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Episode Highlights

How To Become An Entrepreneur

• He was a lead guitar player in a rock band in high school, where his initial motive was to meet girls.
• He volunteered to book their band for their gigs. Shortly, they started making over $500 a night—that was in 1970. This experience taught him how it’s like to be an entrepreneur.
• When his parents divorced during his teens, they struggled with their finances. He and his sister decided that they will not remain poor.
• He studied electrical engineering and worked with pioneers in the computer industry.
• There, he didn’t just learn how to build and design circuits; Mitch also learned how the industry leaders thought.
• He realized that the rest of the engineering jobs are more related to paperwork. He then started investing in real estate and building small portfolios of properties.

Having a Sharp Eye for Opportunity to Reach Success and how to Become an Entrepreneur 

• You can be anything you want to be as long as you are willing to work. The same thing is true with business goals. Customer retention and business planning should be valued.
• When you see an opportunity in social media marketing, you have to go for it confidently.
• There were a lot of starting software companies when Mitch started his, but he and his partner believed in theirs.
• “Comfort is the enemy of success.”

Overcoming the Greatest Challenges in Business

• When he started Timeslips Corporation, they priced the program at $99. It almost took its credibility away because it was so cheap.
• The American Business Association tried to discredit their product because it was not ABA certified.
• Together with his clients, they fought ABA and spread the word about Timeslips.
• 18 months later, the ABA convention invited Mitch as a keynote speaker.

The Biggest Motivation About How to Become an Entrepreneur 

• The three words that he had in his mind after a rejection from wanting to transition into sales became his motivation: “I’ll show you.”
• Entrepreneurs have to be careful of self-talk because it can either bring business expenses up or down.
• Your belief and your determination to be successful is what will serve you towards your market share.
• Money is a measuring stick. Without the desire to pursue it, you’re not going to want it. These are just some business goals examples.

Advice for How To Become An Entrepreneur And Face Struggles

• If you have a struggling small business owner, there is no excuse, what you need to do is to sell.
• If you’re in a slump, the best thing to do is to get testimonials from happy clients. A video or audio can provide more credibility to your shareholder value than printed words.
• If you’re starting, keep in mind that you have the gift of the beginner’s mindset. Try setting up a business website or listening to your sales team.

The Wealth Mindset

• Wealth does not come to people unless they’re in that mindset.
• You have to overcome the limitations of your unconscious mind.
• Your mentors don’t have to be live people—they could be programs or authors.
• Don’t be afraid to introduce yourself to people. Consequently, you have to make yourself valuable to that person. It should be part of your business plan.

The Greatest Mistakes Entrepreneurs Make

• Starting unprepared
• Demanding before proving their concept
• Not knowing the market
• Not valuing employee satisfaction
• Not promoting your product or service enough
• You have to learn how to sell yourself and what you’re doing.
• If you have 45 seconds to tell people what you do, you only need to write down seven words to convey your message. The first three words should be “You know how…,” and the next four words are, “What we do is…”

Failures and Turning Points For How To Become An Entrepreneur

• When he was working as a field applications engineer, his boss was upset when he found out that Mitch was Jewish.
• While contemplating whether he should quit, he went to a mentor in the industry. He advised Mitch not to let them take his job away from him.
• “It comes back to having a mentor. It comes back to that fork in the road that changes your life and making the right decision is as hard as it might be.”

Instrumental Habits to Success

• Learning from others and the way they solve problems. It is the foundation of a good mission statement.
• You can’t be an expert at everything. Get to know as many successful people as possible and connect with them. Then, establish your company objectives.

Final Notes

• Mitch is building a program to train coaches on how to get rich, which is called the Coaching Systems Architect.
• The report in the program contains the Five Critical Areas Most Coaching Businesses Make.

About Mitch

Mitch Russo co-founded Timeslips Corporation, the largest time-tracking software company in the world. When Timeslips Corp. was sold to Sage, he served as its Chief Operating Officer. He was a pioneer, and later the President and CEO, of the virtual organization Business Breakthroughs International. He works with Chet Holmes and Tony Robbins.

Mitch is the author of the bestselling books, “The Invisible Organization,” and “Power Tribes – How Certification Can Explode Your Business.” In 2017, he launched the SaaS platform, The Results Breakthrough Network. Today, Mitch hosts the Your First Thousand Clients Podcast, where he discovers the secrets of successful business owners.

For more insights, you can reach Mitch and set up a call with him for free on his website.

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