why you’ll never succeed as an entrepreneur (stop this)
Summary
TLDRIn this 'walk and talk' session, L Watley delves into the critical concept of conviction for entrepreneurs, emphasizing its importance for achieving success. Watley, an experienced online entrepreneur, shares his journey and insights, highlighting how conviction has propelled him to surpass initial goals. He discusses the common pitfalls of doubt and the necessity of doing one's own research to find the right business model. Watley introduces the 'entrepreneur's equation,' a framework for evaluating the efficiency of converting inputs into desired outputs. He advocates for choosing a model with high potential and sticking with it, exemplified by his own commitment to the AI space. Watley concludes by urging entrepreneurs to build conviction through research and self-assessment rather than blindly following advice.
Takeaways
- 🌟 Conviction is crucial for entrepreneurs, as it helps in achieving success beyond initial expectations.
- 🚀 Le Motley emphasizes the importance of conviction in the success of an entrepreneur, especially in the AI space.
- 💡 Entrepreneurs often start with a dream sold by others but lack the conviction to see it through.
- 🔍 It's essential to do your own research and math to build conviction in your chosen business model.
- 💼 The success in entrepreneurship is not about the business model but the belief and conviction in it.
- 🔄 Entrepreneurs often switch between models without conviction, leading to a lack of progress.
- 📈 Le Motley shares his personal journey and how conviction in the AI space has led to significant success.
- 💭 The concept of 'entrepreneur's equation' is introduced, highlighting the importance of input, model, and output.
- 🌐 The AI space is presented as an emerging opportunity with high potential for those with conviction.
- ✅ To build conviction, entrepreneurs should research economic factors and understand the opportunity density in their chosen field.
Q & A
What is the main topic of the video by L Watley?
-The main topic of the video is the importance of conviction for entrepreneurs, especially for those who are struggling or new to entrepreneurship.
What does L Watley suggest is the secret ingredient missing in many young entrepreneurs?
-L Watley suggests that conviction is the secret ingredient missing in many young entrepreneurs, which is crucial for achieving success.
What is conviction in the context of entrepreneurship according to L Watley?
-Conviction, in the context of entrepreneurship, is the state of having no doubt or being completely free of doubt about a chosen business model or path.
Why does L Watley believe that conviction is vital for entrepreneurs?
-L Watley believes conviction is vital because it allows entrepreneurs to see levels of success they may not have originally planned for and to surpass their initial goals.
What is the 'entrepreneur's equation' mentioned by L Watley?
-The 'entrepreneur's equation' refers to the relationship between the inputs (time, effort, energy, resources, money) an entrepreneur puts into a business model and the outputs (results, profits) they receive.
How does L Watley suggest finding the right business model with conviction?
-L Watley suggests finding the right business model with conviction by doing the math on where to put your time, ensuring the model has the best input to output relationship, and aligning with emerging trends.
What is the significance of the AI space for L Watley and his team?
-The AI space is significant for L Watley and his team because they believe it offers a world-changing trend with a lot of opportunity density and potential for growth, which they have conviction in pursuing.
Why does L Watley encourage entrepreneurs to do their own research and not just take advice from others?
-L Watley encourages entrepreneurs to do their own research to build their own conviction and understanding, ensuring they are fully committed and not just following others' advice blindly.
What is the economic factor that L Watley believes is influencing the AI space?
-L Watley believes that the economic factor influencing the AI space is the emerging trend and the potential for massive growth and opportunities that come with being early in an uncharted field.
What advice does L Watley give to entrepreneurs who are struggling or considering different business models?
-L Watley advises entrepreneurs who are struggling or considering different business models to pick one that they believe has the greatest potential, do the necessary research, and commit to it with full conviction.
Outlines
🚀 Importance of Conviction in Entrepreneurship
In this introductory paragraph, the speaker, L. Watley, shares insights from their journey as an entrepreneur. They discuss the significance of conviction, which is described as a state of being free from doubt. Conviction is identified as a crucial factor that has helped Watley achieve success beyond initial expectations. They reflect on how new entrepreneurs often struggle because they follow advice blindly without fully committing or doing the necessary research. Watley emphasizes that success in any business model depends more on personal conviction than the model itself.
