In this episode of the One Funnel Away: Stories show, I’m discussing why great entrepreneurs stay broke. We’ve all been through this as very few of us have been handed success. Earlier on my entrepreneurial path while I would constantly judge other companies. There I was launching business after business, with very little success.
I knew what I was doing. At least, I thought I did. I was taking in all these new principles and applying them, but I couldn’t figure out why I was still broke. That’s when it hit me. I was not setting myself up to get paid. People couldn’t even accidentally pay me. That’s the moment that my mental floodgates flew open. And today, I’m going to share with you what I learned.
I’m talking to self-proclaimed entrepreneurs who have struggled to really make any sales. You’ve managed to stay broke because you’ve failed to adopt these three necessary roles. Stay tuned, and I’ll tell you all about them!
Entrepreneurship Keeps You Broke
“One of the major reasons why you’re broke is because you stay an entrepreneur.”- Steve Larsen
One of the biggest reasons entrepreneurs stay broke is because they stay an entrepreneur. If you want to be successful, you have to wear more than one hat. You are more than an entrepreneur; you are a business owner. And the title of business owner comes with a whole host of new responsibilities.
So what is a business owner in charge of? All business owners are in the business of creating and tweaking systems, as well as managing them. Remember, this is your first identity now let’s get on to the next two.
The Second Hat You Must Wear
A business can survive with simply a business owner, but for it to thrive, it needs an entrepreneur at the helm. An entrepreneur is in the business of solving problems, and that is required to make sales. Entrepreneur literally means to assemble things in a valuable way, in a way that they weren’t assembled previously. They provide the avenue for money to come in.
But we aren’t finished yet. An entrepreneur and a business owner can still be broke even when they’re working together harmoniously. So, what’s needed next?
“Cash is the byproduct of marketing, always!”- Steve Larsen
The Third Hat (This is the One That Keeps You From Being Broke)
Entrepreneurs can get paid, but they still have to go sell the major solution to some other massive distribution channel. Entrepreneurs stay broke because they fail to take on the necessary identity of marketer. A marketer is in the business of delivering solutions to markets.
So many of us don’t know why we’re making money. We’re doing our job as marketers and entrepreneurs, but we are systematizing the process. If you’re broke right now, then you need to know what hats you are and are not wearing. Know your identity. Remember that it’s the marketer that creates revenue, and if you want to make it last, then you need to put on your business owner hat and implement systems and processes.
Want to know more? Head over to One Funnel Away Challenge and try on the different hats you’ll need to juggle to make your business successful.
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"The Transcript Is Auto Generated And May Contain Spelling And Grammar Errors"
Steve Larsen 0:00
entrepreneurs can get paid, but they still have to go sell the major solution to some other massive distribution channel, right? You see this on Shark Tank all the time, what you really want to become and what we're teaching to become the one funnel way challenge again, you can get started okay, sign up calm. We're teaching you how to what to become is a marketer. Marketers get paid cash is the byproduct of marketing, always. If you're like us, you've dreamt of building your own business empire and the freedom that can bring you. But today there's hidden traps on the path of entrepreneurship placed by Big brother and the big brands. So now we're forced to answer hard questions like how do we grow a real company without taking on debt or giving away ownership? Or how can we get leads and buyers for our own products when there's so much competition with deep pockets? Finally, those questions are answered and 10s of thousands of people are taking the challenge to walk the new path of entrepreneurship. Follow this podcast while I asked about their shocking journey from failure Freedom. You can join them too at one funnel away, calm. I'm your host, Steve Jay Larson. And you're listening to one funnel away stories. Hey, what's going on? One is Steve Larson. Welcome back to the one funnel way story show and I'm going to introduce and kind of sensitive topic here. This is what keeps an entrepreneur broke. All right now, I want to be sensitive to this here. But understand that we've all gotten we've all been to this. We've all been to this, every one of us, very few of us have actually been handed success and which is, you know, kind of its own rite of passage. And back, I was in college, I was launching companies. I was trying stuff I was doing. I'll be honest, there was this moment where I was I was like, judging these other companies. Like all I know, I would do there. I know dude over there. And I was you might be in this position right now where you've been watching Russell's stuff. You've been watching my stuff you've been going