If you ever want to be an entrepreneur, start doing this now.

Entrepreneurship is a wonderful and mysterious adventure. It is both easier and harder than it seems. Which is a hard thing to fathom. Hence the mysterious adventure.

Getting Started

The greatest challenge to starting your own business is simply getting started. Because you have to figure out how to run your household on an an alternative financial fuel source. Namely, self-generated income.

For most people who have spent their adult lives operating on a predictable, salaried income, this switch to self-generated financial fuel is a difficult conversion. But there is one simple thing you can do right now to put yourself in favorable position to start your own business.

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Despite what Tom Petty said, the starting is actually the hardest part.

The First Thing To Do.

The first step on your entrepreneurial journey is to live below your means. Which means you should spend less money than you earn. This is the best entrepreneurial move you can make right now. It will help you start your own business in 2 ways.

1. It helps you save money to invest in your own business.

You can start a business with very little money. But you will need some. You have to register your business entity with your state. That cost me about $150. You will need some business cards. You can get good cards from Moo for about $100.

You will need the materials and supplies required to create your product, or offer your service. The more money you have saved the more you have to invest in yourself. Your stash of cash determines how long your runway is before your new baby business needs to make money.

I started The Weaponry, my advertising and idea agency, by depositing $16,000 I earned doing freelance work into a business banking account. Think of the money you are saving as they money you have to buy your own freedom. Which is the most valuable thing you can ever buy.

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Yes, you can start your own business even if you have 3 kids and a wife you really want to keep.

2. It makes it easier to replace your Minimum Required Income. 

Take a moment to determine your Minimum Required Income. Your MRI is how much income you need to survive this year. Make sure everyone you are responsible for has food, clothing and shelter. Otherwise Family Services will stand between you and your entrepreneurial dreams. Take your MRI and compare it your current income. Are they same? If you want to become an entrepreneur your MRI should be lower. If possible, much lower.

How Low Can You Go?

When I started thinking about my minimum required income I quickly came to a number that was less than half of my actual income at the time. Then I told myself that if I found a way to self-generate my MRI, I would jump, like David Lee Roth, or The Pointer Sisters.

That is exactly what happened. A few initial opportunities emerged that appeared as if they would help me hit my number. So I jumped like Camp Randall stadium at the start of the 4th quarter. Had my MRI been equal to my salary I would have needed twice as much opportunity to com together before I could press go. Living well within my means made it much easier to take the entrepreneurial leap.

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Crunch your numbers. Get to work. And if you know what language that is on the screen please fill me in.

Shorty Got Low, Low, Low.

The key is not to expand your lifestyle when your income increases. This is the single greatest thing you can do to afford yourself career options. The money you are not spending buys your freedom. Because the person who needs to replace $50,000 in income has an easier on-ramp to entrepreneurship than the person who needs $200,000. That’s math.

Limit Yourself Now To Unlimit Yourself Later

Once I started my entrepreneurial journey I quickly exceeded my MRI. But that bought me more freedom. It let me save more money. It also allowed me to reinvest in the business. Both activities added to the security of the new adventure. And long term financial security is one of the greatest reasons to start your own business in the first place.

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Set your MRI. Set your mind to making it happen. And set several red things on your desk. 

Key Takeaway

If you want to be able to start your own business you need to live below your means. Save money. Know your minimum required income for the first year. That becomes your go-no-go for launch income. Use that number as your benchmark when evaluating your opportunities. The lower your MRI the sooner you can get started. And the faster you will earn more money than you even thought possible.

*If you know someone who could benefit from this message, please share it with them.

What kind of motivation fuels you best?

Do you ever think about your motivational fuel source? It’s valuable to understand what encourages, inspires and pushes you. Because once you know what fuels your personal fire, you can stockpile kegs of it. Then ignite it whenever you need another boost.

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Stockpile your motivational fuel like Wildfire. #GameOfThrones

Background

I have been a heavy consumer of motivation fuel my entire life. When I was young I guzzled it to help me perform my best in school and athletics. After college I started using motivational fuel to enhance my career, personal fitness and financial success.

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I’ve transitioned my competitive drive from athletics to my career.

My Current Focus

In 2016 I made  a strategic decision to push both my career and financial success to the next level. As a result I launched my own advertising and idea agency called The Weaponry.  When I was in the planning stages of my entrepreneurial adventure I started this blog to document what I learned along the way. One of my key learnings is that you need to keep a steady stream of motivational fuel flowing into your system at all times.

Finding Your Fuel

Take some time to analyze what motivation fuel sources power your inner drive. Then acquire as much of it as you can. I find that I am inspired by many things. Which means that I have a lot of options when it comes to motivation propellents.

My 15 Sources Of Motivation Fuel

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My vision is a strong motivator. There is a long road ahead and life is short. So I gotsta go!

