risk managers Archives

10 Sure Ways to Sabotage Your Success

July 24, 2013/in Business Development/by George Krueger & Mary-Lynn Foster

Listen to this post! Click Play to hear George & Mary-Lynn on The BIGG Success Show Podcast (Duration 5:20)

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When it comes to BIGG success, the good news is you only have to get it right once.

But there are some obvious ways to sabotage your success – both before and after – you’ve achieved it.

We’ll share ten of them today:

1) Sabotage your success by expending energy needlessly
Your energy is precious. You need all you can muster for your BIGG important things.

We call those BITs. BITs are tasks and projects which lead to your ultimate goal. Everything else is a needless expenditure of energy.

2) Take unnecessary risk and you’re sure to sabotage your success
The most successful entrepreneurs are not risk lovers. They are incredible risk managers.

Don’t take any risk you don’t absolutely have to. Find a way to mitigate it or eliminate it altogether. Then you can move forward with no fear of loss.

3) You sabotage your success when you allow yourself to get distracted
Time management is great. But even more important today is attention management. Find your focus and stay focused on it.

4) Don’t stay disciplined and you’ll sabotage your success
How well you do at work has a lot to do with what you do or don’t do after work. Temptations will always be there. They’re fun.

But you have to keep your end goal in mind. The price of BIGG success may be to say “no” to things you would love to say “yes” to.

5) You’ll sabotage your success if you worry about yesterday or tomorrow, but not today
Don’t waste a single second on what you wished you had done yesterday. And ditto for tomorrow.

Focus exclusively on today – it’s a fleeting opportunity to make a BIGG impact.

6) Live on past success and you’ll sabotage your success
Winners become losers because they focus on the last win rather than the next one.

When you win, celebrate for a time. Then focus exclusively on what you need to do to move forward again.

7) You’ll sabotage your success if your confidence turns to cockiness
The difference between the two is a fine line. Success breeds confidence.

It should walk hand-in-hand with humility and gratefulness. Then you’ll have the proper mindset to get to the next level of success.

8) Forget what you don’t know and you’ll sabotage your success
This is closely related to the last point but deserves explicit recognition. It’s easy to get caught up in your success. It’s easy to think you know more than you do.

Keep the proper perspective or you’ll take unnecessary risks. See Point 2.

9) You’ll sabotage your success if you stop being hungry
The best state of mind is happy, but not content. Stay hungry.

No matter how much success you achieve, put yourself to the edge so you continue learning.

10) Manage money improperly to sabotage your success
This works two ways – hoard it and you’ll miss out on a whole lot of happiness OR spend it frivolously and risk losing what you worked so hard to build up.

As your wealth grows, invest in professional advisors who can help you make the most of it.

How have you seen people sabotage their success?

Direct link to The Bigg Success Show audio file | podcast:
http://traffic.libsyn.com/biggsuccess/00871-072413.mp3

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Entrepreneurs and Squirrels Who Cross the Road

September 26, 2011/in Business Development/by George Krueger & Mary-Lynn Foster

We’ve had an abundance of squirrels in our neighborhood this fall. Entrepreneurs can learn a lot from these furry creatures about storing up a hoard for winter and business cycles.

We were on our way to the grocery store not long ago. In the middle of the road, a squirrel had apparently stopped with its nut in his paws.

We don’t know what happened. We just know he didn’t make it.

Shortly thereafter, another squirrel ran across the road in front of us, with a huge nut in its mouth. We hit the brake hard to avoid hitting it.

It made us wonder:

Why did the squirrel cross the road?

Why did his friend give his life for a nut?

We returned home from our shopping excursion and took a break on our patio. Two squirrels scampered through our backyard – one squirrel chasing the other one.

Apparently, the smaller squirrel had wandered into unfriendly territory. He ran back across the street into familiar turf. Fortunately, he made it back home safely.

What can entrepreneurs and small business owners learn from these squirrels?

Risk increases when you cross the street to chase nuts.

Many entrepreneurs and small business owners focus too much on new customers in new territories.

New is exciting.

New gets the juices flowing.

New feels like progress.

But chasing nuts on the other side of the street means going up the learning curve. It requires taking more risk.

The most successful entrepreneurs are excellent risk managers. They know that “new” comes with more risk.

Larger, more established competitors are lurking. They will guard their turf vigorously. They will try to chase you away as soon as they learn about you.

And there are market forces which you may not fully understand at first. These vehicles can run you over, even when you’re feeling elated by finding a huge nut.

The most successful entrepreneurs devote more resources to growing relationships with existing customers. And looking for more customers nearby – customers who are just like the ones they already serve.

Of course, sometimes you do have to cross the road. But most of the time it’s better to focus on the nuts in your own backyard. It leads to BIGG success!

