Being a Cannabis Entrepreneur Is Not Easy, But It Can Be Extremely Rewarding
The cannabis industry is growing at an epic pace, with exponential growth expected well into the future. As of right now, there is no end in sight to the cannabis industry's potential.
People are clamoring to get their piece of the pie, with new entrepreneurs entering the cannabis space everyday. The old saying is that 'everyone and their grandma is doing this' and that definitely applies to the cannabis industry.
Oregon is a great example of this. As of last week, the State of Oregon had received roughly 1,300 applications for cannabis businesses in Oregon now that the new rules are out.
I know of many people who are quitting their jobs and/or starting new careers completely from scratch as cannabis entrepreneurs, and not just in Oregon.
I have friends in just about every legal state, and virtually all of them are either entrepreneurs in the space, or are aspiring to be.
The Gold Rush of our generation
A lot of people compare the current state of the cannabis industry to be a lot like the Gold Rush of the mid-1800s, and I think rightfully so.
There's so much excitement surrounding the cannabis industry, and potential, it gives the illusion that almost anyone can come in and crush it straight out the gate.
There are success stories being reported by media outlets basically on a daily basis now, with numbers so big it makes a person's eyes pop out of their heads, and instills a sense of urgency in a lot of people to get into the industry right now and at all costs.
I offer people words of caution all of the time. Just as a lot of people made money during the Gold Rush, a lot of others lost their shirts, and that can happen in the cannabis industry too if people aren't careful.
Thriving off of passion
I am not a cannabis entrepreneur. In the past, I have helped run cannabis businesses, but I never really considered this to be the main hat I have worn. But I do know dozens, if not hundreds of others, who gladly wear that cap with pride.
I've know all kinds of cannabis entrepreneurs, from the newest newbie to some people who have been in the space for a couple of decades now, well before it was fashionable.
I know some people who have been at the top of the pyramid for some time, and are reaping the benefits accordingly. On the other hand, I have seen some outright horror stories unfold before my very eyes,.
Because I've been blogging about cannabis for so long, I have been able to talk with entrepreneurs of all types.
The entrepreneurs I really like talking to are those who aren't necessarily killing it, but are engulfed in the pursuit, and thriving off their passion.
There's a certain twinkle in their eye, and enormous sense of pride beaming off of their faces when you ask them what they are up to, and how things are going. They almost levitate when they are telling you about their pursuit(s).
Those types of entrepreneurs are becoming more and more common in the cannabis space, and I couldn't be happier about it.
Those types of cannabis entrepreneurs are the ones that have the best shot at succeeding in my opinion, because for them it's about more than just money - it's about loving what they do.
Measuring success in the cannabis industry
Whether someone is succeeding in the cannabis industry is largely in the eye of the beholder. Yes, the main purpose of a business is to generate large profits, and yes, food and shelter cost money.
However, the main purpose of living in my opinion is to be happy and to be a part of something fantastic, and being a cannabis entrepreneur can make that happen if people go about it in the right way.
I know people who have been at it for a long time, and while they haven't become cannabis millionaires, they have carved out a great living in the cannabis space, and they are now living their dream.
Being a cannabis entrepreneur is not easy. Long gone are the days of simply existing in the cannabis space, and reaping the monetary rewards for being the only person in town.
Today, there is a lot of competition, a lot of innovation, and the cannabis space is becoming more and more crowded. As my buddy Jorge Cervantes once pointed out to me, just about everyone with a garage wants to put a green cross on it and open for business.
Today, cannabis entrepreneurs need to strive to stand out and rise above the crowd. However, they also need to take some time to smell the flowers, and to take it all in stride.
It's a truly historic time in the cannabis space. Cannabis entrepreneurs are pursuing something fresh and new, which will never happen again with cannabis. That's not to say the future won't be exciting too, but it won't be the same as it is now.
Cannabis entrepreneurs are a part of history whether they realize it or not, and to be a part of history is truly rewarding.
In my experience, when cannabis entrepreneurs do it for the love of it first, and profit second, they succeed more often than not.
Are you a cannabis entrepreneur? If so, how do you measure success? If you are not a cannabis entrepreneur, do you aspire to be? If so, is that primarily because you want to beef up your bank account, or is it because you want to do something that you think you will love?
Two online courses Green Flower offers, and that I strongly urge current and aspiring entrepreneurs alike to check out, are the 'Secrets of the Most Successful Cannabis Entrepreneurs' and the 'How To Enter The Cannabis Industry: For Entrepreneurs, Professionals, Consultants & Investors' courses.
Both courses offer extremely valuable information and insight, provided by some of the most successful (and happy!) cannabis entrepreneurs on the planet. Also, the 2016 Virtual Cannabis Entrepreneur Summit is another great one to check out, with a ton of presenters and information!
If you could start a cannabis business, what sector would it be in?