Hi ,
REPLY to this email with Inner Sanctum if you’d like to get details to my Private Mastermind.
In my last email, I covered the 3 WYODC Insights – 1) Principles of Generosity, 2) The Seatbelt Principle, and 3) Change is a Cycle.
Let’s dive into Part 3 of The Best of Inner Sanctum 2022.
In this email, I’ll demystify the 3 biggest beliefs of Entrepreneurship.
- Hustle Harder is Misleading
If your wealth business model is wrong, hustling doesn’t lead to success.
There are plenty of people in poverty who are constantly hustling.
If you’re starting out as a freelance copywriter, your wealth model is based on the hours you put in – that’s great but not for long-term wealth generation.
You must consider whether your business model aligns with your long-term goals.
Don’t just hustle harder but work smarter also.
- Rich Habits create Wealth
Personal development coaches preach the following habits to help you become a better person, but these habits don’t make you rich.
I’m talking about habits like:
Waking up early.
Meditating
Drink Green Juice
Exercise.
Do Yoga
These habits help build character.
While that’s critical in wealth accumulation, these coaches often leave the other half of the equation out – acquiring vital skills.
The rich people are great at Wealth Creation Skills:
Connection/Networking => You have access to opportunities, sealing deals, and joining elite clubs.
Spotting Opportunities => You need to learn different models/ways of investment, VC funding models, etc.
Allocating Resources => The ability to optimize the upside and protect against the risks.
Branding, Marketing, and Selling => The ability to get others to believe in you.
- The MYTH of Failing Forward
If you’re new to entrepreneurship, you might have heard slogans like “Fail Forward”.
I think it’s necessary to understand this advice in the right context.
Here’s something that most people would overlook…
Entrepreneurs who preach “Fail forward” (like Mark Zuckerberg) have funds like VC funding or parents’ money.
These people who embrace “Fail Forward” have very little consequences if they fail because of their buffer.
Failure is suffering, and a lot of suffering can be avoided.
Avoid failure if you can — Because there are quicker, better, and easier ways to do something — that support your skills and income.
If you drill down to the root, I define FAILURE as a build-up of poor thinking, desire, and decisions.
You don’t fail instantly.
You fail because multiple bad decisions come from poor thinking and poor desires.
Now that you know these 3 biggest myths of Entrepreneurship do not fall prey to them.
In summary,
Don’t just work harder – You gotta work smart.
Don’t just practice rich habits – You gotta get Wealth Creation skills.
Don’t just fail forward – You gotta practice the No-Fail-Zone!
I hope this issue helps you get better clarity.
If you’d like to find out more about Inner Sanctum, then REPLY to this email with INNER SANCTUM.
To the Pursuit of Dreams, Desire and Destiny
Kenneth Yu