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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!

 

 

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Why are You Afraid to Consider the Other Side?

By 440 Wynn Bigg]
Bigg Success Contributor
04-24-08   

Wynn Bigg Today

wynn_bigg 

I was talking to one of my good friends the other day when she said something I found intriguing. She is very politically active, and she told me that she no longer subscribed to a certain magazine.

She said she had grown tired of it because she didn’t agree with its point-of-view.

We’re pretty close, so I asked her a disturbing question …

“Why are you afraid to consider the other side?”

She looked stunned, but didn’t reply.

So I continued. I told her that if she had confidence in her opinions, it wouldn’t bother her to read the other side. In fact, by reading the other side, she would gain more confidence in her positions.

If that wasn’t the case, I could only conclude that she didn’t want to hear the other side because she was afraid she’d find out that she was wrong. So then I asked her another question …

“Which do you think is worse – admitting you’re wrong or living your whole life actually being wrong?”

Still no response from my friend. But she didn’t appear upset, so I kept going.

I said that, it seemed to me, it would be a tragedy to live your whole life fearing that you’re wrong. The best way to make sure you’re right is to continually test your opinions against all the information available.

I would rather discover I’m wrong and admit it. So I read everything I can, trying to balance opinions on all sides of an issue before I arrive at a conclusion. Even then, I continue testing that opinion with any new evidence I can find, pro and con.

That’s the best way I can think of to have confidence in my opinions.

Time to go now … my wife wants to know my opinion of her new outfit. Guess that’s an opinion I’ll keep to myself!

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

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Start a Dinner Club with Your Friends

By Bigg Success Staff
04-22-08

Work – Life Balance

dinner_club 

Would you like to see your good friends more often?

Here’s an idea – start a dinner club!

Before you think that’s a crazy idea, allow us to clarify what we’re talking about. We’re not talking about taking turns hosting a dinner at your house. Although, you can do that if you want.

We’re saying organize a regular time to go out for dinner with your friends. Figure out how often you’d like to get together and make it a regular event.

For example, you may meet on the first Wednesday of every month for dinner at a certain restaurant at a specified time.

Obviously, not everyone will be able to make it every time. However, by getting together on a set day, you and your friends will find it easier to schedule around it.

4 things to keep in mind

  • Keep it simple.
    Unless someone volunteers to coordinate things, you may just decide to meet at the same place every month. Of course, it’s completely up to your group.
  • Don’t make it cumbersome.
    That’s why we used the “once a month” example above. However, if your friends seem to want to get together more often, by all means go for it.
  • Be considerate of everyone’s budget.
    Don’t go to the priciest place in town if you know you have friends who will struggle to afford it. The point is to spend time with people you care about, right?
  • Determine the “rules”.
    While there should be few of these, you should discuss them upfront to align expectations and avoid uncomfortable situations later. For example, can you bring guests? If your group has kids, will they be invited as well?

If you want to keep it simple, a standing dinner event allows you to get together with your friends without a lot of upfront time. Wouldn’t you rather spend your time with them instead of planning how to meet up with them?

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

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