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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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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!

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Direct link to The Bigg Success Show audio file:
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One-Up Yourself for Bigg Success

one When the phrase “one-up” is used, it’s usually referring to the competition. We had an interesting discussion after working out recently.

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marylynnI was on the treadmill and noticed that I was running slower than others around me. I’m competitive but I just can’t sustain the higher speed that other people can.

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That led to today’s show topic … one-up yourself!

Think one percent better or one percent more. Self-improvement requires patience. A little bit of improvement over time makes a bigg difference.

1% a week leads to a 50% improvement

For example, let’s say you walk two miles in thirty minutes. If you can just do one percent more the next time out, you would walk 2.02 miles in thirty minutes or you might stick with the two miles and plan to do it in 29 minutes and 40 seconds. Either way, it’s a one percent improvement. If you do that every week, over the course of the year, you would have improved over fifty percent!

It’s easy to get discouraged if we don’t see results right away. We’re bigg goal-getters so we always shoot high. However, shooting too high is a recipe for de-motivation. Take baby steps rather than a leap that you can’t sustain!

There are five steps to one-up yourself:

Find the baseline. Measure where you are now so you compete only with yourself, not others. It doesn’t matter what that point is; it’s just important to know it because it’s your starting point.

Set your initial one-up goal. You may want to go faster or longer. Are you in a sprint or a marathon? Are you trying to improve quantity or quality?

Determine the time frame. Do you want to improve one percent every time, each week or some other period? Specify a time frame for your incremental improvement.

How will achieve it? What specific activity will get you that extra 1%? Let’s look at an example, using a savings goal:

Assume you have a base line, how much you’re saving now, of $500 a month. You want to save more money in the same time (each month). In other words, you want to go “faster.” So next month, you plan to save $505 next month.

Okay, so you want to save $5 more next month. How will you do it? You decide that you’ll pack your lunch one more day.

See how easy that was!

As you do it, analyze your results. If you hit your one-up goal, congratulate yourself. But then set your next one-up goal and go get it.

If you didn’t hit your goal, analyze why. Then try, try again. Don’t get down on yourself for missing your goal one time. You’ll one-up yourself next time!

One-up leads to bigg success

There are things in our lives that are sprints; others are marathons. Set your goals accordingly and one-up yourself for bigg success!

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We thank you so much for spending your time reading our post today. New research shows that there is a fountain of youth. Join us next time when we tell you where to find it. Until then, here’s to your bigg success!

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Direct link to The Bigg Success Show audio file:
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Night Moves

moon You’re probably familiar with Bob Seger’s great song. We want to talk about a different kind of night moves today.

We have a friend who has to be to work at 9. He gets up at 5 and makes a full breakfast, irons his clothes, and still has time left over! He doesn’t need our advice today.

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marylynnI’m a night-person by nature. I set the alarm to its max and I even hit snooze a couple of times. So, of course, that leaves me rushing around in the morning.

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georgeIt seemed like whenever I was late for work, I felt like I was behind all day. It reminds me of something my dad used to say, “The faster I go, the behinder I get!”

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But there’s a solution to this problem if you’re not a morning person. Work on your night moves.

Since you have trouble getting to sleep anyway, why not accomplish something in the meantime? Here are eight ways to make the morning better with the moves you make at night:

Set out your clothes for the next day.

Our moms always told we should do this. Of course, they were mostly concerned with clean underwear! Just in case we were in an accident, right? Because that was their biggest concern if that happened!

Prepare tomorrow’s to – do list.

Spend ten minutes or so mapping out the most important things you plan to accomplish tomorrow. Even if you just decide upon the one or two things you will work on when you first get to work, you’ll be off to a great start.

Pack your lunch.

You can have it ready to grab on your way out the door. Not only will it save you time in the morning, you’ll save money and will likely eat healthier too!

Pack your briefcase.

Gather together all the papers, files, and folders you need and put them in your briefcase so you’re ready to go.

Do your hair.

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marylynnAnd time for a “girlie” tip. I have thick hair that takes forever to dry. I rely on my straightener and styling tools for an easy fix in the morning so I can do my hair the night before.

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george
Or you could be like me and just have a receding hairline!

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Establish a sleep time.

Studies have shown that going to bed at the same time every night trains our minds and our bodies that it’s time to rest. To make sure you fall asleep quickly, develop a sleep routine.

Make coffee.

Get a delayed-brew coffee maker so you can get that morning pot ready the night before. Then let the coffee maker do its job. You’ll save time and money by avoiding that stop on the way to work!

Ain’t it funny how the night moves can help you lose the morning blues!

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Thank you so much for stopping by today. Join us next time as we discuss how to “one up” your way through the New Year. Until then, here’s to your bigg success!

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Direct link to The Bigg Success Show audio file:
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Don’t Show Me the Money

wallet The List Universe recently published their list of ten lost rules of etiquette. The one that really got our attention was their #1 reason – talking about money and possessions.

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When it comes to money, the author says that a gentleman would never:

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How to Stop Using a Crutch Word

crutches Merriam – Webster knows a little something about words. They just released the word of the year for 2008 … beg.

No, wait a minute, that’s our word for their word! Their word is … bailout.

Oxford University also recently released their own list – the most irritating phrases of 2008.

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Among them:

  • "24/7" finished ninth on the list. Can we add 365 to it?
  • "With all due respect" came in fifth. It made us think of one that irritates us. Why do people say, “I’m not trying to be rude” when they are getting ready to say something rude?
  • And the phrase that the wonderful people at Oxford found most irritating – “at the end of the day.”

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marylynnI love The Apprentice, but have you ever noticed how many contestants use that phrase over and over again?

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georgeI think I just figured out my New Year’s Resolution for 2009. I’m going to start using the phrase, “at the beginning of the day” because I’m an optimist!

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These phrases are crutches gone mainstream. They made us think about our own crutches.

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georgeI say “that’s right” a lot which is similar to “absolutely” which finished sixth on the Oxford list.

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marylynnI find myself saying “you know” more often than I would like. That’s definitely my crutch.

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Getting off crutches

  • Record yourself. In order to stop using crutch words, you have to become aware of them. Record yourself and listen to the words you’re using as a crutch.
  • Create substitutes. Come up with two or three alternates to the word or phrase you use over and over. When you feel yourself ready to rely on your crutch, or you know you’ve already said it, force yourself to use a different word or phrase.

So let’s look at “you know.” Why not lead with …

“You’re probably aware of this.”
“You may find this interesting.”
“I bet you can relate to this.”

Don’t those phrases sound better if you’re going to use one?

“That’s right” could be “Good point” or “You’re dead on.”

  • Pause to think. We won’t speak for you, but sometimes when we talk, our mouths seem to get ahead of our brains! So we lean on our crutches to fill the space. That’s because, as humans, we’re uncomfortable with … silence.

There’s no reason to be. A second of silence gives you time to fully digest what has been said. It actually improves communication.

What’s your crutch? What alternatives could you use? And, while we’re at it, what word or phrase drives you crazy?

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Direct link to The Bigg Success Show audio file:
http://media.libsyn.com/media/biggsuccess/00280-120508.mp3

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