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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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6 Paths to Financial Freedom

freedomToday is the fourth installment in our freedom series. We’ll focus on financial freedom.

Financial freedom … can you imagine it? To use the lingo from our last couple of posts, it means freedom from money worries or, even better, freedom to choose how we spend and live.

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Celebrating the Success of Others

graduationToday we want to look at how pausing to celebrate another person’s accomplishment can help you achieve bigger success in your life.

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marylynnMy best friend, Jodi, is a smart cookie. She teaches high school students and is the mother of two boys. With all that going, she went back to school to get her Master’s in Education. We recently attended her graduation party.

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georgeI admire her for being able to juggle so many things at once! I’ll bet she needs to catch up on some sleep!

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marylynnI'm so proud of her. She definitely sacrificed to achieve a new level of success in her career with all she had on her plate. That's why I call her "Wonder Woman"!

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george
I noticed her flying around in the sky … now I get it. She was in her invisible plane, huh?

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marylynnJodi's mom, Linda, wanted to do something special for Jodi. So Linda planned a family party with a few surprises. I was one of those! But Linda didn’t have my phone number and she didn’t want to raise Jodi’s suspicions.

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george So Linda enlisted the help of Jodi's oldest son, Collin. He's only eight-years old, but was smart enough to look up the phone numbers on Jodi's cell phone when she was taking a shower!

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marylynn
Ah, kids these days! Would you be able to figure that out, George?

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george I’d like to think that I could! So last weekend, when we walked in, Jodi was talking with a family member. She looked over and saw us but didn’t really respond. She looked away and then looked back again! She was so surprised – shocked, even – to see you, Mary-Lynn.

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marylynnWell, we shed some tears because it had been awhile since we had seen each other. Then we spent the day with her – getting to know her family and friends.

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We relay this story because there’s something really cool about celebrating the success of others. It can inspire you to bigger success in your own life. This works in four ways:

By celebrating, we acknowledge
When we celebrate the accomplishments of others, we remember to acknowledge our own achievements. It’s easy to forget to do this but it’s necessary to keep achieving every loftier goals.

Celebration sparks innovation
As the saying goes, “Success breeds success.” We are often inspired and encouraged to go for what we want when we see other people getting what they want.

Appreciate to be appreciated
When you appreciate the hard work and efforts of others, you're more likely to appreciate the hard work and efforts you put into your success.

Commemorate to remember
We remember achievements that are marked with special occasions. From mini-celebrations to full-blown parties, it is important to celebrate the accomplishments we make along our journey to bigg success!

So let's celebrate an accomplishment of yours! Will you share something that you’ve accomplished recently? Leave a comment below, call us at 877.988.BIGG(2444) or e-mail us at bigginfo@biggsuccess.com.

Thanks so much for reading our post today. Please join us next time when we’ll talk about behaviors that cost money. Until then, here’s to your bigg success!

 

Direct link to The Bigg Success Show audio file:
http://media.libsyn.com/media/biggsuccess/00420-062109.mp3

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(Image in today's post by jamison)

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How to Stay Focused

on_target.jpgHave you ever met someone who really seemed to have it all?

‘Cause they’ve got personality … walk!

Personality … talk!

Personality … smile!

Well you get the idea! So ends our tribute to Lloyd Price and the song You’ve Got Personality. Back to our regularly scheduled program …

You know they could be a bigg success, but they just can’t stay focused. They start a project but then something else captures their attention. Kind of like the interruption we just had with the song.

Bright, shiny objects

Read more

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No Limits

bigg-success-profiles.jpgWe’re introducing a new feature today called Bigg Success Profiles. We want to feature members of our community talking about what life on your own terms means to them. Today on The Bigg Success Show, we talked with Pavel Sokolovsky. Pavel is one of the founders of an exciting new business, Meet Me at Green. Let’s get to the conversation …

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marylynn
Welcome to The Bigg Success Show, Pavel.

