I'm Sari Kimbell and I've done just about everything in the food industry. I have helped hundreds of packaged food business entrepreneurs and now I want to help you make your delicious dream a reality. Whether you want to be successful at farmer's markets, online, or wholesale on the store shelves, Food Business Success is your secret ingredient. I will show you how to avoid an expensive hobby, and instead run a profitable food business. Now let's jump.
Hey there, everyone. Welcome back to another week of the Food Business Success Podcast. I am super excited to talk about this topic around entrepreneurship and what it takes and whether you are an entrepreneur. I've been listening to a book by Michael Hyatt called Entrepreneurs will Save the World. And it's a great read. Well, I guess I'm listening to it but I love books on tape. That's, that shows my age, books on tape. But anyway, I really want to talk about this concept around being an entrepreneur and whether you are one and what it's going to take to succeed. I would say more than ever, I am talking with want to be entrepreneurs, people like you who have been making something delicious in their kitchen and now they're feeling this inspiration, you know compelled to start this business. But it's very normal for you, especially if you've never been an entrepreneur; you know, I never saw myself as an entrepreneur, actually, I was an employee for most of my adult life and I never really thought that I would become an entrepreneur. And I'll have to tell you, it is the hardest thing I've ever done and the most rewarding thing I've ever done. So I think so many of you guys are really considering this entrepreneurship journey. And I love this concept of entrepreneurs will save the world and I absolutely think that's true. So some of these concepts, I'm totally borrowing from Michael Hyatt, but putting my own spin on them, especially with people really relating them to people like yourself who are thinking about a packaged food business. So Michael defines entrepreneurship as someone who sees a problem and risks their time, money or another asset, to help solve it- to solve the problem. One of the reasons I think we're seeing so many new entrepreneurs get started during a pandemic, during this uncertain time, is that there's this need to feel empowered, you know, we feel you might feel really disempowered by what's going on around us- the election, the pandemic, I mean, there's just so the inclusion and equality conversation around race. There's a lot going on 2020 has been a roller coaster. And so a lot of times we feel really disempowered by that we feel like we're a victim to these circumstances. And I think when we think about owning our destiny, and creating a business and putting this dream into action, we immediately do feel a sense of empowerment or taking our power back, we're steering our ship, so to speak, and we get to take all the risks, and we get all of the rewards. So if you think about all the things around us that were created by entrepreneurs, and there's a lot of statistics that will back up that actually some of the things that we enjoy the most, the businesses, the creations that actually came out of recession, they came out of adverse times, because there are so many more problems to solve. And people are looking to take back their power and really own their own life. So asking yourself and being open to what does this adversity make possible that really is the root of an entrepreneurship mindset. And so you guys maybe have been a little surprised that this podcast has not been about the technical how-to's. I mean with the guests, we definitely get into that but the the podcast where it's just me,
I really want my goal is to help you manage that entrepreneurship mindset. Because I've found that yes, you need the how-to, but you also need the ability to navigate failure and risk tolerance and all of those things that make up being an entrepreneur. Like I said, it is the hardest thing you will ever do. And it is the most rewarding thing. But it's not for everyone. So asking yourself, what does this adversity make possible? And I think that's where a lot of you guys are at, right? You're asking yourself this question and you're, you're answering it with your product, with your kimchi with your kombucha, with your cookies, your candies, your granola. I mean, the list goes on and on. I've heard some amazing ideas coming from you guys. In the book, entrepreneurs will save the world, he actually talks about eight characteristics of a successful entrepreneur. And I'm just going to talk about four of them.
