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Podcast Episode 103: Entrepreneurs Save the World, Just Not Themselves

| August 06, 2018
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Episode Summary

In this episode, Paul speaks about what he’s observed from business owners and entrepreneurs, including the high failure rates of entrepreneurship, how difficult it is for a business to be financially fruitful enough to support itself in five to ten years, and the major impact entrepreneurs have on the world. He explains how strong your balance sheet must be in order for you to be financially secure for the rest of your life, and why high levels of income don’t always translate into having enough money to sustain a desired lifestyle. He also guides you through the evolution of a business owner and the process of building a business, and offer tips on being able to reflect on your balance sheet realistically, because your family deserves to have a stable balance sheet.

What Was Covered

  • 02:48 - What’s something that is far overlooked by business owners
  • 03:47 - How many people in the United States are entrepreneurs
  • 04:50 - Looking at the staggering failure rate of entrepreneurs
  • 06:45 - Why failure is hard to notice around you as an entrepreneur
  • 08:06 - What does “financially rewarded” mean
  • 08:43 - What business owners have on their balance sheets than an average everyday doesn’t have
  • 09:51 - Putting yourself in the shoes of a business owner
  • 11:34 - The evolution of a business owner
  • 15:03 - What’s a responsibility business owners must take
  • 18:09 - Why business owners would rather keep maintaining their business than sell it
  • 20:03 - Examining your enterprise capital gap
  • 22:00 - Putting yourself in the shoes of a buyer
  • 24:26 - Entrepreneurs change the world

Tweetables

"Business owners and entrepreneurs change the world. Look at any device, it was created by an entrepreneur with capital."

"If you are a business owner, odds are you have a chance to make more income than anybody else because there is no one limiting you saying, “Here’s how much you can make.”"

"Business owners are depending on the business and its ultimate sale to be what allows them to retire and have financial security."

"We want our business owners to be able to sell the business to garner their enterprise value and also have a strong and robust balance sheet behind it."

"Would you buy your life’s work and your business if somebody else built it?"

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