Do you know where you are on the five levels of entrepreneurship? Check out this article and video to find your level, and how to progress as an entrepreneur.
So let’s get right into it.
Of the five levels of entrepreneurship, interest is the lowest level. Interest is the lowest level of anything we do in our lives. Everything starts with interest. For instance, if you saw a movie where a guy played guitar, and you think it's cool, you may then have an interest in playing the guitar. If you have an uncle that's a successful entrepreneur, and it's cool when you talk with him about it, you then have an interest in becoming an entrepreneur.
Next, after you have an interest in something, you take a little bit of action, and it becomes a hobby. For example, the guy that had an interest in playing the guitar may start playing the guitar as a hobby and do it every once in a while. The guy that has an uncle that's an entrepreneur may start a side business and dabble in it. He doesn't really know what he's doing, and as a hobby sells things on Amazon or eBay.
Next, after doing entrepreneurship as a hobby, is amateur. An amateur guitar player may say to a girl, "I'm going to play a song for you," and the girl says, "Oh my gosh! This guy's amazing!" When it comes to entrepreneurship, maybe you know how to start a business, and your business is making some money, but you're not doing it full time. You still need a job to pay your expenses. So you're not yet a pro.
The next of the five levels of entrepreneurship is when you become a pro. For example, people pay to hear you sing and play the guitar. As an entrepreneur, when you're a pro, your business is your only source of income. An entrepreneur that's a pro lives off the income they make from their business. A pro is a full-time entrepreneur. The business covers all your expenses, and you make enough money to take care of your family.
And the last level is a league of their own. Now, a league of their own is somebody that everybody knows. People all over the world know an entrepreneur that is in a league of his own. A minuscule percentage of entrepreneurs make it to the last level of the five levels of entrepreneurship.
5 Ways to Compete in Being a Pro in Your Business
Now here are five things you can do to compete at being a pro in your business.
Constantly measuring success is the number one thing that you need to constantly do to advance to higher levels of entrepreneurship. To measure your success, you need numbers and reports, so you can study trends.
Here's an example of how we used measurement to move through the different levels of entrepreneurship.
First, we started a YouTube channel because we were interested. It seemed like a cool idea to teach people through videos. Then it became a hobby. We did a video here and there. Next, we became amateurs as we did a video every week. Then people wanted to pay us money to be endorsed, and it became a business.
But what happened with it? We studied the numbers. When we first started the YouTube channel, we got to 50 or 100 subs. I'll never forget when we got to 100 subs. We said, "We have 100 subs! Oh my gosh, we're big time!" It took us around two-and-a-half years to get to 2,000 subs. Now we've been around for four years, and yesterday our YouTube channel got 2,409 subs in a single day. So what initially took us two-and-a-half years to do, we did yesterday in a day.
Now what happened here? I pulled Mario and Paul aside and showed them the trends. We looked at the reports and stats. I said, "Look at what's happening with the trends. Something is going on here. We're about to have a breakthrough." The next thing you knew, subs started going up. We were averaging 900 subs a day, then 1,000, 1,200, 1,400, 1,700, and now 2,000 subs in a single day. The same thing happens in your business.
When I first started selling gym memberships and then insurance, I measured my calls. For instance, I'd make 200 calls, and out of the 200 calls, 40 people answered the phone. Out of the 40 people that answered the phone, 20 booked an appointment with me, and six bought from me. Out of the six that bought from me, four of them gave me ten referrals, and out of ten referrals, I closed three. I measured everything, such as the best time to make calls. For instance, I found that Saturday's were my money-making days. I loved Saturdays because everybody took Saturdays off. I worked Saturdays and Sunday nights because those were great days in my business because my competitors didn't want to work those days. I knew this, because I constantly measured success.
The next way to progress through the levels of entrepreneurship is PDR. Listen in here to find out what I mean by PDR.
Next is patiently aggressive. This is a tough one because in the world of business, you have to be patient, but you also have to be aggressive. Lincoln one said a very important thing about being passively aggressive. He essentially said that good things do come to those that wait, but only the things left behind by those who hustle.
Those who wait get the leftovers. You don't want leftovers. You want the best of the best. That's why you have to be aggressive, and you have to be patient. Do your part, measure your success, and constantly practice, but then be patient, because good things are right around the corner for you.
The next step is very simple. You need an example of success. For instance, if you want to be a great guitarist, you need an example of success. You can go see a guy that plays guitar at a high level and have him show you some things, and give you feedback on your mistakes. Everyone needs someone to model until all of a sudden, when you become a pro, then you have an opportunity to become a league of your own.
And last but not least is the one that nobody can measure. Nobody can make you have this. You've heard me say this in many videos. Desire is the last of the things that helps you progress through the five levels of entrepreneurship. I guarantee you that if it matters to you, you will figure out a way to one by one make it through each of the levels of entrepreneurship.
So my assignment for you is to comment on the bottom with your current level of entrepreneurship, where you want to be, and your industry. For instance, you may say, "I'm currently treating business as a hobby right now. I'd like to one day be a league of my own, and I'm in the real estate business."