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Capitalism.com with Ryan Daniel Moran

How To Stay Motivated While Starting A Business #FreedomFastLane

Capitalism.com with Ryan Daniel Moran

Capitalism.com

Entrepreneur, Amazon, Lifestyledesign, Investing, Startup, Ryandanielmoran, Finance, Cashflow, Freedomfastlane, Lifestyle, Business, Passiveincome, Financialfreedom, Entrepreneurship

4.8793 Ratings

🗓️ 10 May 2019

⏱️ 22 minutes

🧾️ Download transcript

Summary

Today Ryan shares some tips on staying motivated, even when entrepreneurship becomes hard, lonely business.

Tune in for 3 practical things you can do to keep yourself on track as well as some down-to-earth real life examples of how those practices helped Ryan through some tougher moments.

 

Key Takeaways

[:28] Dopamine floods your brain when you start a new business, you are full of energy and drive, but it doesn’t stay there long term so today is going to be about sustaining momentum.

 

[1:42] First things first, entrepreneurship is very hard and it will demand more of you than you could ever imagine. So it’s virtually impossible to sustain momentum and stay motivated when you’re building a business that you don’t like or building it with someone you don’t like, there’s really no fixing that.

 

But if you do love your business, here are 3 practical things you can do to keep momentum (there’s a bonus at the end, too!)

 

  1. 1. Focus on the people [3:39] Take the time to be plugged into the people giving you attention and money, or the people you want to serve. The way you get rich and the way you sustain momentum is giving. Quick tip: run a poll or survey to get feedback on your people ask them what you are doing that resonates with them.
  2. 2. Plug into a network [8:10] entrepreneurship is lonely, and you will need a community of people you can talk to about your difficulties, other entrepreneurs who will understand what you are going through. Join masterminds, online communities and build a list of people you can count on: every opportunity comes from others and having a network facilitates that.
  3. 3. Compare yourself [13:10] but only to yourself! Look at how you did today, and plan how to do better tomorrow. Ryan tries to be transparent about how it can suck so that people who do compare themselves to him can have a more holistic view, but be careful, not everyone does this. You can use other people’s experience as models but won’t be motivation, what will motivate you is your own growth.
  4. Bonus! Follow a plan [18:00] you will not always feel motivated and on the days when you don’t feel good you will need to rely on that routine to drive you forward, Ryan uses Tribe 5. This will help you track if you’ve done what you were supposed to do today, and if not? It happens. We are motivated by progress so it’s hard to follow a system and stay unmotivated for very long.
  5. Thank you for listening, and If you want more like this: subscribe to our channel.
  6. Mentioned in this episode
  7. Tribe 5

Transcript

Click on a timestamp to play from that location

0:00.0

The way you get rich, the way you sustain momentum is by operating from a place of I've got something.

0:07.3

It could be a product that means something in someone else's life and being in a position of giving it

0:12.4

because it assumes to your brain that you have something to give, that you're abundant.

0:16.9

Build a business, invest the profits. I'm Ryan Daniel Moran and this is Freedom Fastlane.

0:28.6

When you start a new business or really when you do anything new, there's always a surge of energy at the very beginning.

0:37.1

And that is because your brain releases

0:39.4

a chemical called dopamine. That feels really good. It makes you excited. It makes you go,

0:43.7

ooh, a piece of candy. Ooh, shiny object. Oh, that's cool. Right. That's, that's how our brain works.

0:49.4

And when you start a new business or when you set a new year's resolution it's exactly the same thing it's the idea of

0:56.1

i've got this new thing that i'm going to do and i got all this motivation and all this energy

1:00.4

to start down the path and then there's a hump then you hit a you hit a place where you're tested

1:06.2

and it's during that test that if you get through it, you get the result or you don't.

1:11.7

It's January 21st for people who have New Year's resolutions, or it's when sales are flat

1:18.4

if you've got a new business, or it's when you have to do something that you don't enjoy.

1:23.3

So we're going to talk about sustaining momentum when you are starting a business.

1:29.0

Because that momentum and that motivation that you've got is going to carry you through those

1:35.5

humps.

1:35.9

Now, before I go into like the three practical things that you can do regularly, there is one

1:41.8

piece of context that is too important not to say. And I feel like this

1:47.2

goes without saying, except for the fact that I've worked with thousands of entrepreneurs,

1:52.4

hundreds of them now running seven-figure businesses, and I see this across the board, and it's this.

1:59.2

It's really hard to sustain momentum and to stay motivated when you're

...

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