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Success as an Entrepreneur Stems from 4 P’s

Four Ps for BIGG SuccessHow do you reach BIGG success as an entrepreneur? Remember the 4 P’s:

People

Put people first. This starts with you. Your business should serve you, not the other way around.

It continues with your employees. You may not have any at first, but as your business grows, the need will likely arise. Don’t neglect these people. Happy employees lead to healthy profits – another one of the p’s as you’ll soon see.

But neither you nor your employees will have any job security if you don’t please your customers. Attracting and, more importantly, retaining customers should be job #1 for everyone in your business.

Purpose

Your purpose lies where your passions and strengths intersect with a market need. You and your people are able to solve a problem for another group of people.

Your purpose defines your firm’s reason for being – your why. It should be easy to say and even easier to remember.

More importantly, your stated purpose explains the difference you make in the world. It should inspire you and your people to perform at your highest capacity.

Process

Stated simply, a process is a set of procedures. A set of processes forms a system – more specifically, your operating system.

Purpose helps define the what while process describes the how. Purpose helps you determine the right things day to day. Process helps you do them the right way.

Together, purpose and process help you do the right things the right way. You need them both to be a BIGG success.

Profit

Finally, we come to the final P – profit. Contrary to many people’s misperceptions, profit is not a dirty word. Without profit:

  • you won’t be able to replace equipment as it wears out
  • you can’t repay your bank debt
  • you won’t have any money to invest in growth
  • you won’t be able to justify pay raises
  • you won’t have the funds to hire more help
  • you would be better off investing your time and money elsewhere

Even non-profit entrepreneurs have to earn a profit if they want to serve more people. It may come in a different form than a for-profit entrepreneur but – make no mistake – it is essential for all enterprises.

There you go – 4 P’s that lead to BIGG success!

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I Just Got Laid Off – Part 3

work We’re wrapping up a 3-part series on what to do if you just got laid off. In Part 1, we discussed the day you learn about your layoff. Part 2 was about the first couple of days after the announcement. Now we want to talk about moving on to your next job.

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We’re moving ahead quickly, but don’t be alarmed if you’re not quite ready to move on just yet. You’re going through a grieving process so it will take some time. Be aware of it, but also look forward to that time in the near future when you start feeling your zest return. If it doesn’t return relatively quickly, you may consider speaking with a professional.

During this time, it’s important to maintain a proper attitude. One of the best ways to do this is by associating with positive people. It’s also helpful to talk with people who have gone through this before. Ask for their advice. Almost everyone really likes to help other people. They can encourage you with their story.

Next, assess your financial situation. Ask yourself how aggressive you need to be in your job search. Map out a timeline. Think about phases.

For example, in Phase 1, you may be able to be very choosy in your job search. Phase 2 may mean you need to find a job soon so you’ll be less selective. In Phase 3, you may freelance or work part-time to get some money in the door. You may find a job in the first phase, but you’ll be prepared in case you don’t. 

Also plan how you will market yourself. Think about what makes you unique? How can you communicate that? What opportunities play to your core strengths?

Obviously, you’ll also need to update your resume if you haven’t already. We found a great site for help with resumes, cover letters, job search and interviewing tips. Check out Resume Help.

Begin to think about how you will explain your recent departure. Practice interviewing with a friend, preferably someone who is a manager who interviews people. Get feedback.

One of the most important things to get on your to-do list is networking. It’s amazing how many people land a new job through a referral. Resist the urge to go into self-imposed isolation. Reach out to everyone you know who might be able to help you. Tell them what you’re looking for.

Have you registered on Meetup to find out about local events of interest to you? Are you on LinkedIn? What about Facebook? Have you joined any social networking groups for your industry? The contacts you make through these sites will be invaluable now.

The good news is that most people who go through this report that they are happier in their new job than they were in their old job. It may take some time, but you’ll land on your feet!

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Thank you so much for stopping by today. Join us next time when we discuss scheduling time to decompress. 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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(Image in today's post by Hisks

Make 55 Percent More Money – Part 2

watch_time
We are continuing our discussion on how to make 55-percent more money.

Last time, we discussed using the way a venture capitalist invests as a model for how we invest our time. We talked about a 4-step process to create a portfolio of activities that generates the greatest return.

The example

Now we want to look at an example. Let’s say that you make $100,000 a year. You invest 2,500 hours a year – 50 hours a week for 50 weeks – to earn that money. We immediately see that you’re making $40 an hour.

Read more

Help! I Need Somebody!

Today on The Bigg Success Show, we welcomed Denise Griffitts. Denise is the founder and CEO of Your Virtual Assistant, a company that provides highly trained administrative professionals for support, technical and creative services for small businesses, start-up businesses, individuals, and online entrepreneurs.


Virtual assistants are in bigg demand

Denise talked about the growing demand for virtual assistants, who work for you from their home. They work within your processes and system. If you don’t have processes set up, they’ll even help you do that.

