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The Entrepreneurial Roller Coaster Ride

When you own your own business, you have your highs and you have your lows. And it seems like you rarely have any in-betweens.

George said  …
I never talked about this for years. I thought it was just me. Then I got up the nerve and mentioned it to my sister, who also owns businesses.

She said she knew exactly what I was talking about! So that encouraged me to ask other business owners about it. So far, every single person I’ve ever talked to about this knows exactly what it means. You can see it on their face as soon as you bring it up.

But it’s something I think a lot of entrepreneurs don’t talk about.

Mary-Lynn added  …
With Bigg Success, I’m experiencing business ownership for the first time. And I feel like I’m on a roller coaster. There are days where I feel exhilaration from the ride and there are days when I feel sheer terror and want to get off the ride.

Entrepreneurial terror

If you’ve never experienced it, count yourself lucky, but most people in business have.

You can feel terrified at times even with a job. You may fear you’re going to lose yours when you see other people’s jobs getting cut. But it’s still different for business owners.

George …
I remember one of the guest speakers for my class who talked about the number of mouths he had to feed now. A lot of the most successful business owners I know take personal responsibility for their people. They don’t look at just putting bread on their table; they worry about their employees as well.

That can keep you up at night!

Inc. published an article (way back in February 1987) called Entrepreneurial Terror. A portion of it has been republished on Wachovia’s Small Business site.

It was written by Wilson Harrell, a serial entrepreneur and author of For Entrepreneurs Only. He said:

“… the ability to handle terror, and to live with it, is the single most important
– and, yes, necessary – ingredient of entrepreneurial success.”

This company doesn’t love misery

He says that you shouldn’t share your lows with your friends and loved ones, because you’ll just pass the worry on to them. Unless they’re your partner in business.

He adds that you should always share your highs, though.

How highs turn to lows

The way you spend your time and money when you’re on a high often has a lot to do with how low you go. Let’s look at two examples:

  • Too busy for marketing
    When you’re so busy, you may even be running at capacity, and you know your business couldn’t crank out any more volume no matter how much you wanted to. So you slow down – or even stop – your marketing efforts.

    George …
    I’ve done this! It’s easy to do – there’s no time! But that insures the next down cycle because you’re not doing those things that you did to get to the up cycle.

  • Being careless with money
    A lot of times cash flow is at its peak during an up cycle. That’s part of the reason you’re on an emotional high. So you make that major expenditure. Or you add to your overhead. The next thing you know you’re on a low because business and cash flow have slowed down and you have little or no cash reserves.

You may not be able to avoid the highs and lows. What you can do is conduct business so that your lows are higher … and your highs are higher!

It may not feel any different, but you know it is. You’re reaching ever higher levels of success! Now that’s bigg success!

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5 Questions for Job Seekers in 2009

By Bigg Success Staff
12-15-08

2009

It would not be wise to base a career decision on a single year. However, if you’re looking for a job now or are considering a career change in 2009, you have to factor in the current conditions.
With that in mind, here are five questions to guide you through a career change now:

Is this career in an industry that is essential?

People will primarily spend money on necessities. Luxuries will be out the door for the most part. Even industries, that in past recessions have performed well, are predicting decreases in revenue. So think about what people have to buy.

For example, while there are reports of cutbacks by some healthcare institutions, most careers in health care should be relatively safe. New jobs in health care are driven by the aging population, and that will continue regardless of economic conditions.

Is it a cheaper substitute?

Consumers will be frugal in 2009 and perhaps beyond. So before you jump into an occupation, ask yourself if the service offers a cheaper substitute.

For instance, consumers will cut back on do-it-for-me and rely more on do-it-yourself. Finding a new job in a firm that helps consumers serve themselves may be more fruitful with most consumers pinching pennies.  

What’s the news?

When we think of 2008, words like “bailout”, “stock market crash”, and “credit crisis” come to mind. Think about the news this year for a hint of what will be hot next year.

As a case in point, careers that help individuals and companies wade through the financial and legal hurdles of their debt will likely be strong.

Is it a long-term trend?

Education is expected to remain strong, especially at the college level. In fact, enrollments are expected to rise, fueled by a large number of college-aged young people, increased desire to get a college degree, and more adults returning to school. Educational institutions are expected to hire to fill this demand by their patrons.

Expand your mind to the possibilities

You may be reading this article because you’re looking for a job right now. You may be considering a career change. In either case, before you do your own research, consider what the future holds.

We found a great article that discusses top careers in 2012. That’s not that far away, but some of these jobs sure do seem far out!

Oh, and now for the fifth question –

What career matches an opportunity with your passion and talents?

Some recommended reading on Bigg Success to help you find your passion and talents:

Your Personal SWOT Analysis (Part I)

Your Personal SWOT Analysis (Part 2)

Back to the Future: Visualizing the Life You Want (Part II)

Once you know the answer to this last question, you'll be on the right career track for you!

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