Would you like to read 10 tips for struggling entrepreneurs to stay positive because this will be very useful for you if you are in this situation?
10 Tips for Struggling Entrepreneurs to Stay Positive!
Are you ready to reach your maximum potential as an entrepreneur? Do you have times where you’re struggling to stay positive and looking to build a stronger mental attitude?
I’m so grateful to just get this question from Jorge on Twitter about “Jerry, what are some tips you can give a struggling entrepreneur to stay positive and with a strong mental attitude?”
I’m going to answer that here for you based on my experience going through a lot as an entrepreneur online.
I’ve been online with my business full time since 2012 after I started my business online in 2011. I quit my job including giving up my paycheck and my health insurance before I even made a profit in my business.
I borrowed over a hundred thousand dollars to avoid totally going out of business and failing, and then I’ve had a ton of success from then earning millions of dollars online.
Last year in 2019, I went through a lot more struggles and valuable learning experiences, borrowed hundreds of thousands more dollars and now I am in the best position I’ve ever been in, my setup, my business is in the best shape it’s ever been in.
What I can tell you that I’ve learned from that I will put into 10 tips here for you.
The number one tip, the very most important thing to do to stay positive and to build a strong mental attitude is to get your personal life together.
If you are trying to have a business online, it’s not separate from everything else that’s going on.
I’ll give you my experience with this.
In 2014, I’ve been working online three years, including two years full time, just depending on my business to make money. I had just had my first profitable year in 2013 and had several months where I made over $10,000.
Somehow I had managed to throw all of that success into bigger plans that failed, and in 2014 I was on the edge of losing my business.
I was not making money, I’d ruined all my relationships with clients and what I noticed is that my personal life, the number one thing that was dragging my personal life down and holding me back was my drinking.
I also realized that I liked drinking so much that I drank because I liked it and I found it preferable lots of times to being sober.
I saw that after a lot of attempts to quit, I honestly wouldn’t be able to quit on my own at home, just trying to not drink, and this leads to the number 2 tip.
You need a support group. You need other entrepreneurs that are there to help you. When I realized that I would not stay sober by myself, no matter what the potential would be, I got desperate.
I prayed to God.
I said, “Please, I’ll do anything to stay sober.”
I was out of ideas and one of the thoughts that crossed my mind was, “Well, going to Alcoholics Anonymous might be a part of the anything you just offered.”
I started going to Alcoholics Anonymous in 2014 and that got me into getting my personal life together. The first thing I did after 90 days and struggling and pain. I started finally working the steps of Alcoholics Anonymous, I got a sponsor, I read the entire book, “Alcoholics Anonymous.”
I started going to five meetings a week, devoting 5 to 10 hours a week of time to go to these meetings and focus totally on my sobriety.
From there, I got into a bunch of other habits in my personal life and I heard people at Alcoholics Anonymous meetings who’d been sober a long time say that they had gone through and fixed.
Things like for me, watching adult movies, that was another addiction that had to go. I went to work on that. Also my sex life, habits and thoughts that had to go.
All my violent thoughts and self-harm thoughts, I worked on that and got counseling, because that had to go, and the more I worked on myself like I started to read more inspirational books and I started to give up watching and participating in activities that left me feeling worse, then my business took off.
In 2015 and 2016, my business started going wild as the positive effects of getting that drinking problem and a lot of other problems related to that. Even things like my eating, my exercise habits to where I talk to my wife.
Getting all of these things fixed and improved, learning and growing in my personal life, helped me to have a ton of positive energy to put into my business.
I’ve noticed with people I’ve worked with that self-sabotage is the number one thing that most entrepreneurs struggle with.
You get in your own way, you get in these bad moods and you mess up your relationships and that takes me to tip number three.
It’s all about maintaining outstanding relationships.
If you want your business to succeed, that is going to happen through relationships. Whatever kind of business you have will involve relationships.
If you are like me creating online courses, you will need people to buy those courses and you will need to do a good job for them, answer questions, have some kind of feedback like Jorge here has helped me to know exactly what is worth me making a video about today.
You will also need supportive relationships from peers.
For example, I have a support group available at Jerrybayfield.com/university where I have my income. I allow people to support me through buying my courses, and I also have a partner program where I have a networking and mentoring and support group similar to the function of Alcoholics Anonymous for my business.
I have fellow online teachers and entrepreneurs who I talk with every week.
It’s essential to have some kind of a support group to get feedback and to stay inspired because being an entrepreneur online has some definite advantages.
I love not having to wake up to an alarm clock every morning. I love not having to go into the office and have a boss. I love having so much passion and enthusiasm and excitement for everything I’m doing each day.
What can be challenging as an entrepreneur is a lack of guidance.
Some days I’ve found I need to step back and be the boss. I’m not the employee and that’s the fourth tip I’ll give you.
Take days to step back and be the boss, to stop doing the day-to-day work or your business, and act like the boss. What this looks like for me is, I sit down and get a piece of paper and I’d be the boss.
