An entrepreneur is someone who "organizes, manages, and assumes the risks of a business". Being a hustler is not a bad thing and it is true that most entrepreneurs are natural hustlers but it also true that most
hustlers will never become entrepreneurs. When
an entrepreneur is building a startup, he must hustle, but he knows
that he must hustle on building his system so he can hire other hustlers
to work in the system.
So which one are you? Are you a hustler or an entrepreneur? Many think these two are of the same thing but when you look deep into it they are pretty much different.
- Hustlers lack leadership - A hustler remains prisoner to his own system, and
once he stops hustling, he stops earning while an entrepreneur once he has
built his own system, is able to walk away from it, come back many
months later, and find it doing better than even before he left.
- Hustlers lack real long term vision. eg a car salesman is a
hustler, the car dealership owner is an entrepreneur or a
consultant is a hustler, a person who owns the consulting firm is an entrepreneur.
-Hustlers lack strategy - Both are after the same thing (financial freedom and
wealth) but unfortunately only one will actually accomplish that.
- Hustlers lack business knowledge - eg the importance of capital gains versus appreciation
and cash flow.
- Hustlers lack financial knowledge - eg if you live in the US filling 1099
vs Schedule K-1 has a huge impact.
- Hustlers lack clear focus - Making the next sale is what important
to a hustler, building a company and leading his team is what the
entrepreneur is focused on.
- Hustlers lack humility - When entrepreneur screw up they are quick to find a solution to make better to their customers but when a hustlers screw up he moves on to the next
customer, leaving the previous one with a bad experience. You see, the
hustler put the almighty dollar ahead of his customer.
At the root of the hustler-entrepreneur
dilemma is that one focuses on himself while the other focuses on
others. Being an entrepreneur requires massive humility. To him/her, brand
equity matters more than a quick buck or commission. This is where
customer service comes into play.
Sometimes entrepreneurs
fall back into the hustler mentality but then get up and go back to the right track.
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