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Can We Talk You Out of Owning Your Own Business?

Written on September 25, 2008 by George Krueger & Mary-Lynn Foster in Business, Business Ownership

questions Intuit, the makers of QuickBooks software, conducted a study of working adults [doc] not long ago. They found that 67 percent think about quitting their jobs regularly or constantly, while 72 percent said they want to start their own business. The number one reason cited for this was to be more passionate about their work.

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The participants were asked who inspired them: Donald Trump (38%) and Hugh Hefner (34%) were the top choices for men; Oprah Winfrey received 66% of the women’s vote.

That response made us think – there are misperceptions of what it means to own a business; what an entrepreneur faces day-to-day. There’s the Hollywood version, but it often doesn’t reflect the real world.

5 common myths about owning your own business

#1 – I won’t have to answer to a boss.
While technically true, it’s not accurate in practice. The reality is that, as a business owner, you answer to every customer by you and your firm. You answer to your banker if you borrow money. The government will require you to do certain things by certain times. As a business owner, you won’t have a boss; you’ll have many bosses!

#2 – I set my own hours.
You’ve probably seen or heard the ads. Just buy this business opportunity – you’ll hardly have to work and the money will just pour in. If only it worked that way! You may enjoy a great deal of flexibility as a business owner. However, you’ll probably work more than you ever imagined, especially in the early stages of your business.

#3 – I can get my employees to do the grunt work.
Many new business owners – formerly part of the corporate world – have trouble adjusting to the lack of resources that are inherent in many start-ups. They were used to having “people” who did certain things. Start-ups can’t afford extra people; many can’t afford people at all! You’ll have to get used to doing a lot of things, if not everything, yourself, even the dirty work.

#4 – I’ll make more money.
Start-ups consume money; there often isn’t much to spare. You may not get a regular paycheck at first. You’ll have to build up the business to afford that “luxury”.

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george When I was younger, I couldn’t find anyone willing to pay me what I thought I was worth. So I started my own business … I quickly realized that I couldn’t afford to pay me what I thought I was worth!

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#5 – I’ll have less stress than I do with my job.

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marylynn As a first-time entrepreneur, I’ve learned that stress hits from many angles – clients with deadlines, so much work to get done, and worries when things don’t go as planned. I’ve learned to be much tougher mentally and emotionally.

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All of this reminds us of Jackson Browne’s song, The Load Out …“They’re the first to come, and the last to leave, working for that minimum wage.”

In the song, he’s talking about roadies. But we wonder … couldn’t he be describing start-up entrepreneurs?

When your business is in the start-up phase, it’s like a newborn baby. You have to nurture it and care for it until it reaches the point where it doesn’t need you so much anymore. Prepare yourself for a five-year horizon before you start.

If starting a business doesn’t sound so good anymore, we feel like we’ve done our job. You won’t face the financial, and more importantly, the emotional turmoil that comes with a start-up.

However, if you’re now more determined than ever to start a business, you’ve passed a critical test. You can’t be talked out of it. You’ve peered beyond the popular and romantic view of business ownership. You’re starting to see it as it really is. You’re ready to become an entrepreneur!

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Next time, we’ll discuss the art of knowing yourself. Until then, here’s to your bigg success!

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Should You Buy A Franchise Or Go It Alone?

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Are They Hearing What You Are Saying?

Written on June 24, 2008 by admin in Communication, Relationships

On the show, George recalled a teacher who made him write a report on what he wanted to be when he grew up. This was junior high; George didn’t know what he wanted to be. Maybe a major league baseball player?

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So he did his report on being a bricklayer. His dad was a bricklayer, with his own business. When his teacher saw the title of his report, she said, “You mean with your brain, you’re going to be a bricklayer?”

George could have taken that comment as an insult about his dad. But his dad was good with his hands and his head. He said he did initially think that he wouldn’t get a good grade. But over time, her comment resonated with him. It helped him, as a young person, be more confident in his mental ability.

4 ways to get a message across
The statement and the delivery are both important parts of communicating a message. You can’t necessarily control what your message is, but you can control how you deliver it.

#1 – Negative statement, negative delivery
Without question, this is the worst way to communicate a message. If someone says something negative to you, in a negative way, they lose a lot. You’re not going to feel better. The relationship won’t be enhanced. You may get defensive or even angry.

"Speak when you are angry – and you'll make the best speech you'll ever regret.”
Dr. Laurence Peter

#2 – Negative statement, positive delivery
Sometimes the message isn’t positive, but we still need to get the message across. How you say it becomes incredibly important. A good example might be Donald Trump on The Apprentice. He’s said things like, “I love you; I think you’re a great guy, but you’re fired.”

Negative messages have to be delivered. However, you can choose to frame them in a positive way.

#3 – Positive statement, negative delivery
You risk diminishing the real message you’re trying to get across when you have negative overtures. George took away a positive from his teacher’s comment, but he could have just been insulted.

#4 – Positive statement, positive delivery
Obviously, this is how you want to frame as much of your communication as you possibly can. This draws people to you.

How you respond to messages
You also can control how you respond to other people’s messages, no matter how they deliver it. Let’s take the worst one. Someone may hit you with a negative statement and deliver it in a negative way.

Pause before you respond. The conversation can go into a tailspin and be completely unproductive or you may be able to turn it around with the right response.

And we can be inspired, no matter what the message is or how it’s delivered. We have a friend who remembers being told that he was too small to make the high school football team. That “negative, negative” inspired him to go for it. Not only did he make the team, but he was a starter!

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Are You Smart Enough to Say It Simply?

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