Posts

Entrepreneuring Life on Your Own Terms

500We’re excited to share some news with you today. This is our 500th show.

And behind the scenes, we had all kinds of ideas about what to talk about today. Finally, after much debate, we settled on our topic. But before we get into that, we just wanted to say a couple of things.

___

___

First, thank you so much for being part of our community. It means so much to us. We love to hear from you. We love your comments, the tweets and retweets.

A trap that discourages you

Second, as we were settling on our topic, we talked about tracking progress. You know, how would we know it was our 500th show if we didn’t track them?

It’s easy to get discouraged. For example, you may set a goal and not reach it. But sometimes we get discouraged because we don’t realize how far we’ve come.

When we started Bigg Success, we didn’t really think about doing 500 shows. We just started doing them – one at a time – and here we are.

But if you don’t track your progress, at any given moment in time, you may feel like you haven’t made any progress.

It’s a trap. Don’t let yourself fall into it.

How to stay out of it

When you start feeling discouraged, think back to a year or two ago. Think about what you’ve done since then. Think about things you know now that you didn’t know then. Think about the people you’ve met in the last year. Think about people you’re closer to now than you were before.

You’ve come a long way, baby! Celebrate!

Our bigg discovery: The word that isn’t a word

We’ve learned a lot over the last 499 shows … which span almost two years.

Going back about 7 months and 144 shows ago, we told you about a bigg discovery. That after 355 shows and a whole lot of research and thought, we had finally arrived at our definition of bigg success:

Bigg success is life on your own terms.

Implicit in that definition is that you own your life – you are the entrepreneur in charge.

___

georgeTerms are important. So a couple of months ago, I typed the word “entrepreneuring” into Microsoft Word. It underscored it. When I spell checked it, it basically told me it wasn’t a word. That intrigued us.

___

___

marylynnIt did, because it is a word in our mind. Of course, so is “blog”. But it was underscored for a long time after it was commonly used. So we consulted the trusty dictionary. And we struck out again!

___

Well, we disagree. We think entrepreneuring is a word. It turns out that a lot of scholars today agree with us. Entrepreneuring is a process that is the focus of much leading-edge research across many disciplines.

Entrepreneuring is about leading the process of change in your life and work; managing the inherent risks to create the life you dream of living.

Entrepreneuring life on your own terms … that’s bigg success!

Do you agree with us that entrepreneuring is a word? If so, what does it mean to you? If not, why not?

Share that with us by leaving a comment, e-mailing us at bigginfo@biggsuccess.com or leaving a voice mail at 888.455.BIGG (2444).

Thanks so much for reading our post today.

___

Get the tips and tools you need to be a BIGG success.
Subscribe to the Bigg Success Weekly – it’s FREE!

Please join us next time when we’ll discuss a small step that you can take that leads to a giant leap for mankind. Until then, here’s to your bigg success.

___

Subscribe to The Bigg Success Show in iTunes. 

Subscribe to the Bigg Success feed.

Direct link to The Bigg Success Show audio file:
http://media.libsyn.com/media/biggsuccess/00500-100909.mp3

Related posts

Bigg Success Primer

A Trick to Manage Risk

ponyHave you evolved enough to navigate today’s world? We’d never thought about it before. Then we saw a great article from Time magazine that says we’re moving through the modern world with a pre-historic brain.

According to the research, it’s a problem because it affects the way we analyze risk. We haven’t evolved enough to properly assess the risks we face today.

___

___

How we assess risk

We analyze risk in two ways: instantly based on our feelings and logically.

Most of the time, we use the first way – our feelings – to assess risk. It’s because of the way our brain works. Bells and whistles are quick to go off when we sense risk. However, turning them off is much more difficult because it’s not natural.

So we’re good at assessing short-term risk; we’re not so good at the long-term risks we’re more likely to face in our modern world.

Managing risk

Our definition of bigg success is life on your own terms. It’s implicit in our definition that you own your life. You are the entrepreneur in charge.

There’s a myth that entrepreneurs are risk lovers. While that label certainly applies to a portion of entrepreneurs, you can’t say that about the overwhelming majority of us.

Entrepreneurs are, however, excellent managers of risk. They understand that they can’t predict the future. So they don’t try. They create their own future.

There are many ways to manage risk. One is to diversify, diversify, diversify. That’s the trick – you don’t want to be a one-trick pony. Here are four places to diversify your life:

Diversify your portfolio
We’ve learned this lesson the hard way. Investing is risky, but you can minimize that risk by spreading your investments out.

Diversify your income
Multiple streams of income provide safety. This is more important than ever in today’s business world.

If you’re an entrepreneur, that means not relying on a single product or service to carry you through.

If you’re an employee, it means having a way to make some money on the side. It could be a rental property or a home-based business you can work in your spare time.

Diversify your activities
You gain new insights when you vary what you do. You learn new things by doing new things. You’re able to assess risk better when you bring a well-rounded mind to the problem.

