Are you an entrepreneur seeking to cultivate and nurture your entrepreneurial spirit? In this episode, we explore the various steps of the entrepreneurial journey, from defining mindset to building positivity and resilience. We discuss the essential points of having a coach or mentor, the impact of physical health on mindset, and how manifesting works. We also delve into recognizing self-doubt and imposter syndrome, making mistakes even when having a coach, and the importance of perseverance in the entrepreneurial journey. Join us as we explore the lifespan of the entrepreneurial journey and share insights and practical tips for mastering your mindset and nurturing your entrepreneurial spirit.
00:00 - Introduction
00:31 - Entrepreneurial Journey: Different Steps Along the Way
02:45 - Essential Points of Having a Coach/Mentor
04:09 - The Impact of Physical Health on Mindset
05:23 - Defining Mindset
07:09 - How Manifesting Works
08:24 - Writing your Vision and Goals
10:48 - Making Mistakes even when having a Coach
11:20 - Recognizing Self-Doubt and Impostor Syndrome
13:37 - Seeing the 1 negative vs 99 positives
15:24 - Building Positive Mindset
16:53 - Importance of Resilience and Perseverance in the Entrepreneurial Journey
18:31 - Entrepreneurial Journey Life Span
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Welcome to the Endgame Podcast,where I bet you didn't know what you didn't know.I'm Dr.Ryan Wakim,successful entrepreneur and your endgame coach.Sit back,relax,and tune in as we talk today about the entrepreneurial spirit and what that means for you,your family,and your possible end game or exit.As we think about the entrepreneurial spirit or entrepreneurial journey,I guess I should say first we can talk about a number of different steps along the way,right?In terms of someone's journey,there's personal experiences,there's those perceived experiences,there's your successes,there's your what some might call failures.What you often hear in our industry,call it opportunities or new challenges that you can take head on.And then that leads to the,this concept of dummy tax.You've probably heard me talk before about paying the dummy tax,right?So as we think about coaching and mentorship,and we think about being an entrepreneur or owning or running a business.We think about this concept of really trying to only make original mistakes,right?So we,we think about,you've probably heard the old adage,you know,those who forget the past are doomed to repeat it.And the reality is the,you know,that same concept applies very much so in the spirit of entrepreneurship or,you know,business acumen,which is if you have a mentor or you have a coach,someone who has already done or faced the challenges you're likely to face,even if they're not directly apples to apples,same industry,maybe not exactly the same challenge,but the theme of those challenges or the concepts may be very relatable.And therefore with the right mentor coaching or the right understanding,you may be able to circumvent,overcome,or avoid altogether a lot of those opportunities or challenges.And again what some might call failures.depending on your mindset.And so as we think about the entrepreneurial journey,one of the most important pieces to that is the dummy tax,right?It is what opportunities are you likely to face and how can you either avoid'em all together and truly make original mistakes only,or how do you navigate through them or overcome them?Much more quickly than you would have if you were just navigating it on your own and,that's truly one of the essential points of having a coach or having a mentor,which is you can truly change your speed or your inflection point,or your ability to overcome these challenges because you can learn it from someone else rather than learning it in the moment.As a surprise or as something that could just take over all your time and energy and God forbid all your money and then leave you,in a very different position on the other side if you even get there.So as we think about the journey,one of the most important things I can impart upon you definitely things I've learned through my own dummy tax challenges and opportunities is this ability to tackle,overcome,or circumvent altogether or avoid some of these fairly common business mistakes that we all will either face or make.And so,again,one of the most important things is that ability to be humble enough to have a coach.Right?I mean,that's the other thing.There's,going back to mindset,do you see this as a failure or do you see this as inability to impart wisdom on someone else or to be better the next time?That same challenge or challenge,you know,with a similar theme comes your way.Which does come back to mindset,right?So you,again,as you've heard me talk before as a board certified psychiatrist,I fancy myself an expert on the whole concept of mindset,and you've heard me talk about.How your physical health really impacts your mindset.You know,you've heard David Meltzer maybe talk about if you're healthy,you get to wake up with unlimited wishes.If you're not healthy,you,you wake up with one wish,which is you wish you were healthy so that you could have unlimited wishes.So,health and wellness are critically important to the one's mindset because it's truly the Ecosystem framework through which one can have a positive mindset.And then there is the way in which you've perceived the world.There is your perception there is what you've learned and you know,are you,again,as David Meltzer would say,are you more interested or are you trying to be more interesting?Right.So that,that's kind of striving for knowledge or thirst for knowledge.The,the ability to be inquisitive and not just be interesting is,is also a critically important part of how you will face your business journey.And all of that synthesizes down into what I would call mindset.Mindset is it is the framework through which you view the world.It is the framework through which you perceive the world,whether that's through your eyes,through any of your senses,your eyes,your ears,your tastes,your touch.And so mindset is so important in terms of your ability to overcome and face challenges or create opportunities and be proactive and set or reactive.Mindset's,critically important.You have to set the stage through which you view the world,through which you view your business,and through which you will