The Entrepreneur DNA: Why 80% of Entrepreneurs Fail (And How You Can Win) | Dean Graziosi | EP 69
Host: Justin Colby, Bleav
Guest: Dean Graziosi
Release Date: April 28, 2025
In Episode 69 of The Entrepreneur DNA, host Justin Colby engages in a compelling conversation with renowned entrepreneur and multiple New York Times bestseller, Dean Graziosi. The episode delves deep into the prevalent reasons behind the high failure rate among entrepreneurs and provides actionable insights to help listeners navigate the challenging path of entrepreneurship successfully.
Introduction: Setting the Stage
The episode kicks off with an intriguing metaphor introduced by Justin:
"The most energy it takes to put a rocket in space is the first 10ft." ([00:00])
This analogy emphasizes the immense effort required to initiate any significant venture, setting the tone for the discussion on the challenges entrepreneurs face in the early stages of their journey.
Understanding the 80% Failure Rate
Justin poses a critical question:
"Why is it that 80% of all single entrepreneurs fail after five years?" ([03:00])
Dean concurs, highlighting that the majority of entrepreneurial failures can be attributed to a lack of proper guidance and support. They explore several factors contributing to this statistic:
-
Career Mindset:
Many individuals are entrenched in a traditional career mindset, making the shift to entrepreneurship daunting ([03:00]). -
Lack of Support:
Friends and family often misunderstand entrepreneurial ambitions, leading to feelings of isolation ([03:00]). -
Absence of Proven Practices:
Entrepreneurs frequently navigate uncharted territories without modeling successful strategies, increasing the risk of failure ([03:00]). -
Financial Management:
Mismanagement of finances, such as not knowing whether to reinvest profits or how to handle multiple revenue streams, poses significant challenges ([03:00]).
Overcoming Obstacles: The Power of Guidance
Dean emphasizes the importance of mentorship and structured guidance in overcoming these hurdles:
"I think that 80% failure rate is just because they didn't have the guidance." ([04:13])
He advocates for leveraging the experiences of seasoned entrepreneurs to accelerate success and avoid common pitfalls.
Personal Journeys: Lessons from Experience
Justin shares his entrepreneurial journey, starting young with ventures like flipping cars and houses at the age of 19:
"I flipped my first house at 19... by the time I was 22, I think I had 30 apartments." ([12:07])
These anecdotes underscore the value of resourcefulness, hands-on experience, and the willingness to take calculated risks. Dean adds his perspective, illustrating how persistence and adaptability are crucial in sustaining and scaling a business.
Mindset and Resourcefulness: Keys to Success
A significant portion of the discussion revolves around the entrepreneurial mindset. Justin passionately states:
"Change your story, change your life. If the vision board isn't working, put a picture of the person you don't want to become." ([44:26])
This approach encourages entrepreneurs to harness the fear of missing out on personal milestones as a motivational tool to propel their businesses forward.
Dean echoes this sentiment by highlighting the importance of believing in one's capabilities:
"Am I good enough?" ([38:35])
He discusses overcoming internal barriers and the necessity of building self-confidence to navigate the entrepreneurial landscape effectively.
Leveraging Coaching and Mentorship
Both Justin and Dean advocate for the transformative power of coaching and mentorship. They discuss how structured programs and learning from those who've successfully navigated the entrepreneurial path can significantly reduce the time and effort required to achieve success.
"Model proven practices, take uncomfortable action." ([21:09])
They highlight their collaborative efforts, such as Mastermind.com and Thrive70.com, which aim to provide entrepreneurs with the tools and guidance needed to thrive in their ventures.
Resilience and Persistence: Navigating the Storm
The conversation delves into the inevitability of facing setbacks and the importance of resilience. Justin shares a poignant story from a Tony Robbins event where a woman transforms her perception of her past, illustrating how reframing one's narrative can lead to profound personal and professional growth.
"Our perception is our reality." ([50:56])
This underscores the idea that overcoming adversity often begins with changing how one views and reacts to challenges.
Changing Perceptions: Rewriting Your Story
A transformative moment in the episode involves Dean recounting an intervention led by Tony Robbins, where attendees are encouraged to reframe their past failures and traumas as catalysts for their current successes. This shift in perception empowers entrepreneurs to let go of limiting beliefs and embrace their potential fully.
"If you want to win, to live a bigger life, to have more money, more freedom, more time... this is your guy." ([51:18])
Conclusion: Key Takeaways
The episode culminates with a strong emphasis on persistence, continuous learning, and the relentless pursuit of personal growth. Both Justin and Dean reinforce the notion that while entrepreneurship is fraught with challenges, the right mindset and support system can significantly tilt the odds in one's favor.
Notable Quotes:
- "Change your story, change your life." – Justin Colby ([44:26])
- "Model proven practices, take uncomfortable action." – Dean Graziosi ([21:09])
- "Our perception is our reality." – Justin Colby ([50:56])
- "If you want to win, to live a bigger life, to have more money, more freedom, more time... this is your guy." – Dean Graziosi ([51:18])
Final Thoughts: Episode 69 of The Entrepreneur DNA offers a blend of personal anecdotes, strategic insights, and motivational advice, making it an invaluable resource for both aspiring and established entrepreneurs. By addressing the root causes of entrepreneurial failure and providing practical solutions, Justin Colby and Dean Graziosi equip listeners with the knowledge and inspiration needed to turn their entrepreneurial dreams into reality.
For those eager to delve deeper, Dean highlights upcoming events and resources designed to further support entrepreneurial growth and success.
Relevant Links:
If this episode resonated with you, consider sharing it with fellow entrepreneurs and following Dean Graziosi for more transformative insights.