and you've been drinking deeply from the firehose, right. And you're like, Oh, I get the principles. Now I get the concepts. And you might be actually applying them. Congrats. First of all, by the way, congrats, that's awesome. Most people are not applying them just like do it. So I was in that same kind of position. And I was going through and I was consuming all this stuff. And suddenly I had this thought run through my head and it actually really kind of hurt. I was like, why am I still broke? So I asked myself, why am I still broke? I know what I would do in that person's company. I know what to do over there. Oh, my goodness, like, and I realized on that bike ride right there that you couldn't even accidentally pay me. There wasn't like an order page up somewhere. Someone can you can accidentally swipe a credit card in my direction. I wasn't pitching anything that had no offers up. There was nothing up where you could accidentally send me money. And I was like, oh, man, like there's not even a way for me to collect cash. There's not even an order page up. And that's when a lot of stuff started shifting for me in transitioning because I started launching and getting products out there that I had, that I just wasn't taken all the way. And so I want to go in and now again, that was like five six years ago, from That story itself, but in hindsight 2020 right. But there's there's really a few things that I want to walk you guys through here on why I believe entrepreneurs stay broke. Not all of them do, right? No one get huffy with me here. But understand that a lot of people are and why is that? Now there's a million reasons behind you not understanding financial statements, right? If you are cash flowing, I'm not talking about that. I'm saying you who say you're an entrepreneur and have never really made many sales. Why is that happening? that's who I'm talking to here. That might be you that might not be gay. But check this out. I have a it's literally it's my 12 steps. I used to design launch and evergreen lucrative offers my own thing. Okay. But in that process, one of the things that I've identified is that holy smokes, okay, all the way from here, and I'm not going to go through the whole, there's no way I could go through it on this episode here, right? But understand that all the way from number one all the way down to like number 12. There's really, really key components to launching and evergreening lucrative offers. Okay, and in Between each one of these, you're not doing the same row. How many of you right now when someone a loved one walks up to you says, Hey, is that thing working yet? And you're like, Yeah, he knows about a thing is gonna happen, it's gonna work. I know what it is millions of dollars coming my way. Right? And he's like, gotta say face a little bit, you know, talking about,
Unknown Speaker 4:17
we've all done it,
Steve Larsen 4:18
it's okay. It's okay. But how come? How come that phase takes so long to go through? And what I started realizing is that every time I go and I work with a brand new company, whether they have a product or don't, there's always a few things that need to happen, but it's it's very identity based. Let's stick with me for a second year here. Watch this. There's really three roles that you're going to start needing to go to go take on entrepreneurs one of them and I'll tell you the one of the major reasons why you're broke is because you stay in entrepreneur. Oh Larson coming in with the spice Here comes baby girl. It will spark coming up my fingertips. Buckle up, son. Alright, check this out. One of the reasons why people stay broke is because they stay an entrepreneur. Yeah, all right. I'm not saying to not entrepreneur. And I'm not saying never take, like, I don't take off the entrepreneur hat. It's not the only hat I wear. Think with me on a few topics here. You guys know when you're on like LinkedIn, LinkedIn, or even Facebook, or actually Instagram, it's actually all over the place now. And it says those caught like, what's your occupation? And people are like, I'm the CEO, president and founder of one of my own LLC, calm or whatever, right? You're like, Wait, you're the CEO, the President and the fact I do even know those are three separate roles. Like I thought the same thing. Oh, and entrepreneur, Chief marketer, and VP of sales and you're like, those are all that's not the same thing. That's so different. All right. There's a difference between all those titles, my friends, and that's what I'm going to talk about. That's, that's why this is one of the major reasons why I think people stay broke as an entrepreneur. They don't know what they are, and they don't know that identity that they're supposed to be taking on has specifically responsibilities. Okay, so when you first start out and when I go consult, like big companies and stuff, this is what I do. I don't talk to the entrepreneur, I talk to the business owner, phase one, my funnel building process, and my evergreen process comes in three phases. Okay, three phases. And here, let's say is the first phase is the second and third, and it actually wraps back around to the first after Well, the first phase is all roles and responsibilities that are attributed only to the business owner.