1. My Vision.

This is a major source, if not my primary source of motivation. I have a clear vision of the fully-formed Me. Unfortunately, it’s a lot better than the current Me. But I am already better than I used to be. Closing the Me vs Ideal Me gap is an always available fuel source.

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My friend Dan Richards is a badass, and a constant source of motivation for me.

2. Impressive And Successful People. 

I love to see others have great success. When I see my friends crushing it, I want to crush it too. This is true in my career and in my personal life. I fancy myself successful, so I want to keep up with others I think are like me. It’s the most positive way to keep up with the Jones. Keep pace with their successes, not their expenditures.

Examples: My rockstar entrepreneur friends Dan Richards, Troy Allen, David Florsheim and Jeff Hilimire.

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I read this quote every day in my office.

3. Great Quotes  

I am highly susceptible to a great quote. If you have them send them my way. I love the way a great quote summarizes an important lesson or reminder in a simple way. Quotes are like my nitroglycerin.

Examples:

  • ‘You are either getting better or you are getting worse.’
  • ‘There is no elevator to success. You have to take the stairs.’
  • ‘A man with miles on his car has money in the bank.’
  • ‘You can’t take a pair of pants off a bare butt.’
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When all else fails crank up some ACDC.

4. Music 

Great music can help me power through anything. I use it to start my day, to power a workout and to push me through a long day at work.

Examples: Anything by ACDC or My Spotify Motivation Mix

5. Books  

Reading supplies me with steady, slow-burning motivation. I like to read biographies about successful people. I read How-To and Self-Helpy type stuff all the time. Book fuel is really a cocktail of numbers 1, 2, 3, 10, and 12.

Examples: See images above.

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If Tony Robbins can’t inspire you, you may be dead.

6. Motivational Speakers 

If motivational speakers don’t fuel you up nothing will. Seek them out in person, or online. YouTube and Social Media platforms are thick with them.

Examples: Tony Robbins, Gary Vee, Zig Ziglar, my college coach Ed Nuttycombe’s spaghetti speech.

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If I don’t keep moving this will be me.

7. Poverty  

When I see others in poverty it propels me forward like the other side of a magnet.

Examples: Driving through a depressed part of town. India.

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One of my greatest fears.

8. Unhealthy People  

People who are obviously unhealthy are a constant reminder that I need to keep moving and eating right. I am thankful for them. And they are everywhere. Except the gym.

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These people fuel me like caffeine.

9. My family  

Taking care of my wife, daughter and 2 sons is a major motivating factor. They are a constant source of motivation. But so are my parents, my 3 sisters and their families.  Even broader, I am very proud to be a member of the Albrecht Family and The Sprau Family. (My Mom’s maiden name is Sprau. It’s fun to think of your Mom as a maiden.) I am always trying to be an asset to the family and enhance our brand reputation.

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The more you have, the more freedom you have.

10. Financial Freedom  

I am driven to acquire enough money to be able to choose how I spend my time. I want to be in control of my life. This is the way to maintain as much control as possible.

Examples: Hundred dollar bills. Fifty dollar bills. Twenty dollar bills

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I want more time to do my favorite things with my favorite people.

11. Time Freedom 

See number 10.

Examples:  Fishing, Camping, Mountain Biking, Boogie Boarding, Traveling, Hammocking

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I have quantifiable goals that keep me chipping away.

12. My Goals 

My goals provide constant motivation. They have big gaudy numbers on them. And they provide a constant measure of what I have left to accomplish in order to live up to my own standards. I really like raw, quantifiable number goals.

Examples of how I measure progress towards my goals: On my bathroom scale, In Quickbooks, Through my WordPress Blog Stats, the amount of weight I lift.

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I look for pride in every hire. Because it is the greatest intrinsic motivator.

13. Pride 

I think pride is the ultimate motivator. I look for it in employees. Because someone who values pride won’t let you down because they don’t want to let themselves down.

Examples:  People who work at The Weaponry.

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My University of Wisconsin track teammates.

14. Teammates 

I never want to let others down. When I competed in athletics I never wanted to let my teammates down. As a business owner I am motivated to take care of my team and their families.

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My competitors motivate me. Although usually I don’t want to punch then in the face.

15. Competitors 

I like to compete. So when I see others do well, I want to do well. Your competitors are one of the best motivators you have. Use them.

Key Takeaway

Life and work can be hard. Motivation isn’t automatic. You need to seek it out. Stockpile it. Refine it. And consume it when you need a boost. Like the variety of foods in a well balanced diet, it’s best to keep a wide variety of fuel sources handy so you can quickly tap into the kind of motivation you need at any given moment. By understanding your motivational fuel sources you can ensure you will always have an abundant supply. And if you have an endless supply of motivational fuel your possibilities are endless too.

*If you know someone who could benefit from this post, please share it with them.