What No One Tells You About Being Your Own Boss

– Here’s what no one tells
you about being your own boss. Research shows 90% of
the small businesses fail in the first five years. Some say 95% of them fail. And whatever is left of 5%, that 95% of those businesses will fail after their five years. Now, whatever the percentage is,
it is a high failure rate. I truly believe most entrepreneurs fail or most businesses fail
because they don’t understand what I’m sharing with you. You see, when you’re working for others, when you’re working at a job,
you’re working for a company, you’re working for a corporation,
you’re working for others. And the truth is you’re not
really working for others. The ones are working for others, who have a job, you’re
actually working for yourself. Let me explain. Because when you’re working for others you don’t need to worry a whole lot. What you’re focusing on is
what you’re getting paid, your paycheck. You’re getting paid once a week, once every two weeks, once a month. You’re working for yourself. You wanna get that paycheck
so you can pay for your house, your mortgage, your car
payment, the vacation, you want that vacation paid, or you want to increase
your earning per hour of getting, you know, 12, 13
bucks. You’re getting a dollar more, two dollars more, right? You want the bonus at the end of the year or you want that pay raise. It’s all, notice, me me me me me me me. So when you’re working for others you have a job working for a boss, you’re actually working for yourself, because for most employees
they don’t think very far. Right now in Vancouver, there
are some, a lot of different protests that are happening. People say, “I want better
benefit, I want pay raise.” And all these things,
it’s all me me me me me. Nothing wrong with that,
that’s an employee mentality. When you’re working for yourself, starting your own business,
being your own boss, running a company. When you’re working for yourself, here’s the truth that no one tells you. You’re actually working for others. Because you look at your income statement, you look at your balance sheet. Now I know I have a lot of
entrepreneurs who follow me. So comment below, tell people this truth. You get paid last. Everybody else gets paid
before you get paid. And in some cases you don’t
get paid for many many years. You work, when you’re
working for yourself, running a company, acting as entrepreneur, being entrepreneur, you’re
actually working for others. You’re working for society. You’re working for your vendors. You’re working for the bank
if you have bank loans. You’re working for thousands, tens of thousands of customers. Instead of having one boss you now have thousands and thousands and thousands of bosses. It’s a very very different thing. And you eat last. You eat last. Because you pay everybody else, you pay employees, you pay
your team, you pay the lease, all the expenses, all the overhead, if, whatever is left, you
get paid a little bit. And chances are when you’re
working for yourself, you’re own boss, you know,
take that money and what? Re-invest back into your business. That’s the reality. So a lot of people that
go into entrepreneurship with the wrong mentality
and say, oh I want freedom. I wanna be able do whatever I want. I wanna be able to serve myself. I wanna be able to do all these things. Well guess what, it is
the opposite of that. When you’re an entrepreneur,
a true entrepreneur, when you’re successful entrepreneur you have a lot of responsibilities. You’re responsible for your team, you’re responsible for your customers, you’re responsible for your vendors. If you’re a public
company you’re responsible for your shareholders. This is why entrepreneurs
get paid a lot of money. Because when you’re working for yourself you’re actually working for others, you have a job. it’s instant gratification. When you are running your business it’s delayed gratification. In some cases you won’t get
paid for many many many years. As an entrepreneur you
understand, myself I understand. I don’t mind eating last
as long as I’m eating most. And that’s what
entrepreneurship is all about. So if you go in entrepreneurship thinking, I wanna get paid in a month, I wanna get paid in three months, I wanna get paid in six months, I wanna get paid in one
year, not gonna happen. You notice most successful entrepreneurs, even the ones that are good,
the one you look up to, the one you admire, took
years, in some cases decades. They worked hard for
decades, 10 years or more, without whole lot of
success, a lot of sacrifice in terms of effort,
time, family, everything until they hit that tipping point. Then their career takes off. That’s what people don’t see. And then finally, they
can reward themselves because they’ve been waiting
for a long long time. As a good entrepreneur, we are not thinking next
month, next week, next day. We’re thinking one year, two
years, three years, five years, 10 years, 20 years. What are we building,
and be able to put everything on the line and take that risk? That’s the truth of entrepreneurship that no one talks about. So you have to ask yourself, do you have what it takes? – Before the program started
I went through all the videos and the material and I tried to practice and incorporate it and
internalize the teachings before the training started. It’s been immensely helpful. The past 5.5, six weeks, I
closed $6500 in sales. Now this is service I
will have to provide, but what was different this
time around than before is that opportunities seems to be coming or maybe I recognize opportunities more. I was able to take advantage of it. Thank you Sifu Dan for your training, for the knowledge. And I look forward to really
getting to the training itself. – And it was my first month of
graduation, graduation sorry. And now it’s my second month. So it’s my second milestone
and this is my second video and I can tell you $47,000 in the bank. And I was closed $3225
United State dollars, boom, in the bank account. Remember guys, you are
closer than you think. – Truly what it takes to be your own boss, always it’s just a cool
fucking thing to hear. You see other people on
Instagram, oh I’m my own boss. I am an entrepreneur. I am a lifestyle entrepreneur,
whatever that is. People don’t get it. And I see all these young
guys, that’s why they fail. Now if you wanna know
what type of entrepreneur you should be and what kind
of path you should take click the link here. I’ve created a special personalized test. They’ll give you some clarity of what area you need to focus on and
where should you start. There’s so many different
types of business models and which one is ideal for you. Just because a model that
works for somebody else doesn’t mean it’ll work for you. You need to find what works for you. You need to find out what your strengths are, and you wanna build your business around your personality
and your strengths. That’s the key. Don’t try to be somebody else. Be you, but be the best version of you. And that’s how you succeed long-term. So check that out.

