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5 Reasons for Starting Up a Small Business

Written on May 22, 2012 by George Krueger & Mary-Lynn Foster in Entrepreneurship

It’s National Small Business Week here in the United States. It has us thinking about the state of small business.

According to an article on Portfolio.com, small businesses failed at record rates from 2008 – 2010. Interestingly though, startup rates have been climbing since 2006. In fact, the number of new businesses hit highs not seen for a decade in 2009 and 2010.

It’s an interesting paradox. Why would so many people start a business when so many others are failing?

Many people get stuck. They want to start their own business. But the key word is “start” – they just can’t seem to do it.

You need a reason to start and it has to be one that will push you over the edge. So let’s look at five reasons for starting up a small business.

1) You’re driven by a dream

You know what you want to do. You’ve thought about it and thought about it. You’re tired of just thinking about it. You have to do it. If you vision is compelling enough, it will push you off the fence.

2) You want to take control

We live in a tumultuous world. Companies hire…Companies fire. Your fate may be in the hands of someone hundreds or thousands of miles away who doesn’t even know you. Your desire for control may help you make the leap.

3) You know you have so much more potential

You feel stagnant. You know you’re stuck. You’ve gone as far as you can with your company and in your industry. But it’s beyond that – it’s not just about career advancement. It’s also about personal growth. You know you could do so much more. It’s time to show the world your true potential.

4) You have a cause

A vision is one thing. A mission is another. You have a compelling “why”. You feel it with every ounce and inch of your being. It’s ingrained in your soul.

You have a cause and you’re afraid that if you don’t work for it, no one will. So you must start today to do the good work you were born to do.

5) You have “winner’s fear”

Losers are afraid to fail. So they can’t bring themselves to risk being embarrassed or hearing “I told you so.” On the other hand, winners are afraid of not trying. They just can’t accept not knowing if they could have done something more and been something greater. This winner’s fear drives them to move forward.

These are a just a few of the reasons for starting a business. What’s yours?

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Tags: bigg success, george krueger, mary-lynn foster, national small business week, own business, Personal Growth, small business, small businesses, the bigg success show

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The Cold Hard Truth About Entrepreneuring

Written on April 17, 2012 by George Krueger & Mary-Lynn Foster in Entrepreneurship

We love Discovery’s The Deadliest Catch. In case you’re not familiar with it, it’s a show about crab fishing in the brutal Bering Sea.

On the season opener this year, Sig (one of the captains) said something to which we can totally relate as entrepreneurs. But first a little background…

Crab boat captains fish much like entrepreneurs. They develop a theory about where the crab might be like entrepreneurs do with customers.

Based on this theory, they put out their pots – crab fishing code for the baited cages they use to lure the crabs in. Likewise, entrepreneurs use promotional messages to attract customers.

Now back to what Sig said…

He had put out pots but the first run is often disappointing. It’s really about just trying to find out where the crabs are.

On this particular string, though, they hit the jackpot with the first pot. The team celebrated! And then got back to pulling in more pots.

But the tide turned quickly. Pot after pot, they scored zero after zero. No crabs!

Sig said, “It was fun and now it’s not so fun.”

A perfect description of entrepreneuring! Entrepreneuring is a roller coaster ride.

You’re up. You’re down. It’s fun. It’s not. And it’s often a short drive between the two.

It may happen from one day to the next. Yesterday was great. Today sucks. It can even happen from minute to minute when bad news is suddenly front and center.

When you’re the entrepreneur, you often don’t see the good news. Your employees take care of that. You also may not see the little blimps.

No, it’s the big things that hit your desk – the loss of a significant customer or key employee, an impending law suit, or an unexpected bill (e.g. a tax penalty).

The sages say you shouldn’t get emotional about business. But the sages aren’t entrepreneurs. Entrepreneuring is an incredibly emotional experience.

It forces you to reach deep down within yourself, to draw upon resources you didn’t even know you had. It makes you stronger and tougher.

Just realize this – you’re not alone. Every entrepreneur rides this roller coaster.

So when you feel lonely, reach out to a fellow entrepreneur. Reach out to us. We all need to support each other through difficult times.

It will help you get through the down cycle. It’s how you keep pushing.

Remember, the downs are usually followed by an uptick. And the journey is worth it because it ends with BIGG success!

How do you handle the down times?

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