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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.


iPhone/iPad Podcast Player

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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 877.988.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

a chess game which has similarities to having to think like an entrepreneur

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*.

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

A link with a * denotes an affiliate link. That means if you click that link and make a purchase, we will make a nominal fee for making the referral.

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Is Entrepreneurship the Fountain of Youth?

one You probably intuitively know this but studies have proven it as well – our willingness to take risks declines with age. A banker we know says that the difference between junior lenders and senior lenders is …

Junior lenders want as high a lending authority as possible because that shows confidence in their abilities. Senior lenders want as low a lending authority as possible because that gives them cover!

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Entrepreneurs are hot about hot decisions

Scientists at the University of Cambridge recently released a study on “cold” and “hot” decisions by two groups – managers and entrepreneurs. By their definition, “cold” decisions involve little emotional involvement whereas “hot” decisions involved taking risk. The outcome of these hot decisions is unknown in advance; it could go either way – good or bad.

Both the managers and the entrepreneurs in the study were about 50 years old, on average. The researchers found that the managers took risks consistent with their age.

Entrepreneurs, however, made hot decisions –
accepted risk – like someone twenty years younger.

So we can only conclude that entrepreneurship is the fountain of youth. By taking risks, we act younger than we are!

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marylynn
I thought taking risk was the cause of some of the gray hairs I have to cover!

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george
And I thought it was the reason I have a lot less hair than I used to!

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We know that, right now, a lot of us aren’t in a risk-taking mood. But if the past is any indicator, it will be risk-taking entrepreneurs that turn our economy around and start creating jobs.

Risk-taking can be learned

This study also showed that risk-taking can be learned. So you can tap into the fountain of youth by learning how entrepreneurs are able to manage the risk they take.

Contrary to popular belief, entrepreneurs aren’t risk lovers. They are willing to accept moderate risks, in general. However, as we see again in this study, they’re more willing to accept risk than the general population. We can think of four reasons why they do this:

Entrepreneurs may read the situation differently.

They often have insights that people on the outside don’t have so they’re able to interpret the situation differently. We may look at a situation and see a lot of risk. The entrepreneur knows it’s much less risky because of his or her unique knowledge.

Entrepreneurs aren’t paralyzed by risk.

Many people are willing to do everything right up to the point of taking action. They develop analysis paralysis and never pull the trigger. Entrepreneurs analyze to a point, but then they just go.

Entrepreneurs are often able to shift a portion of the risk to others.

It could be the firm’s employees, customers, vendors, or financiers. As entrepreneurs get others to buy in, no matter what the form, the level of risk they are taking goes down to a manageable level. Then they know they can act.

Entrepreneurs are able to handle and live with “entrepreneurial terror.”

They can handle the stress that comes along with the risk. They are able to ride the ups and downs of the entrepreneurial roller coaster ride.

So what we learned today is that entrepreneurs don’t act their age. And that’s one of the secrets to their bigg success!

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Would you like more secrets to be a bigg success?
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Thank you so much for reading our post today. Join us next time when we talk about another study that shows that a happy friend is worth $20,000 in the bank! Until then, here’s to your bigg success!

 

Direct link to The Bigg Success Show audio file:
http://media.libsyn.com/media/biggsuccess/00284-121108.mp3

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