Today we’ll discuss how to tap into your hidden potential – that powerful force that lies within you. Find ways to bring it to the forefront and you’ll change your life, the life of those you love, and perhaps even the world!
https://biggsuccess.com/wp-content/uploads/2008/01/4-Ways-to-Tap-Into-Your-Hidden-Potential-blog-post-image.png430448George Krueger & Mary-Lynn Fosterhttps://biggsuccess.com/wp-content/uploads/2015/07/BIGG-Success-Nurturing-Your-Inner-Entreprener.jpgGeorge Krueger & Mary-Lynn Foster2023-06-14 12:18:052023-07-02 14:10:504 Ways to Tap Into Your Hidden Potential
Bigg success is life on your own terms. Today we’ll focus on money, one of the five elements of bigg success. There’s a tendency to define bigg success as having more money.
I remember Donald Trump being asked about the difference between $70 million and $700 million. He said, “A bigger boat.”
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Some people don’t need a bigger boat. Other people don’t need a boat at all!
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That reminds me of something one of my mentors once said, “There are two good days in the life of a boat owner. The day you buy it and the day you sell it!”
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Toys are the fun side of money. It’s the side we usually think about. But more money also means more responsibilities – more legal issues, more accounting hassles, more management headaches even if it’s just managing your portfolio.
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A lot of people think you can just hire someone to do those things for you, but you have to be careful how much you delegate. No one will look out for your money like you will.
A simple choice
While our society often seems to equate bigg success with bigg money, it’s important to determine what you want. Bigg success is life on your own terms. Live the life that makes you the happiest.
For some people, there is such a thing as too much money. They choose a different path to bigg success.
We can reduce this to a simple choice:
adjust your lifestyle to your wealth or …
… accumulate enough wealth to support your lifestyle.
Now don’t think it’s a rags or riches mentality. You don’t have to live like a pauper if you choose to adjust your lifestyle.
Many people are perfectly content simply living simply, but comfortably. They have a nice house, drive nice cars, and take nice vacations. Of course, you get to define nice.
Simply pick your number
Let’s look at the difference between these two choices. First, let’s say you can live life on your own terms with an income of $100,000 a year. Financial planners tell us we can draw down our portfolio at the rate of 4% a year when we retire. So that means you would need $2.5 million of assets to support your lifestyle.
Now, what would it take if you wanted to live large? We hear a $250,000 a year income is now considered “rich” here in the States. So let’s use that as the magic number.
Then you would need a portfolio of $6.25 million.
Quite a difference, huh? You don’t have to stress about accumulating such a large portfolio if you adjust your lifestyle to your wealth.
Some people enjoy a higher quality of life by choosing to simply live simply yet comfortably.
They worry about money less because they have less money.
It’s life on your own terms. You pick the path that makes you the happiest. That’s bigg success!
What about you? Are you happy living simply or do you want to accumulate wealth?
Share that with us by leaving a comment below, calling us at 877.988.BIGG(2444) or e-mailing us at bigginfo@biggsuccess.com.
Thanks so much for simply spending your time with us today!
We work to get to that comfortable spot, and we want to stay there.
“Nothing is certain except death and taxes.” Ben Franklin
We think he got it wrong, not in the message, but in the semantics. We think he should have explicitly included change as something that is certain, rather than making it implicit in his quote.
Will you lead or follow? Even when it’s change that we’re creating ourselves, it can be scary. But it’s especially frightening when it’s a surprise.
For example, picture Jane telling her boss that she’s accepted a new position. She’s going to experience change. But isn’t that more comfortable than Jane’s boss telling her that her job is being eliminated?
It’s better to be a leader of change than a follower.
Who’s in control? However, you can’t always control change. What you can control all the time is how you choose to respond to it.
You can also try to anticipate it. For example, as technology continues to develop, change is occurring more and more rapidly. Isn’t it safe to assume that this will continue?