100 thoughts on “What No One Tells You About Being Your Own Boss

  • Work it's the new slavery of today nothing better than be your own boss. Thanks Dan Lok. For your videos so inspiring.

  • I started my business 12 years ago and it wasn't until the last 3 years that I started making enough money to breathe a little bit. Most people won't stick with it long enough to see success. Being an employee is easy. Everyone wants to be successful but few are willing to put in the time.

  • Can you make a video, about finding a business idea? What's the way to find a business idea? How to open your mind to it? (I'm from Poland, so my english isnt perfect ;p)

  • I still have my job while working my own business I have a shop want some of my products. Yes it's hard I'm the only person working for now

  • No discipline or effort is required to function according to your habits. "95% of everything you do is the result of habits," according to Aristotle, and I think he has a point. Devote all of the 5% of your purposeful decision making to decide to change the habits that will result in the greatest benefits with the least effort.

  • I am an entrepreneur, running a software company for 5+ years now. What Dan said was absolutely correct. We take money, last. Sometimes we take a loan to pay to the employees. That's how it goes.

  • My Question is.
    When we are working for a company who provide manufacturing services to its clients.
    And we Employee want to Be like Our Customers.For Example Shopkeeper get our services and i want to b like that.
    Where should to start.
    Question is
    When we will start
    Job Gone Expances remain same even New business Expenses burden.
    So how long we will eat last

  • i'm confused dan, in your book "F.U Money" you say you pay yourself first and you don't reinvest all of your profits into the business and this video contradicts it. What am i missing?

  • Just that sense of freedom makes every "trouble" worthwhile.
    Better do decide on your own and grind, than just to flow along and be bossed around.

  • I can see that for most businesses, however for me as a Risk Manager/Day Trader. I’m the only boss and no overhead and it’s instant gratification. If I make $3000 today in the markets. I can have that money later today or first thing in the morning. Also I can do it from anywhere in the world. It’s by far the best opportunity in the world. However 95% of Traders fail. I’m just glad im not part of that statistic. Thanks!

  • If any entrepeneure sees this can i talk with you about your experiances. I am only 14 years old and have a dream of being a succesfull business owner. How can i bring value to your life

  • I have come to the conclusion I would not be great as an entrepreneur because I'm too impatient. I prefer working for a boss as I couldn't handle the responsibility of being a boss myself.

  • being the best version of yourself.
    this line was also said by Dan pena.
    it means that you are a high performing person.

  • DAN!!!!!!!!!! 🙂 I have been listening to you for the past 2 days straight. ….. Today my sales went from 1 in 13 to every call so far today was a sale :)!!!!!!!!! Thank you

  • Good video. But i think when you say that it takes long time to succed, (wich is true) and then just put people saying they are making a lot of money in the first months is kind of … Not the best marketing strategie.

