Entrepreneur Depression — How 7 Figure Entrepreneurs Overcome The Challenges of Entrepreneurship
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Entrepreneur depression is real, but what may surprise you is how it isn’t those just starting out that tend to suffer with it. Seven-figure entrepreneurs suffer with entrepreneurs depression too, as the problems and challenges of entrepreneurship only grow as you grow your business. In this inspirational video, Scott Oldford talks about how it isn’t tactics or marketing that helps you overcome the challenges of entrepreneurship, but rather an entrepreneurial mindset (and how surrounding yourself with the right people is key).
Full Video Transcript:
Hey there, what is up Facebook? Just wanted to drop this on you before I go into a phone call.
About a month, or about a year and a half ago I started working with entrepreneurs that are typically at the million-dollar mark, and I started working with them in a one-on-one way. Most of the time I thought when I started it, it was to do with marketing. And I was resistant to it at the beginning because whenever you’re trading your time for money, it’s typically not a good time and I didn’t need to necessarily do it for money.
And so I kind of bought into the concept of doing it for either money or equity of their business and then also the relationship. Having relationships with very impactful people has worked out quite well. And what I realized is that entrepreneurs that are high performers have such severe problems that are so difficult to talk about and so difficult to process, and so difficult to just feel into, and there’s barely any of them that talk about it.
And so the pattern has been I start working with these people that are at a million dollars, you know, two million dollars on a yearly basis and it’s all about marketing for the first thirty days. And keep in mind to me it’s like a 9-12 month type of engagement. And then what ends up happening and I never thought I would ever in a million years ever say this: it turns more into realizing that there’s very few people that can hold the space that’s required to help an entrepreneur from a mindset perspective.
And it curated over the past year a new appreciation for the fact that 99% of entrepreneurship is about mindset and everything else is B.S. The tactics, the strategies, they’re out there. It’s what’s in here that changes it.
I remember the day that I woke up and I was like, “You “know what? I trust myself to create enough value
“so I can make enough money.” I remember the day that I no longer that I let go of the ego of caring about this kind of being successful, and I was so afraid of success. I remember all these different moments in time and
many people have influenced me and I utilized psychedelics, and I utilized reflection and all these different types of things to change my mindset, and what I realized is that these entrepreneurs aren’t getting to where they want to be because of their mind not because of the tactics.
Not because they’re marketing funnel it broken, not because of their copy was broken. None of those things actually really mattered. You know, one person was so afraid, has such a bad mindset about money that every single time that this person would make money, they would go and spend it because they thought being rich, quote unquote, rich was a bad thing.
I had another person that would create a feast and famine cycle. I love him so much, he’s such an amazing person. So much appreciation for him, but he would create a feast and famine cycle because he wanted to feel
significant because he got significance out of his business.
And so once those people broke through those things and I’m no coach, I’m no crazy, I don’t know how to coach,
I don’t know how to do these different types of things, but what I realized, and I think you can even reflect,
it doesn’t matter if you’re at a million dollars a year, ten million dollars a year, whatever.
Or ten dollars a year. If you don’t have somebody in your life, and this is what I really realized and I feel a little bit like the entrepreneurial therapist in the last year working with these people. And I don’t have a marketing funnel for that, I don’t really have room for that in my world right now, for more than the people that I’m working with, but what I realized was if we don’t have somebody to allow us to evolve our mindset, our ability to impact goes
down so incredibly, by a multiple that you probably can’t fathom.
And not a single person that I’ve helped in the past year has the … yeah, the marketing funnel stuff is all good, but literally they could have gave it to a team member and go on and that’s it, and that’s typically what’s
ended up happening.
And it created this huge appreciation for the fact that if we don’t have people to mentor our mindset a lot of the things that we need to do, it’s gonna be too late before we get to do them. And I always discounted this, I always discounted the whole coaching thing, the mentoring thing, and all that stuff, and you know I was just off a call with someone, their company just got valued at 20 million dollars and all these different types of thing are client of mine just an incredible person, and he can barely get out of bed in the morning.
He’s just so unhappy. And I think it’s realizing that as we go and as we develop we need people to create the space that perhaps has been there and done that that understands these first world problems that you may be going through, you may be experiencing.
Cause you know it’s really hard to talk to anybody when you know what you’re making like $250,000 profit a month and you hate your life and you can barely even wake up. It’s really weird being the more profitable than you’ve ever been in your entire life. Five years ago you could barely, you know, you lived in an RV and you were happier then than you are now.
Your relationship with your wife was better then than it is now. It’s really messed up to think about logically and it’s something nobody talks about probably because it’s such a small, few people that end up getting there. And then the other problem is that when you get, the guy I was just off the phone with, he was talking with mentors of his and everything else and the only consistent thing that happened, was well you know what, suck it up, this has happened to me too, suck it up because that’s part of business.
If you wanna be rich then you have to do this, and I just, you know, six months ago if someone came to me and said, “Hey Scott, you do that for the next “five years I’ll write you a check right now 100 million “dollars, you can cash it right now, you can go and “do whatever but you have the, 60 hours a week, you “have to run the business, “you had to be passionate about whatever.”
There’s no way I would have said yes to that, and once you get to a point of abundance, and I would say about a quarter million dollars profit a year I think that’s the point where you’ve really kind of, where you truly feel abundant. It’s the most, the weirdest things start to happen. Right?
Because now you’re really about, you’ve really got to have a ‘why,’ you’ve really got to have a reason, and it’s really hard talking to anybody. And this is what happened to me only nine weeks ago. When I was in Utah and I blew up my business, and I fired half my team and I killed my entire business model, all these different types of things, I suppressed that for a solid year.
I talked with people and they said, “You know what? “You just gotta do this, you gotta just go in on it, “you just gotta get wealthy, you gotta get your finances “in order and everything else.” And I was just like I don’t care.
I trust myself enough to be able to create enough value to be able to put it out there and I think that so many entrepreneurs, if you’re one of those entrepreneurs, find somebody that can create the space for helping to evolve your mindset and realizing that the problems that you’re going through, yes you wanna have these problems.
I mean a lot of the things you probably deal with right now, you would have killed to deal with a year ago, right? But just remember that you don’t have to have everything together and life is a beautiful collision of moments strung together which is creating time and that it’s not about just money, it’s not about just impact, it’s about fulfillment, it’s about loving every moment of the world that we’re in.
And that the problems you’re going through are true real problems. Don’t discount them. Don’t discount them.
They are true, real problems. And there’s probably someone out there that can help you with it. And that you need that person in your life and in your corner, so I’ve never been to a therapist ever before, just being honest, but I feel like as entrepreneurs we need entrepreneurial therapists because it’s a totally different set of problems and unique challenges that are definitely in the 0.1%, but it’s up to us to change the world and it’s up to us to create the most impact, and it’s up to us to create the abundance for the rest of the world.
The 1% that’s here is the 1% so that we can provide the 99% percent evolve, and that we can help society evolve to the next level so don’t discount, or feel bad, or put yourself into pity. It’s a problem, it’s an issue. It’s something that it can be figured out, you just gotta allow yourself to figure it out. So, anyways, I gotta go for a phone call.
I’m late, but I love you, and if you’re listening to this I know you probably didn’t comment on this if this spoke
to you. That’s totally okay. But know that there’s people out there that can help you and there’s people out there that can walk you through those things.
Other entrepreneurs that have been there, and have done that and it is a amazing moment when it clicks and
you realize that you don’t have to be in this entrepreneurship thing alone. And not just because you might be at the top, it doesn’t mean it has to be lonely. You just gotta work at making it so you have the right people around.
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