Important Things For Starting Your Businesss

You need to be internally driven to do whatever it is you want to do. In other words, you need a true passion, drive, or desire to start this business. *Intrinsic motivation*.

Execution is what differentiates successful entrepreneurs from unsuccessful ones, and intrinsic motivation is what drives execution. Anyone can make a plan and identify all the things they should be doing. But actually doing those things, consistently, and doing them well, is what's key. If you don't want to be doing those things, you'll quickly hit burnout and you'll stop doing them. I’ve started five businesses, sold one, closed two, and am currently working on two. And the difference between the ones I sold or am working on compared to the ones that I closed was clear: intrinsic motivation.

So, does extrinsic motivation work? It does, to some extent. But eventually, even if you have great extrinsic motivation to do something (such as a highly profitable business), you will burn out and start doing a half-ass job – the bare minimum – if you aren’t intrinsically motivated. I know this from experience.

That’s why I sold my last business. Even though it was highly profitable, I wasn’t driven to keep pushing forward, and I realized one day that if I was my own employee, I would fire myself. I was no longer intrinsically motivated to work on it, so I made the decision to sell. Find what brings you intrinsic motivation and do that thing! You’ll be more successful and be happier. And you won’t regret a single minute of it.