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How Well Do You Know Small Business?

By Bigg Success Staff
06-05-08

Test Yourself

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Here’s a great little quiz by the great people at Kiplinger on small business. If you’re a business owner, or you plan to become one, these are things you should understand. So test your knowledge to see if you need to bone up on anything.

The quiz itself consists of 10 questions and will take you less than 5 minutes to take. After you answer each question, you’ll see the answer along with an explanation. It’s a fun way to review or cover some new ground.

Click here to take the quiz! 

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Hear today's lesson and laugh on The Bigg Success Show. 

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Business Owners Must Be Duplicitous

By Bigg Success Staff
06-05-08

Bigg Success in Business

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You may get conflicting messages about being in business. You hear that you need to be passionate about what you do. You’re also told to approach every business decision rationally.

So which is it – love or logic?

Love
As an entrepreneur, you need to love what you do. If you don’t love it, you won’t be able to make it through the inevitable tough times. So get into a business about which you have a passion.

  • Then take pride in your accomplishments. Celebrate them like you’ve just won the Super Bowl. Be human in defeat. Learn from it and then move on. Practice the 24-hour rule – give yourself 24-hours to enjoy victory or recover from a loss. Then move on.
  • Be stubborn about what matters. There are things that are important to your success. They are your core values and purpose. Don’t ever agree to compromise on the things that are important, but be quick to concede if a better idea comes along that’s not in conflict with these core values and your purpose.
  • Finally, don’t fear the fear. As a business owner, you will face fearful times. That’s okay. Successful entrepreneurs have faced the same fears; they just overcame them. You’ll need to do the same. Press on.

Logic
Emotion clouds your judgment. You have to get beyond your emotions in order to succeed in business. You have to be calculating, weighing the pros and cons of a given strategy against your goals and the pressures of the market.

  • Separate your ego from your business. Entrepreneurs often get in trouble when they start creating monuments to themselves with the resources of their businesses. Don’t make that mistake! Every business decision should move you one step closer to your dream life.
  • Admit your mistakes. If you don’t admit them, you’ll never learn from them. Unsuccessful business owners often devote even more resources trying to turn a bad decision into a good one. It rarely works. Admit your mistake and move on.
  • Aim before you fire. This is one of the best ways to make sure you’re not acting emotionally. Get ready … aim … fire. Business owners who fail often get caught up in the moment and forget this crucial step.
  • Focus on results. Measure everything you accomplish against your goals. Have you exceeded them or fallen short? Why? Answering those questions along the way will take you a long way toward the success of which you dream.


Example

An example of love and logic at play is to remember why you got into business in the first place. You had a goal in mind. You had a plan on how to achieve it. Along the way, you gained new insight and information. You changed your plan, but the goal is still the same. You’re practicing love and logic at the same time!

The bottom line is that it pays to be emotional and unemotional at the same time about your business … be irrationally rational!

Hear today's lesson and laugh on The Bigg Success Show. 

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Am I Cut Out to Own My Own Business?

Bigg Challenge
Kendra started a business six months ago. It’s exciting, but also extremely successful. At times, she really misses the regular salary her old job provided. Lately, she’s even been looking at job openings and she’s seen some great opportunities. Sometimes, she really regrets that she gave up her corporate job. Her question for us: “Is she just not cut out for owning her own business?”

Bigg Advice
Ultimately, Kendra, only you can decide if you’re cut out for it. However, we’ll offer some guidance on getting through this.

Stop tormenting yourself with the job openings.
If you reach the point, where you’re truly giving up on your business, THEN and only then should you start looking for a job. Some people might say that it’s a good thing for you to keep her options open.

They’re wrong!

Once you make a decision like this, you can’t constantly look at what might have happened if you did something else or what could happen if you completely change direction.

You have to commit to what you started out to do. If you don’t, you WILL fail. 

Develop your own internal process to stop the second-guessing.
This is closely related to the point above, but it is such an essential skill for entrepreneurs that we thought it needed to be separated.

As a business owner, there will be days when you’re on the top of the mountain and there will be days when you’re stuck in the valley. And there are few days in between!

When you’re stuck in the valley, your internal voice is one of the things that will help you get back to the top of the mountain. However, understand that as a business owner, you’ll be back in the valley again before long. It’s just part of the process. 

That’s why it’s so important to develop an inner voice that encourages you, rather than creating more doubt.

Develop a support network.
Friends are great, but you need to regularly converse with fellow business owners. Anyone and everyone who owns their own business will completely understand what you’re going through. They’ll give you that boost when you need it. And that includes us!

Thanks, Kendra. We wish you bigg success!

Keep yourself fired up by tuning into The Bigg Success Show!
Get a lesson and a laugh in five minutes or so!

Our bigg quote today is a good one, but isn’t attributed to anyone.

“Any belief worth having must survive doubt.”

If you stick to your beliefs, there’s little doubt that you’ll win.

Next time, we ask, “Who’s in control – you or your Blackberry?” Until then, here’s to your bigg success!

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