In this episode, we talk about entrepreneurship and what it actually takes to get to freedom using a game analogy.
Here's an epiphany moment that I've had when it comes to thinking about entrepreneurship and what it actually takes to make it through to getting the freedom that you are trying to get out of this. So the way that I look at entrepreneurship, it's kind of like a game of poker.
The world is a casino and whatever resources you have at this moment, those are your chips. So some of us, we might have a huge stack behind us, others, they might have a little stack; for me, I think, you know, I'm comfortable with the fact that I have, but it's not, definitely not any, anything behemoth, so you have this stack that you are working with and the game is if you like entrepreneurship then you want to stay in this casino, right? Because whatever you're doing this casino is entrepreneurship, all the games that you're playing in the casino, that is entrepreneurship, sometimes you're gonna win, sometimes you are going to lose, but that is just all part of the game, and the whole idea of the game is for you to be able to stay in the game, because whether you win or lose or not, you at least have that freedom and for you to be able to stay in the game, what that means is you have to protect your chips.
So this becomes a game of risk management because the whole question is, how could I make sure that I stay in the game and still have enough chips behind me that can help me get back to where I need to go? So we all know that the more money you have, the easier it is to make, but when you're looking at entrepreneurship, that's the way that I think about it is it's a game of risk management, and what do I need to do to make sure that I stay in the game?
And then the other way that I actually use this metaphor is as you're getting into entrepreneurship, what you'll learn is there are different games that are going on. So I'm gonna use this metaphor with poker and if you're familiar with poker, I think you'll understand the metaphor pretty perfectly, but if you're not, you know, I'll try to explain it in a way that you do understand in poker, in a casino, there's different games that are going on. So you might have the and it's been a while since I played poker, so I can't even remember all the names, but there's different levels of poker at these casinos, so you might have like a dollar table, A $5 table, A $20 table, $100 table etcetera. And what that means is it's the value of the big blind.
So without going into what the game is called, just understand that every time you play the game you have to put down a blind bet in these texas, holdem poker games and that blind bet is higher at certain tables, and if you're playing at those higher tables, it's a different skill set, it's a different game. So I'm not going to say whether it's easier, not harder or not, it's just a different game, but starting out, you can't start off at the high end tables, I mean it's pretty difficult because if all you have is just for a couple blind, you're gonna be out of the game and you're gonna you're gonna be kicked out of the casino and you can't play anymore, so you have to start small, and this is kind of like how I look at entrepreneurship in a way where you're starting small and you're learning the game at the dollar tables first before you start moving onto the high cash games.
And I think if you think about entrepreneurship in the way that it's framed in business school, where it's all about these young kids trying to get money from venture capitalist, I mean, what they're essentially trying to do is essentially trying to get someone to front them the money so they can play the, the high cash games without any experience at all. But what it really takes is that street smart that you build up from the dollar tables first, and then once you start building up, that's very smart, and you learn how to manage your risk, how to hold on to your stack, then you can start moving on to the higher end games, So you dominate the $1 game, and then guess what, like, you're essentially starting from scratch again once you're at that new level and this is the same thing in entrepreneurship.
Getting your 1st $10,000 is one game, then getting your 1st $100,000 is another game, and then getting your first million dollars, which is on the track that I am, that's a different game, and I'm pretty sure that once I hit that million-dollar mark that I will, you know, it'll start getting a lot more challenging and the game is going to be a little different. So what I like to do to be able to prepare for those games is to talk to other people who are playing those games right now and see what they have to say. And I think looking at this entire entrepreneurship game as a way to manage your risk and make sure that you have enough chips for you to be able to stay in the game is what will keep you from going into bankruptcy debt or in a position where you're unable to get out? I hope this helps. This is Robin Copernicus.... Boom. Bam. I'm out.
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