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Are You Afraid of Success?

afraid We won’t name names. However, we’ve all seen it – usually with a celebrity – a person who is on the verge of bigg success, but then they go through a meltdown.

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We wonder what could have caused it. Usually, it’s a very individual thing but there are some common reasons:

#1 – Self-doubt
You’re not sure that you can handle bigg success. You worry about what you don’t know. You dwell on what you don’t have (a common worry is not having the right degree). You tell yourself all the reasons why you don’t deserve this level of success, even though you’re so close to it.

#2 – Fear of loss
If you become more successful than your friends, what will they think? Will they still be your friends? Will they be jealous of your success? You know the answer to these questions already. What kind of friend wouldn’t be thrilled with your bigg success?

#3 – Fear of embarrassment
This fear is a carry-over from childhood – that adolescent fear of standing out from the group. You’re afraid of what people will think if they see you fail. Which leads us to …

#4 – Fear of failure
You may think that it’s better to have never experienced bigg success, than to have it and then lose it. Somehow it’s better to never get there. But why do you assume it will be fleeting?

The net result is that we talk ourselves out of succeeding bigg. We accept that it’s better to be part of the crowd than to blaze our own trail. We feel more comfortable. It seems less risky. But we’re wrong!

How to conquer your fear of bigg success

#1 – Self-talk is so important.

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marylynnAs a first-time entrepreneur, fear has crept in on occasion. I’ve been lucky to have George around. He’s helped me understand that negative self-talk isn’t going to help you succeed. You have to turn it around.

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georgeEven as an experienced business owner, I still have to battle that little voice that impedes bigg success. You just have to constantly keep telling yourself why you will do it.

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Think of all the things you’ve done right to get this far. Remind yourself of the obstacles that you faced and how you overcame them. Focus on the things that have already gone your way.

#2 – You don’t have to get it perfect; you just have to keep going.
It certainly hasn’t been perfect up to this point, has it? So why would it have to be perfect from here on out? Enjoy the journey. Enjoy the growth you’re experiencing.

Every time we reach another plateau, we celebrate our victory. Then we look back and realize the victory had already occurred. We grew. We learned so much. That’s the real joy of bigg success!

#3 – Success comes one level at a time.
Sure you have to keep your eye on that ultimate goal. But you get there one step at a time. You only have to take the next step.

You’ve learned enough to know how to do that. Perhaps more importantly, you’ve already learned how to find out anything you don’t already know.

#4 – Surround yourself with people who have made it.
We can’t possibly over-emphasize this point. Develop a support network of mentors and coaches. People who were once where you are now, but are now where you want to be.

Don’t be afraid to take those little steps that lead to bigg success!

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Evidence shows that more and more of us are running two businesses simultaneously. Next time, we’ll get some tips from an expert who’s doing just that. Until then, here’s to your bigg success!

 

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Can We Talk You Out of Owning Your Own Business?

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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georgeWhen 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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Get the tips and tools you need to be a BIGG success.
Subscribe to the Bigg Success Weekly – it’s FREE!

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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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One More Thing to Add to Your Schedule

balance We were at an event recently as was one of our friends. As he was leaving, he announced that he “had another thing”. Now he’s a really busy person; there’s no grass growing under his feet as the old saying goes. He’s into his job, which requires a lot of meetings.

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But his “another thing” remark got us thinking. What a great way to politely excuse yourself!

And that “other thing” could even be personal. He may have been going home for dinner for all we know!

It leaves a good impression – you’re a busy person. You like to stick to your schedule. It’s also a great way to excuse yourself, even from people who like to talk your ears off!

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georgeI’ve used this before. As a business owner, I had some flexibility with my schedule. I would go to a “lunch meeting” which sometimes meant I was meeting a friend. Or I’d sneak in a work out in the middle of the afternoon by saying I was off to a meeting.

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marylynn When I was in radio, we used to have a “Morning Show Meeting” once in a while. My co-host and I would get off the air and sneak out for some breakfast. It was a great way to bond, talk about work, and just get away for a bit. We found that sometimes we got more done by leaving the office!

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Now we’re not recommending that you use this technique to excuse yourself for a huge part of the day. But as a busy person, sometimes the best way to balance your personal and professional lives is to integrate the two!

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Get the tips and tools you need by subscribing to
the Bigg Success Weekly – it’s FREE!

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There’s a new study that shows mean breeds mean. Next time, we’ll discuss how to avoid the trap. Until then, here’s to your bigg success!

 

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How to Get Your Employees to Own Their Job, Not Just Do It

employee As business owners, we’re told that we should work on our business, not in it. But how do you do that when you’re just getting started? How can you do that if you don’t have any employees? Here’s the secret …

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At first, you work on your business by working in your business.