A virtual assistant can help you with just about anything that doesn’t require them to be on site. Denise’s niche is serving online entrepreneurs. She lets you take care of the front end of the business by partnering with you and handling the back end.

“A virtual assistant takes away all the minutiae from your day.”
Denise Griffitts

Don’t be afraid to ask questions. Think about what you really need help doing. What’s causing your time seepage? By thinking about the minutiae that’s sapping your creativity and letting a virtual assistant take care of it, you’ll feel a sense of freedom and be able to move forward more quickly.

How affordable is a virtual assistant?
A virtual assistant is a contract employee. You don’t have to pay their taxes and Social Security. You also don’t have to pay for their office space or equipment.

Denise has a Rate Calculator on her blog. It allows you to calculate the difference between hiring someone in your office and hiring a virtual assistant. Denise says the savings are considerable.

Could you benefit from a virtual assistant?
Denise talked about her biggest client, who had a project she needed done within three weeks. This client had a concept and an announced date for completion. That was it!

In three weeks, Denise and her team helped her client produce a product. They created a CD, did the art for the CD, created audio, print work and art work. It was in her customer’s hands by the deadline!

As Denise says, “Most everybody these days could use a virtual assistant.”

Would you like to be a virtual assistant?
Denise is looking for people all of the time. If you have online experience and would like to earn some extra money, send Denise your resume to resumes@virtualassistantindustry.com.

Denise will review your resume. If that looks good, she’ll interview you. After that, she’ll assign you a project. If you perform well on that project, then she brings you on as a full virtual assistant.

So if you want to hire a virtual assistant or be a virtual assistant, check out Your Virtual Assistant!

Subscribe to The Bigg Success Show in iTunes. 

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Have A Problem? SOLVE IT!

 

problem_solved_sign

People often get overwhelmed by all of the problems they face. They just don’t know where to start. To help with that, we recently discussed an ancient Chinese secret for solving all of your problems.  It’s a simple two-step process:

  • Put all of your problems away into their own individual compartments.
  • Pull one problem out at a time when you’re ready to deal with it.

It makes things more manageable when you’re not looking at all of your problems all at once. But many people don’t know what to do once they pull the problem out. It’s a timeless process, but we’ve put our own spin on it to make it easier to remember.

SOLVE IT: The 7-step problem-solving process

Statement
Origin
List
Verify
Eliminate

Implement
Test

Step 1 – Statement
State exactly what the problem is. Until you’ve defined your problem clearly, you can’t solve it!

Step 2 – Origin
Isolate the root cause of the problem. A lot of times, we stop at the symptoms of the problem. You have to find its point of origin or you won’t solve it!

Step 3 – List
Brainstorm for possible solutions. BRAINSTORM, don’t analyze. Get all of your ideas on paper so you can solve it!

Step 4 – Verify
Determine the pros and cons of each solution. You won’t know what’s best until you analyze it. Then you can solve it!

Step 5 – Eliminate
Get rid of all but the single best solution. You’ve done the research. Now go with what you believe is the best option so you can solve it!

Step 6 – Implement
Work your solution to make your solution work. You have to take action to solve it!

Step 7 – Test
You’ve established benchmarks so you know whether or not your solution is working. Check periodically against these benchmarks. Keep an eye on the problem to make sure that you solve it!

So the next time you have a problem – SOLVE IT! Isn’t that simple?

If you found this helpful, pass it on to your friends so they can SOLVE IT, too!

Our bigg quote today is by Voltaire, who said,

”No problem can stand the assault of sustained thinking.”

And that sustained thinking is most productive when you use an organized process. That’s how you can take any problem and SOLVE IT!

Next time, we’ll look at the fear that often holds people back from their dreams. Until then, here’s to your bigg success!

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Knowledge is Worthless

By Bigg Success Staff
08-25-08

Life Changes

knowledge 

We found a great post over at Achievement Radio by Dr. Zonnya. She says that knowledge isn’t power anymore. Instead, it is knowledge applied that makes the difference.

It’s a distinction we all instinctively understand, but sometimes forget. Learning how to do something is only part of the process. We have to continue on and put into practice what we’ve learned or the knowledge is worthless.

If you can take away just one idea from every encounter – be that a speech, a conference, a web site, a conversation – and then actually use it, you’ll be ahead of the game.

So don’t worry about learning everything. Focus on applying one thing you’ve learned!

Hear today’s lesson and laugh on The Bigg Success Show

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4 Steps to Achieve Your Goals More Easily

By Bigg Success Staff
07-16-08

Career Builders

dry_erase_board

Sometimes a long-term goal can seem elusive. You know it’s important to you, but you can’t get too excited about it because it seems so bigg and distant. Obviously, the solution to this problem is to break it down to daily activities. But with really bigg goals, that can seem difficult, so we often just don’t do it.

