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3 Things Your Business Must Give You to Be a Success

gift | BIGG SuccessEntrepreneurs hear it all the time. We’ve been guilty of saying it.

You have to grow your business to be a BIGG success. You have to scale.

No you don’t.

You don’t have to build something large.

You don’t have to hire employees.

You don’t have to go public.

Listen to this post. Click a player to hear George & Mary-Lynn on The BIGG Success Show Podcast.


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BIGG success is life on your own terms. If you’re fulfilled with the size and shape of what you’re doing, all is good…as long as you’ve thought about three things your business must give you.

Before we get into them, we should note that we’re really focusing on the financial side of your business in this discussion. So you won’t hear warm and fuzzy terms. Just the basics.

And we should emphasize another point:

Your business won’t just give these things to you.

You’ll have to work hard to get them.

With all that in mind, here are the three things your business must give you:

Enough money today

This is the obvious one. Assuming it’s a full-time endeavor, your business has to provide you with enough money to sustain your standard of living.

But what’s not so obvious, perhaps, is that you need to be able to sustain your standard of living in the future too. Your costs will increase. Your business must give you enough money to meet these future costs.

If you don’t want to work more, you must have the ability to charge your customers more in the future when your costs increase. Otherwise, you’ll have a lower standard of living in the future.

Replacement customers

No matter how well you serve your customers, you are likely to lose one from time to time.

Hopefully, your churn rate is really low but almost every business experiences some customer turnover. You’ll need to find new customers to replace old customers who do less business with you or no business at all.

Otherwise, you won’t have enough money today. Your income will fall. So it’s important to continue marketing your business, to continue networking, no matter how busy you are right now.

Enough money tomorrow

Even if you are a solopreneur, you need an exit plan.

You may reach a point where you don’t want to work. You may reach a point where you can’t work.

Your business must give you enough money so you can set aside something for tomorrow.

The three “do somethings”

At a minimum, your business must give you the lifestyle you want for now and the future. If it doesn’t, you have three choices.

We’ll call them “do somethings”.

  • Do something more

    Grow your business by doing more for your existing customers or getting more customers.

  • Do something additional

    Is there another business, perhaps related, that would give the extra something you need. Or could you get a part-time job to fill the gap between what you need and what you’re taking in now.

  • Do something else

    Sometimes you just have to accept that it’s not going to work. Be realistic. But be careful that you don’t give up too early. BIGG success usually comes with a price. You will be required to push yourself beyond what you thought were your limits if you want to reach it.

    But you’ll grow so much personally and professionally in the process. And that’s what will lead you to BIGG success!

What do you want your business to give you?

Direct link to The Bigg Success Show audio file | podcast:
http://traffic.libsyn.com/biggsuccess/00740_092911.mp3

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Passion at Work and the Two Types of People

should you do what you love | BIGG SuccessWe hear it all the time. Follow your passion.

Of course, before you can follow it, you have to find your passion.

Michael Martine (a.k.a. Remarkablogger) published a great guest post by Liz McGowen a while back.

She says you’ll be miserable if you follow your passion. If you turn your hobby into a business or even a career, you’ll come to hate all of them. You can’t combine work and play.

Liz also says you shouldn’t marry your best friend. Now we can debate the wisdom of following your passion, but we fiercely object to this nonsense about not marrying your best friend! It’s worked out very well for us.

Listen to this post! Click a player to hear George & Mary-Lynn on The BIGG Success Show Podcast.


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The question you should ask

So should you do what you love?

An unequivocal yes.

BIGG success is life on your own terms. Pursuing your passion is an essential part of BIGG success.

But that’s not really the question. The question really is:

Should your passion be your career or business?

The answer is one of the best answers anyone can ever give:

It depends.

It depends on what type of person you are.

Full Tilt People

Full Tilt People have a passion that borders on obsession. A magnificent obsession.

And it’s not a bad thing. In fact, quite the opposite. It’s a BIGG plus.

Full Tilt People love what they do so much that it consumes them. They live, breathe, eat, and sleep it.

If you’re a Full Tilt Person, you should try to build a career or business around your passion.

Of course, there has to be a market for it. At an absolute minimum, you have to make a good living at it today while setting aside money for your future.

Seesaw People

Most people still relish some balance between their personal and professional lives. At any point in time, one side may be up while the other is down. But on average, they are pretty balanced.

If you’re a Seesaw Person, you shouldn’t mix career and hobby.

You can and should love what you do. But you should choose a career that gives you time to do what you love in your spare time.

We’re definitely full tilt people. It doesn’t mean we don’t play. It means we love our work so much that we’re almost always on.

BIGG success is life on your own terms. It’s about discovering yourself so you can design and build a life that fits you perfectly. If it works for you, it works. And it leads to BIGG success.

Are you a Full Tilt Person or a Seesaw Person?

Direct link to The Bigg Success Show audio file | podcast:
http://traffic.libsyn.com/biggsuccess/00730-082511.mp3

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5 Ways to Start Your Own Business with Less Risk

make lemonade out of the risk lemons of starting a business | BIGG SuccessSo you want to start a business?

But you’re not really a risk taker. What can you do?

You might be surprised to know you’re not alone. The most successful entrepreneurs are excellent risk managers.

So today we’ll talk about 5 ways to start your own business with less risk.

Hear George & Mary-Lynn share the 5 ways to start your own business on The BIGG Success Show Podcast. Click a player to listen.