Unknown Speaker 6:30
Okay, I'm not gonna say CEO,
Steve Larsen 6:32
okay, owner, you know, just for kicks and giggles, gay business owner slash SEO, they're not always the same, obviously. But ask yourself what business is a CEO in the business of what what business is a business owner in the business of what business are they in? Because, wait a second. It's not like Russell and myself. I'm not writing my email copy anymore, but the different Roll. What business is a business owner in the business of? I'm phrasing that really weird, but stick with me. Okay?
Unknown Speaker 7:07
Steve Larsen 7:09
systems, all business owners are in the business of creating and tweaking systems and managing them. Okay, that's it. systems, which is why I always laugh when someone's like, I'm a CEO, you're like, if you're brand new, you have zero systems, you are not a CEO. You're not at all. You're not even a business owner. If you step away, the business dies, you don't own a business, it owns you. Coming out on my fingers, okay, but check this out, like stick with me here. Okay. Then we go through, we do a whole bunch of roles, and there's always things we do specifically step one and step two. Those are the roles of a business owner. And that's why I have to talk to specifically Okay, number two. Okay, what is the second role? This is the one that everyone talks about. Okay. The second role and advice he has to take off your business owner hat for a second. I need to talk to the entrepreneurs in the room. Okay. entrepreneur is the second role here. Now can a business survive with simply an entrepreneur and not a business owner? Yeah, but not really the saint like sales always kind of suck. This typically not many systems involved. What is an entrepreneur in the business of grass? The same question, what does an entrepreneur do? they solve problems. That's it. How many guys have solved a problem? How many guys know right now that whatever product or offer you've got sitting on your shelf, right or in your desktop that's never been launched? How many know what's good? Give me two. My first 34 business tries over over five years. Do you think those were bad? No, they were killer products. They were amazing solutions. Okay, an entrepreneur is in the business of solving problems. That's all they do. They identify a valuable problem and they solve it. To entrepreneur is to create a solution and to entrepreneur literally means to assemble things in a valuable way, in a way that they weren't assembled previously. Go look it up. It's something similar to that go straight from Webster, baby. Right? they solve problems. Now, let me ask you a very important question right here. Because for me, this is like steps, three through like, eight of the things that go through, if they're in the business of solving problems. Well, oh, wait, wait a second, if all I have is some systems that run the company, and I have, I have a problem that's off, where's the revenue coming from? It's not in there yet. And this is why most entrepreneurs are broke. They never take on the third identity. entrepreneurs can get paid, but they still have to go sell the major solution to some other massive distribution channel, right? You see this on Shark Tank all the time, what you really want to become and what we're teaching you to become the one funnel away challenge again, you can get started off a signup, calm, we're teaching you how to what to become is a marketer. Marketers get paid cash is the byproduct of marketing, always. Okay, marketers, and the reason why Entrepreneurs remain poor, it's because they never take on this other identity. They take the solution and deliver it to a marketplace. What's a marketer in the business of delivering solutions to markets? Or products? This is making sense what I'm saying here, guys. And because no one ever, like, I might say no, because a lot of people don't. They're like, I'm an entrepreneur. I'm like, Yeah, I get it, I get it. But if unless you become marketer, you're still gonna have a thin wallet, marketers are in the business of delivering solutions. Now, what we what we want to do here is we want to take a moment to understand that how many guys know that you have, you have some systems, which is great. I'm not saying no one has these things. But I'm saying like, oh, Steven, I am playing the role of business owner slash CEO. I have business systems. Oh, that's so cool. That's awesome. How many guys know you've solved an amazing problem. Super cool. Okay, sounds good. How many guys know that you are delivering these to causing noise in your direction? Sweet. That's a marker. That's a marketing based thing to go do the final Roll though, you actually turn to evergreen things. And I'll tell you, I was sitting in the inner circle meeting once. And I had this really big realization. I was sitting there, I was not part of the inner circle yet at this time, I was watching people on stage and I was listening to him. And I listened to him for several days. And I had this realization, I was like, I would guess that half of us don't know why we make money. We know we are, but we don't know why we're making the money. Right? And I started recognizing that people were, I've done that. I mean, I go through the exact same thing. So I'm saying this to myself as well, but understand that, that what would the pattern was is that someone comes up with a brand new product idea, oh my gosh, I'm so excited. I've got this great idea. Then they go create campaigns, which is what we talked about in the last episode, they create campaigns, the campaign, they go and they launch the funnel, they launched the product, they put it out into orbit. And then the entrepreneur in US says that was so fun to solve that problem and the market Ernest goes That was so fun to deliver to the marketplace. Let's do that again. They forget completely about what's happening and they go do the over again.
