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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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12 Ways to Make Your Next Meeting Your Worst Meeting

Studies show that we spend about 15 percent of our work week in meetings. If you’re lucky, right? Many of these meetings are a huge waste of time … and money.

We thought we’d list some ways to make sure the next meeting you run is a bad one:

#1 – Call a meeting even if you don’t have anything to discuss.
Better yet, just call a meeting on the fly because an important issue has come up for you, and you need answers now! It’s important to you so it must be the most important thing for everyone else.

#2 – If in doubt about whether someone should attend the meeting, invite them.

Or just call an all staff meeting, even if it only affects a small percentage of the group. It may be peripheral to their jobs, but they should hear it anyway!

#3 – Make your agenda so vague that no one knows what the meeting is about.

Don’t distribute it in advance so people can come to the meeting prepared. Keep them in the dark about what’s going to be discussed. The best way to do this – don’t have an agenda at all.

#4 – Don’t start the meeting on time.
Or up the ante … don’t be on time for your own meeting. It doesn’t matter if everyone is waiting for you. Your time is more valuable than theirs.

#5 – Kick off the meeting on a negative note.
Tell everyone how bad things are. Look for scapegoats – call them out in front of their peers. People just love that.

#6 – Don’t stick to the schedule.
Or don’t have a schedule at all. Who really cares when this meeting will be over? Nothing is more important than your meeting. Nobody else has anything to do.

#7 – Don’t ever defer a conversation to a later date.
Even if a point of discussion starts eating into precious time, keep it on the table. It was on your agenda, so it must be dealt with today. The meeting can either go long or you can just give the other points less attention.

#8 – Do most of the talking.
Don’t plan for participation. People love to hear you talk. Dominate the conversation. There’s no need for you to listen during a meeting. That’s certainly won’t help solve any problems.

#9 – When someone presents an idea, be quick to shoot them down.
There will be no free flow of ideas in your meeting! You’re in control. Who do they think they are anyway?

#10 – No matter how long your meeting runs, don’t take any breaks.
People love to just sit and sit and sit. It’s best to introduce new ideas to your staff or try to find the solution to an ongoing problem after they feel lethargic from a lack of activity. And of course, no one needs to use the restroom.

#11 – Let that guy (or gal), who loves to hear himself (or herself) talk, go on and on.
Don’t cut them off. Don’t bring the meeting back to its focus.

#12 – Make sure nothing gets accomplished.
When the meeting is finally over, there should be no plans for action, no decisions should have been made, no issues should get resolved, and no follow up should be scheduled. People love sitting around in meetings that don’t accomplish anything.

Our bigg quote today is by Steve Kaye:

“An employee who needs permission to buy a box of paperclips can spend
tens of thousands of dollars worth of employee time on bad meetings.”

Waste is waste … whether it’s paper clips or time.

What are your pet peeves about meetings? Leave a Comment and let us know.

 

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