Diversify your relationships
Get to know people who don’t think like you. Listen to their points-of-view. Try to bring some of their thinking into your analysis of risk.

Don’t be a one-trick pony. Diversify, diversify, diversify. It’s one of the keys to reaching bigg success.

How do you manage risk?
Share that with us by leaving a comment, e-mailing us at bigginfo@biggsuccess.com or leaving a voice message at 888.455.BIGG (2444).

___

Would you like more tips and tools to live your life on your own terms?
Subscribe to the Bigg Success Weekly – it’s FREE!

___

Subscribe to The Bigg Success Show in iTunes. 

Subscribe to the Bigg Success feed.

Direct link to The Bigg Success Show audio file:
http://media.libsyn.com/media/biggsuccess/00493-100109.mp3

Related posts

3 Reasons Entrepreneurs Fail

The First Question Entrepreneurs Must Ask

Think Like an Entrepreneur

(Image in today's post from pipm)

The Magical Money Illusion

magic_hatBigg success is life on your own terms. There are five elements of bigg success – money, time, growth, work and play. Today we’ll focus on money.

Status – a high rank or standing within a group of people – is a good thing. It means prestige, importance and respect.

___

___

But status also can work against us. Sometimes in our quest to show off our net worth, we lose our self-worth. We worry about our image instead of our essence.

We give off the illusion of money when often the money isn’t there. It’s the magical money illusion. Even though we make a lot of money, it all goes out the door trying to give off the illusion of wealth.

This is one of the lessons we’ve learned from recent history. Now we’re going back to timeless principles of saving money and using debt sparingly.

For some reason, there seems to be a natural human tendency to compare ourselves to others. We found a great article that describes two experiments that tested people’s desire for relative affluence.

Earn $2,000 more!

The first one was conducted in the early 1990s. Participants were presented with two job opportunities in the same industry.

With the first option, they would earn $35,000 a year while their colleagues earn $38,000. Under their second choice, they would earn $33,000 while colleagues earn $30,000.

Most people chose Option 1. However, here’s where it gets interesting:

Two-thirds said Option 2 would make them happier.

We think more money will make us happier. However, this research shows that, for a lot of people, making more than their peers is what really does the trick.

Half the money is just fine

Let’s look at a second study. Its participants were a very bright group – the faculty, staff and students at Harvard University.

They were also presented with two options. The researchers took special care to make it clear that the prices paid for goods and services would be the same in both cases. In other words, more money would mean more and/or better stuff.

Under Option 1, they were offered $50,000 per year while others were only making $25,000. With Option 2, they would earn $100,000 a year while everyone else earns $200,000.

56% of the participants chose Option 1! They gave up $50,000 in income in order to make more than their peers.

It’s the Jones Effect. They’re happier making more comparatively but less absolutely.

Isn’t it amazing that really bright people making choices that seem illogical?

How do you move past this natural inclination to compare yourself to others? How do you do what’s really best for you?

Change the focus of your comparison.

Instead of focusing on what you make or what you have compared to others, concentrate on what you need to live the life you desire.

When you live your life on your own terms, you’re liberated from all of that. You focus on what you make relative to you what you need to make. Others disappear from the calculation.

You focus on what you want relative to what you have. Who cares what anyone else has.

You focus on what you know, not on what other people think. You create the life you want and you make sure it’s sustainable. That’s financial freedom. That’s peace of mind. That’s bigg success!

___

Get the tips and tools you need to be a BIGG success.
Subscribe to the Bigg Success Weekly – it’s FREE!

___

Thank you so much for checking in with us today. Please join us next time when we talk about horse jockeys and personal productivity. Until then, here’s to your bigg success!

Subscribe to The Bigg Success Show in iTunes. 

Subscribe to the Bigg Success feed.

Direct link to The Bigg Success Show audio file:
http://media.libsyn.com/media/biggsuccess/00471-083109.mp3

Related posts

Investments That Always Pay Off

Shape Shifting Leads to Bigg Success

(Image in today's post by miamiamia)

Investments That Always Pay Off

pay-offBigg success is life on your own terms. The five elements of bigg success are money, time, growth, work and play. Today we’ll focus on money.

You may have noticed that the market is up year-to-date. That’s the good news. The bad news is that we’re still off quite a bit from the top.

___

___

The main market indicator, the S&P 500, hit its highest level in history on October 9, 2007. The good old day, we guess you could call that.

It hit its most recent low on March 9, 2009, off 57% (excluding dividends) from that high nearly one-and-a-half years earlier. Of course, now we’re up over 49% from that March low but we’re still off about 35% from the high if we factor out dividends.

The bottom line is that our portfolios have still taken quite a hit. It made us wonder …

Are there investments that don’t lose value?

It depends on your goal.

Your investment goal

Why do you invest? Obviously, you want more money. Why?

