why you’ll never succeed as an entrepreneur (stop this)

Summary

In 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.