you know,work on your business.Having said all that,then there's this whole concept of stress and burnout,right?And again,perception is reality.If you take the stance of external locus of controls,everything's being done.To me,if you're at the effect of everything around you,something goes wrong,you know that"my day is ruined",words matter,right?So rather than being busy,you might be fully committed.If you've ever heard Tony Robbins speak,he talks a lot about mindset,belief systems.The verbiage in which you use the neural linguistics,if you've heard'em talk so you're not angry,you might be a little bummed.Or you're not irate,you might just be a little,a little bit frustrated.So the words you use impact your mindset and the frame through which you perceive the world,your physical health impacts your mindset.In the way in which you perceive the world and,and mindset also comes down to where you believe control lies.So again,as a psychiatrist,we talk about an external locus of control versus an internal locus of control.Do you believe that you're at the effect of everything around you?You know everyone's out to get you,or do you believe that you can control your destiny?Do you believe that have the mindset,you have the tools,you have the capabilities to be able to control what happens next.Some will talk about this again,Tony and and David in the realm of manifest,right?So,if you believe it,it will happen,right?If you build it,they will come.So can you manifest a better future?Can you manifest opportunities?Can you manifest success?And although,you know,we don't need to get into either the science or the kind of extra the out-of-body realm experiences here,but the reality is with a positive mindset,you truly have unlimited potential,right?In a negative mindset you truly have very limited potential,and that likely is boring itself out in your day-to-day and in your life.So mindset's critically important.That is the foundation.Part of that foundation is your physical health.It helps to shape the way in which you view the world which again,is critically important for your ability to have a vision,right?You can't get somewhere unless you truly have not just a vision,but you write it down.We talked about journaling.You've heard me talk about that in the past,but.A goal is just a wish unless you have a plan against it.Right.And it's just a wish if it's this kind of idea that you're not putting on paper,that you're not putting operations or actions around.And that also feeds back in what I was talking about earlier,which is this concept of being proactive versus reactive.Okay?Mindset's so important in that.But in order to be proactive,you not only have to.a positive mindset and have the ability to have a vision beyond the here and now.Right?So being,being able to look out,if you've heard my tagline,it's exists today to expand tomorrow.It's that concept of not living moment to moment.Now,although grounding and living in the moment's critically important,you also have to have.Training,the mindset,the vision,the.Structure to be able to see into the future,right?So when things are going well,now you have to get your house in order.However,what is likely to come down the,the pike,right?What,what opportunities or challenges.might exist.This again goes back to having a coach or a mentor,someone who can help predict,Hey,when such and such happened,what I noticed was why.Right?And so maybe that why is a challenge that you haven't seen yet or you haven't thought far enough ahead of and now it's gonna become a reaction rather than a proaction right.So mindset here and now versus the future.What's your vision?Ability to take that vision,put it on paper,and put a plan against it so that it's no longer a wish and a hope.It's actually a goal that can be obtained no matter how audacious that goal may be.You have to put it on paper,you have to put a plan against it,and you have to execute upon that plan,baby steps,crawl,walk,run your way to that end point.So those are several entrepreneurial journey tidbits.I think it is important for viewers or subscribers to understand that.Even with a coach or a mentor you will make mistakes.You will have quote unquote failures.You will find yourself in moments of time of doubt,you will find yourself with what we call imposter syndrome.It's a psychological context that no matter how successful one might be,or no matter how how many positives you might line up in the positive or the prose column.One negative,one con,you know,one mindset shift and it can all kind crumbling down.So imposter syndrome is this idea that you're basically a fraud and you're you're out there putting on You know,this success or putting on this facade so that others believe that you are more successful than you are.The reality is,you know,only1%of the population can open and maintain a business beyond one year.So if you have a business and you've successfully operated that business,whether it's yourself or with a,a partner or you know,someone who's helping you operate it if you've stayed open longer than a year,you're,you know,you're a1%or,or better.And so even though it's common for self-doubt,to creep in,in this imposter syndrome to occur,goes back to mindset.Goes back to your ability to,you know,be thankful and appreciative of all the positives.Focus on the positives,focus on the proactive and understand that you,no matter how much mentorship or coaching you might have,no matter how many dummy taxes you've paid,there's still an opportunity to be better,right?You can always be better.And things will still come your way no matter how prepared you might be.So,self-doubt,imposter syndrome,another common aspect or cycle or mental state that one will experience in an entrepreneurial journey,especially one that might be taking its own.We talk a lot about asymmetric risk and just a business or an entrepreneur's ability to take risk on and be successful.And oftentimes,you know,there's this counterbalance of risk and reward.So if you take an already great idea and tweak it,you can be very successful.But if you take an already great idea and you disrupt it,You could be,you know infinitely more successful.And with that disruption comes a lot of risk and with a lot of risk,comes again,A lot of need for strengthening mindset,a lot of need for mentorship and coaching.A lot of need for understanding.You will have