Why Entrepreneurship is Not For Everyone 2018-10-20T23:54:03+00:00

Project Description

Why Entrepreneurship is Not For Everyone

John Ho is a self made entrepreneur and periscope celebrity. Incapable of having a boss, he carved his own path through a series of self created businesses. Now, he lives a location independent lifestyle in Thailand while running his businesses and coaching others to follow in his footsteps.

John offers expert insights into the finer points of entrepreneurship such as marketing and branding, as well as answering more sweeping questions such as the meaning of money and how to create work from your passion. Some interesting topics we cover include:

0:00 – Why brand authenticity matters
14:20 – The power of personal and business branding
32:37  – Risk Analysis: If it’s not a fuck yes then it’s a no.
45:37 – Marketing products through casual conversation
58:18  – Converting passion into a sustainable business
1:04:10 – The most important lesson for new entrepreneurs
1:09:57 – Entrepreneurship can be amazing. But it’s not for everyone
1:23:32 – Why trends are a red flag
1:36:10 – Having to do things you hate to become successful
1:43:34 – Money as a tool for freedom
2:00:09 – Values over goals? Bullshit

The full podcast episode:
https://samsebree.com/john-ho

The audio version of this podcast can be found here:
https://itunes.apple.com/us/podcast/the-mental-architect/id1435994254?mt=2

The most interesting excerpts from this podcast can be found here:

Decision Making Mentality of a Successful Entrepreneur
https://samsebree.com/decision-making-mentality-of-a-successful-entrepreneur

Open Mindedness is the Key to Success
https://samsebree.com/open-mindedness-is-the-key-to-success

Enjoy!

Click Here to View the Full Transcript

0:00
So I have always kind of been of the belief that entrepreneurship is kick. But it's not for everyone. You know, there are a lot of people who

0:13
say, Oh, I want to break out of the nine to five, and they have this, they have this very Tim Ferriss, four hour workweek view of what entrepreneurship is

0:25
in. So my question to you is, how do you know if entrepreneurship is right for you? How do you know if that's the path, you should go down, and you should quit the corporate world, or if you should, if you would be happier working for a company, because there are some people out there who genuinely I think they would be happier working nine to five. And if everyone was an entrepreneur, if everyone was a Chief, the world would fall apart, you know, yeah, if 7 billion entrepreneurs than whatever the you're going to hire. So I think

0:55
it's just being realistic. Like,

1:01
so if I saw I'll talk about myself first. I wasn't happy working at my jobs. The money wasn't

1:10
the thing that gave me the satisfaction that I want to wake up naturally every single day and work 10 hours and then sleep with like, you know, like, if achieve something that kind of really, yeah, so and,

1:24
and I knew that this couldn't be my life for like, the next 40 years, right? It's just not gonna work, I'm gonna be a zombie, right? So I have to do something different. Now, when I say I want to do something different. That means there's a vision that I see a better like a better alternative. So if my lifestyle, right, and so now,

1:48
most

1:50
people, including myself, at the very beginning, we're not we're not taught, we're not warned, we're not

1:56
exposed

1:57
to the hardship and the challenges and the obstacles that you need to actually grind through before even being there halfway. Right. And so, again, I think having a mentor will definitely help help when you go through this process of entrepreneurship, being in a community that would also support your decision on doing something different Chiang Mai, for example. Yeah, you know, and like minded people, you know, so, I always think like, you know, entrepreneur groups, you know, if you find some people that they're really supportive, that's great. Like, it doesn't, it doesn't mean it doesn't matter what you wanted to. But having a supporting group is very, very important. And that's why I chose network marketing in the beginning. Because in network marketing business, you always have an upline that you have that sponsor and that sponsor is responsible for taking care of you, or making sure you,

2:55
you know, you're having folly, I'm having sales volume, right. So, so essentially, they, they should know, something to teach you. So you have, you have the sponsor. And then you have the community because it's a company, it's a team, they have a lot of team activities working. So that's what I picked, I find, and if anyone were to ask me, and they don't know anything about entrepreneurship, they don't have that money to like, burn down the road. And what they say I want to learn about business, I'll tell them, find a good network marketing company, find a sponsor that would care for you, genuinely for you, and try it, try it for a couple years, just do it like. And so

3:33
for the uninitiated, give us a quick breakdown of what network marketing is. Exactly. So. So