So the first one is ownership. And really taking ownership when you see a problem, like, like I said, this is about that empowerment that you own it and you are going to take care of the problem. So I think that one is pretty straightforward. And if you're even considering starting a packaged food business, you are already taking ownership. And you are open to creating something of your own, and really driving that ship. So I'll leave it at that. And then number two is resourcefulness. I really do believe that constraints are what lead to creativity and problem solving. When we're just in good times and everything we have everything we need and there's no problems, that's where we we don't really get that creative, we're not looking for problems, we're not seeing problems, we're not observing them. But when you start putting constraints on things like oh, now we can't go out to eat as much or we your kids are at home and you don't have the time you're doing business stuff from home, right? Like all of these constraints have really, while they're not easy, they really are the birth of innovation. And there's some great books one called Stretch, which talks about, you know, when you have everything you need, a hammer is just a hammer. But when you don't have everything you need a hammer, all of a sudden can become all of these different things. Or you think about a pot, right pot in the kitchen. Like it's just for boiling water and cooking things. But it can also be something that you make music with, it could be a hammer, it can be a chair, it all of a sudden takes on a life of its own. So I love this idea of resourcefulness. And I will say that if you don't have outside constraints, that is actually really good to put internal constraints on yourself. And this could look like putting money down on a program to for instance, working with me, when you start to put constraints on your budget, you get creative about how you're going to solve that problem. When you start putting constraints on your time again, you're going to get creative. So when you start really making deadline focus goals, and you say I'm going to do this, I'm going to go all in no matter what, you are definitely going to get creative. And when you are trying to figure out, you know, something's not working with your product and there's constraints that are you know, not working, that are not making your product work that you are going to get creative and start problem solving and looking at bigger possibilities, right? I love it when people are more resourceful when they start out their business, and they really look to what are all of my resources, right? It's resource management. And they look beyond just themselves and they say what are all the things that I bring to this business and this could be previous experience in other fields, this could be people you know, I want you to take advantage of all your resources, everything around you. And this also requires being vulnerable, right? We like to think about the myth of the entrepreneurs being this young, you know, early 20s innovator, startup, this, you know, the Mark Zuckerberg and the
all of the young people innovate a lot surround our technology. But the reality is, according to a Harvard study is that the most successful entrepreneurs and business owners are actually in their 40s and 40s plus. So it is never too late. And in fact, I bring, I think you bring a wisdom and experience to this adventure of being an entrepreneur that you wouldn't have if you were in your 20s. I think one of the things that hold you guys back with entrepreneurship, why you don't commit sooner and go all in because it does require going all in, is that it's super fascinating as, as a culture, especially in the United States, we both reviewer and champion the entrepreneur, we love to watch movies and read stories about that entrepreneur who tried and tried and failed and tried and failed. And then they finally achieve that glory, right? That they succeed. And yet, on the flip side of that we we really actually shame entrepreneurs. We think that they're being opportunistic, that they're being selfish because profit is what's driving them. And I know a lot of you guys tell me like, no, no money is not the reason I want to do this, I don't need to do this to make money. But the reality is, you do need to make money, you need to make a profit or there is no business. Otherwise, it's a hobby. If you're not making money, then it is a hobby business, a very expensive hobby business. And the IRS will also tell you that. It's really interesting, I think you really need to work through some of your own money issues, and work through your money mindsets to move past that piece around feeling guilty for making money, that shame. I think it's that crab effect, if you guys ever heard that, where if you put a pot of or you put crabs into a pot, and one crab will try to climb out, that the rest of the crabs will actually pull it down, even if one crab could climb out, and then like help everybody else get to safety. I think that there's something about the people around you not loving that you're going to grow and evolve, and you're trying, you're you're being vulnerable and you're risk taking. I think that we were uncomfortable with that sometimes and we actually want to like bring people back down to our level because it shines a light on our own growth or lack of growth. And so that may be part of it. Just food for thought there. But you know, when you go out as an entrepreneur, you are doing great things for the world. You are making an impact. And even if it's just a solopreneur your communities benefit, your economy benefits, and your customers benefit. You or provide you are bringing in money for your yourself, your family, your community you're supporting, you're probably supporting a lot of local people in your community. Eventually, if you bring in employees, you're creating jobs, and ultimately, you are creating a huge benefit for your customer. And your customer is paying for the value that that your product offers them in their life. So never be ashamed of that. In fact, hold your head high that yes, profit is important. You need to make money as an entrepreneur. You might not make it right away, but there needs to be a plan for profit.