So you have a choice to make. You either develop the skills to anticipate change so you get ahead of it or you just respond to it, after the pain becomes too great to do anything else.
Bigg action item – Separate the change into fads and trends There are fads and there are trends. Fads come and go, so don’t worry about them. Trends are long-term. Get on board with them.
Divide a sheet into two columns – one called “Fads” and the other called “Trends”. In your chosen career, think about the things affecting your industry. Now start putting those changes into the appropriate column.
What will affect your future income? Something will – for good or for bad!
Is it a short-term phenomenon? Or is it likely to continue? You can position yourself properly by seeing the change coming.
What opportunities will be created? What skills will be important? Do you have them? Can you get them?
Develop a plan for what you need to do to position yourself to take advantage of the trends. Where do I get this information? We’ll look at two examples. Search for the name of your industry followed by the word “association”. For example, “beauty salon association” yielded a half-dozen or so associations in Google.
When George told his dad that he was going to get his Master’s degree, his dad said, “Be careful, son … you don’t want to get so educated that no one can use you!”
Is your knowledge a blessing or a curse?
The curse of knowledge
It seems that as our knowledge and experience increase, our creativity and innovation decrease. When you become an expert in a field, you risk losing the innovation that probably got you there. That’s the curse of knowledge!
That leads to some strange things … for example, why do you have to go to “start” to shut off your computer? Techies understand that. However, to the average person, it doesn’t make sense at all.
Group think often results when experts collaborate. As long as you only involve people just like yourself, you end up with things like going to “start” to finish.
The sign of the curse
Have you tried reading a book written by an expert in a field new to you? Or gone to a web site that’s outside your area of expertise? What did you see? Perhaps it was like reading a foreign language. It was jargon – the sign of the curse.
Maybe you’ve sat in a room of people, all speaking jargon. At some point, you asked a question! Gasp! Do you remember the looks? You don’t know it all! Gasp (again)!
If you find that your speech is full of jargon, you may know too much!
New discoveries
Something interesting happens as novices ask questions. The experts are forced to explain their subject simply – from the perspective of a newbie. In the process, the experts often discover new ways to look at the same old problems.
So why do so many people only hang out with people just like them? Because it’s comfortable. It’s good for your ego to feel like you’re part of such a prestigious group. Your input is valued when you’re in your area of expertise talking with other experts.
A good problem within limits
We’re certainly not suggesting that you don’t want to be an expert in your chosen field. In fact, the opposite is true – seek first to be an expert!
Then you can have the problem we’re talking about here – it’s a good one to have! But recognize that your creativity and innovative tendencies are often limited when you’re an expert.
So how can you remain creative when you’re an expert?
Make some new friends, outside of your field.
Or reconnect with some old friends, outside of your inner circle of experts like you. People you don’t converse with much anymore because you’re too busy! Mingle with people who have a variety of experiences. You’ll learn things from them that that will help you be more innovative again.
Get a hobby, especially a creative one.
We wrote an article recently, 98 Does Your Hobby Work For You] It highlights a study of Nobel laureates. That’s a pretty innovative group, wouldn’t you say? The researchers found that about one percent of all scientists claimed some leisure pursuit. They were surprised to learn that over fifty percent of the Nobel Prize winners had a serious hobby! So get out of your “lab” and get your creative juices flowing again.
This was the mid-1980s. Eveready sold their flashlights through hardware stores and lumber yards. They offered two colors – red and metal. The transferred executive suggested new colors – pink, light blue, and light green. These colors would appeal to women, she argued. Gasp! The experts only looked at her with dismay.
She suggested that the flashlights be distributed through grocery stores! Gasp! Fortunately, she sold the decision-makers on her idea. The result – bigg sales! You’re the expert.
Keep in mind that sometimes that’s a curse. Be open to new ideas, even from novices!
Our bigg quote today comes from William Shakespeare.
“We know what we are, but know not what we may be.”
