THE LIFESTYLE ENTREPRENEUR

Read time - 4 minutes

My Business Building Philosophy

In my first issue I laid out my main content pillars:

1. Health/Wellness

2. Mindset & habits

3. Building businesses

4. Community/relationships

5. Play & self expression

And in Issue #2 and Issue #3 I detailed my Physical and Mental Health Prescriptions.

Today I’m going to lay out my general philosophy on Building Businesses.

I’ve had the privilege of starting and being involved in many companies at this point. I’ve had big wins and devastating losses.

Being an entrepreneur is a core part of my identity. It shapes everything about me, I think starting a company is something all people should do in their lives, and part of my mission in life is to help as many people be successful with entrepreneurial ventures as possible.

That history, along with a few main factors make building businesses one of my main content pillars, and the only real profession I write about regularly.

Let’s dive into this philosophy so you understand why I’ll consistently write to you, and give reasons why you should become an entrepreneur, if you’re not already one.

• First let’s define what an entrepreneur is.

• Then I’ll give a little color on my experience.

• Then I’ll explain the reasons I want all people to become entrepreneurs.

What is an Entrepreneur?

Definitions get tricky - and my own definition has evolved over the years. When I started my first company I had a more strict definition, that frankly would have excluded some whole categories.

Today I prefer a simple and loose definition.

Definition - An entrepreneur is an individual who creates a differentiated product or service to sell to customers.

Very simple, and very inclusive of pretty much anyone who sells something to people or organizations.

Could we get hung up on details and what’s included here? Yes, all day.

Are realtors who work for a firm and build their book of business under their own brand entrepreneurs?

The old me would say definitely no, not until they start their own brand.

Current me thinks that’s dumb though, and I know how challenging and risky it is to build a business whether they’re using someone else’s brand or creating their own, so I say yes.

This definition also conveniently includes a large swath of professions that may not seem like traditional entrepreneurs - solopreneurs, freelancers, consultants, advisors, coaches.

That’s a group that I fall into with my current businesses. Old me would have disqualified a lot of those people. Now that I’ve lived it for almost a year, I know the risk and dicomfort required to perservere in this realm is as hard as many “real” businesses, so I definitely include them.

I also see the above professions as the ideal gateway to entrepreneurship for most people.

How My Background Shapes My Philosophy

One of my greatest strengths is my versatility in interests, thinking, and experience.

I’m a true generalist, and I’ve shaped my career that way too. Professionally I’ve been in a slew of organizations large and small:

• US Marine Corps (~200,000)

• 3M (~80,000)

• Startups from 0-100 employees

• Advised multiple small businesses from 1-200 employees

As of this moment, I’ve started 5 companies of my own:

• Union Fitness - Multi-unit CrossFit business that got up to 4 locations. Sold in 2018 and I’m still a proud member.

• Alchemy 365 - Boutique fitness concept with 8 locations in MSP & Denver areas.

• Wandertest - Rapid Covid Test business as MSP airport

• Onesiegasm - Hobby business making performance gear for the rave/festival space

• William Charlotte - Coaching business that’s my current main thing

The lessons learned in these companies can fill books. I’ve had so many wins that I can’t even remember them all (at the State Fair this year I was reminded that we setup a booth there and did free workouts one year, which I barely remember).

I’ve also had so many failures, mistakes, and losses, that I can’t remember them all.

I’ve bootstrapped, raised capital, filed patents, received awards, had partnership breakups, conducted layoffs, made and lost millions, all in a relatively short period of a little over a decade.

One thing I know for sure - entrepreneurship is the hard path. It’s so hard that most never do it - only 1% of people will ever become entrepreneurs.

It’s also so hard that most fail - by year 10, 70% of small businesses have failed.

I’ve also had the luxury of being able to stay in the game despite having plenty of failures of my own. This has allowed me to see how individuals can get better at this game.

It’s a skill like anything else. And people like me have learned the hard way how to do better.

Here’s an example - a slightly loaded one - but a quantitative one nonetheless. Here’s my first 3 companies and the months to achieve $1MM ARR (annual run rate):

• Union Fitness - 36 months

• Alchemy 365 - 12 months

• Wandertest - 3 months

Quantatively, and I’ll say qualitatively in every way, I’ve gotten better as an entrepreneur every month since starting.

