Navigating Entrepreneurial temptations: the power of clarity and purpose.
"It is not the man who has too little, but the man who craves more, that is poor" - Seneca
Seneca’s timeless wisdom rings particularly true in the fast-paced world of entrepreneurship. We’re often told that we are the sum of the five people we spend the most time with. This powerful adage can propel us towards success when surrounded by motivated peers. However, the allure of constant growth and achievement can also lead to a dangerous cycle of insatiable desire. When surrounded by high-achieving entrepreneurs, it’s easy to feel inadequate and overwhelmed by their success.
The Entrepreneurial Hamster Wheel
When you join an organization like EO (Entrepreneurs’ Organization ) or YPO (Young Presidents Organization), where the benchmarks for success are extraordinarily high, it’s easy to start comparing yourself to other members who may be further along in their journeys. You might find yourself interacting with entrepreneurs or executives who are more advanced, experienced, or mature, and hearing about their successes can trigger FOMO—Fear of Missing Out. This can lead to bold, sometimes risky, decisions driven by the desire to “keep up” or “stand out.
This happened to me when I first joined EO. I noticed that many members had multiple businesses and seemed to enjoy a level of economic flexibility that I didn’t have. I mistakenly made the connection between this financial flexibility and the need to start more businesses. So, I dove headfirst into new ventures, believing that starting more and more businesses was the key to success.
This is how we started a peanut farming operation, launched a seafood trading company in Florida to cut out the middlemen and secure better prices, and even set up a lure and tackle manufacturing business. You must be thinking the same exact thing Verne Harnish told me while at EMP in 2015:
How can you shit in so many toilets at the same time?
I soon realized that this approach was flawed. Instead of focusing on scaling what I already had, I spread myself too thin. While it sounded impressive to be involved in so many ventures, I quickly learned that being an investor in a business is not the same as being in the operations of that business.
Worse still, at that time, I had no idea what it was like to have a leadership team that could manage these companies effectively. I was running from one project to another without any real focus, and as a result, none of the businesses thrived.
I must say I learned my lesson. But, even now, I sometimes catch myself falling into the same trap. At a recent EO event in Cancun, the Global Speakers Academy, I started thinking about how to apply what I was learning to my business, Stoic Mind. My mind jumped with ideas on scaling it up. But then I paused and realized that doing so would require more executives, more of my time, and a leadership team.
I’ve come to understand that my true goal is not to run multiple businesses but to maintain a balanced life. In Stoic Mind, I want a client portfolio in the USA, specifically on the East Coast, and another in Nicaragua that allows me to work a limited number of days to focus on DeLaIsla, my primary business.
Opportunities still come my way, and I sometimes think, “Maybe I should invest in this or that.” For example, every time I see a Codie A. Sanchez video, I start thinking that I should buy a dry-cleaning business. But the truth is that building a business—even if it´s one you just bought—and getting involved in its day-to-day operations is a huge commitment.
A few years ago, during a particularly challenging period in my life, precisely when I was juggling multiple businesses and contemplating yet another, a coach, Jose Eduardo Bolaños, asked me, “Are you doing this out of fear or out of faith?”
You see, fear comes from the ego—it’s the fear of missing out, the fear that others might be ahead of you.
Faith, on the other hand, is rooted in the belief that your values and purpose will guide you to where you need to be.
It’s crucial to differentiate between actions driven by fear and those aligned with your purpose. What is your purpose? What are your goals? What re your priorities? If a new opportunity doesn’t align with these, then why pursue it?
You may be thinking that everyone changes their minds and that at any given time, we can decide to change our path and goals… but you can’t do it every time you attend an event or meet someone new. Right?
Defining Your Destination
To break free from the entrepreneurial hamster wheel, we must shift our focus from external validation to internal fulfillment. How can we know if a sudden change of mind & path is due to an unforeseen lightning motivation or if it’s just a shiny object? The answer is: clarity of purpose.
Without a clear vision of your future self, it’s easy to be swayed by every bright new opportunity that comes your way. But if you take on too much, you might end up with a life you don’t even enjoy.
One exercise I love doing with different groups is asking them to describe their perfect day. I have seen how many people describe a day that’s hard to replicate regularly—like a vacation or attend a game in which their favorite team is playing a finals game. The goal, however, is to build a life where your perfect day can be a reality most of the time.
Ego often plays a role in this. Entrepreneurs need a certain level of audacity to tackle challenges and venture into the unknown. But unchecked ego leads to unearned confidence—the belief that you can do everything simply because you’re an entrepreneur, even when a business isn’t aligned with your strengths or goals.
This all circles back to the clarity that comes from having a defined purpose. You could think of your purpose as your destination: the place you want to reach in life. The businesses you choose to pursue are merely vehicles to get you there.
But purpose goes beyond just you—it’s bigger than life itself.
A Balanced Path to Success
In the world of entrepreneurship, temperance is essential for maintaining the balance between ambition and sustainability and knowing what to pursue and what to avoid. Temperance is not just about moderating our desires and actions; it’s also about the ability to distinguish between what aligns with our purpose and what doesn’t.
It’s easy to be swept up in the passion and urgency of achieving goals, but temperance allows us to make calculated decisions and say “no” to distractions to reach our destination faster.
Without this virtue, entrepreneurs risk quickly burning out, losing sight of their purpose, and sacrificing personal well-being in the process.
For example, I often think that if I dedicated myself fully to DeLaIsla, the company would perform better. But I also find joy in contributing to others, building relationships, and helping companies develop strong teams.
On the other hand, I sometimes consider going all-in on Stoic Mind, which would lead to rapid growth. But I’m also passionate about DeLaIsla’s mission to contribute to the social and economic development of Nicaragua.
So, I’m content to balance both—at least for now.
Remember: success is not a race. Everyone’s journey is unique, and comparing ourselves to others only serves to distract us from our own potential for growth. By embracing our own capabilities and focusing on our own journey and progress, we can stay grounded and make decisions that are in line with our own path and purpose.