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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. ]

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I Need Money! Should I Cash Out My Retirement Plan?

frustrationThe financial news seems to be all gloom and doom these days. The reports are that we’re not in a recession, but times are tough for a lot of people.

No matter how tight things get, we still have bills to pay. People are responding to this very intelligently. They’re turning to public transportation, eating out less, seeking cheaper forms of entertainment, and cutting back on unneeded items.

But what do you do if that isn’t enough?

Tapping your retirement plan …

It’s tempting to pull money out of your retirement plan, like a 401(k), especially if you change jobs. In fact, about 40 percent of job changers in their twenties and thirties have done just that, according to a recent report by the Financial Industry Regulatory Authority (FINRA).

… could cost you $130,000 …

If you’re under 59½, it’s usually not a good idea to cash out your retirement plan. Let’s look at the example that FINRA used:

You’re 30-years old with $20,000 in your 401(k). If you earn just 6% on that money until you retire at 62, you’ll have nearly $130,000 in your account, without making any additional contributions.

… and then some!

Of course, you can start over. But you lose the power of money compounding on top of money on top of more money, all accumulating tax free until you take it out. So it’s like taking at least two steps backward.

But that’s not all. Here are 4 other steps back:

  • You’ll have to pay income taxes out of this money, since it was invested pre-tax.
  • There’s also a 10 percent penalty for early withdrawal (unless you’re over 59½)
  • Your employer is required to withhold 20 percent toward income taxes.
  • If you owe money, your creditors can’t touch your 401(k) unless you cash it out.

By the time you get a check, that $20,000 will probably be more like $14,000 net of everything. So cashing out of your retirement plan is a short-term solution with long-term consequences. 

 

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You've Heard of the Purple Cow, but Have You Seen The Purple Tree?

One of the most frequent questions we get is how we come up with show topics. So we thought we’d give you a peak behind the curtain and show you how we arrived at today’s show idea.

We were eating!

That’s why today’s show topic is really … I can’t believe I ate that whole thing! Plop … plop … fizz … fizz!

Mary-Lynn recalled …
We were at a family diner. I started reminiscing about when I was a kid. There was this restaurant that we would go to when we went to visit my grandma. It was called the Hen House. The outside looked like a big red barn. The inside had a country décor and a fun little gift shop that my sister and I would always visit after eating. They had games and books and candy …

George added …
We’re showing our roots here. For those of you who aren’t familiar with it (which is likely most of you), the Hen House was a Midwestern chain. Sort of a smaller version of Cracker Barrel.

I have a book by William Dooner, the guy who started the Hen House chain. And to me, the most memorable thing from his book is when he talks about the purple tree in the forest.

Hence the subject of today’s show!

The Purple Tree

Dooner says to picture yourself walking through a lush green forest. In the middle of it, you come upon a tree that is painted purple. You keep walking, but you can’t get that purple tree out of your mind. Most likely, your impression is negative … because it doesn’t fit. Why someone would paint that tree that color?

Mary-Lynn …
When I heard this story, I wondered if this is where Seth Godin got his idea for The Purple Cow. Because I’d never heard this purple tree story before, but I’d definitely heard of the purple cow.

We can’t speak to Seth Godin’s inspiration, but they are different concepts. William Dooner said to look for something that stands out because it doesn’t fit. It probably leaves a negative impression. Seth Godin encouraged us to purposefully not fit in so that we stand out. By doing that, we make a positive impression.  

In either case, purple tree or purple cow, you remember it.

So, as it applies to real estate, the purple tree in the forest means properties that may be run-down, out-of-the-way, unused, underused … that sort of thing. What Dooner did with the Hen House chain is a perfect example (see, we’re about to make it all fit … you were starting to doubt us, weren’t you?).

The $10 million purple tree

He saw this vacant land next to gas stations along the interstate. It was ugly, smelly, littered with junk, no landscaping. A purple tree. 

This land had never been used commercially. At that point in time, there often wasn’t any place to eat when you stopped to fill up with gas. So Dooner had a bigg idea – he invested $15 thousand to start a restaurant chain on that unwanted and unused land. He later sold that chain for $10 million!

Beyond real estate

We highly recommend Dooner’s book. It’s called How to Go from Rags to Riches in Real Estate. It’s a must read if you’re interested in real estate investing, but this purple tree concept goes beyond that.

Think about customers nobody wants to serve, employees nobody wants to hire, jobs nobody wants to do. Maybe one of those is your purple tree! So look around today … where do you see purple trees?

 

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(Image by Mailjozo)

BIGG Success Logo boxed

You’ve Heard of the Purple Cow, but Have You Seen The Purple Tree?

One of the most frequent questions we get is how we come up with show topics. So we thought we’d give you a peak behind the curtain and show you how we arrived at today’s show idea.

We were eating!

That’s why today’s show topic is really … I can’t believe I ate that whole thing! Plop … plop … fizz … fizz!

Mary-Lynn recalled …
We were at a family diner. I started reminiscing about when I was a kid. There was this restaurant that we would go to when we went to visit my grandma. It was called the Hen House. The outside looked like a big red barn. The inside had a country décor and a fun little gift shop that my sister and I would always visit after eating. They had games and books and candy …

George added …
We’re showing our roots here. For those of you who aren’t familiar with it (which is likely most of you), the Hen House was a Midwestern chain. Sort of a smaller version of Cracker Barrel.

I have a book by William Dooner, the guy who started the Hen House chain. And to me, the most memorable thing from his book is when he talks about the purple tree in the forest.

Hence the subject of today’s show!

The Purple Tree

Dooner says to picture yourself walking through a lush green forest. In the middle of it, you come upon a tree that is painted purple. You keep walking, but you can’t get that purple tree out of your mind. Most likely, your impression is negative … because it doesn’t fit. Why someone would paint that tree that color?

Mary-Lynn …
When I heard this story, I wondered if this is where Seth Godin got his idea for The Purple Cow. Because I’d never heard this purple tree story before, but I’d definitely heard of the purple cow.

We can’t speak to Seth Godin’s inspiration, but they are different concepts. William Dooner said to look for something that stands out because it doesn’t fit. It probably leaves a negative impression. Seth Godin encouraged us to purposefully not fit in so that we stand out. By doing that, we make a positive impression.  

In either case, purple tree or purple cow, you remember it.

So, as it applies to real estate, the purple tree in the forest means properties that may be run-down, out-of-the-way, unused, underused … that sort of thing. What Dooner did with the Hen House chain is a perfect example (see, we’re about to make it all fit … you were starting to doubt us, weren’t you?).

The $10 million purple tree

He saw this vacant land next to gas stations along the interstate. It was ugly, smelly, littered with junk, no landscaping. A purple tree. 

This land had never been used commercially. At that point in time, there often wasn’t any place to eat when you stopped to fill up with gas. So Dooner had a bigg idea – he invested $15 thousand to start a restaurant chain on that unwanted and unused land. He later sold that chain for $10 million!

Beyond real estate

We highly recommend Dooner’s book. It’s called How to Go from Rags to Riches in Real Estate. It’s a must read if you’re interested in real estate investing, but this purple tree concept goes beyond that.

Think about customers nobody wants to serve, employees nobody wants to hire, jobs nobody wants to do. Maybe one of those is your purple tree! So look around today … where do you see purple trees?

 

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762]

489] 

(Image by Mailjozo)