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.

Outlines

00:00

🚀 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.

05:01

🔧 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.

10:03

📈 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.

Keywords

💡Conviction

Conviction refers to the unwavering belief and confidence in one's actions or decisions. In the video, the speaker emphasizes how having conviction is crucial for entrepreneurs, as it enables them to push through challenges and stay committed to their business ventures. Without conviction, entrepreneurs are more likely to give up before reaching success, as they lack the belief in the viability of their chosen business model.

💡Entrepreneurial Vehicle

An entrepreneurial vehicle refers to the business model or method through which an entrepreneur converts their time, effort, and resources into profitable outcomes. The speaker discusses how selecting the right entrepreneurial vehicle is critical for success and highlights how entrepreneurs must find a model that maximizes the efficiency of their input to output. This concept is central to the speaker’s idea of the 'entrepreneur’s equation,' where one evaluates the effectiveness of their chosen business model.

💡Input to Output Ratio

The input to output ratio measures the efficiency with which an entrepreneurial vehicle converts resources (input) into results (output). The speaker emphasizes how entrepreneurs should focus on finding business models that optimize this ratio, allowing them to achieve greater success with less effort. A more efficient ratio means better outcomes (financial, personal growth, etc.) with fewer resources, making the business model more sustainable.

💡Uninformed Optimism

Uninformed optimism is a stage in the entrepreneurial journey where individuals are excited and hopeful about a new venture, despite lacking a full understanding of its challenges. The speaker describes this as a common phase for new entrepreneurs, who may initially feel enthusiastic but later realize the difficulties involved. This optimism often fades as they encounter the reality of the work required to succeed.

💡Informed Pessimism

Informed pessimism is the phase where entrepreneurs begin to understand the true challenges of their business, leading to doubt and frustration. The speaker highlights this as a critical point in the entrepreneurial journey, where many give up due to the perceived difficulty. However, those with conviction push through this stage and continue working toward success.

💡Opportunity Density

Opportunity density refers to the concentration or abundance of opportunities within a particular industry or space. In the video, the speaker emphasizes how the AI space currently has high opportunity density, meaning there are numerous chances for entrepreneurs to succeed. This density is contrasted with more saturated fields like SMMA (social media marketing), which may have fewer emerging opportunities.

💡Niche Hopping

Niche hopping occurs when an entrepreneur jumps from one business model or industry to another without fully committing to any single one. The speaker warns against this behavior, explaining that it often results from a lack of conviction. Entrepreneurs who constantly switch niches fail to see long-term success because they never invest enough time and effort into mastering one area.

💡AI Space

The AI space refers to the emerging industry and opportunities related to artificial intelligence technologies. The speaker is particularly focused on the AI space, noting its immense potential and the numerous opportunities it offers for entrepreneurs. He encourages his audience to explore this field due to its growing influence and the many business possibilities it presents.

💡Economic Trends

Economic trends refer to large-scale patterns and shifts in the economy that can influence the success of certain industries or business models. The speaker points out how understanding economic trends, such as the rise of AI, is crucial for developing conviction in a chosen entrepreneurial vehicle. By recognizing these trends, entrepreneurs can position themselves in industries with high growth potential.

💡Entrepreneur’s Equation

The entrepreneur’s equation is a concept introduced by the speaker to describe the relationship between the effort (input) an entrepreneur invests and the outcomes (output) they receive based on the efficiency of their chosen business model. By carefully selecting a business model that maximizes this conversion process, entrepreneurs can achieve greater success with less effort. This equation is a guiding principle for finding the right entrepreneurial vehicle.

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