Posts

BIGG Success Logo boxed

Is It Lonely at the Top of Your Own Business?

By Bigg Success Staff
07-29-08

Bigg Success in Business

at_the_topIf you believe the statistics, an overwhelming majority of people dream of owning their own business. For many, it’s because they have a romantic view of working for themselves. Owning your own business means answering to no one. You’re the man (or woman)!

But that’s the problem for many … being THE one. It really can be very lonely at the top.

Staying on course may mean changing the course!

You’ll hear all kinds of opinions about your business and your plans. You have to develop an intestinal fortitude like never before. You need to have the courage of your convictions, to press on even when others tell you that you’re crazy.

At the same time, you have to learn when it’s time to change your strategy based on new evidence. To abandon what you thought was the right course for some new direction.

Many entrepreneurs succeed in a business they didn’t start!

They adapt. As they gain new market information, they respond to their customer’s needs and wind up in a completely different business.

But there’s another pitfall. Does the opportunity align with your passion? There’s a reason you started a business in the first place. If the required strategy takes you into an area in which you have no interest, you might be better off with a regular job.

Are you ready to go out on your own?

If this discussion dissuades you from going out on your own … good! It’s better to learn now than after you’ve invested time, money, and emotions in a new venture. Starting a business is tough for everyone, but it’s much harder on anyone who’s not fully committed to it.

On the other hand, if it excites you even more, you may be ready to start your own business. So it’s time to take the important first steps.

The first most important step is …

… get started. A lot of people TALK about starting their own firm, but that’s as far as it goes. Nothing will ever happen unless you get started. Even if getting started means doing more research, then get going!

The second most important step is …

… get a support network. This includes your professional advisors. However, you also need people who have lived what you are going through – fellow entrepreneurs, mentors, coaches. They will help you when the load seems unbearable and keep pushing you when things are going well. 

The next most important step is …

… your next step! Every day in an entrepreneur’s life is a challenge with all the noise. You have to filter through it all to do what’s most important to move your business one more step ahead.

Focusing all your energy every day on what’s most important doesn’t guarantee success. However, it does make the odds a little bit better. 

3 Hear today’s lesson and laugh on The Bigg Success Show. ]

Related posts

129]

117]

121]

(Image by lusi)

BIGG Success Logo boxed

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!

 

 

Related posts

214]

871]

599]

223]

488] 

(Image by LilGoldWmn)

BIGG Success Logo boxed

Moving On to Move Up

By Bigg Success Staff
06-13-08

Life Changes

At some point in your career, you may decide that you’ve reached a plateau with your employer. You realize that you can’t advance the way you’d like without a change.

You have to move on in order to move up.

Making a decision like this is (or should be) a logical process, but actually acting upon it can be very emotional. Especially when you’re leaving people with whom you’ve had a long-term relationship.

One of those people may be your boss. That boss who has been more than just a boss. There could be many words to describe the role he or she has played in your career.

Mentor. Cheerleader. Coach. Supporter. Trainer. Advisor.

Your boss may have become almost a surrogate father or mother to you. Your relationship has gone past the professional; you have become friends.

How do you tell this person about your decision? 

Be upfront and honest

If you truly value your boss, he or she deserves to know why you’re leaving. Let them know that you feel it’s time to move on. Tell them what you plan to do and what your timetable is.

Be appreciative
Thank them for what they’ve taught you. Let them know how glad you are that you got to work with them. Offer to help train someone to take your place. Let them know that they can contact you should a question arise once you leave.

Fulfill your obligations

Honor the commitments you made as part of your employment agreement. For example, if you signed a non-compete agreement, don’t compete with your former employer during the agreed-upon time frame. It’s that simple.

Keep the door open

If you handle it right, your former employer may be a tremendous resource in your new career. Just because you leave the firm doesn’t mean the relationship has to end altogether. Let your boss know that you would like to stay in touch.

Be prepared to go
If you’ve done all of the above, you’ve handled your separation in the most professional manner. That doesn’t mean your boss will do the same. Be prepared to leave the moment you tell your boss your plans.

Different companies and different people have their own ideas on how to handle a departing employee. Even if you do it all the right way, they may still proceed aggressively.

That’s okay, though, because you can look at yourself in the mirror knowing that you did it in style. You’ve moved on to move up!

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

Related posts 

117]

135]

740]

Finding The “Good” In Good-Bye

8]

(Image by ortonesque)

BIGG Success Logo boxed

Does It Pay to be Greedy?

It’s okay to be stupid if you’re not greedy. It’s okay to be greedy if you’re not stupid. But it’s never okay to be greedy and stupid.

