Entrepreneurship is extremely rewarding. It allows you to make a living while actually doing what you love and it is a great way to create job security for yourself. But having your own business comes with a lot of challenges and hard work, it definitely isn’t easy.
A lot of entrepreneurs fail, and it’s not for lack of trying, it’s because they don’t have the right foundation in place to set themselves up for success.
Today we are talking about the framework that we have used to build our own successful, 7-figure businesses, the four M’s of entrepreneurship. And in this episode we are giving a high level overview of this framework, but we have a new course available that dives deep into these four M’s and how to implement these things in your entrepreneurship journey.
You can watch the video of our full discussion below or just listen to the audio version as a podcast. If you want more content like this you can subscribe to our Youtube channel.
There are two aspects that go into the money portion of our framework. They are the relationship you have with money and your ability to manage money. Oftentimes these two things are not the same.
It is important that when you launch your business that you are smart with your money and you know how to manage it. Things like taxes, expenses, and debt can take a toll on your business if you aren’t paying attention.
We both had different issues with money when we started out as entrepreneurs. One of us didn’t know how to manage money and ran into some issues with spending and the other one was afraid to spend money even when it made sense for the business. Both sides can be detrimental for a business, so it is important to have a healthy relationship with money and to know how to manage it.
How do you feel about money? Does it make you uncomfortable, do you go on spending sprees, do you hoard it. How you think about money matters as an entrepreneur.
Your mindset is a crucial part of your entrepreneurship journey. We consider this M the most important one out of the four. What is your mindset in life? Do you get up every morning ready to meet the day and you can’t wait to see what great things will happen today? Or do you wake up in a bad mood after hitting the snooze button multiple times, and drag yourself to work while dreading every moment?
The people who are going to succeed in business are those who have a positive attitude, they are optimistic, they have faith, and they can find inspiration. Those who are always negative and see everything as a stumbling block and lay blame on everyone around them are most likely not going to thrive as entrepreneurs.
Being an entrepreneur is not just about coming up with a great product or service. It’s also about how you deal with failure, whether or not you are good at taking risks, it’s about being able to ask for help when you need it, it’s about being positive and continuing to persevere even when challenges arise.
When you have your own business you are going to have to wear many hats, especially in the early stages. You are going to have to feel comfortable being the CEO and the janitor. You have to be able to get up everyday and meet every challenge that comes your way, and you have to keep yourself motivated to keep going. Are you able to keep going even when things get tough?
Ask any entrepreneur and they will tell you they have met their fair share of failure and being told “no”. But they find a way to keep going. You are your own boss and you are the one who has to keep pushing forward. No one is going to be there to tell you to keep going when things are difficult. Not everyone possesses this skill. But you have to if you want to have a successful business.
You have to be resourceful and you have to be able to solve your own problems.
When you are coming up with a product or service you have to make sure there is a market for it. Is there a group of people who want and need your product or service? If you are getting into a market that is already crowded you have to make sure that what you are offering is unique, it has to offer something that no one else can.
You can have a great idea, but if no one is going to buy it, then you are going to have a hard road ahead. So before starting a business take a look around and see what other people are offering in that space. Will you have a lot of competition from people who are already well established or is the market pretty empty?
These are what we call the Morgan’s four M’s of entrepreneurship. We both used these in our own businesses and we believe that these are the foundational components that led to our success. And we continue to practice each of these in our daily lives. For more in-depth details on the four M’s check out our new course at www.4MEntrepreneurshipcourse.com.
This episode is sponsored by iOFFICE
iOFFICE is a leading workplace technology company that makes the office more productive and engaging by connecting data, people, and things. Its solutions help business owners make smarter decisions, protect, and empower employees, and improve asset performance. Learn more at iofficecorp.com/byob