  • Guys when u own a company are u sure u want the responsibility to put food on your table leave yourself do u really can get responsible to provide for your employees if you can take such responsibility then do it

  • I agree ,Dan you have said it before, to be ruler of many you got to serve many , great leaders eat last , you taught me that in the 5 lessons that the lion taught you,and you once said the one skill every entrepreneur should have is the ability to endure pain for long period of time

  • Naaa I don't agree with this video…
    If you are the only one in your business and you sell courses,do videos and do 1on1 you don't have to worry about anything except giving value and helping your customers…

  • Dan. I am the top sales person of the organization I'm working with. I have 10 years of experience in sales and customer service and currently, I'm closing 45000 Euros monthly. The problem is that the company does not pay any commissions and they don't even mention about that. I would appreciate if you could give me any tip of what kind of business I could open now. I don't have any problem to close sales, make followups and talk face to face to customers. But I really don't know what would be the best business that I could open these days. Any comment?
    Thanks for your videos Dan!

  • We want to be entrepreneurs to avoid working for 1 man, 1 company … and when we became real entrepreneur, we re now working and serving thousands of people and companies. We re always caring and worring for other.

  • To not have: life, friends, work life balance, love and time,

    but maybe becoming billionaire & creating a legacy? I would chose entrepreneurship every single time.

  • When no one is setting your schedule..it’s easy to never clock out. Hardest part. Put it down. Set up times where you work and when you rest. Everyone needs time off

  • 7 years and getting stronger💪, so true Dan, freedom is bullshit, I never had 1month vacation for past 7yrs, and it makes me miss working, the only thing I enjoy being entrepreneur is I never get late 😄✌

  • Dan, I fully agree. I don't know about Canada today, but there are many self-defined "entrepreneurs" in Europe. Most have an idea and get VC funded. Nothing wrong in principle, but most actually gamble VC money and pay themselves first. They do that, because the salary and ego boost they get is far more than what they would exeperience as employees. Just the opposite of what you describe. Entrepreneurs risks their own money. And most I know, here, managed to be successful also because their companion supported the sacrifices you mention.

  • Freelancing or entrepreneurship involves many years of unrewarding and mentally exhausting work before you see the results of your labor.

  • I agree completely, no one ever thinks of the people that are actually doing the work and making the money. The people around u r the ones working hard and doing. But what they r doing is workin hard for ur ideas. People r working hard just like u when u r in buisness but its ur ideas and there hard work. I'm not sayin it not hard work for the person starting the buisness I'm just saying, take care of your crew and your crew will take care of you. Give them a reason or an incentive to work harder for u and reward there efforts when they do it will go along way and maybe get u to that spot u want but dont forget the people under u. Remember all u big wig businessmen u didnt do it all yourself

  • It’s very true. To be an entrepreneur takes a long/life-time and there is no guarantee for success! In my case I remember I wanted it since I was a kid/teenager. Although I have worked as an employee for more than 10 years, I would have regretted it, if i wouldn’t have taken this entrepeneural path eventually. So now after more than 20 years being one I have no regrets…

  • This is spot on.
    I started my own business for all of the wrong reasons, with no experience and no skillset, solely because I did not want a boss.

    DON'T DO IT.
    Get a job in an industry that interests you. Then, after you are an expert, you can consider starting your own company.

  • I just finished watching the copy writing webinar I'm intrested in finding out of the skills I already have as a personal trainer, Executive Chef ,nutrition coach, public speaker dealing with alternative health therapies could make me money?

  • The fact that there are so many protests in Vancouver is true. Everyone is trying to reward themselves first without providing value to others

  • Entrepreneurs do not work for themselves.. very true..it is a funny misconception that everyone thinks.. there is alot that people dont see. The sacrifices are insane.

  • Thank you so much for bringing this up Sifu. I remember this phrase but it said another way. Your the boss Dan. Thanks again

  • Thanks for all the videos Dan! I’m learning so much and at such a young age just from watching you! They’ve become my new version of a cable tv show haha. I appreciate it❤️

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