming discouraged and/or losing your motivation, remember what is important to you. Keep your eye on the ball and WRITE DOWN your goals. Do not be afraid to take chances, and most importantly, stay loyal to your friends, family and/or support base, because they will continue to love and support you no matter the outcome of your entrepreneurial journey. Stay motivated and do not become a poor millionaire!

As Confucius once said, “Our greatest glory is not in never falling, but in rising every time we fall.”