Okay, so number three is risk tolerance. And this one, I actually wrote down quite a few notes on this, this is a really big one. Again, you know, you guys come to me, and you're super excited. And then I notice that there's this ebb and flow where you're like, yes, I'm going to do this. And then I think you get really scared. And that's okay, like this is all part of the process. But it's about developing your risk tolerance. And we're not born with this right? I think constraint can help us to motivate us to take more risks, think about what you are going to have to risk to start this business. Yes, there will be financial risk. Absolutely. But there's also risking of your time, right? It's an opportunity cost, you could be spending time elsewhere. And you're going to have to say no to some things in order for you to pursue this dream. You are also risking potential failure, judgment, your reputation. But the only way that there is growth, and that you create opportunity for success, for that reward, for that profit is through risk. It absolutely there's just no way around it and the opposite is staying in your comfort zone. Just being comfortable, right? And I don't know that that's really an option. Either you are evolving and you are moving forward, it's not an option for me anyway. I want to always be evolving. And I want you to as well. And I really think that we end up hurting ourselves in the long run by trying to suppress our desires. And ultimately, we try to push those down. We're like, no, no, that's too That's too much of a risk, I don't want to do that. I could fail. Like you convince yourself and then you just try to like, stay in your, like status quo and stay in the comfort, but it ultimately actually becomes really uncomfortable to stay there. And what you end up doing, I think, is that you end up buffering, with food, with alcohol, with shopping, with there's a lot of ways to kind of drown out your deep desire to, to do something impactful in your life and to grow. So there is no growth without risk. And this is about getting comfortable with discomfort. And I did a whole podcast all about making friends with being uncomfortable. It's time to make friends with failure. You think about the the famous quote, right, from Thomas Edison, that he didn't fail 10,000 times he found 10,00s0 ways that the light bulb didn't work. Until he did, right? And now we have the beauty of light and power in our homes.
So he failed a lot and I'm so grateful that he kept going. So reframing failure is super important. As you venture out in this entrepreneurship journey. Dan Sullivan says we need to measure the gain, not the gap. So of course, you all have a big goal, whatever that looks like for you. And I would love to help you with that goal, of course, but you can't get stuck in the I'm falling short of my big goal. We need to measure those gains that we receive that we get from doing hard things, from taking risks. And a lot of this can be done by celebrating your wins. So go back, I had so much fun recording that podcast, the Celebrate your Small Wins. But that's one way that you can really measure the gain not the gap. I also want you to reframe failure, as you will have your own back like failure is baked into the process, you will fail more times than you succeed, period. And if that makes you a little nauseous, and cringe a little, that's okay. But we have to make friends with failure. So I love this concept of having your own back. I think that a lot of you guys are scared to actually move forward because you're so afraid of how you are going to treat yourself, right, you're going to beat yourself up. A lot of my clients are perfectionist and they are so hard on themselves. And so I think a lot of you guys are that is actually the biggest thing holding you back. So what if you took on this concept that you will have your back no matter what. When you fail, you have a plan to like, be proud of yourself; to grieve but without adding judgment on top of that grief. But when those failures come and they will, that you commit right now to always having your own back, to celebrating your failures as those small steps that that will lead to the success. That being proud of yourself, celebrating what good did come out of that. And ultimately, so many of the greatest inventions that we that we have today came because there was failure over and over again. That's what led to that invention and that innovation. And finally, as you reframe failure, think about that the pursuit of your goal is just as valuable as achieving the goal itself. And sometimes you may never achieve this goal. You may you may never achieve that big success that you maybe have in your mind. But you are going to gain so much from this journey. And it doesn't have to be hard- as hard as you guys make it. That's where Food Business Success comes in. And that's what I do to help alleviate some of the the house and the technical pieces but through taking risks and through failing, you are going to grow as a human being. And so no matter where you end up at the end of this journey, and you may decide that, you know, a year or three years in or five years in or 10 years in, you may decide that this is no longer for you. And that's okay. And if you decide to walk away, you're going to walk away as a more evolved human being that will have these rich experiences. And I know, you will be so proud of yourself for doing these hard things that you will take into the next chapter of your life. You guys should go and watch the interview with Katie, who created Blue Owl Preserves, and after four plus years, she decided to sell the business, it's a great story. And her having that hard, why and wanting to be an entrepreneur, but then also deciding that it was time to move on, and how much better she is as a person because of that experience. So we'll put a link to that interview on the YouTube channel in the show notes.
