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Entrepreneurship is like an adult marshmallow test:
Most people aren't wealthy and successful because they’re unwilling to trade short term loss for long term gain.
They make decisions that maximize pleasure today, tomorrow, or next week instead of looking to the future and making decisions that will maximize results 5-10 and 20+ years down the road.
Unfortunately, most people think of entrepreneurship as a get rich quick scheme. I get it.
The media likes to celebrate stories of people who went from their college dorm rooms to being billionaires in just a few years. But these unicorns are one-in-a-million success stories. And the truth is that entrepreneurship is anything but a get-rich quick scheme.
A close friend of mine is a real estate investor and developer in California. Makes seven figures a year.
Owns and controls $100 million + of apartment buildings in great neighborhoods in his city. How long did it take him to get wealthy?
His story goes back three generations to the first members of his family who came to New York City.
His great-grandparents were the first ones over, and they worked hourly jobs their whole lives, so his parents could go to college.
Then, his parents became doctors, so they could create an even better life for their kids and give them more opportunity.
By the time my friend was 15, his parents owned a few apartment buildings they had bought with the extra income from their earnings, and my friend began to learn a little bit about real estate.
I have a good friend who is very wealthy and owns a big home in the Washington DC suburbs.
He went to a great private school in update NY. Then to Yale. He met folks at Yale who had serious capital. He took their investment and bought his first apartment building when he was 30. From there, he built his firm over the next 12 years to get to where he is today.
What people don’t realize: Wealth is a multi-generational game.
It took my friend’s family 70 years of work to get to the upper rungs of society. His grandparents were immigrants. They worked for 40 years just to send their kids, his parents, to a decent college.
His parents became lawyers and worked for another 30 years to send him to private high school and give him the opportunity to go to the Ivy League.
This was a 70 year, multi-generational game.
And you want it all right now?
For almost everyone, generational wealth in America is a very long game. So long that it takes multiple generations!
People immigrate to America with nothing. They work hard just to get by, feed their families, and set their kids up with more opportunity than they had.
Those kids get professional or blue collar jobs and climb a rung on the ladder of society.
They become doctors or lawyers or plumbers or welders and create stability and a backstop for their kids. And then those kids use that backstop and safety net to become entrepreneurs and accumulate even more wealth.
The lesson: Play the long game.
Understand that building wealth is a process. You must suffer and do hard and boring things for many years to have great results.
While everyone else is making decisions to maximize their enjoyment right now, successful people make decisions to maximize their enjoyment years from now.
Being in the trenches improving day in and day out for years is what sets you up to capitalize on the larger, more enticing, more profitable opportunities.
That is the funny thing about entrepreneurship.
You can toil away for weeks or months or years and feel like you’re making no progress at all.
Then in the matter of weeks it can all come together, you gain traction, and you make massive strides.
If you’re doing it right and setting yourself up to capitalize on opportunities, the growth can come at you fast.
Sprints happen, that is for sure. Opportunities arise and you have to spend weeks or months flat out, seizing the opportunity. But then it goes back to the monotonous grind.
Doing the right things over and over again for years on end and living with the less than comfortable feelings that brings.
Think of it this way:
Entrepreneurship is a lot like hunting:
The entrepreneur is a lion out in the Sahara laying on a rock, toiling away in his business doing the boring, not fun stuff.
Then, all of the sudden, a gazelle appears in the field. That gazelle is an opportunity worth sprinting after.
The lion gets up and sprints full speed. 100% energy for a few moments.
The entrepreneur seizes the opportunity and carries it back to his company and it keeps everyone full and fed for a long time. Then he goes back to sitting on the rock.
Your job as the leader of the company is to chase down the opportunity, kill it, and bring it back for everyone to eat.
But those days are few and far between. The rest of the time you’re laying on a rock. Sitting back watching your team work and making sure everybody has everything they need to do their job.
Grinding away. But if you can’t survive the boring stuff, your company won’t be around to take part in the hunting.
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I'm an investor in an insurance brokerage called Titan Risk. They're focused on helping SMBs get insurance policies including general liability, errors and omissions, cyber insurance, directors and officers liability and more.
The insurance guru at Titan, Jon, has helped over 1,500 clients get policies throughout his career.
He's offering 5 free consulting calls to review your current insurance and risk management program.
Just respond to this email if you'd like an introduction.
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A few tweets from this week.
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Onward and upward,
Nick Huber
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