True entrepreneurship often stems from a 'compulsion' to solve a problem, rather than a conscious decision to adopt a job title. This internal drive is what fuels founders through the difficult decisions, particularly when forced to choose between short-term financial engineering and long-term adherence to a mission of creating real value.

To test an entrepreneur's resolve, Lanny Smith's first piece of advice is to abandon their idea. He believes if simple discouragement can stop someone, they lack the resilience for building a company. Only those with "undeniable faith" will proceed, making it a powerful litmus test.

The primary threat to a bootstrapped company is not external competition but internal struggle. Burnout, self-doubt, and loss of motivation kill more startups than any market force. Protecting your mental health is a critical business function, not a luxury.

Many founders start companies simply because they want the title, not because they are obsessed with a mission. This is a critical mistake, as only a deep, personal passion for a problem can sustain a founder through the inevitable hardships of building a startup.

Prepared's founder faced 'no's' from customers, investors, and parents. He persisted not because he was trying to build a company, but because of a stubborn, personal passion to solve a problem—believing he could make things 'slightly better' even if he ultimately failed.

Instead of optimizing for a quick win, founders should be "greedy" and select a problem so compelling they can envision working on it for 10-20 years. This long-term alignment is critical for avoiding the burnout and cynicism that comes from building a business you're not passionate about. The problem itself must be the primary source of motivation.

When you can no longer genuinely sell your startup's vision to employees or investors because you've lost faith in its mission or viability, it's a sign to leave. This internal conflict, or cognitive dissonance, is detrimental to the company and your own integrity.

The entrepreneurial journey is mentally taxing due to constant high and low swings. The founder's coping mechanism is to anchor himself to what's controllable: delighting the customer. Focusing on product and user feedback cuts through the noise of fundraising, competition, and existential dread, providing a stable focal point.

The founder's motivation for leaving a stable corporate career is a clear, personal vision: sitting in a rocking chair at his plant store when he's old. This tangible, lifestyle-oriented goal provides a powerful 'why' that transcends financial metrics and justifies entrepreneurial risk.