I’m not responsible when I’m doing that for even considering or thinking about what the any of the details of the work the employees have to do.
I’m responsible for looking at the big picture of the business and figuring out what work the employees, which is me, need to do.
I’ve found that lots of times in my business I’ve felt like I was an employee coming to work with no boss. I would just keep showing up and trying to work as hard as I could, and if you are an entrepreneur online, it’s not about working hard, it’s about working smart, and it’s about making exactly what people need.
Just doing a whole bunch of work by itself is useless. In 2019 I published more videos on YouTube than I had in any other two years combined.
I worked hard.
I launched a new website, I thought and obsessed over my business all year, and in 2019 it was the worst year in terms of net profit.
I lost more money in 2019 than I ever lost in any other year of my business.
It wasn’t because I wasn’t working hard enough, it was because of the mindset. It was because of the work I chose to do. It was because of the choice I made and the way I was thinking, and I’ve learned what I don’t want to do in my business, and all of that experience is valuable.
And that’s the fifth tip.
The fifth tip is to let go of beating yourself up for failures. I’m betting that the odds are if you’re an entrepreneur online and you are here experiencing this with me, I’ve probably failed at more stuff than you have online.
I’ve failed at so many things that I remember writing a post a few years ago about my 10 most painful failures as an entrepreneur online, and now several years later, I’ve got a whole new list. I found last year in 2019 I was doing a lot of mentally whipping myself like that.
“Nice job selling that Dash master node at $87,000 when you could have sold it a few months later for $1.3 million. Nice job with that.”
“Oh great job, you got banned from Udemy and you lost a thousand plus dollars a day in income from that. Now if you had just tried harder.”
“Well, nice job with your gaming, you got all these followers, and then you stopped gaming twice.”
I kept beating myself up for all these perceived failures when really these were all valuable learning opportunities.
It’s normal as an entrepreneur online to fail at most things you do. If one out of ten things you do as an entrepreneur online works really well, that’s great, and you may need to do 9, 19 or 29 things before you get to that one thing.
Sometimes it just takes a while to get started.
As I’ve made the new Jerry Banfield University on my website, I’ve just launched forums where everybody can get answers to questions. So far in the first two weeks, I’m the only one that’s posted.
This leads us to tip number six.
Lots of times as an entrepreneur online, you just have to think about the long term and be willing to get through the beginning, and think about things in terms of what my business will look like in 5, 10, 15 or 20 years from now and how I set that up and get to work on it now.
We actually got the very first forum poll by Lenny Ramirez and guess what? Lenny has been a partner with me for years and that emphasizes the point of relationships.
You really want to think long term with your business and be willing to go through the startup phase.
What I did a lot of times in my business is I would just start a bunch of different things and I would never get anywhere with them because I’d start them, I’d get impatient and I kept trying to make money quick and have success quick.
This leads to tip 7.
Stop trying to be successful fast. Stop trying to make money fast. Stop trying to grow fast and start thinking long-term, consistent, peaceful, and happy growth.
I’m so grateful, Lenny has made the first post in this forum because the biggest difference in the world is going from zero posts by anybody else to one post, and I’m going to answer these right away.
When you think long-term, you’ve got the huge advantage of seeing the bigger picture and as an entrepreneur online, a lot of us struggle to see the bigger picture.
Let me give you another example.
With my forums, I’ve got some feedback.
People said that you might as well just do a Facebook group, nobody’s going to post on your forums and while that has some validity to it, what I see as the long-term picture, is the forums.
I’ve answered 5,000 plus questions in online courses, on YouTube videos on Facebook, and if I tell you, “Why don’t you go look at some of the answers to these questions?” where can you find them?
Now that I’ve got my forums, there’s one place where you can see all the questions I’m answering.
I finally took the time to look long term and say, “As I answer the next 5,000 questions for people, where do I want to do that?”
I see I want them all to be on my website, that way in five years when I’ve answered 5,000 more questions, you can go into my forums and see all the questions I’ve answered in one place, and that’s the difference between short-term thinking and long-term thinking.
Short-term thinking says, “How can I make $1,000 this month? How can I get some quick money and how can I go hustle and get a client?”
Long-term thinking says, “How can I put together everything I’m doing in a way that even if I fail at it, it will still build on itself? How can I do whatever I want to in one place in my business and even the things that don’t work out the way I think they should, how those things can still help me?”
Number eight is to focus as an entrepreneur online on your website.
I’ve got everything is focused on my website now at Jerrybayfield.com because this is the one place I can depend on for the long term.
I don’t know what will happen to my Facebook account or my YouTube account, my Twitter account or all these other accounts that I have on other websites.
I’ve seen consistently entrepreneurs like me go all in on other websites, and you put all your questions. I’ve answered thousands of questions on Udemy between 2014 and 2016 before I left Udemy and now where are those questions?
I’ve posted blog posts on other websites and where are those blog posts now?
My website is the one thing I have the highest level of control over and I consistently saw people telling me when I was on Udemy, ” Jerry, you need to send people to something you control because platforms outside of your own website can be very unstable.”
