Episode Summary:
In this episode of Becoming Work Optional, Matt and Rachael discuss the mental challenges of entrepreneurship and how to navigate them. They emphasize the importance of understanding the realities of starting a business, including the high failure rates and the need for a strong support system. They also highlight the need to acquire new skills and be adaptable in order to succeed in entrepreneurship.
Key Points Discussed:
- Entrepreneurship is a challenging journey
- Requires mental resilience and perseverance
- The goal of becoming work optional is often a driving force for entrepreneurs
- Allows for greater control over time and schedule
- It is important to have a supportive network and surround yourself with people who believe in your vision.
- Starting a new business comes with a high risk of failure
- Mentally prepare for the challenges and setbacks
- The statistics show that a significant percentage of new businesses fail within the first few years.
- The mental toll of entrepreneurship can be overwhelming
- It is important to take care of your mental health during the process
- Skills from previous jobs may not directly translate to entrepreneurship
- New skills will need to be learned and developed
- Consistency and patience are key to success in entrepreneurship
- Results may take longer than expected.
- It is common to experience both high highs and low lows in entrepreneurship, and it is important to stay focused and motivated during the tough times.
- Owning a business provides the opportunity for greater flexibility and control over one's schedule, but it requires hard work and dedication.
- The journey of entrepreneurship can be mentally and emotionally rewarding, but it is not for everyone.
Connect with Us:
Rachael
X/Twitter - @camp_wealth
rachaelcampwealth.com
Matt
X/Twitter - @matthew_garasic
unrivaledwm.com
Disclaimer: This podcast provides general information and discussion about finance, investing, and related subjects. The content provided in this podcast is not intended as investment advice and should not be taken as such. Always seek the advice of a professional or conduct your own research before making financial decisions.
Rachael Camp offers advisory Services are offered through Creative Financial Designs, Inc., a Registered Investment Adviser, and Securities are offered through cfd Investments, Inc., a Registered Broker/Dealer, Member FINRA & SIPC, 2704 S. Goyer Rd., Kokomo, IN 46902. 765-453-9600.
Neither Camp Wealth or Unrivaled Wealth Management are affiliated with the CFD companies or each other.
