I actually bounced the title of this article from one of my favorite songs of yesteryear. The year was 2001, and the song was Y.B.E. Young Black Entrepreneurs (YouTube) by Prodigy, on the album H.N.I.C.
I was a Lance Corporal (E-3) stationed in San Diego, California. I had the album on cassette tape, and boy did I love it. H.N.I.C. is one of my top albums of all time. However, I had no clue what an entrepreneur was at the time.
In fact, I just learned what an entrepreneur is over the last six months. I am in the process of transforming into an entrepreneur from a career military person. The story is an actual caterpillar-to-butterfly evolution of thought processes and expectations.
Mothers as Entrepreneurs
What does it mean to be Y.B.E. Young Brilliant Entrepreneur? It means that you will be successful as an entrepreneur no matter the trials and tribulations you endure. There are a few roadblocks that stand in the way of most people becoming an entrepreneur. After that, more roadblocks prevent wannabe entrepreneurs from gaining success.
What prevents people from becoming entrepreneurs? 1) Becoming an entrepreneur isn’t for everyone; however, most people do not even know they have the option. 2) Next, there is a fear of losing a paycheck. 3) Finally, limiting beliefs hold people back from even attempting to become a business owner.
1) Most people don’t know about entrepreneurship. The world expects getting a job and earning a paycheck to be your top priority. Most people do not know that they can create their own paycheck via entrepreneurship. In 2021, there are even more ways to generate income via royalties from YouTube and Kindle.
2) Love of the Paycheck. Since the world runs on paychecks, the fear of losing a salary will make most people sidestep becoming an entrepreneur. Entrepreneurs only get paid when they provide value for others; there is no paycheck for working eight hours. The mindset that it takes to run a business is directly inverse to having a job.
3) Limiting beliefs for everyone. Somewhere along the way, we form limiting beliefs about our value to society. We believe that other people’s stories are more valuable than ours. Or we feel that this person was born to be an entrepreneur- and our destiny is to be an employee.
The Road to Wealth
As you can see, there are many obstacles just to begin the journey to starting a business. If we make it past all of these fears and limiting beliefs, we must learn to become an entrepreneur. Learning is where most people fall short. Starting a business venture without knowing how to be an entrepreneur is akin to creating a baseball team by only purchasing uniforms.
Things that stop businesspeople dead in their tracks are 1) lack of entrepreneurship education, 2) don’t let the compound effect happen 3) high expectations.
1) Lack of Entrepreneurship Education. Parents and schools teach us to work for a paycheck from day one. Do you think that it is natural to become an entrepreneur? Well, it is not. It takes lots of reading and training. The book “Rich Dad Poor Dad” is a start for everyone. “The rich do not work for money.” If you do not understand this statement to its fullest extent, you have more studying to do before comprehending entrepreneurship.
Attending business school and getting a business degree does not make you an entrepreneur. These schools give you the knowledge to run a business and function inside an industry, but not how to start a business. Starting a business is what entrepreneurs do, and the skill grows through hard work, leadership, and market agility.
Scarcity vs. Abundance
2) Do not give time for the compounding effect to happen. “The Compound Effect” is a book that every budding entrepreneur should read. The premise is that every action that we do sends out energy into the world. Over time, all these actions add up to build into something powerful. However, there is no scorekeeper to show you your progress. It takes trust in yourself and the process. “The Practice” also talks about how you have to trust your work and the invisible system to ship creative work. There is no guarantee of anything.
For example, let’s say we are starting our YouTube channel. Releasing ten videos will usually not net you many subscribers. If you trust the system, keep improving your work, and stay consistent, there is a big chance that you become successful. But there is no set number of videos that you need to release before this success comes knocking.
The lack of feedback or perceived progress is why most people quit their entrepreneurial pursuits. If you release 100 videos and no one is watching them, should you stop? What if someone watches one of the videos and loves it. Chances are they will go back and watch all 100 videos. Then this person shares your work on social media. The compounding effect nows starts. But you have to keep going when no one is listening, watching, or buying your products or works.
3) High Expectations. People quit because they want everything to fall into their lap quickly. NBA superstars spent years practicing and studying just to play high school basketball. Then they played four years of college. Once they hit the NBA, they spend even more time learning to play at that level.
Success is a Habit: What are Your Daily Habits?
So why would the world make you a superstar YouTube artist, author, musician, businessperson, or entrepreneur in six months or a year? It takes time and patience. Is it frustrating? Yes, there can be lulls in the learning curve. You may think that business operates in a linear pattern. If you sell 100 products in February, you should sell 110 in March. But it doesn’t work like this. It is more random than anything.
Once you find success with a particular ad, content, or community, you have to leverage the possibilities slowly. Next, you learn from this situation and attempt to exploit other areas. You slowly find a pattern that works for your business or content. That is how it works. You can’t just release work and expect everything, and everyone, to come to you. Nobody Owes You Anything. If you remember this and stay humble, you will have a higher likelihood of becoming a successful entrepreneur.
Now we identified all the roadblocks to prospective entrepreneurs; what makes Y.B.E. Young Brilliant Entrepreneurs different? What gives them the power to succeed in an environment where most people can not?
Young Brilliant Entrepreneurs display many successful habits, and I am running out of time. I will come back in part II and layout how Y.B.E. are succeeding and winning in the business world. In the meantime, learn about the six traits of a successful entrepreneur. These are traits that entrepreneurs have before they start, so combining these with education and great habits will create Young Brilliant Entrepreneurs!
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Disclosure: I am not a financial advisor or money manager, and any knowledge is given as guidance and not direct actionable investment advice. I am an Amazon Affiliate. Please research any investment vehicles that are being considered. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.
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