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Why You Will Never Be Your Own Boss

Can you be your own boss for BIGG SuccessI want to be my own boss. It’s one of the frequent reasons that people cite for wanting to be an entrepreneur and own a business.

Listen to this post! Click a player to hear George & Mary-Lynn on The BIGG Success Show Podcast. (Duration 4:08)


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[haiku url=”http://traffic.libsyn.com/biggsuccess/00825-083012.mp3″ title=”The BIGG Success Show #825″]
They dream of a day when they don’t have to answer to anyone. No more answering to “the man.”

FINALLY, they will be free from the stupidity, the incompetence, the rules, the reports and everything else we associate with “the boss.”

The bad news

The bad news is that it will never happen for you. Now before you take it personally, please permit us to explain.

You will never be your own boss. You can’t be.

Not because of anything you lack. Not because something will stand in your way.

It’s not you. It’s everybody. Nobody can be their own boss.

Self-employment may be a checkmark you make to explain your employment, but in reality, it doesn’t exist.

We’ve been sold a lie. The reason is simple…

Boss #1 through ?

Your business can’t exist without customers. You work for your customers. They’re your boss.

Hopefully, you will have a lot of them. But there’s problem with that.

Have you ever had to answer to two managers? If so, you know the problem. One wants one thing; the other wants another. But you’re just one person.

The same goes for customers. While they probably have similarities, they are also all unique individuals.

As a small business owner, this can be your competitive advantage:

  • The more you can craft your products and/or services to their individual tastes, the better.
  • The more personalized the experience you deliver, the better.
  • The more relevant you are with your marketing messages, the better.

So just understand that once you start your own business, you won’t be your own boss. You won’t have just one boss. You’ll have however many customers you have as your boss.

Yet more bosses

We’re not through yet. Where are you going to get the money for your business?

For example – if you go to the bank, they will set limits on what you can do. They call them covenants. You’ll have to report to them periodically (e.g. quarterly). We could go on, but you get the idea.

Of course, if you can fund it all yourself, you’ll have at least one less boss.

The good news

You may not be able to be your own boss. You may start a business and have lots of them.

You may make lots of money. But there’s a reward that’s even better.

Let’s say you had 100 customers who each represent 1% of your total sales. Ninety-nine of them are great, but the last one is completely detestable.

Fire that one! It will cost you 1% of your income.

You see, you can get trapped in a job because it’s 100% of your income. You have all your eggs in one basket. It’s like putting all your investments in one stock.

But when you start a business, you have multiple customers. So you are able to diversify your income stream. You have a portfolio.

So realize that you can’t be your own boss. However, you can have the freedom of working for people you really enjoy serving.

And hopefully the money’s great as well. More freedom. More joy. More money. Sounds like BIGG success!

Why do you want to start a business? Or if you already have, what motivated you to start?

Direct link to The Bigg Success Show audio file | podcast:
http://traffic.libsyn.com/biggsuccess/00825-083012.mp3

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5 Reasons for Starting Up a Small Business

startup your small business for BIGG SuccessIt’s National Small Business Week here in the United States. It has us thinking about the state of small business.

According to an article on Portfolio.com, small businesses failed at record rates from 2008 – 2010. Interestingly though, startup rates have been climbing since 2006. In fact, the number of new businesses hit highs not seen for a decade in 2009 and 2010.

It’s an interesting paradox. Why would so many people start a business when so many others are failing?

Many people get stuck. They want to start their own business. But the key word is “start” – they just can’t seem to do it.

You need a reason to start and it has to be one that will push you over the edge. So let’s look at five reasons for starting up a small business.

1) You’re driven by a dream

You know what you want to do. You’ve thought about it and thought about it. You’re tired of just thinking about it. You have to do it. If you vision is compelling enough, it will push you off the fence.

2) You want to take control

We live in a tumultuous world. Companies hire…Companies fire. Your fate may be in the hands of someone hundreds or thousands of miles away who doesn’t even know you. Your desire for control may help you make the leap.

