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

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5 Success Factors

It’s the first day of April. Isn’t it hard to believe the first quarter of this year is gone?

So how are you progressing toward your goals this year?

Today, we want to discuss some hard truths – five success factors. See how you measure up.

#1 – You need the right degree from the right school.
Ideally, you get an MBA from an Ivy League school. That virtually guarantees you’ll succeed. If you didn’t get that, hopefully you’re in the next tier of schools.

#2 – It’s not what you know, it’s who you know.
This is one of the reasons that Ivy League education is so important. You have to be connected to the right people to open the doors you need to succeed. What you know is just a bonus.

#3 – It takes money to make money.
Education and connections are great, but unless you have money you won’t go far. Once you have money, you can make more money. The rich truly do get richer and the poor get poorer.

#4 – You have to wait for the right opportunity.
There aren’t that many good ideas in the world. Dreamers think every idea they have is a good one. You’re smarter than that. You know that the perfect opportunity will present itself. 

#5 – You have to be ruthless.

Nice guys (and gals) finish last. You have to go for what you want, with no concern for others. Selfish people win. After all, there’s only so money to go around.

A bigg secret
April Fool’s!

We just discussed five common myths about success.

#1 – Education.

Education is good. In fact, you should get all the education you can stand! But education is neither a prerequisite, nor a guarantee, of success.

How many times have you heard someone putting themselves down for the degree they got (or didn’t get) or the school they attended (or didn’t attend)? That someone may be you.

Education may help open some doors, but your performance is what matters in the end.

#2 – Who you know, not what you know

The reality is that it’s both … and neither. Who you know definitely matters. What you know from education and experience is just as important.

But what’s really important is your reputation and what you deliver. Once again, performance is the key in the end.

#3 – Takes money to make money
Money definitely helps when you start a business. However, did you know that most owners only invest about $25,000 to get started? That’s not that much is it?

What’s more important is delivering value to your chosen group of customers.

#4 – Wait for the right opportunity
A lot of people spend their entire lives waiting for opportunity to knock. They always have an idea, but it’s never good enough.

In reality, most businesses succeed at something they didn’t start out to do. You have to make opportunity for yourself to succeed bigg.

#5– Be ruthless
In reality, you have to give more value than what people pay for to succeed. You’re going for win / win. Finding that balance is the key.

Want a great value?

Subscribe to our FREE newsletter, The Bigg Success Weekly.

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Our bigg quote today comes from George Orwell:

“Myths which are believed in tend to become true.”

Successful people believe in themselves and then work to prove they’re right.

Next time, we ask the question … are you choking your chicken? Until then, here’s to your bigg success!

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(Image by Egahen)