I had a website that was barely functional at the time that I was only using to sell my Udemy courses.
When I sent people to Udemy and they can’t find my profile, I did all that work to lose the results of it.
I’ve done that so many times that now I’m disciplined, and every single thing I do, sends people back to my website because this is where you can depend on finding me for the next 5, 10, 15, or 20 years.
Everything else I do, all funnels back into my website.
You then will want to ask, “What domain name should I pick?”
Pick something that in 20 years you can count on to be the same. In most cases, that’s your name.
Then, the next question you’re going to get is, “Well, what about niche? I want to create and work a niche.”
You can work a niche all day on your website.
For example, on my website, I can work any niche I want to on my blog all day, every day, just put up blog posts on whatever I want to and all of these can rank on Google.
Then when you find something that’s working really well, what you can do is you can make a niche website.
When you’re making money and things are going well, you’ve got help and you’ve got support for a specific niche, then you can make a different website and start sending people to that.
It’s critical to think with your website long term. You want everybody always to come somewhere you can control because even if you don’t get banned or suspended, which is very common if you’re an active entrepreneur who’s trying and working hard, and often successful, it involves bending, breaking or forgetting about the rules.
Just a little mistake here or there, with the three strikes system, you work hard every day, you’re going to make three mistakes, and then get your account closed.
I’ve consistently seen entrepreneurs either get hit with one or two things online. Either they lose an account completely on a website, or the website changes so much that what they were doing on it before is not relevant anymore.
For example, Udemy changes their course pricing and it ruins the earnings for instructors. Facebook changes a policy and your posts don’t go out and hardly show up on anybody’s newsfeed.
You want to always bring everybody onto your website and do everything on your website because even when you write a blog post on your website, and then three months later you’re not interested in that topic anymore, somebody may still come in.
I’ve seen this happen in my business a bunch.
I make posts that are two, three, five years old and they still bring people into my website who then might end up following me on Twitter and asking a question, might end up joining Jerry Banfield University and becoming a member.
All of it often off of subjects that I’m not even currently talking about and that’s what’s magic.
A couple of more points to get you into the absolute top of your game for your business.
Number nine, pay attention to everything you are consuming and taking in.
Your business is all about your energy. If you are watching things like the news and you are seeing that you’re not feeling very good after watching that and all of a sudden you’re talking about the latest tragedy or the latest thing that’s wrong in the world that will pour over into your business.
You’ll get clients that are on that kind of energy and the clients that say, “This is what’s wrong with the world and let’s hate somebody together.”
One day they’ll wake up and you’ll be on the other side of that and they’ll be getting a refund or doing a charge back, or you’ll be finding that they’ll agonize over a project and make you work really hard and you’ll resent it.
Pay attention to every single thing you do.
More than likely, this will mean no more TV or hardly any.
I might watch an hour or two of TV a month.
What I do instead is I read books and that is tip number 10.
Read books and watch video courses and videos that leave you feeling inspired. Make a radical refusal to stop watching and taking in stuff that doesn’t leave you feeling better than when you started it.
Sometimes this can be challenging.
Sometimes this means that things you think you love, you don’t get to do those anymore because you don’t want to feel bad.
For example, I’ve loved watching the Terminator movies for much of my life. I just started watching a few weeks ago the newest Terminator, “Terminator, Dark Fate.”
I watched about an hour of it and I noticed I was not feeling very good, not only that, I watched it before bed and I woke up the next day and still was lingering on and I will not watch the rest of it.
I won’t watch the rest of it because I don’t want to feel anymore just like that, and every little decision like that adds up.
What do I do instead?
I listened to books especially that inspire me. I watch movies that inspire me and leave me feeling grateful.
Right now, I’m going through just a bunch of Wayne Dyer’s books and speeches.
I’m also listening to Jerry and Esther Hicks who do the Abraham Hicks book, “Ask and it is given” based on the law of attraction.
These things are extremely powerful and I consistently am putting out, I have a reading list and I’m going to mention the exact books I’m reading more in future videos I’m doing.
Long story short, I put a lot of effort. I put a lot of time and energy into staying positive and working on my mental attitude because everything else that happens comes from there.
The more I listen to books that inspire me, the better my business does.
The more I say, “No, thank you,” to things like M & M, which I’ve listened to a lot over my life and his newest album was called “Music to be murdered by” and I looked at that album title and I thought, am I going to feel better or worse after listening to this?
Therefore I’m choosing not to listen to this album.
I will listen to something that inspires me instead like Auret’s song, “Masterpiece.”
I listened to that and I feel great, I feel empowered.
Every one of those little decisions is important.
Thank you very much Jorge for asking about this.
I appreciate the chance to answer this question and the best place to get a hold of me for questions is in my new forums where I am reading every single forum post, and all of these are available at Jerrybanfield.com/university.
I love you.
I appreciate the chance to serve you today and I will see you again soon.
Edits from video transcript by Michel Gerard.