Episode 71 – The Identity of an Entrepreneur with Michael Melfi
We discuss the Identity of an Entrepreneur with Michael Melfi in this episode of Business Growth Time
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About Michael S. Melfi:
Michael Melfi is an Intellectual Property Attorney, Entrepreneur Coach, Investor, Media Personality and four-time author. Michael has a dynamic background that allows him to provide insightful legal services, while creating business development strategies for funding and growth. With a vision to empower the entrepreneurial eco system, Michael is focused on creating value for his clients through a portfolio of products including programming and training to develop successful entrepreneurs.
He’s an author of 4 books:
*The simple secrets of social media
*The Simple secrets of crowdfunding
*The Simple secrets of intellectual property
*The simple secrets of Entrepreneurship
Time Stamped Show Notes:
02:33 – Treps Nest is online community
- Entrepreneurs can go and get better connected to learn the things they need to grow
02:59 – Where Michael got started
They started out of actually a need for entrepreneurs to receive funding, the number-one concern that entrepreneurs have is funding, whether it be startup funding. growth capital. They need that to get to whatever point they’re looking to get to.
03:43 – What it takes to be successful & what it takes to have the identity of an Entrepreneur
- Making sure they and their team have the right culture, they have the right mindset, behavior and habits.
- Make sure they’re mentally prepared to deal with this roller coaster called being an entrepreneur and most of us don’t do that
- If we can prepare people for the obstacles for the challenges for the deception are going to face they’re more likely to be able to move through that to create a success.
04:50 – The idea around Treps Nest was to create an online community for like-minded entrepreneurs to go to join and be able to go there and provide them the intention programs and training they need to be successful.
*Michael had worked with many millionaires and has had the opportunity mentored by a couple of billionaires. So in that process, that environment and learning, it was really about having the right mindset and really being able to understand what it takes to create success and so that’s what we created a Treps Nest. What they want to give to the community is the knowledge, the resources, the tools to be successful.
05:55 – How do we get them mentally prepared? How do we get the identity so they can be successful?
- Michael said that he want to empower them to be successful and most people get into business out of a passion they love what they’re doing and there’s some financial component to it they want to make some money
- He wants people to be able to have the value mindset on how do you create a value for your customer and how do you create value for your founders, or your partners, whoever is the foundation that’s making the business move forward with money. Then, ultimately your team, because the team around you important as you create value for those three areas. You will tend to create success.
07:22 – The idea of being investable – Our goal is to get people into the community, share some of our free programs and we have other programs they can join that really helped them move down that pathway.
07:57 – The identity of being an entrepreneur
The identity of being an entrepreneur is 90 percent of people believe about entrepreneurship. It is a mindset. So, when you talk about that identity, it has certain attributes or characteristics. When you look at successful entrepreneurs like Mark Cuban, Steve Jobs and Richard Branson, there is some attribute, internally motivated, outcome focused, risk oriented. It’s about mindset. The brain is a muscle. You can take the brain to the mental gym.
- The identity of being investable is important, it’s important to understand that’s an identity
- Lottery syndrome, most lottery winners end up broke within one year. Studies prove the psychology of these winners is that the subconscious level is not that of a multimillionaire. They subconsciously lose it, self-sabatoge it. Think of that from the businesses asking for large capital investments. Are you investable?
- You should have the identity for success and the identity to be investable
- “Preparation Meets Opportunity” – because they have that identity and they’ve done the work and they were willing to do what it took to get there.
- The beliefs that someone has in their identity is the core of their success especially in entrepreneurship
- Do you have your elevator speech ready?
14:04 – Janet’s identity of being a successful entrepreneur
- Uncertainty creates certainty.
- It’s the ability to really create in your mind that life carries of that belief that you’re moving in
17:05 – The idea of teamwork is important!
- They begin to expand themselves, what you’re going to find is that they want to hold on to what got them there really important part of it in making that transition as an entrepreneur
18:13 – Michael’s tips!
- Time, money and energy to make that commitment
- Healthy mind and body. Some alignment in that concept
- Mental gym conditioning program, go through the steps
- Different people have different resources, do what you can where you are at…take the first step. Change your habits
- The more you do that, the more you start to build habits that will create success
- Focus bonus exercise five minutes for the day
- Define your belief for the day, your one belief that is going to carry you through the day
- Define your top priorities for the day and then define the task you’re going to complete those
- Get in alignment
As you begin to get past your habits you start to move into your beliefs, so in your beliefs what you’re able to do is you’re able to start focusing on really starting to transform who you are, your environment and what’s around you as you begin to really change your behavior.
When you start getting a coach, when you start joining a mastermind group, when you start getting more involved in some program that’s going to require you to do some work that’s gonna start to shift at the behavior level
21:56 – The third opportunity is at the identity level – The identity level that’s when you start to put yourself in the right environment
- Define your vision & you define the habits that no longer serve you. You replace those with habits that do serve you, you build focus around that and you start to create role modeling and you finally start taking intelligent risks
- Leadership, Business Knowledge, Business Strategy, Business Development, Mindset, Fundraising and Networking those are all the things that we intermix into this identity conditioning to create what we talk about is that successful ultimate entrepreneur.
23:20 – Focus at time – When you talk about focus it’s probably one of the most important things because it’s easy to get distracted . Once you’ve established where you want to go and you understand your vision and you started to remove or identify the habit at no longer serve you. You start to move in a different direction
- You have the ability to stay focused on something and stay on target it’s so important what you focus on you find and the more you can do that, the stronger the momentum the energy you have around you will ultimately be
- It starts to be how people relate to you, if you’re always focused on something of delivering this type of result, people start to know you for that and they start to calling you for that.
It’s not about your trademark, it’s not about your patent, it’s not about your business plan and it’s not about your pitch deck, those are important, very important. There’s the mindset, there’s the foundation of the person at the end of the day. Entrepreneurship is about a human being and their ability to interact with others and interact with themselves and when they’re successful at that, they will be a great leader, will be influential and their entrepreneurial business will grow.
Treps Nest – You can join the community absolutely free, you can sign up for the daily success program.
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