3:37
network marketing business is basically the, the older term of product affiliation, right. So you have a brand, they have products, and they want distributors to sell their products. And so network marketing companies, they don't do the proper, they don't do the conventional like retail business as they don't put it on retail salt stores. They don't, they don't, they don't sell it with their counter salesperson and all that it's just these individuals that would sign up to become an independent distributor, right? And so day would help Dave would become the sales force of the company. But part of the commission scheme is not sales volume commission from the products they sell, but also the network of Salesforce that they can recruit that will sell products for the company that they also take a small part of it as an extra bonus to build that sell to you as a salesman also recruit other salesmen. Yes,

4:35
it sounds a little pyramid scheme me Well,

4:37
that's the that's the thing that everybody is thinking about. network marketing, business business and pyramid scheme is just a term does it mean positive? Or does it mean I get it depends on who you talk to. My understanding means native. Yeah, so the the conventional pyramid scheme eat things that you hear from this business model is that how they operate the business is not taking money from the products, they're taking money from, like, recruitment. And that's illegitimate. Like that's illegal. When I ask you this, do you have to personally purchase the products yourself and then you're reselling them or is or you're not

5:13
supposed to do that. Yeah,

5:14
and that's what makes this pyramid scheme but it's not, it's not the company that's at fault here is that person who's buying the products or who's convincing other people to buy the products and reselling them, because that's never the intention off the company itself. And this is where it gets marquee. And people misunderstand how it works. So I if someone were to come to me and say, I want to try distribute the products that I do, right, and then I'll tell them great now when I tell people you need to buy these products, it's not for reselling it's for you to use it and for you to tell you try whether you'd like to products or not because the ultimate thing is it's a product that don't work or if you don't know anything about the product then how are you going to share the people that you know how how amazing this product is it's not authenticity that we're getting from and I'm a big like I'm a big believer if it's a product even from the company that I don't like I'm not gonna tell anyone about that pill actually did make your eight inches longer

6:09
than not talk about an authentic sales exactly you're gonna come and swing and and into the businessman as you know, like I could make millions right billion. Maybe Julian's Yeah, you might be the richest man on earth.

6:20
If there is one pill, there's one pill, but so. So that's, that's where people obviously there's a bad reputation of that business model. But I would argue that there's a lot of confusion. There's a lot of misinformation especially there's an episode from john oliver that specifically also addressed that potential, like scams and the hypocrisy within this network marketing companies. And, and I agree with him in some parts. But in other parts, that's not the entire story. That's not the truth of how these business are operating. A lot of the businesses, the one that I'm working with is actually listed in the stock market has changed. So let's get legitimate companies. They have products they've been selling for 20 years right now. And then you have people telling you, yeah, but had this really bad experience, or my friend got scared. And

7:08
I've, yeah, it's always the night and, and, and, and like,

7:11
I don't want anything to do with it, then I would tell them, that's cool. Okay. But I'm still telling people if you want to learn about entrepreneurship, network marketing is a great way. And it's very cheap for you to have that experience to trainers. Because, like, how did you learn entrepreneurship

7:34
going out and just started my own business and just putting my balls in the fire and just trying to figure out what works and just trying to figure out well, and also talking to people like you, luckily, luckily,

7:45
I happen to go into an interesting path of entrepreneurship, where I get to talk to other entrepreneurs, okay. I mean, that's kind of the business model. And so I think that accelerated my learning a lot. And that in order to grow my business, I have to talk to intelligent people like you, which helps me grow my business. It's this. It's this crazy. exponential curve. Yeah, you know, so you have to figure it out yourself. Yeah.

8:09
And you read books, you watch YouTube videos, you know,

8:13
dot com. Reason for our work. Yeah, things like that.

8:15
Yeah. Right. So and, and so you pretty much have to figure it out yourself. Now, if, if everyone you want to encourage to go through this entrepreneurship,

8:26
and you tell them to do exactly the same way that you're doing? What do you think? Is the success rate of this other person? A random other person? Yeah, a random random person achieving what you can achieve at this point of life? 10%, 10%?

8:40
That's a high conversion. I was being generous.