George said that’s why he’s never been greedy. A man has to no his limitations!


Bridge over troubled waters

But greed is a bit like confidence and cockiness. Picture a bridge … on this side of the water, we’re confident. But cross the bridge and we’re cocky. We adore confidence; we despise cockiness. And this bridge between the two can be very short. Of course, some people go way over to the other side. 

That’s also true with greed. There’s a short bridge between ambition and greed. It pays to get right up to the bridge … that’s where you’ll find bigg success.

But don’t go over it … that’s where mistakes are made.

This applies to our businesses, our careers, and our personal finances. If your goal is to achieve bigg things, you have to think and dream bigg.

But don’t cross the bridge, because greed is like a drug. Once a person starts, it’s hard to stop. Once they’re in deep, they start to do stupid things because they have to feed the addiction … the greed.

In this context, stupid means that someone isn’t thinking logically. They’re letting emotions rule the day, not making decisions based on the facts. They start thinking like a gambler, just rolling the dice and hoping for the best. 

A recent example

A great example is the most recent real estate boom. George has a friend who invests in real estate. During the boom, George saw some market data about returns on real estate investments. He didn’t think it made sense because the returns were projected at a lower rate than the known cost. So George asked his friend about it. His friend had an explanation that still didn’t make sense. They went around a few times. Finally George’s friend said that you had to count on someone being a bigger sucker than you (those are George’s words), but his friend confirmed it.

Look at what’s happened – a lot of people have lost small (even large) fortunes because of untimely real estate investments. We know the rest of the story. It all came crashing down.

What Warren Buffett says about greed

We’ve said that it’s okay to be ambitious, but don’t be greedy. But it appears that Warren Buffett may disagree with us. Warren Buffett, of course, is the great investor and chairman of Berkshire Hathaway. He says,

“Be fearful when others are greedy and greedy when others are fearful.”

So, according to Warren Buffett, there are times when it pays to be greedy. And apparently it pays well because he’s built his career (and his fortune) on being greedy when others were fearful. 

So we say it’s okay to be ambitious, but don’t be greedy. Warren Buffett says you should be greedy when others are afraid.

What do you think … does it pay to be greedy? Leave a Comment to share your opinion.

 

Related posts

38]

762]

219]

252]

760] 

(Image by 100 $)

BIGG Success Logo boxed

25 Skills That Lead to Bigg Success

By Bigg Success Staff
05-13-08

Life Skills

twenty-five

In this article, we summarize five articles that discuss crucial skills for success. You’ll find the five key points from each article here along with the link so you can get any additional information you may want.

5 Things to Understand About Your Brain

#1 – Your brain is unique.

#2 – Your brain thrives on challenge and flow.

#3 – Your brain is a physical organ.

#4 – Your brain deals in emotions as well as thoughts.

#5 – You have multiple intelligences.

Ronald Gross is an expert in this area and and expands on these ideas in his book Peak Learning: How to Create Your Own Lifelong Education Program for Personal Enlightenment and Professional Success.

… and speaking of your brain …


5 Tips to Get Your Brain Thinking More Creatively

#1 – The George Costanza Method

#2 – Change your commute

#3 – Call things by the wrong name

#4 – Write with your other hand

#5 – Listen to a radio talk show that really ticks you off

David Wahl, of the Creative Creativity blog, wrote this great post. Get all his details about how to trick your brain into taking a fresh look at the world.

 

5 Suggestions to Get Things Done

#1 – Separate projects from tasks.

#2 – Learn the power of the verb.

#3 – Use technology to manage tasks and projects, but don’t get distracted by it.

#4 – Get your information at regularly scheduled times; don’t let it interrupt you.

#5 – Don’t seek out distractions to give your brain a “break”.

These suggestions come from Tiffany Monhollon over at the Red Suit blog. Read everything she had to say about moving beyond multi-tasking to actually get stuff done.


5 Ways to Keep Distracting People from Distracting You

#1 – Don’t have a place for them to sit.

#2 – Stand and come out from behind your desk.

#3 – Meet them at the door.

#4 – Provide an uncomfortable chair.

#5 – Take notes.

Mark Shead, of the Productivity 501 blog, offered these great suggestions. Get all the details about keeping distracting people from distracting you.


5 Ways to Make Yourself More Likeable

#1 – Be positive.

#2 – Control your insecurities.

#3 – Provide value.

#4 – Don’t be judgmental.

#5 – Become a person of conviction.

Justin Hartfield wrote this excellent article with five tips to increase your likeability.

(Image by woody1778a,CC 2.0)