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george
Mary-Lynn’s always trying to get me out of the business!

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Seriously though, you begin working on your business by documenting your procedures, position by position, as you work in your business. Before you hire your first employee, it’s essential to put this structure in place so that, when you do hire someone, you can train him or her them effectively.

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marylynn My favorite General Managers in radio had worked in all areas of the business. They had been on the air. They had produced commercials. They had sold commercials. So they knew the business because they had worked the whole business.

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As a new business owner, you do that anyway, right? All you have to do is document what you do, position by position. Maybe you don’t do it all – you’re not comfortable with accounting, for example. So you get a partner who documents the procedures for those positions. Or you outsource them.

You’ll work through each position that your business will need. As you do, you will document every task that your business performs.

This leads to your employees OWNING their jobs

Now you’re going to build upon the work you’ve done. Put together two or more procedures and you have a process. Two or more processes start to build your system. You’ll end up with a full-fledged Operations Manual.

You get there by working on your business as you work in your business. Because while you’re doing that, you can test your procedures to make sure they are effective and efficient.

Assume you own a retail store. You would want to greet your customers as they come into your store. Here’s a typical conversation:

You: “Hi, may I help you?”

Customer: “No, I’m just looking.”

End of conversation.

Michael Gerber, in his great book The E-Myth Revisited, said he has consulted with retailers who increased sales by 10 to 16 percent when the following question was asked:

“Hi, have you been in here before?”

Now, if the customer says “Yes”, you can offer a special program for repeat customers. If the customer says “No”, you can make another offer for new customers.

So you set up one procedure to greet your customers. Then you test it. That’s working on your business. You’ll have a separate procedure to promote your special offer for customers. These two procedures are the beginnings of your process.

Keep doing this, procedure by procedure, process by process until you have a complete operating system. Document that and you have your Operations Manual.

Now when you hire an employee and start to train him or her, you can involve them in the process because you have it in writing. You’re ready for the five step process for training your employees.

Since you’ve tested your procedures, you can tell your new employee why you do things the way you do. This helps them understand the idea behind the procedure which helps get their buy in.

You’ll also tell your employee that your testing isn’t over yet. In fact, you want them to help you test new ideas. You’ll emphasize that it’s important to follow your system, but you also want them suggesting ways to improve how you do things.

That’s how you get employees who don’t just do their jobs; they own them!

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For more tips on how to succeed bigg, subscribe to
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Next time, we’ll look at an inexpensive way for families to connect and compete. Until then, here’s to your bigg success!

 

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Am I Paying My Salesperson Too Much?

Bigg Challenge
Max is a business owner. He hired a salesman about a year ago. Max put him on the same compensation plan that his other sales people were on (a small base salary with an incentive).

The guy has done a phenomenal job. Max’s company is showing record sales and profits, largely due to this sales person. But here’s the problem: this salesman is now making more money than Max.

Max wants to know if he should adjust his salesperson’s compensation.

Bigg Advice
What should you do about this, Max? Here’s what we think …

Nothing!

Here’s why …

Is it costing too much?
It is possible to over-compensate your people. You can’t design a system where a small number of top performers win bigg while the company loses money.

But that’s not the case here. You’re also making more money, Max. So if it ain’t broke, don’t fix it!

Handle with care
We’ve heard of great sales people who were let go when a situation like this occurred. It does happen. But remember the nursery rhyme about the goose that laid the golden egg?

This sales person is the goose. Handle him with care. Like the old Proverb says,

“Kill not the goose that lays the golden eggs.”

Your bigg payoff
Don’t miss the bigg picture. The bigg payoff for owning a business often isn’t what you make each year. It’s what you make when you sell it.

You’re building an asset whose value is based on the income of the business, sometimes called owner’s cash flow. As your bottom line increases, so does the value of your asset. That’s your bigg payoff.

How you can get paid more
You’re making record sales and profits so you can probably afford to add another salesperson. Before you do, look at your infrastructure and capacity to make sure you can support an additional salesperson.

If you can, then go for it!

There’s a good chance, if you do that, you’ll be the highest paid employee of the company again!

Model this employee
We would suggest cloning, but okay … we won’t go there! 

So try to find someone with traits and characteristics similar to this salesperson. To do that, think about what you know about him.

What industry did he come from, if he came from outside your industry?

What experience did he have?

What education?

Are there any other clues you can get from his background?

If you did a personality assessment as part of your hiring process, what did his look like?

And ask your sales person if he knows anybody who might work out well. Bigg goal-getters know bigg goal-getters.

Thanks Max for sending us your bigg challenge. We wish you bigg success!

 

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