🔧 Choosing the Right Business Model for Long-Term Success
Watley explains the concept of 'entrepreneurial vehicles'—business models that convert effort, time, and resources into output. They highlight the importance of picking the right model by carefully calculating the input-output ratio. Entrepreneurs are urged to find a model that efficiently converts effort into results, and to stick with it once they've done the necessary analysis. Watley introduces the idea of the 'entrepreneur's equation' to explain how inputs like time and money should be balanced with the right model to achieve success.
📈 The AI Space: A High-Potential Opportunity
Watley discusses their personal conviction in the AI space, explaining how they and their team decided to fully commit to AI because of its immense potential. They point out that some entrepreneurs abandon emerging fields, such as AI, due to challenges, opting instead for saturated markets like social media marketing agencies (SMMA). Watley contrasts this approach, arguing that sticking with an emerging market like AI, which has more growth potential, offers far greater opportunities. They emphasize that building conviction in the AI space, through research and understanding, is key to long-term success.
🧠 The Dangers of Model Hopping and Conviction Building
Watley addresses the issue of 'model hopping,' where entrepreneurs jump from one business model to another due to lack of conviction. They argue that this practice wastes time and energy, preventing entrepreneurs from making real progress. The key takeaway is to pick a model, commit fully to it, and avoid constantly second-guessing the decision. Watley also advises conducting thorough research and 'doing the math' to build genuine conviction in the chosen business model. They conclude by emphasizing the AI space as a prime example of a sector with strong long-term potential.
🌲 Wrapping Up: The Value of Sticking with Conviction
In the closing paragraph, Watley summarizes the core message of the video: entrepreneurs must choose a business model based on informed conviction rather than following others' advice. They assert that any business model can succeed if approached with the right mindset, effort, and belief. Watley signs off by encouraging viewers to pick their path wisely and offers another video recommendation related to AI business opportunities. They conclude their 'Forest Walk and Talk' by reinforcing the importance of conviction in achieving entrepreneurial success.
Mindmap
Keywords
💡Conviction
💡Entrepreneurial Vehicle
💡Input to Output Ratio
💡Uninformed Optimism
💡Informed Pessimism
💡Opportunity Density
💡Niche Hopping
💡AI Space
💡Economic Trends
💡Entrepreneur’s Equation
Highlights
Conviction is the secret ingredient missing in many early-stage entrepreneurs.
Conviction is the state of being free of doubt and is crucial for entrepreneurial success.
Many entrepreneurs take advice from others without doing their own research, which leads to a lack of conviction in their chosen business model.
Every business model can make money; it’s the lack of belief and commitment that leads to failure.
Entrepreneurs often quit before giving enough time and effort to see results, especially when they lack conviction.
It's important to choose the right business model by doing the math and ensuring it's the best use of your time.
The Entrepreneur's Equation: Inputs (time, effort, resources) are converted by the business model into outputs (results, success).
Finding a business model with an efficient input-to-output ratio is key to long-term success.
Once you find the right business model, stay committed and stick with it until it works.
AI offers massive potential for entrepreneurs, as it is an emerging space with many opportunities.
The reason for the speaker’s success in the AI space is due to unwavering conviction and commitment.
Emerging spaces like AI offer greater opportunities than more established, saturated markets.
Jumping between business models without conviction wastes energy and stalls progress.
Entrepreneurs must do their own research to build conviction, rather than relying solely on others' advice.
Success comes from sticking with a model, doing the math, and having conviction that the chosen path is right.
