Before we begin, I want to give a special shout out to this entrepreneur: Loe Moshkovska
She is the entrepreneur who gave me the rights to use this photo.
Let’s dive in.
Entrepreneurship is usually associated with having a sexy ass lifestyle.
Believe me, that stigma is true :).
Why is it that 90% of entrepreneurs fail? Why is YouTube, Facebook, and Instagram filled with a bunch of posers who claim to be entrepreneurs?
These are the people who dress up and take fancy photos and post that they are living a luxurious lifestyle. The problem is, you never actually see videos of their successful merits.
They are the ones who claim that if you buy their course right now, you can instantly make millions of dollars in a couple of months.
These are the people who say, if you don’t get in right now, if you don’t hop on this wagon today, you are missing out.
“This is a once in a lifetime opportunity”
If you hear that, run.
Trust me, I fell for a couple of them in the past.
These are the people who will tell you one thing today, something else tomorrow, and every month, there is a new idea. They never actually focus on one thing and achieve mastery.
The truth is . . .
These people were never given the proper education to become a real entrepreneur.
I don’t blame them, the true meaning of entrepreneurship isn’t actually taught in school.
These are the 4 stages of entrepreneurship taught by my mentor Dan Lok:
Stage 1: Survival
Stage 2: Security
Stage 3: Success
Stage 4: Significance
I am going to give you my definition of each stage and a real example of how it applies to me. I am also going to tell you what I am doing to get to the next stage.
If you understand these 4 stages, you will be much more successful at entrepreneurship.
This lesson is designed to give you the framework for solving your problems yourself.
A good teacher or mentor will never directly give you the answer, because you will constantly ask for the answers and never figure out the solutions yourself.
I hope by understanding these 4 stages you can obtain the knowledge and wisdom to elevate your success as an entrepreneur.
Learn the difference between these two words.
Knowledge – Knowing what to do.
Wisdom – Knowing what not to do.
Stage 1: Survival – This is the stage where you are struggling to make ends meet, you need to first learn the required skills to succeed. You need to identify the problem you are trying to solve, and work towards a solution. Often, you need to work a day job to provide a stable lifestyle for yourself while you work on creating your business or side hustle.
For me, this was when I was first learning how to trade options. I didn’t know a whole lot, and I did everything I could to pick up the skill set. It is crucial that you are able to provide yourself with a stable lifestyle before learning your unique skill set. If you don’t have a stable lifestyle, you will become desperate. This will lead to you making a lot of rash decisions which usually end in failure.
Stage 2: Security – This is the stage where your struggles have died down and you are able to make a decent amount of profit. Things are going well, you have your ups and downs, but overall you aren’t crashing and burning. At this point you can start taking some money from your side hustle and putting it in your bank.
For me, this was when I learned how to successfully make money from trading options. I would set a weekly goal, and every time I hit this goal, I would give myself a little reward. This is where things get exciting. You will be surprised at how much better you will feel if you can make an additional hundred dollars or so a week.
Stage 3: Success – This is the stage where you begin making enough money where you can outpace your day job. This is when you can begin making $10,000 or more a month from your side hustle or job. Most entrepreneurs usually end up at this stage when they have made it. Usually you see these entrepreneurs flaunting their success to prove to everybody that they have made it. However, these entrepreneurs still have a lot to learn, because they haven’t achieved the last stage of entrepreneurship.
For me, this was when I successfully made $16,000 in 1 month of trading options in January 2020. I successfully paid off all my debt, and today, I am carefree. I can make enough money to do whatever I want with whomever I want. I am able to freely invest my spare money in angel investments that I believe will have high returns. This success, will continuously elevate my wealth.
Stage 4: Significance – Only the top 10% of people become successful entrepreneurs. Only half of these entrepreneurs actually reach stage 4. This is the stage where you make so much money that money is no longer an issue. You are so successful that money makes its way to you without you trying. At this point you no longer need to chase money. This is the point in your life where you can begin to help other people grow. This is when you become the ultimate influencer, you can use your success to help give back to the world. You can give to charity, and you can impart your skill set to other people. This is where you can create your legacy for people to remember you for many years after you are gone.
I haven’t achieved this stage of entrepreneurship yet. I am still in stage 3. However, I am working on the OptionsAndTraders Network as a way to document my growth, and bridge the gap between stage 3 and stage 4. I believe these stages directly complement each other, so I see no reason to delay working on my progression to stage 4.
If you are wanting to become a successful entrepreneur, I want to challenge you, figure out what stage of entrepreneurship you are in. Once you figure it out, write down what you need to do to reach the next stage.
Feel free to send me an email of your progression and where you are today. I can’t wait to see how much you have succeeded in the next coming years.
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Disclaimer:
I want to point out, I am not a registered investment adviser or broker/dealer. I am a highly profitable options trader who has been successful time after time, and I have changed the lives of many people through the art of trading on the stock market.
– Ken