3) You know you have so much more potential

You feel stagnant. You know you’re stuck. You’ve gone as far as you can with your company and in your industry. But it’s beyond that – it’s not just about career advancement. It’s also about personal growth. You know you could do so much more. It’s time to show the world your true potential.

4) You have a cause

A vision is one thing. A mission is another. You have a compelling “why”. You feel it with every ounce and inch of your being. It’s ingrained in your soul.

You have a cause and you’re afraid that if you don’t work for it, no one will. So you must start today to do the good work you were born to do.

5) You have “winner’s fear”

Losers are afraid to fail. So they can’t bring themselves to risk being embarrassed or hearing “I told you so.” On the other hand, winners are afraid of not trying. They just can’t accept not knowing if they could have done something more and been something greater. This winner’s fear drives them to move forward.

These are a just a few of the reasons for starting a business. What’s yours?

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Women Entrepreneurs and the Problem with a Safety Net

women entrepreneur succeed BIGG with no safety netWe saw a great post on BNET a while back. It was by Margaret Heffernan, author of a great book Women on Top. She talked about entrepreneurs and risk.

When writing her book, she conducted a study and found:

  • women generally start their businesses with less money
  • they have a higher success rate
  • their firms are more profitable
  • they create more jobs

What is their secret?

She notes that “the most successful had taken huge risks.”

What did they have on the line?
Savings? Check.
Houses? Check.
Retirement accounts? Check.

Did they have a product? No.
Customers? No.

Most importantly, she points out that they had no safety net.

This reminds us of something one of our friends once told us.

He started out in the corporate world. He was receiving promotions and pay increases.

So his employer was disappointed when he told them he was going to leave to start his own business. They told him he could come back at any time.

That’s where the story gets interesting. He told us that whenever things got tough, he always remembered what they said.

And it almost kept him from succeeding!

So he mentally threw their offer away. He told himself he had no other options. He had to make it. He had to win. He had to be a BIGG success.

Now he’s a millionaire many times over, in part, because he wouldn’t turn back. He wouldn’t lose. Because he couldn’t afford to.

A safety net can keep you from reaching BIGG success. Do you have a safety net?

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The Biggest Asset for Your Success

Your Biggest Asset for BIGG SuccessIt’s a precious thing.
It’s an asset, your biggest asset.

It grows from nothing. Nothing more than an idea.

You must invest in it.
You must protect it.
You must tend to it.
You must nurture it so it grows.

What is it?
It’s not stocks, bonds, real estate, gold, or silver.
It’s not even your own business.

It’s not time, although that is precious too.
It’s not even relationships, even though they are certainly critical.

It’s not even you, although it’s tied closely to you.

It’s your dream. Your vision of BIGG success. Life on your own terms.

Invest in it

You invest in it because it’s BIGG. It’s worthy of your attention.

But it starts small. The dream is built step-by-step, action-by-action.

Every action must build upon and/or reinforce every other action. It’s not a one-time investment. It’s a series.

So define your dream. Then take the first step.

It’s the first investment. Fortunately, it’s small.

Protect it

You must protect it because others will take it away from you if you let them. They don’t intend to hurt you. They just have different dreams. Or no dreams at all.

Outside events can take it away from you. They’ll discourage you. You must accept what you can’t control and control what you can. Above all, you must always keep moving toward your vision of BIGG success. It’s how you protect the dream – by keeping it alive.

If you’re not careful, you can take it away yourself. You can give up too early. You must always persevere. It doesn’t mean you don’t adapt. But your destination is set. You will keep driving toward it.

Tend to it

Your dream is not a “set it and forget it” proposition. You need to check on it regularly.

How does your progress compare to your expectations?
What lessons have you learned along the way?
How can you make up for any deficiencies in your progress?

Nurture it

This asset is unusual in that its growth is directly proportional to your own. The faster you grow, the faster you reach BIGG success.