Transcripts
hey everyone L Watley here and today for
another walk and talk in the fire
session um here in Romania it's very
beautiful um but I want to walk through
with you all today something that I
think a lot of you may be struggling
with as an entrepreneur and something
that I wish I knew a lot sooner and that
really in the past few years in my
journey has made all of the difference
and allowed me to see levels of success
that I um never really even a plan for
I've like surpassed the levels that I
originally hoped to attain when I first
started as an entrepreneur so if you're
new to the channel and don't know me my
name is Le Motley I've been doing online
entrepreneurship for 6 years now since I
left high school at 18 I've done
e-commerce um job shipping smma um now
building AI businesses in the AI space
my agency morning side AI education
business and I've got a s as well so
I've done a lot of different things in
the online business space and had a lot
of success particularly in the past 2
years mainly due to what I'm going to
talk you through in this video which is
the concept of conviction and how
vitally important it is for
entrepreneurs it's like the secret
Source or the secret ingredient that is
missing in a lot of young entrepreneurs
or early early stage entrepreneurs so
conviction is the state of um having no
doubt or like being completely um being
free of Doubt basically and a lot of us
when we're starting entrepreneurial
Journeys we are sold a Dream by this
person or this person or by someone like
myself I tell you that you should start
this or you need to do this or this is
the business model for you and we take
the advice of people who
like feasibly seem to have the knowledge
or or someone that we should trust and
take advice from and we take their word
for it it's like taking investing advice
from someone like this this the shitcoin
is going to go to the Moon you need to
invest in it now and you just kind of
take the word for it and not actually do
the math yourself or do the do the uh do
the research required yourself to
actually come to the conclusion yourself
that that is the right play for you and
this is what undermines a lot of
entrepreneurs when they start in a
vehicle say you start in any online
business vehicle at the moment right now
you can make money people are actively
making money in anything that you've
probably heard of at this point so it's
not necessarily the business model that
is the reason you can't make money or
you're stuggling to succeed with
entrepreneurship right now it's more so
your belief and conviction in it because
if you can make money with anything and
all of these businesses are businesses
are feasible and there's money to be
made the only thing that's stopping you
is you not following through and going
through the phases of like the homi
talks about a lot of like uninformed
optimism then informed pessimism and
then going through those Cycles right of
you realizing okay this is actually a
lot harder than I thought now I need to
do a lot more work to get to the point
where I'm actually going to see results
but because you don't have any
conviction in the in the model or or the
the vehicle that you're choosing to work
in you end up giving up on it before
you've given it the the work that it
needs to get to the level of making
money that is actually possible and
there are people doing it so not having
conviction has affected me earlier in my
career as well where I would jump into
something and do it for a bit and i' be
like a the grass is green on the other
side there's something else I should be
doing there's more opportunity elsewhere
and what I want to really explain to you
in this video is that if you are a an
entrepreneur starting out and you're
really struggling then doing the maths
on where you should put your time is by
far one of the most important things in
in your career right making sure that
you are picking the right vehicle and
model that you have done the math and
you you said this is the best use of my
time and this is what I call in my
accelerator program we have it in one of
our modules that I've made in there as I
call it the entrepreneurs equation where
you've got basically your input you've
got the model and then you've got the
output so all of us have the inputs that
we put into our entrepreneurial vehicle
right and say the entrepreneurial
vehicle is what is converting our inputs
of time effort energy resources money
whatever so when you pick a to start a
Drop Shipping business your putting in
your time your effort your energy your
your money your Capital to get it
started and then the vehicle or the
model is what is converting that uh
those inputs into some kind of output
and so the efficiency of that conversion
from input to output and making sure
that those that ratio and the kind of
outputs that you see from your inputs
and the vehicle that you've chosen is so
vitally important to get right and when
you feel like you have found the right
model that gives you the kind of output
and input to Output relationship um that
you require to get the lifestyles that
you want then you can have conviction in
what you're doing so the main thing you
should be focusing on is how can I find
the right as an entrepreneur how can I
find the vehicle that to me is like you
have complete faith and and not Faith
but belief and and we've done the maths
basically on this thing is the best
place for me to put my time and that is
when you're getting the best input to
Output relationship because we don't
want to all of us are inherently lazy to
some degree right we don't we want to be
able to if I could give you the same
thing but you have to work twice as hard
for it which one would you rather get
you'd rather be able to get to the same
position or or even greater by doing