For some people, it’s the end. However, the end is pretty empty. For most of us, it’s a means to an end. Instead of financial returns, we really want emotional returns.

We want to be happier!

If that’s the case, research shows there may be a more direct path to happiness, assuming that basic needs — food, shelter and clothing – have been met.

Invest time in work you love

We tend to follow an indirect path to happiness. For example, many people strive to build a portfolio that allows them to retire when they want.

One direct path to happiness is to do the work you love. Bea Arthur, the late-great actress, said:

“Actors don’t retire. People who work in jobs they don’t like retire.”

Invest time to find the work you love. Invest time doing the work you love. It’s an investment with returns beyond your wildest dreams.

Invest time in relationships

Some people want more money so they can buy things. There is a more proven path to happiness.

Invest your time in relationships. Research shows this delivers higher returns on the happiness scale than having more money.

The direct path creates synergy

Bigg success is life on your own terms. The bigg idea behind bigg success is synergy. One place to search for synergy is between the five elements of bigg success.

Let’s look at two of the five elements of bigg success – money and work. You don’t need as much money to be happy if you’re doing work you love.

The funny thing, though, is that research shows that doing the work you love often leads to more money. If you put first things first, you end up better off all the way around. That’s synergy!

Now let’s look at money and play. Research shows that strong relationships lead to greater happiness than more possessions. You can save money by having friends.

It’s also interesting that, in our interconnected world, those relationships may very well lead to more money if you don’t force the issue. Put the relationship first and let the money follow.

Invest directly in happiness by investing time doing what you love with people you love. That’s bigg success!

___

Would you like more tips and tools to live your life on your own terms?
Subscribe to the Bigg Success Weekly – it’s FREE!

___

Thank you so much for checking in with us today. Please join us next time when we discuss mixing business with pleasure. Until then, here’s to your bigg success!

Subscribe to The Bigg Success Show in iTunes. 

Subscribe to the Bigg Success feed.

Direct link to The Bigg Success Show audio file:
http://media.libsyn.com/media/biggsuccess/00456-081009.mp3

Related posts

Can Happiness Buy Money

Save Money by Sharing

Two Proven Keys to Happiness

(Image in today's post by svilen001)

Think Like an Entrepreneur

a chess game which has similarities to having to think like an entrepreneur“Failing to plan is planning to fail.” ~ Ancient Proverb.

“Begin with the end in mind. Then put first things first.” Stephen Covey, The 7 Habits of Highly Effective People*.

___

___

In business school, we’re taught to define our goals, given our available resources, and then find the critical path to reach them. This is called causal or predictive reasoning, according to Saras Sarasvathy.

She teaches entrepreneurship at the University of Virginia and is the author of Effectuation: Elements of Entrepreneurial Expertise and recently released an updated version of this book in paperback.

She says that successful entrepreneurs don’t think like MBAs. In fact, they do the opposite. They use effectual reasoning. Entrepreneurs who reach bigg success use the resources available to them. They let goals manifest themselves over time given their creativity, direction and connections.

Entrepreneurs think differently than MBAs

There’s a great article on Harvard Business  site about Dr. Sarasvathy’s research. It asks if MBAs or entrepreneurs are better suited for today’s business realities. Bill Taylor, the author, says it simply:

  • MBAs focus on the upside; entrepreneurs focus on the downside.
  • MBAs assume it’s a zero-sum game; entrepreneurs think win – win.
  • MBAs thrive on certainty; entrepreneurs thrive on uncertainty.

___

george I’m even more confused than usual. I just don’t know what to think since I sort of fit into both categories!

___

___

marylynn
Do you feel like you’re getting pulled in both directions at once, George?

___

___

george
I feel like I’m getting stretched like Stretch Armstrong!

___

___

marylynnWell, there is an answer. You just have to know when to use causal reasoning and when to think effectually.

___

We define bigg success as life on your own terms. You are the entrepreneur of an incredible enterprise – your life – whether or not you’re an entrepreneur in the traditional definition of the word.

That’s why we think this research is so fitting not just for business owners, but for everyone:

When things are uncertain, think like an entrepreneur.

It appears that, in the years ahead, we need to expect more of the unexpected. Entrepreneurs don’t bother trying to predict the future; they create it.

How do they do that?

They act and adapt.

They use the resources they have to try something. If it doesn’t work, they take the knowledge they gained and try something else.

If it does work, they keep pushing it. As their enterprise grows, when there is more at stake, they may switch to more causal reasoning. Or they may jump ship and start the whole thing over!

Because to many entrepreneurs, the journey is the reward. That mindset often leads to bigg success.

Thanks so much for reading our post today. Please join us next time as we discuss when the dream becomes a nightmare. Until then, here’s to your bigg success!

Direct link to The Bigg Success Show audio file:
http://media.libsyn.com/media/biggsuccess/00447-072809.mp3

A link with a * denotes an affiliate link. That means if you click that link and make a purchase, we will make a nominal fee for making the referral.