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Start your business part-time

Rather than quitting your job and starting a business, why not start part-time?

Even if it’s not your ideal business, start building a customer base while you still have your regular income.

Your business won’t be burdened with your full salary. You’ll be able to reinvest more so you may be able to grow faster upfront.

Before you know it, you’ll be able to quit your job and devote your full effort to your business.

Get a part-time job

Instead of relying only on your new business to pay all your bills, get a part-time job.

It adds stability to your stream of income. Maybe you can work for your existing employer part-time. Maybe you can get another part-time job to supplement the income from your business.

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Mary-Lynn FosterWe still do this. I host a daily talk show on a locally-owned radio station. It makes for a busy schedule, but I love radio!

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George KruegerIn addition to BIGG Success, I also teach entrepreneurship at our local university. I still thoroughly enjoy the interaction with my students.

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These part-time gigs relieve some of the pressure of owning a small business.

Tag team your startup

If you’re married, can you live on just your spouse’s salary? Or will your spouse’s income cover most of your bills so you can reinvest more profit in your business to make it grow faster.

After you get your business stabilized, maybe your spouse will get the entrepreneurial itch. Your income can help them get started in the same way they helped you.

Find a working partner

You don’t have to quit your job at all to own your own business. Partner up with someone who has the skills and the time for a startup business.

You invest capital. You may also work part-time in the business. As the business prospers, you may eventually leave your job and work in the business. Or you may repeat the process and build a portfolio of small businesses.

Sell your sizzle for a stake

You don’t have to be the entrepreneur to have a stake in a small business. Find an entrepreneur who needs your skills. Negotiate for a percentage of the business in addition to a salary.

There you go – 5 ways to start your own business with less risk.

But remember, you’ll never get to BIGG success if you don’t get started!

If you aren’t sure how to start your own business, shoot us an e-mail at bigginfo@biggsuccess.com or leave a voice message at 888.455.BIGG (2444). Maybe we can help.

Thanks so much for reading our post today. We sure would love to see you here again tomorrow!

Until then, here’s to your BIGG success!

Direct link to The Bigg Success Show audio file | podcast:
http://traffic.libsyn.com/biggsuccess/00718-071411.mp3

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a sign that says reverse as we are going back to the individual revolution

Reverse Entrepreneuring the Industrial Revolution Part 2

a sign that says reverse as we are going back to the individual revolution

Last time, we introduced this idea of reverse entrepreneuring the Industrial Revolution and the Information Revolution. We concluded that we’re ready for a new revolution – the Individual Revolution.

There’s a convergence of forces behind this. Let’s look at two of them as an example:

Social media is on the rise
This one’s a man-made phenomenon. Entrepreneurs now have the opportunity to tap markets worldwide. And they can collaborate with other entrepreneurs around the world. Anybody can go global, creating an individual revolution for media!

We’re at the beginning of a long growth cycle

Read more

Think Like an Entrepreneur

a chess game which has similarities to having to think like an entrepreneur“Failing to plan is planning to fail.” ~ Ancient Proverb.

“Begin with the end in mind. Then put first things first.” Stephen Covey, The 7 Habits of Highly Effective People*.

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In business school, we’re taught to define our goals, given our available resources, and then find the critical path to reach them. This is called causal or predictive reasoning, according to Saras Sarasvathy.

She teaches entrepreneurship at the University of Virginia and is the author of Effectuation: Elements of Entrepreneurial Expertise and recently released an updated version of this book in paperback.

She says that successful entrepreneurs don’t think like MBAs. In fact, they do the opposite. They use effectual reasoning. Entrepreneurs who reach bigg success use the resources available to them. They let goals manifest themselves over time given their creativity, direction and connections.

Entrepreneurs think differently than MBAs

There’s a great article on Harvard Business  site about Dr. Sarasvathy’s research. It asks if MBAs or entrepreneurs are better suited for today’s business realities. Bill Taylor, the author, says it simply:

  • MBAs focus on the upside; entrepreneurs focus on the downside.
  • MBAs assume it’s a zero-sum game; entrepreneurs think win – win.
  • MBAs thrive on certainty; entrepreneurs thrive on uncertainty.

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george I’m even more confused than usual. I just don’t know what to think since I sort of fit into both categories!

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marylynn
Do you feel like you’re getting pulled in both directions at once, George?

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george
I feel like I’m getting stretched like Stretch Armstrong!

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marylynnWell, there is an answer. You just have to know when to use causal reasoning and when to think effectually.

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We define bigg success as life on your own terms. You are the entrepreneur of an incredible enterprise – your life – whether or not you’re an entrepreneur in the traditional definition of the word.

That’s why we think this research is so fitting not just for business owners, but for everyone:

When things are uncertain, think like an entrepreneur.

It appears that, in the years ahead, we need to expect more of the unexpected. Entrepreneurs don’t bother trying to predict the future; they create it.

How do they do that?

They act and adapt.

They use the resources they have to try something. If it doesn’t work, they take the knowledge they gained and try something else.

If it does work, they keep pushing it. As their enterprise grows, when there is more at stake, they may switch to more causal reasoning. Or they may jump ship and start the whole thing over!

Because to many entrepreneurs, the journey is the reward. That mindset often leads to bigg success.

Thanks so much for reading our post today. Please join us next time as we discuss when the dream becomes a nightmare. Until then, here’s to your bigg success!

Direct link to The Bigg Success Show audio file:
http://media.libsyn.com/media/biggsuccess/00447-072809.mp3

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