self-doubt.And that your brain is naturally wired to go to the negative.I don't recall the exact statistics,but if you were to have99positives and one negative,your mind will remember the one negative.Your mindset will focus on the one negative disproportionately so to all the positives,and so it's important that you,you take account.Of all the pros and that,you know,again,you work with someone that's able to help you see the positives even in the minutes and moments when the negative seems to be overcoming you.So again,self-doubt,mindset,resilience,critically important,right?So the more we talk about mindset and health,all of those things are basically filling up your resilience bucket,right?So if you think about being proactive,you think about having vision,if you think about having to be able to tackle opportunities and challenges head on,you do have to have a certain level of resilience.Your perception is reality.You know,your mindset is critically important,and if your perception and your mindset and your health are hanging on by a thread,the chances of you continuing to be able to be healthy,be happy,be successful are pretty low,right?If you,if you're truly hanging on by a thread,you have zero resilience.Your ability to rebound or to bounce back in a difficult situation obviously goes down tremendously.So some,some people might ask like,what does that mean?You know,you've talked about mindset.You've talked about physical health.You get outta your body,which you put into it.Motion drives emotion.how do you build resilience?And again,from a psychological perspective,it,it really is about building up positive mindset.It really is about reducing cortisol levels.So if you think about appropriate adaptive coping skills,so again,walks,exercise journaling,reading.You know,education intermittent fasting is a,is a way to build mental resilience.It creates new neurons and an environment for neuronal growth.And anytime we have pliable brain,a fertile brain that can make new connections in dance and traffic you're creating.You know,incredibly different resilience compared to someone who picks up alcohol when they have a stressful day or turns to,you know,other drugs to help get by,you know,excessive caffeine to get through the morning and then downers in the night to sleep better.You know,cortisol levels turn off areas of the brain.They disconnect areas of the brain.They don't allow you to tap into and stretch beyond both your physical and mental capacity.And frankly,it's when you look at the anti-aging and the aging studies.It's that high stress environments that just,we know we see it physically,but those high stress environments will directly impact your resilience and your ability to maintain not just a positive mindset,but a mindset altogether.So resilience and perseverance also play in critically in one's entrepreneurial path or journey as we think about.You know,an end game.As we think about exit as we think about growth,frankly,as we think about happiness,if,if you don't have resilience and you go to the negative right away and you,you have imposter syndrome,you're constantly in self-doubt,the chances of you,filling out a self-report on happiness and it being positive are pretty low.And so if this is your business and you don't have those things and you don't feel purpose,you don't feel fulfilled,you don't enjoy or not happy with what you do day to day that is a job.And when you are a business owner and you have a job,in the business and you feel it as a j-o-b and you are not deriving happiness and drive and purpose from that.Again,you may have been a one percenter,but you won't be for long.All of that culminates and synthesizes down into something that you have to derive purpose and you have to find value in what you do.And you have to keep doing that in order for you to keep stretching beyond your comfort zone in order for you to keep learning,in order for you to keep succeeding and to stay in that positive mindset,the proactive lens or perspective,and have the vision to keep going even in some of those dark minutes and moments when opportunities arise that you weren't prepared for.As we think about the lifespan,so to speak,of an entrepreneurial journey,those are a couple critically important pieces of framework through which you can hang your business or your business ideas.And again,I think at the end of the day,or I know at the end of the day,mindset,perception,resilience,reducing the amount of self-doubt and increasing your amount of happiness,purpose,and drive from what you do will lead you to a much more fruitful,long-term,successful business journey venture.And hopefully with the right preparation and the right knowledge and the right mentorship and coaching also leads you to an end game.That you get to define in terms of what you wanted even if you didn't know what you wanted when you first started your business.But if you can create an end game that gives you everything you want or need and enjoy dancing and traffic along the way with the right mindset and resilience then you can look back and you will look back and then you'll be able to be a coach or mentor for others.Thank you for listening to this podcast,the Endgame Podcast.Those are a couple of ideas to impart upon you as you think about your entrepreneurial journey.Maybe you should think about,what are some of the big opportunities that you've had to overcome?What are some of the dummy taxes you have paid and how can you impart that knowledge upon others in a way that will help them be successful and continue to help you be successful because when you teach,you not only are creating that repetition and the knowledge and the mentorship for someone else,you're also burning it deeper into your own neurons which will become critically important in minutes and moments where things get tough and it wasn't exactly what you saw coming.I'm Dr.Ryan Wakim,successful entrepreneur and your endgame coach.I'm here to teach you how to exist today so you can expand tomorrow,and create the ultimate endgame of your wildest desires.If you like this podcast,please subscribe below,give us a review,provide us some feedback.I love hearing from,those in which we're trying to impart knowledge on or those of which who might have a different view.Looking forward to talking to you soon.Thanks again for listening.Please subscribe or review talk to you soon.