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pavelThanks Mary-Lynn. Thanks George. I’m a long-time listener and first-time caller!

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marylynnWe love talking about life on your own terms and we love hearing the stories of members of our community. So let’s kick it off, Pavel. What does life on your own terms mean to you?

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pavelTo me, life on my own terms has a lot to do with ambition. I believe I’m a pretty ambitious young man and I wouldn’t want anybody to put a limit on what I can and cannot do professionally or socially, for that matter. One of the reasons I went toward small business, and not corporations as many of my classmates did, is because I didn’t want to be pigeon-holed by my level at the corporation. Whether you’re a first-year associate, analyst, or whatever it might be, it tends to come with a lot of strings attached and affects whether or not your ideas are taken seriously. Now I’m sure there are people who break this mold – there are all-stars – but this tends to be the case. So that’s why I went into a small business. I wanted to be able to use my potential to its fullest. I want to explore my limits and be the best business person I can be. Starting my own business allows me to do that because I don’t have a boss saying, “No – you can’t do this project.” I only have the market telling me what it will and will not accept, which is great.

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georgeThat’s awesome, Pavel. Your classmates were going off to Fortune 500 companies and large consulting firms. Did they ever question you or ridicule you for going off on your own?

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pavelLuckily, they’ve all been very supportive of me. They all know that I’m very entrepreneurial. So they tend to accept that. They have their day jobs – from 8 to 6 or 9 to 5, whatever it may be – and I work what I’ll call my extended hours!

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george
I like the way you said that!

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pavelBut we’re after slightly different things. It’s understood that there’s going to be more than one way to get what we need out of life.

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marylynnEverybody for their own terms, right? Pavel, what would you say is your biggest challenge to living life on your own terms right now?

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pavelWhen you’re starting a business, it’s not the same as a regular corporate job because your cash flow is a little more unpredictable. Many times, you’ll find yourself pinching pennies because you didn’t get paid this week. But you keep your head up because you know if you achieve your goals, the money will naturally follow. While your cash flow is tight, you just have to accept it, not spend it, save up, invest in your business and hope for the best!

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marylynnSo Pavel, what are you doing right now to overcome this challenge?

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pavelI try to save up a little in a slush fund to treat myself every now and then and to keep my sanity. I like to go out with my friends. I also have a hobby purchasing books on Amazon. I just can’t stop!

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georgeNice plug! Ca-ching! Now Pavel, what are you doing that’s really fun – either at work or in your personal time?

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pavelMy day job is fun. Meet Me at Green has been fun – programming the web site, organizing the people involved and trying to recruit more members. As this community grows, so does my site and its usefulness to all the members. I’m sure you expected an answer like, “I love to go skiing in Aspen on the weekend” but, in reality, when I work on Meet Me at Green, I am having fun. That’s the best part of it.

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georgeFortunately, or unfortunately, we can totally relate to what you’re saying. It occurs to me, Pavel, you are really into green – whether it be money or the environment!

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pavelThe money is definitely not my number one goal, but it’s a good way to validate what you’re doing.

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marylynnWe wish you the best of luck with your business, Meet Me at Green. Can anybody join?

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pavelWe’re focusing on businesses that are involved in green products and services. But if you have a passion for green, if energy efficiency or environmental awareness is important to you, then please sign up! Membership is currently free.

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Thanks Pavel for sharing what life on your own terms means to you.

How are YOU living life on your own terms?

Please share your story with us by leaving a comment below, calling us at 877.988.BIGG or sending us an e-mail at bigginfo@biggsuccess.com. We may feature you on an upcoming Bigg Success Profiles show.

We thank you so much for reading our post today!

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Get the tips and tools you need to be a BIGG success.
Subscribe to the Bigg Success Weekly – it’s FREE!

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Please join us next time when we'll talk about the most important thing to find before you start a business. Until then, here’s to your bigg success!

 

Direct link to The Bigg Success Show audio file:
http://media.libsyn.com/media/biggsuccess/00383-042909.mp3