So nurture it by nurturing yourself. Replenish your body, mind, and soul.

Your vision of BIGG success is your biggest asset. But like any asset that creates wealth, it starts small.

It will grow every day if you help it along. The growth compounds as you take action. Actions that lead to your BIGG success.

What will you do today to grow this precious asset?

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The Key to Success in Your Own Small Business

the key to business success | BIGG SuccessHow do you know you’re ready to start a business?

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George KruegerFor me, I just couldn’t stand working for anyone else. I had to be my own boss. It consumed me. I knew I wasn’t going to be happy until I tried it on my own.

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Mary-Lynn FosterFor me, it was because I thought it was the best way for me to grow professionally. My industry wasn’t offering a lot of opportunities at the time. Starting BIGG Success allowed me to expand my skills.

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Listen to this post! Click a player to hear George & Mary-Lynn on The BIGG Success Show Podcast.


iPhone/iPad Podcast Player

[haiku url=”http://traffic.libsyn.com/biggsuccess/00741-100511.mp3″ title=”The BIGG Success Show #741″]
Maybe you relate to one of us. Maybe not.

Maybe you have an idea for a business. Maybe you don’t.

No matter what, something is driving you to want to start your own business.

Be happy about that something. Let it guide you.

Because it will take you to the key to success in your own small business. What is the key? You must get started.

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George KruegerIt sounds so simple, but it is so true. What I call my first real at-risk business was a Ben Franklin franchise. It wasn’t a particularly good business. But it got me started. If I knew then what I know now, I never would have started it. But I’m so glad I did because it has led me to everything else, including BIGG Success.

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Mary-Lynn FosterWhen we started BIGG Success, we certainly didn’t have it all worked out. In fact, I’m amazed now at how little we did have worked out. Everyone in our business was still finding the models of success. But we started anyway and I’m so glad we did because it has led to opportunities I might not have seen otherwise.

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So what’s keeping you from getting started? Let’s talk about five common reasons and see if any of them resonate with you.

It doesn’t have to be all or nothing

You don’t have to quit your job and go full-time. You don’t have to ignore all other sources of income. For example, you could work part-time and spend the rest of your time on your new business.

It will never be perfect

The planning process is incredibly important. However, don’t think you need a perfect business plan.

If you need to raise money, you’ll need a more detailed plan. But once you have a sense of the market, a decent strategy and some tactics to execute upon it, get going.

The timing will never be perfect either. There will always be a reason not to start:

We’re in a recession. We’re in a boom. We’re in between. Great businesses have been started in all economic climates.

You will never know everything

So don’t try. It will only lead to analysis paralysis.

There will always be more to learn. You can’t predict the future.

So don’t pretend you can. Get started once you have a reasonable understanding of your customers, your business, and your industry.

Some of what you know may be wrong

On this one, we can only say that you’re right. But that’s why it’s so important to get started.

Most of what you need to know can only be learned after you launch.

Fear

Fear of standing out. Fear of success. Fear of being different. Fear of embarrassment. Fear of the unknown. Fear of failure.

How can you overcome these fears?

Ask a question, “What’s the worse than can happen?”

Entrepreneurs are excellent risk managers. So start practicing your entrepreneurial skills right now.

Focus on reducing the worst case scenario. When it reaches the point where you can live with it, you’re ready to start.

For example, can you start part-time? Or could you do it on a smaller scale initially?

There are a number of ways to get the risk down to an acceptable level.

There’s one more fear that we should talk about before we go. It’s a fear that drives entrepreneurs. It’s the fear of not trying.

When your fear of not trying overcomes your fear of failure, you’re ready to start. You’re ready for BIGG success!

Are you having trouble getting started? Maybe we can help.

Direct link to The Bigg Success Show audio file | podcast:
http://traffic.libsyn.com/biggsuccess/00741-100511.mp3

Image in this post from k_vohsen