And I guess the last thing I do want, I know, I said that the other one was the last thing. But risk tolerance doesn't mean you need to necessarily go super fast or go, you know, put tons of money, like cash out your 401k. There are ways to do these, to do this business in small increments. And I really help you decide how to do that and help you understand what are the small ways that we can start and where you don't have to invest money and time yet. So that's one of the things I really offer is helping you stay a little bit more constrained. And not just thinking I got to go super big into this. So I don't want you to feel like risk tolerance means that you know, you have to risk everything, your home, your 401k, your relationships, anything like that but there will be risk and everybody has their own tolerance. But I'm asking you to push beyond your risk, your current risk tolerance, just a little bit, right. It's absolutely required to be an entrepreneur. And the fourth entrepreneurship mindset I want to talk about today is resilience. Will you keep going when you fail? Michael has a quote that you can't fail if you don't quit. And I believe that 100%. I always say that I I will never fail, I will never quit at this business. So, so there really is no failure, there's only learning along the way. So it's okay to kind of take a minute when you do have a failure, have your own back. Sometimes we need to like have a day where we eat ice cream and watch Netflix. But then we get back up and we keep going. We keep going no matter what we never are going to quit on our dream and on ourselves. And this is where having a really strong why is going to serve you. So go back and listen to that episode on the podcast. But you have to have a strong why otherwise, when failures happen, when you have setbacks, when things don't go your way, that you can get back up and you will keep going. And one of the great benefits of this is that your confidence will grow that you will even when things are hard. And when you have a moment of failure. Even in that moment, you can look back and be proud of yourself that you put yourself out there. This really is a practice
of being resilient. And the more you do it, the more you realize like you can never lose if you keep trying and you will gain confidence from this experience no matter what. I do find it really fascinating that when we're younger failure is part of the process, right? Like you fell down hundreds of times before you learn to walk you, you know, learned how to drive a car, you learned how to do something in the kitchen, like our whole lives as young adults and children is about trying and failing. And then somehow in adulthood, we get really entitled. We think that these things should come easy and that there shouldn't be failure. Like where on earth does that even come from? I hear from a lot of you guys like Yeah, but I don't know how to do that. And it's really hard. Yeah, yeah, it is absofreakinglutely it's hard. But that doesn't mean that you give up. That means you double down and you learn and you commit to having courage and going all in and figuring it out. You are not entitled to success. You are not entitled to winning. You are not entitled to have things be easy. In fact, the opposite you will fail more than you win. So that's a little tough love. Sorry for the tangent, but I felt like it needed to be said, and resilience is going to be the thing that keeps you going, can you get back up on the proverbial horse? All right, that wraps up the four main mindsets for being a successful entrepreneur that I wanted to talk about today, coming from Michael Hyatt's book Entrepreneurs will Save the World. And I do think that these are absolutely the recipe for your success to create your packaged food business dream. Now more than ever, we need you to take risks and bring your delicious product to life. And I would love to help you figure out the how inside Food Business Success. Thanks so much for listening today. I hope this has inspired you. If you've been on the fence, you've been doubtful and confused, or just, you know, waffling on whether you should do this. I hope you're feeling inspired to take those risks to go all in. And let's do it. Let's save the world by becoming an entrepreneur. Alright, so until next time, have a fantastic week.
Are you ready to start that delicious idea that you make in your home kitchen, or grow your existing packaged food business and take it to the next level? The most successful food business entrepreneurs have support, guidance, focus and accountability to help them make it happen quickly without wasting time or money. Plus, I think starting your packaged food business should actually be fun. Food Business Success is your secret ingredient to creating your food business dream. Please don't go this alone. Check out the private free Food Business Success Facebook group to connect with other foodprenuers, get your questions answered quickly, share your wins and receive special training and tools I only share inside the private community. Just search for Food Business Success on Facebook, or get the link in the show notes. Curious about how Food Business Success can help you? Head over to FoodBizSuccess.com and fill out the application to see if you're a great fit for the program. Together let's make your food business dream a reality.
Michael Hyatt Lead to Win episode: Entrepreneurs Will Save the World
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