If you know at all, you’ll know that you don’t know it all.
Next time, we’ll discuss climbing the stairway to … success. Until then, here’s to your bigg success!
Leaving your job to start your own business ranks right up there with life’s major decisions. It’s risky. You’re choosing personal freedom over the security a job provides. Or are you?
The advantage to planning your exit may be that YOU get to choose the timing. Many entrepreneurs start their businesses after a layoff. Ideally, you get to make the decision on your own terms, at your own time.
However, there’s never an ideal time to start your own business. Much like getting married or having kids, if you wait for exactly the right time, you’ll never do it!
You can always get another job, but you only get one life. So here are the ten signs that you’re ready to quit your job and start your own business.
#10 – There are no significant benefits to waiting … even a little bit.
If you’re only a couple of years from retirement, you may be better off waiting so you’ll have a steady income stream to launch your new venture. You won’t feel the same pressure that you will feel when you leave without that cushion.
Another reason to stay, at least for awhile, is that you’re almost vested in your retirement plan. Why not wait until you can get the full benefit of all of your company’s contributions? Use the time to get prepared for your new business.
Finally, when you go out on your own, health insurance will be solely your problem. How’s your health? Can you get insurance through your spouse? Unfortunately, this is a significant consideration in starting your own business.
#9 – You are prepared for the demands of owning your own business.
There’s a myth that owning and managing your own business is easy. It’s definitely not. You need to be ready – mentally, emotionally, and physically for the rigors that come with entrepreneurship.
You have to be mentally tough because you will be tested every day. You will find that you’re often at the very edge of your comfort zone. That’s great – it means you’re learning and growing. But it isn’t easy, and some people find it overwhelming.
You need to be ready for the emotional roller-coaster that comes from business ownership. You’ll have highs … you’ll have lows. You’ll find that there are few days in between. Owning your own business can make you downright manic depressive! You have to be emotionally prepared for the ups-and-downs.
Finally, do you have the physical capacity to own your own business? Starting a business often requires long days. Very, very long days. Intense work. If it’s to be, it’s up to me – that saying had to be written for entrepreneurs. Be sure you’re physically ready to lead by example.
#8 – You’re sick and tired of just thinking about it. It’s time to do it.
Practice makes perfect. But practice gets boring after awhile. You’re ready to play the game! When you reach the point where you’re getting frustrated about just thinking about it, you’re ready to go!
Put another way, 13 when your fear of not trying has overcome your fear of failure], you know you’re ready to put yourself out there. Not trying disturbs you more than the fear of failure. You feel it in your gut – you just won’t be happy until you at least try it, so you can see if you can do it.
#7 – You have the education and experience to go out on your own.
You don’t need a college degree to start a business. However, you should have educated yourself about your industry. What are the success factors in this industry? Where are the opportunities? What are the threats? What are your competition’s strengths? Weaknesses? These are just a few things you should know before you make the leap.
What relevant experience do you have? Have you managed people? Have you made sales? Do you have the technical experience needed? What are your strengths and weaknesses? You don’t have to know it all – see Sign #5 – but you’re more likely to succeed if you have applicable experience. There are enough variables to deal with; your experience shouldn’t be one of them.
However, don’t think that you have to have experience in an industry to succeed. There are plenty of examples of outsiders who bring a new perspective, and therefore see fresh opportunities, to an industry. See Sign #3 below for some ideas on how to “buy” experience.
#6 – You have a supportive spouse, if applicable. Most importantly, your spouse has to be mentally and emotionally prepared for what your new business will require from you. It will affect your relationship, one way or another. Your spouse needs to understand this. If not, you’ll find yourself with a bigger problem than anything you’ll deal with in your new business.
Ideally, your spouse has a career that supports your family while you build your business. If you can live off the income generated by your spouse, much of the pressure of starting up will be removed. You may even strike a deal with your spouse – you venture out now, so he or she can venture out later when you’ve succeeded.