less work right so finding the vehicle
or the model that allows you to convert
your input into outputs as efficiently
as possible is the one you should find
and then once you have that you have can
have conviction say well like okay this
is the this is the this is the vehicle
this is the model this is what I'm going
to keep my time in and just stick with
for as long as it takes for it to work
and the the way this ties into myself
and my channel and everything that I'm
doing and you guys watching this video
too is that for me the reason you've
seen me do so well in the AI space since
I got in with with my team is that we
had it with complete conviction we were
like there is no better use of our time
right now as a team than going all in on
this and just having complete conviction
like where else we are catching
this world changing Trend right at the
start we have an opportunity to build a
YouTube channel and and build a massive
following and this all we're catching
the the like economic traun or what I
call it am my accelerator there's so
much wind at our back if we can position
ourselves right in this so for us
there's not there wasn't even a a
thought of we're going to back out of
this it's like if we are catching a
gigantic Trend like this early then what
where else this I've heard of people
coming into the AI space and then
finding it hard and then ditching it and
going into to start like an smma or
something
why what you'd rather get like the the
8-year-old vehicle that's been like
absolutely put through the ringer and
milk drive for every single penny and
it's completely saturated and
commoditized then maybe stick it out for
another year in this emerging space that
is so much more upside potential because
there's the opportunity density in the
AI space is so much greater than and
something say in in the SM space this is
again what talk about I accelerator in
order to build that conviction and say
the AI space you can just look at it and
do the maths and say well the it's an
emerging space there's so much more
opportunity so many more like small
large and even gigantic opportunities
that are scattered throughout this and
by me just going into it and committing
to it and basically refusing to give up
the chance of me bumping into a a large
or even gigantic opportunity is so much
greater than any other vehicle
imaginable because the space is so
Uncharted and by you starting a business
here like myself you can spot education
opportunities you can spot sass opportun
ities and just wait until you see some
of the stuff that we're working on
towards the end of this year and next
year um it is just like endless we have
a an issue right now we have too many
opportunities and the hardest thing
about writing out business at the moment
is saying no to them and that is an
unbelievable kind of place to be in as
an entrepreneur and so to tie everything
together what I'm trying to say here
is if you've been struggling as an
entrepreneur it's likely because you've
been entering these different business
models with a lack of conviction you've
been taking other people's words for it
you've been listening to maybe me on why
you should start an a business or you've
been listening to another person on why
like affiliate marketing is the way to
do it or this this this or giving you
all these ideas on different ways that
you should be and you you're jumping
from one to the the other and because
you're not doing the math yourself
and figuring out why this why you should
put your time into it and heading it
with complete conviction you are ending
up going going through maybe putting in
five or six months of effort but not
being entirely sure and like the whole
time being kind of wasting your energy
on thinking about oh like should I be
looking at this you're wasting energy by
not being all in and ultimate you end up
jumping out of it and going into
something different and like Niche
hopping or model hopping and never
making any progress whereas if you just
stuck with something and said look I
know I can make money with any of these
let me just pick the one that I know has
the greatest amount of potential and for
me and I I hope for you as well you can
see that that's the AI space right now
and in order to build your conviction as
well go out and do the research on it in
terms of the economic factors that are
at play as well if you look in I will
leave a a link in the description about
a a really valuable report that I've
read that helped me to be uh have much
more conviction about the AI space as a
whole just the the huge waves that are
are going to affect our um global
economy over the next decade and the
fact that you can position yourself to
benefit from them and really catch the
rising tide as it lifts all boats
um is the reason I have so much
conviction in this space
so it can come in multiple different
forms where you are understanding the
economic situation you are understanding
that the AAA model for example is the
best way for you to like get deeper into
the AI space and explore it further but
what I'm trying to say here is that you
need to do the math yourself you need to
come to the conclusion and not just take
other people's advice for it so I'm
instructing you I'm telling you if
you're going to do something you need to
go in 100% and make sure that you're not
just you're not just doing what other
people tell you to do because if you
stick with it you will make money in
anything you do just make sure you're
picking the right one right it's been
all for me I'll put another video up
here if you want to watch something else
for me about put up some different AI
Solutions you can sell and start an AI
business run aside from that that's been
another Forest walk and talk for me I'll
see you in the next one
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