Sometimes thinking more short-term helps you get the focus you need for the long-term. It helps you unclutter your mind so you move even faster to the life of which you dream.

So here’s a remedy – with the picture of your ultimate destination clearly in your mind, ask yourself these four steps:

Step 1: What do I want to accomplish in the next 90 days?
By zeroing in on the next quarter, you relieve yourself of the vagueness and the distance of the long-term goal. You focus on what has to happen in the near-term. This often gets your juices flowing and ramps up your progress toward your ultimate goal.

Step 2: Where do I want to be at the end of the first month?
Now that you have your 90-day goal clearly set, determine what you can (and will) get done in the first 30 days. Obviously, you would like to knock off about one-third of your long-term goal. You may even consider front-loading it a little so you give yourself a little break (i.e. reward) toward the end of the 90 days.

Step 3: What needs to be done this week?

With that done, you’re ready to break it down further. Look at what you want to accomplish this month and break it down by the week. Once again, consider front loading your scheduled activities a little bit and giving yourself a little break toward the end of the week.

Step 4: What’s important today?

Finally, break it down by day. With your weekly plan in front of you, set goals for each day of the week. Give yourself a little breathing room for those unexpected situations that demand your time.

Of course, at the beginning or ending of each day, you’ll want to review what needs to be accomplished for the week and plan out your day. Ditto for each week and month. Then just repeat this process every 90 days until you’re sitting on that beach in the Caribbean!

Hear today’s lesson and laugh on The Bigg Success Show.

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The Goal-Setters Dilemma

By Bigg Success Staff
07-16-08

Life Skills

goldiliocks

Setting goals can be tricky. Like Goldilocks looking for the right bowl of porridge or the perfect bed, you want to create goals that are neither too high nor too low … you want goals that are just right.

Too high

When you reach a goal, you build self-confidence. If you rarely obtain your goals, you don’t feel that sense of accomplishment. Soon, you’ll get discouraged. For many, that means not setting goals at all.

Too low

When it’s too easy to reach a goal, there’s no excitement in it. Successful people often say the journey is more thrilling than the actual accomplishment. If your goals don’t require you to stretch, you quickly get bored with them.

Just right

You want goals that are achievable, yet challenging – goals that require realistic personal growth, given your time frame and resources. So here’s a tip for each side of the goal-setters dilemma …

  • If you tend to set goals that are too high …
    Set a goal just like you’ve always done it. Now, cut it in half … or double the time you assume it will take to reach it! You get to pick!

    See how it goes. If it’s too easy to accomplish, don’t cut it so much next time (or don’t extend the time as far). If it’s still too hard, cut it even more next time. Eventually, you’ll learn to set goals that are achievable.

  • If you tend to set goals that are too low …
    Once again, set goals just like you have in the past. Now, increase it by ten percent … or make the date for achieving it ten percent earlier. It’s your choice!

    Then review when you reach your goal or the date passes. Did it still seem too easy? If so, adjust the goal or the time frame even more next time. If it’s too hard now, don’t increase it so much next time. You’ll find the right process for you through experimentation.

Hear today’s lesson and laugh on The Bigg Success Show.

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Get in the Groove to Succeed Faster

By Bigg Success Staff
05-22-08

Life Skills

indy_racing

Have you ever walked out to your car to drive to work and realized that you don’t even remember getting ready for work?

Have you ever arrived at work and realized you don’t even remember the drive?

You were in the groove.

Race car drivers know that the groove is the fastest place to be on the track. They want to be in the groove because they will get to the finish line faster.

The two processes listed above are examples of us getting in the groove. The process we use has become so automated that we really don’t even think about it anymore. We’ve done these things so many times that we are incredibly efficient at them.

Our time is the most precious resource we have. So we should strive to refine the things we do over and over again until we get very efficient at them.

There’s a secret to getting in the groove with these things …

Map out the process from beginning to end.

Step 1: Think it through.
Depending on the complexity of the task, speak it out loud or write it down. Think about the order in which you do things. Don’t worry about that order now. Just think about how you actually do it.

Step 2: Do it.
Now perform the task exactly as you thought it out. Don’t try to make any changes at this point. Just perform it and pay attention.

Step 3: Find one way to improve it.
Look for steps that may be out of sequence. Consider shortcuts that don’t diminish the end result. Just look for one way, any way, to do it better.

Step 4: Test it.
Now try that one thing and see if it speeds up the process. If it does, implement it. If not, scrap it. You’re looking for the most efficient way to perform this task. Not every idea for improvement will be a good one.

Step 5: Repeat until you’re in the groove.
Keep going until you feel like you’ve perfected the process. Now you can work on performing each step along the way as efficiently as possible. Then you’ll be in the groove!

Hear today's lesson and laugh on The Bigg Success Show. 

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