#5 – You have a support network.
In addition to your spouse, do you have a support team? The business world is too complex to fully go it alone. You thought about your strengths and weaknesses in Sign #7 above. Do you have people in place who complement your strengths?
Do you have a strong network, particularly in your chosen industry? People you can call for help and ideas. People who have been where you want to go. Do you know the influencers in the industry?
As we’ll discuss more in Sign #3, you can “buy” this support by investing in a good franchise system or buying an established business. However, ideally you’ve developed your own base of support, no matter whether you start or buy.
#4 – You have six months (preferably twelve) of living expenses in reserve.
Do you have the financial capacity to support your business? Even if it requires little upfront investment, you don’t want to depend on your business to provide a steady income immediately. You need to have a reserve.
Of course, as mentioned in Sign #6, earlier, if your supportive spouse agrees to cover your living expenses while you get your business going, you can launch without an extensive reserve. However, you should still have some money set aside to cover you in case something happens with your spouse’s job.
#3 – You have a market-tested idea.
It’s one thing to have an idea in your head. It’s quite another to put it in writing. It’s better yet to have tested your idea with actual customers before you quit your job.
You may be able to start part-time. Try out your idea while you still have the luxury of a steady income from your current job. If all goes really well, your decision gets made for you – because your idea receives a great reception in the market and you quickly build an income that fully replaces your current income. Wouldn’t that make your decision easy?
There are other ways to “test” your idea:
Buy a franchise. The franchisor has a market-tested concept. Just add capital and you’re in business!
Buy an existing business. Find an owner of a successful business who wants to move on. Structure a deal and you’re in business – with established customers, employees, infrastructure, and cash flow!
Model a similar business. Find an owner of a business like yours who is operating successfully in a market similar to yours. Interview them. Find out what their success factors are and copy them.
#2 – You have a plan.
You don’t need an elaborate business plan. However, you should know how you’re going to take your idea to market. What’s your strategy for executing your plan? Where will you find customers? How much will you charge? How will you fulfill orders? How will you account for it all? How much profit will you make?
You need to know the answers to questions like these, and more, before you quit your job. This is part of the initiation to entrepreneurship. It’s not flashy or sexy work; in fact it’s hard. However, it’s essential to improving your odds.
#1 – You have a contingency plan.
Ask yourself, “What if …” There’s one thing we can know, beforehand, for certain. Things won’t go exactly as you plan. You need to think through the possibilities before you launch.
What if your income expectations aren’t met? What if you can’t make it go? What if it succeeds beyond your wildest expectations? Believe it or not, that can present a bigg problem – albeit, a good one! What if, what if, what if … consider alternative scenarios and plan for them.
Planning is great. Having a back-up is better. Depending on your circumstances, you may even want a back-up to your back-up plan. Spend some time, before you launch, considering what might happen and you’ll be prepared when it does!
One thing that differentiates successful entrepreneurs from failures is that those who succeed are adept at minimizing their risk. Quitting your job to start a business is a risky proposition. Follow these steps and you’ll not only minimize your risk – you’ll make your chances of success much greater!
https://biggsuccess.com/wp-content/uploads/2020/07/bigg-success_stacked-1080.png10801080George Krueger & Mary-Lynn Fosterhttps://biggsuccess.com/wp-content/uploads/2015/07/BIGG-Success-Nurturing-Your-Inner-Entreprener.jpgGeorge Krueger & Mary-Lynn Foster2008-01-03 21:21:412021-01-23 23:43:1510 Signs That You Are Ready To Quit Your Job And Start A Business
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The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
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Bigg success is life on your own terms. Today we’ll focus on money, one of the five elements of bigg success. There’s a tendency to define bigg success as having more money. 
I remember Donald Trump being asked about the difference between $70 million and $700 million. He said, “A bigger boat.” 
Change. A word that sparks fear in many people.