Would you like to make more money, more dependably? Maybe we can help.

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5 Ways to Start Your Own Business with Less Risk

July 14, 2011/in Business Development/by George Krueger & Mary-Lynn Foster

So you want to start a business?

But you’re not really a risk taker. What can you do?

You might be surprised to know you’re not alone. The most successful entrepreneurs are excellent risk managers.

So today we’ll talk about 5 ways to start your own business with less risk.

Hear George & Mary-Lynn share the 5 ways to start your own business on The BIGG Success Show Podcast. Click a player to listen.

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Start your business part-time

Rather than quitting your job and starting a business, why not start part-time?

Even if it’s not your ideal business, start building a customer base while you still have your regular income.

Your business won’t be burdened with your full salary. You’ll be able to reinvest more so you may be able to grow faster upfront.

Before you know it, you’ll be able to quit your job and devote your full effort to your business.

Get a part-time job

Instead of relying only on your new business to pay all your bills, get a part-time job.

It adds stability to your stream of income. Maybe you can work for your existing employer part-time. Maybe you can get another part-time job to supplement the income from your business.

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We still do this. I host a daily talk show on a locally-owned radio station. It makes for a busy schedule, but I love radio!

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In addition to BIGG Success, I also teach entrepreneurship at our local university. I still thoroughly enjoy the interaction with my students.

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These part-time gigs relieve some of the pressure of owning a small business.

Tag team your startup

If you’re married, can you live on just your spouse’s salary? Or will your spouse’s income cover most of your bills so you can reinvest more profit in your business to make it grow faster.

After you get your business stabilized, maybe your spouse will get the entrepreneurial itch. Your income can help them get started in the same way they helped you.

Find a working partner

You don’t have to quit your job at all to own your own business. Partner up with someone who has the skills and the time for a startup business.

You invest capital. You may also work part-time in the business. As the business prospers, you may eventually leave your job and work in the business. Or you may repeat the process and build a portfolio of small businesses.

Sell your sizzle for a stake

You don’t have to be the entrepreneur to have a stake in a small business. Find an entrepreneur who needs your skills. Negotiate for a percentage of the business in addition to a salary.

There you go – 5 ways to start your own business with less risk.

But remember, you’ll never get to BIGG success if you don’t get started!

If you aren’t sure how to start your own business, shoot us an e-mail at bigginfo@biggsuccess.com or leave a voice message at 877.988.BIGG(2444). Maybe we can help.

Thanks so much for reading our post today. We sure would love to see you here again tomorrow!

Until then, here’s to your BIGG success!

Direct link to The Bigg Success Show audio file | podcast:
http://traffic.libsyn.com/biggsuccess/00718-071411.mp3

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Transform Your Life Like an Entrepreneur

June 27, 2011/in Personal Development/by George Krueger & Mary-Lynn Foster

BIGG success is life on your own terms. It’s about entrepreneuring your life.

You may or may not be an entrepreneur in the traditional sense or not. However, you own your life.

The entire subject of entrepreneurship can be boiled down to six key terms: Read more

Find Your Passion with the Can’t Fail Option

June 3, 2011/in Personal Development/by George Krueger & Mary-Lynn Foster

Here’s a question to ask yourself: If you absolutely, positively knew you would not fail, what would you do?

Would you do what you’re doing now? If so, you can quit reading. But check in next time – we’ll have something just for you, assuming you want to take it to the next level.

Now back to those of you who would do something different. What’s holding you back?

In most cases, it’s fear. Pure and simple. And rightly so. As our friend Jim Bouchard says, “The absence of fear is stupidity!”

How do you overcome it? Here are two suggestions:

Do your due diligence

Passion is great. However, if it’s not combined with evidence, you may find yourself passionately unhappy. Prove out your idea. Remember, where there’s growth, there’s opportunity. Whether you’re thinking of starting a business or changing careers, is the industry growing?

A great resource for this is the Occupational Outlook Handbook from the U.S. Department of Labor’s Bureau of Labor Services. It’s available online and it’s free.

Mitigate the risk

BIGG success is about entrepreneuring your life. Contrary to popular lore, entrepreneurs are NOT risk lovers. However, successful entrepreneurs are excellent risk managers.

They mitigate risk by managing it, sharing it and by seeing it differently.

Risk management

Can you manage the risk by saving extra now and storing it away?

Risk sharing

If you’re thinking of launching a business, could you share the risk with a partner?
Risk perception

Is there something you know that most people don’t? Because of your unique knowledge and experiences, you may be able to look at a situation differently than most people.

As you keep finding ways to mitigate the risk, you’ll reach a point where what you’re contemplating doesn’t seem so risky. You realize you can’t fail. You’re ready for BIGG success!

If you’re contemplating a career change and still have questions, maybe we can help. Check out our coaching programs.

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