The Monk Effect
What do successful ENTREPRENEURS and MONKS have in common?
I met Andrew Law, founder of Sweet Hut Desserts, through the introduction of Alan Lim. We hang out several times and we really got closer when we started discussing about the ‘Monk Effect’ that great entrepreneurs go through. Interestingly, both of us went through the ‘Monk Effect’ at almost the same periods of our lives.
So, what’s the ‘Monk Effect’ all about?
Monks create a situation intentionally when they give up all money and possessions. Some entrepreneurs end up in the same situation unintentionally.
The inconvenient truth is…. The strong characters of great entrepreneurs are made during the ‘Monk Moments’ when they seem to lose everything. And it’s during such moments where the ‘Monk Effect’ takes place. It’s a place of pure power. When you seem to have nothing to lose, you’re empowered with infinite potential.
Elon Musk lost $180 million was in debt in 2008. His proceed from Paypal were $180 million. He put $100 million in SpaceX, $70 million in Tesla and $10 million in Solar City. He had to borrow money for rent. Seven years later, he is worth $13 billion but he seems to be ready to risk it all again.
Steve Jobs lost his entire Apple fortune at 1994. He was totally depressed, went to India, discovered a new meaning to life. Built NeXT and Pixar. Sold NeXT to Apple, Pixar to Disney and passed away an icon and legend of the industry.
Walt Disney went against everyone’s advice, mortgaged away his entire fortune in the 1950s to build Disneyland. He once said, “I don’t make movies to make money. I make money to make movies.”
The Brand New You
It’s the moment when you don’t focus on what you’ve lost, but on everything you have to gain. That’s when everything turns around. And a new ‘You’ is born!
For all entrepreneurs who have experienced the ‘Monk Effect’, cheers to the new ‘You’!