TES 007 - Your Most Important Decision as an Entrepreneur - a podcast by Mel Abraham

— Summary —

In this episode, we begin to dive into the three phases of business life or product life framework. This is the process that we use to take a product and business, and bring it to life. In a previous session, we talked about the concept that there are three phases that every product or business must go through: Think Up, Get Up and Reach Up phase.

The first phase Think Up has three stages Decide, Ideation and Model. As opposed to popular belief idea doesn't come first and there are a whole lot of decisions and choices that come into play before an idea is generated and turned it into reality.

When we decide on the correct choices, we're going to start to come up with ideas and because we're coming at it as an entrepreneur, we take on the identity of an entrepreneur first. After taking the identity of an entrepreneur, you can go through the most difficult path to reach the destination and this destination comes as the result of the "WHY".

There may be more but these are the four major categories of "Why" for entrepreneurs with examples of real entrepreneurs. They are:

1.     Passion-Driven
Peter Diamandis: A passion driven entrepreneur who creates business around his personal passions. He's got incredible things related to exploring space and his efforts will affect how we live our lives.

2.     Purpose-Driven
Elon Musk: He's driven by his purpose to find a cleaner way of living by capitalizing on electrical energy. He is involved with a lot of new technological developments.

3.     Money-Driven
Donald Trump: He is driven by the bottom line—the money. Being driven by money doesn't matter because you create jobs, products, services for serving society and community.

4.     Transformation-Driven
Steve Jobs: He revolutionized and transformed several industries like music and communication. He transformed our way of life and belonging. He was able to change the world

So sit back and reflect for a moment about which one you are and what is driving you? Once we decide what our why is, we need to ask ourselves some "What" questions.

What do we want to create?
- Product, service or a hybrid of these two?

Also be clear on things like whether you are going to do it as a for-profit or a not-for-profit. Once we understand the why and the what, we can start to dig deeply into some of the other decisions which we will do in the next episode.

____________________

ABOUT MEL ABRAHAM

Mel is the founder of Business Breakthrough Academy and Thoughtpreneur Academy where he helps entrepreneurs bring their businesses to the world and build the lifestyle that they want. Mel is one the most sought after entrepreneurial mentor and strategic thinkers of our time. Unlike many other so called “business coaches”, Mel has lived everything he teaches and continues to do so. Mel has built, bought and sold numerous multimillion-dollar businesses for himself as well as his clients. As the author of The Entrepreneur’s Solution: The Modern Millionaire’s Path to More Profit, Fans & Freedom Entrepreneur, Mel’s strategies have helped build thousands of businesses and have generated hundreds of millions of dollars for his clients, ranging from large corporations to startups and small family-owned businesses.

Mel is a true believer in the entrepreneurial way of life and says that this “new frontier” is the paradigm that will shift society from simply existing to living life bigger, bolder and on their own terms.

Meet Mel at http://melabraham.com/

____________________

THE ENTREPRENEUR'S SOLUTION

The Entrepreneur's Solution is a weekly entrepreneur, business, wealth and lifestyle show where entrepreneur, speaker and author Mel Abraham reveals all of his business and entrepreneur building strategies. Mel is one of our time's most sought after mentors and speakers that not only teaches but also lives what he teaches. Discover how to design, create and build your business so it gives you the life and lifestyle you want.

Subscribe to the free entrepreneurial podcast here: http://melabraham.com/podcast

The Entrepreneur's Solution Blog on Tumblr: http://melabraham.tumblr.com/

____________________

SUBSCRIBE AND FOLLOW

Join Mel's FB Fans: https://www.facebook.com/melhabraham

Tweet Mel: http://twitter.com/MelHAb

Instagram: http://instagram.com/legacyentrepreneur

LinkedIn: http://www.linkedin.com/in/melhabraham

 

Website: http://MelAbraham.com

Further episodes of The Affluent Entrepreneur Show

Further podcasts by Mel Abraham

Website of Mel Abraham