8:42
Yeah, obviously, I

8:44
didn't want to discourage your Twitter viewers. No, no, no, I'm sure we're all about being real here. And we're all about being honest, we're talking about a random person off the street,

8:54
someone, someone just comes to you and say, I want to learn to do the business. And, and and, and then you tell them do exactly what I'm doing. Oh, you mean literally my business No, or just go through go through the experience that you've been through exists. So

9:08
you have to you have between one and 3%, I

9:12
would argue that network marketing journey of becoming or learning to become an entrepreneur business would be slightly more effective than that you think so

9:21
because we do have a training system, we have leaders that are trained to train people, let's think that's confusing, it seems like fundamentally network marketing, you're still working for a company,

9:33
it's, it's how you interpret it, you can choose to be only distributing the products, you can choose to use your time to do other businesses, obviously, we're talking about whether you want to focus in doing one thing at a time, right? So you can do 10 things you can you can go to 10 companies where you can do 10 products to sell. But is that does that mean you have a higher success rate? Or do you have a very sustainable business model as compared to just doing with one company? And this comes to also like, which company do you want to associate yourself to work on that business model, right. So obviously, if it's a new company that that has just set up that has no sales record, and you don't know what the management is, and you don't know how, like, safe or how good the products are, then that's a big risk you're taking, because you're only like, associating your name with something that's totally unknown. And that's why when people choose network marketing business to be associated with, I also keep telling them fine, you don't have to be with my company, but find a company that, you know, that has been around and has a good track record, you know, the sales team, the management of the company is legitimate, they're not out there to scam people. Because there are a lot of these people to same in any business though that same and it's the same with any industry, right? But when it comes to network marketing, it's just a little bit there's just a lot more nuance out there that people just like they're not

10:52
they're not as easily bought in. Yeah, that's the typical way to drive sales network marketing, because my imagination with it, it would be sounds like it's mostly affiliate marketing, right? It's the exact same exact, I can't really see a major difference between affiliate marketing and network marketing, other than a lot more personal involvement with the company. Is that accurate? Yeah.

11:14
And they give you more support. Because if you do affiliate marketing with any other brands out there all the time, he was a coach, they have you line and then go do it. And you get 2%, and maybe the people that you can sign up to be also sponsoring to give you another point 05 percent or something. It's the same business model. See, it's just marketed better for people who don't know,

11:34
can affiliate marketers who are already in the affiliate marketing game go to so what does your company and skincare its new skin and use? So let's say I do affiliate marketing? Yes, I'm selling Uber downloads? Who gives a yeah. And then Can I just go to new skin and say, hey, let's say Uber is giving me 2% and new skin? Let's just say hypothetically, is giving 4% Yes, I'm like that. Can I just go to new skin and say, Hey, man, I'm Give me your code. I want 4%? Or is there there's some type of contract involved? Do they get stingy with who they give the code to? Or can I just go get anyone can anyone can have to code

12:06
anyone can have to code you can do other stuff. They don't care. But there are like terms and conditions that you have to market the products properly legitimately. So you can't do your own crazy pop up ads that don't go away. Yeah, he put them on the million sites type. No, yeah, because they

12:24
have the reputation protect as well, right. But I'm saying it's the same monitor that if you have 10,000 affiliate marketers working for you putting 10,000 different ads around 10,000 different looks like you have very dedicated sales people and sales leaders. Goodness gracious, it's a call it sounds like a nightmare to try to monitor all that it is

12:40
it is in a sense for the at the company level you have you have these people, you have these cells leaders that you have no control and how they're doing the business and a certain extent because they're not they're not employed there, you're not bound by the restrictions of a sales employee in a typical company. But at the same time, these people are also very motivated because they see the affiliation as their own business. And a company would try as much as possible to incentivize them and try as much as retaining them because they can also quit if the inner aren't doing well. Right. So there's this you know, healthy relationship between the distributors and the company you know, and and, and, and for the people who are very loyal for the company

13:24
they stay more than 1520 years like we have sales leaders that's been with the company since the beginning and they're making millions and millions of dollars and so you know, it's it's

Sam is an ambassador for personal growth. When Sam started to take action towards a better life, it wasn’t long before he was hooked faster than Captain Blackbeard’s left hand. Years later, Sam strives to produce change in others similar to the identity level transformation which occurred within himself. His aim is to break fulfillment down into a series of straightforward steps, and introduce it into the life of anyone who is willing to embark on the path of action, education and ownership.