Right if I just did this with my team like a little bit ago here, I listed out like 15 funnels that I've launched that don't have any sales coming from them yet. There's no business owner hat that I wish I did not put a business owner hat back on to automate and put systems around creating evergreen sales. I lived in a launch company. So for those you guys right now who think that you might be in a launch company, or or you've got a great solution, but I've never made money or that just identify where you are. You have to at the end, go back and put the business owner hat back on and create systems in order to have an actual company and not a launch business launch. Businesses are so stressful, right? You launch something a bunch of money comes in and you just watch it slowly dwindle down. Oh my gosh. I'm gonna go do another lunch. Oh my gosh, right. Terrible, terrible, awful way to come to business. And I'm saying it from experience it's it's so stressful, a lot of very anxiety producing to go do it that way. Guys, this this is why there's a lot of reasons obviously like maybe your messaging is bad or stuff but I'm saying as far as identities and roles go, entrepreneur, very sexy very amazing we all want to be one, but it's actually the marketer that delivers it and gets paid. And unless you go create systems around that you're gonna live in a launch business. Hope you guys love this episode. Hopefully that opens your eyes a little bit more to what roles actually are meant for and which one you might be and not be fully cool. Just take note of what that is. And hope you guys enjoyed this also this episode, please rate subscribe. Please let me know what you guys liked about this in the comments. If you want to go in and specifically learn more how to do entrepreneur, you want to solve the problem and you want to know how to deliver it out there. That's literally what the one funnel way challenge is for. I mean that's like why it was created. We're going to show you how to solve a problem. We're going to teach you how to make an offer out of it and then we're going to show you how to deliver it to a marketplace that's literally one fun ways for go get started at FAA or one Going away. Oh f a sign up.com that is my affiliate link. We have a lot of cool goodies for going and grabbing it through me versus someone else. Thanks so much guys and we'll see in the next episode Bye. This show is filled with stories of failure to freedom from those who've taken the one funnel away challenge. You can take the same challenge they did at one funnel away calm. The one funnel away challenge is 30 days of live handholding to coach you through your next sales funnel launch. And no You do not need to be a techie. Here's how it works. Week One you'll learn to create a winning offer. week number two, you'll design a lucrative sales message that sells your offer. Week Three, you'll finally crack open your clickfunnels account whether you have one or you need one and you'll build your funnel. Week Four you'll learn to send traffic to your new funnel for automated leads and sales. You can come get all of this with live coaching at one funnel away.com. One funnel away.com is for all products and services. Whether you're selling physical or digital online or offline business to business business to consumer. This works for those of you who are new and you have no product or no idea yet. It also works if your experience and just need another way to sell or add another product. Basically, if you need leads or sales This is for you. My friend the life you want the marriage You want the family that you want is going to be fueled by the business that you build. Come check out the next starting date and accept the 30 day challenge with thousands of other entrepreneurs operating at all stages. And come get started at one funnel away calm as one of the coaches myself. I'm excited to have you and I'll see you at one funnel away calm