For many entrepreneurs who achieve business success early in their lives, repeating that success can be difficult. It’s called the success trap, and in this episode, Dan Sullivan and Shannon Waller explain what the success trap is, why it’s difficult to escape, and how you can safely avoid falling into it.
Here’s some of what you’ll learn in this episode:
- Why some entrepreneurs eventually go on auto-pilot.
- How experiencing a crisis can actually be beneficial to an entrepreneur.
- Why Dan doesn’t take people who are growing and succeeding in their thirties as seriously as people who are growing and succeeding in their sixties.
- How inheriting wealth can lead to a success trap too.
- What’s allowed Dan to be fitter, healthier, and more ambitious at 80 than he was at 50.
Show Notes:
Entrepreneurs who are motivated solely by status will stop once they reach a certain point.
You can lack purpose and the motivation to keep growing yet still find it hard to make a change because the money is good.
Setbacks can be a wake-up call to reinvent yourself and reclaim your drive.
Success is comfortable, while failure is scary, painful, and frustrating.
Failures are prompts for new learning.
Entrepreneurs who are successful over the long haul have learned how to turn failure into a new form of success.
When someone’s successful early in life, it can be difficult to tell how much of that success was due to their capabilities and character and how much of it was simply investment from others.
For some, entrepreneurism is a freedom only from where they came from.
Status-motivated entrepreneurs are very boring, and usually a bit depressed.
Creating wealth is only valuable because it makes you more capable and confident as an entrepreneur.
You need resistance in order to grow.
Growth has to come from within.
For growth-motivated entrepreneurs, the lifestyle that comes with success is just a happy by-product of their drive, not the destination.
Ambition isn’t a destination, it’s a capability.
