Episode 194 — AMMA — The Harsh Truth About Entrepreneurial Success
For entrepreneurs, the road to success is never a smooth ride.
Crisp Founder & CEO Michael Mogill knows this firsthand — and in this episode of The Game Changing Attorney Podcast, he shares his hard-earned lessons with you to give you a shortcut to your own success.
- Common misconceptions about success and entrepreneurship
- The role your personal network plays in your success
- How to manage relationships with friends and family who put down your dreams
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Misconceptions about entrepreneurial success. “I have yet to see an example of somebody that I know that has the so-called ‘passive income,’ sitting on the beach, relaxing and scrolling, refreshing their bank account while everything — whether it’s through real estate or whether it’s through dropshipping some sort of products, or even in their law firm — is generating passive income, which they mean is really through no involvement of their own in the day to day or even just in general having any sort of involvement that has led to any sort of success. I think that is the Fugazi. That is holy water. I would not trust that. Every example though that I see of people that are incredibly successful has been accomplished through not just hard work, but persistence, commitment, and sticking to something through ups and downs and struggles and adversity for a consistent period of time of years or decades, and then they eventually get there. So that I see 100 percent success rate.”
Success takes time and money. “Usually the reason why people don’t have time and money is because they don’t invest time and money. If you want more time, you invest time, and if you want more money, you invest money. In the absence of those two, It’s very difficult if not impossible to be successful.”
The only shortcut to success. “I do think the suffering is optional. You can learn from people. You can learn from great mentors. There’s a lot of great programs out there where you can put yourself in an environment where people can share insights with you that they have learned that can help your business grow that you may not have to experience firsthand. You don’t have to gain those experiences through the slowest form of learning, which is failure and learning through experience. You can learn from other people’s mistakes and failures. So there’s a lot of great leaps that you can make there. But you still have to execute, and no amount of being an information consumer will get you there. There’s not that next book or that next course that is going to somehow take you from failure to success without execution. As the saying goes, knowledge is not power until it has been executed upon. The information has very little value unless you are actually acting on that and executing.”
Why does our environment impact our outcomes? “I think it’s that you start modeling the behaviors of the people around you. That’s why environment is such a powerful thing. So meaning that if people are talking about gossip and nonsense and whatever Netflix show they just watched recently, then that’s what you’re going to talk about. And if they’re talking about all the things that they’re not able to do and all the barriers that stand in their way and how everything’s outside of their control and what the economy is and who is president and they just have like this very external locus of control where life just happens to them, it’s a victim mindset of they’re just so unlucky. All of these bad things keep happening and there’s nothing they can do about it. What a wonderful place to be. That’s one thing you’re going to be surrounding yourself with. That’s going to be your feedback loop too. Alternatively, if you surround yourself with people that are very growth-minded, that have an internal locus of control, where it’s not just that life happens to me. It is all about how these obstacles actually are creating opportunities. They’re talking about ideas and strategy and leadership and culture. Now you start modeling that type of thinking as well, and you start thinking, ‘Maybe I’m not a victim. Maybe these are things that are happening not to me, but rather for me, and they’re what are allowing me to grow and evolve and become the person I must become to achieve the things that I want to achieve.’”
Be protective of your inner circle. “Oftentimes, it’s not so much of an additive process so much as you’re subtracting people that do not add that sort of value. If somebody does not support you, if they’re not an advocate for you, if they don’t want to see you win and celebrate your wins, then they’re going to be an anchor and they’re going to hold you back. Being protective of this is one of the most important things you can do if you’re trying to be successful.”
How real friends act. “It doesn’t necessarily mean that we have to hang out every week. Sometimes we’ll go months, maybe a year without seeing certain people, but they don’t guilt you. They don’t give you a hard time saying, ‘Hey man, why don’t you ever have time to hang out with me anymore? Why don’t we ever do X, Y, and Z?’ No, listen, they understand. They understand the mission that you are on.”
Why your old friends put down your dreams. “It bothers them because they see somebody who didn’t give up, and that reminds them of themselves giving up on themselves. They don’t like that, so they’re going to try to pull you back so that they can have more things in common with you, so they can understand you, because you’re an alien to them. You don’t make sense. You’re like a freak. They’re like, ‘How can this human being apply this type of energy and effort consistently over time and make these types of sacrifices necessary and then have this long-term commitment? Why do they have what I don’t have? It just doesn’t make sense. It’s not fair.’”
A word of encouragement. “I love and support anybody who’s committed and dedicated to their own success. Anybody who’s going out there, who’s in the arena, that is putting themselves out there, it’s going to lead to criticism. It’s going to lead to being judged. It’s going to lead to people that are going to say things about you that may or may not even be true, and it’s going to lead to a lot of self-doubt. But look, you have my support. I always support those in the arena, people putting themselves out there, because those who are just critical, they know neither victory nor defeat.”