And I’m going to keep getting better for the rest of my life. Because:

1. I’m not going to quit

2. I’ve found a path that allows me to work with multiple small businesses at a time

3. I teach others which forces professional development

This experience shapes all of my writing. Generally I’m writing to entrepreneurs and people thinking about becoming one. And because I know firsthand how hard it is, and I’ve failed many times myself, my writing is focused on making it just a bit easier for people.

That’s a bit about my experiences, now here’s why I think all people should become entrepreneurs if they can:

Why Should You Become an Entrepreneur

1. Entrepreneurship is the ultimate profession - It has the most financial, developmental, spiritual, and social rewards of any profession. It crystalizes any skillset learned in our early years and is relevent for artists, scientists, engineers, economists, and every other category possible. It’s the glue that pulls the world together.

2. Entrepreneurship shapes our world - Everything we see, touch, move in, live in, buy, is the result of a person’s passion, risk taking, and drive, over years. The coffee cup you’re drinking out of was the ultimate passion for a human for a few years before it got to your house. We take it for granted because it completely envelops us, but the entirety of our physical experience as humans is driven by entrepreneurs.

3. Entrepreneurship provides humans the greatest means of making an impact on this world - 99% of people are not entrepreneurs, which means they work for companies. They also spend the vast majority of their waking lives working for those companies. And those companies have the ability to impact their lives more than anything in the world. Because of that, starting companies allows humans the greatest impact on other humans possible.

4. Taking the entrepreneurial leap is aligned with how humans are supposed to challenge and develop themselves - This digs into the core of my writing. To thrive, humans need to have consistent physical and mental pressure. Challenges on a daily basis that push us towards accomplishment, meaning, and purpose. Starting and building companies provides this need better than anything else humans can endeavor. Thus, if you want to live to your fullest potential, start a company and you’ll get there, as long as you don’t give up. And even if you give up the development and experiences will have made you a better person.

5. Entrepreneurship is a skill that can be developed - Like anything, we’re all given different decks to play with. Some people are gifted athletes, some people are geniuses, some people are naturally gifted as entrepeneurs. And just like sports, where the best in the world have the rarest combination of talent and work ethic, the world’s best entrepreneurs have that same combination. The best entrepreneurs in the world started with a mind that is suited for this game, and combined it with a work ethic that is unmatched. Those people end up being Steve Jobs and Elon Musk. Those people are better at this game than most of us will ever imagine. Luckily being that good is not required whatsoever to be successful. Anyone with a base level intellect and work ethic an be successful. And if we start and don’t give up, we can all get better at the game.

6. The world needs more entrepreneurs - Only 1% of people ever become entrepreneurs, even though it’s getting easier every day thanks to technology. Humanity faces big problems over the next century, and governments aren’t going to fix them. Entrepreneurs are. Our children and their children need entrepreneurs to come up with solutions to our problems. It’s important, even something as small as a new way to hold coffee is important. Because it drives a spirit of innovation that can inspire someone who is going to ultimately cure cancer, or create nuclear fusion.

I could talk all day about why the world needs more entrepreneurs, and why I truly believe every individual should become one.

Hopefully I at least laid out where all my writing comes from, and why I’ve dedicated my life to building companies, and helping others build companies.

The last thing I’ll say is about accessibility and duty. Becoming an entrepreneur requires a confluence of circumstance, ability, location, and luck, that makes it so at least 90% of the global population doesn’t have a chance of doing it.

I’m writing to the rare lucky few who were born into the right combination of environment and mind, that makes taking the leap even possible.

I feel lucky to be one of those people, and consider it a duty to try every day to make the world a better place in this way.

Most don’t have this privilege. I do, and I plan on working on it for the rest of my life.

If you’ve gotten this far, I’d ask you - if you’re one of those people who has the environment and mind that allows this - why haven’t you tried it yet?

Follow my writing, and i’ll lay out clear paths to becoming an entrepreneur, forged through trial and error, and a lot of fun along the way.

Talk to you next week,

Mike