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Image of 2 arrows and charts for our blog post about reverse side hustles

Reverse Side Hustles: More Money, Less Risk

Image of 2 arrows and charts for our blog post about reverse side hustles

A reverse side hustle can help you make more money while lowering your risk. We share three principles of finance, so you understand how this works.

We discussed reverse side hustles on The BIGG Success Show today. Here’s a summary of that discussion.

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Risk and Return: How Entrepreneurs Outperform Bankers

When it comes to risk and return, entrepreneurs and bankers take polar opposite approaches. But surprisingly, not in the way conventional wisdom suggests.

We saw an interesting study about the difference between corporate thinking and entrepreneurial thinking.

Corporate thinking is what we learn in business school. It’s exemplified by bankers in this study.

2 ways to approach risk and return

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Ask These Two Questions or Expect to Fail

ask these 2 questions for BIGG SuccessAn inquisitive nature is one of the secrets to BIGG success. But there are two questions which you can’t afford not to ask.

If you don’t ask these two questions, you can expect to fail. One of them will help you think bigger. The other one will help you move forward.

The question to think bigger

There’s a question children ask incessantly. They ask it so much that it can drive us adults absolutely crazy.

It’s a simple question but it packs of powerful punch. The question is:

Why?

Kids have a certain natural curiosity and a sense of wonderment about the world around them. It’s one of the secrets behind their creativity.

Yet we seem to lose it quickly. In fact, research shows that we lose most of our creativity by the time we leave the first grade.

We need to learn to ask “Why?” all over again. Only there’s not much to learn.

It’s more a state of being. But as adults, we have to begin with a state of consciousness.

We need to make asking “Why?” a habit. It won’t happen overnight. But you can develop this practice day by day.

What in your world demands asking “Why”?

The question to move forward

However, there’s another question which is just as important. In fact, it may be more important. Ask:

Why not?

What do you really want to do with your life? What’s holding you back?

Why not ask yourself “Why not”?

Why not go for it? Why not try? Why not just do it?

Why not stop regretting? Why not start living?

Why not give up the grind? Why not pursue your passions?

Most people are driven by fear. So ask yourself “Why not” so you really start to understand what you’re afraid of.

Many people tend to magnify the negative possibilities. They quickly get too scared to try to do anything to make their lives better.

People who reach BIGG success understand the negatives. They quickly work to minimize the negatives so they can take action without much risk.

Why not start living life on your own terms today? If you’re not sure where to start, maybe we can help.

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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.


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[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

Entrepreneurs Must Be Crazy

crazy entrepreneur | BIGG SuccessYou have to be crazy to be an entrepreneur. That’s what a lot of people say.

And many, many more think it; they just don’t say it out loud.

This opinion is expressed in many forms. We’ve grouped them into two ways of thinking: the old school approach and the new edition.

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


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[haiku url=”http://traffic.libsyn.com/biggsuccess/00738-092211.mp3″ title=”The BIGG Success Show #738″]
The old school

The old school said that the only people who become entrepreneurs are people who no one else will hire.

They aren’t smart enough.

They don’t have the skills.

They can’t keep a job.

They don’t have a choice.

BULLoney!

The new version

The new version of this thought process is a little more subtle.

It says that if you can get a job instead of starting a business, do it. It’s much easier.

We agree.

But it begs the question: Is easy your goal?

The problem with this way of thinking is that it assumes it is.

What if your goal is personal and professional fulfillment?

What if your goal is to make a difference?

What if your goal is to see how far you can go?

What if your goal is to directly see the results you can create?

If that’s the case, then NOTHING beats entrepreneuring.

Risk

But being an entrepreneur is risky. Working for someone else is less risky.

Again, we call BULLoney!

Tell that to all the people who got laid off in the Great Recession who are still looking for work.

Tell that to all the people who have started a part-time business just to feel like they have some control over the lives.

Tough is not crazy

Is it tough? Of course it is.

BIGG success in any endeavor is NOT easy. BIGG goal-getters don’t care.

If you want to do something BIGG with your life, it’s going to be hard. You’re blazing a trail few people dare to go down.

And if you’re a real entrepreneur, you don’t care. It’s just part of the game.

Besides, you’re too busy saving the world – or at least your corner of it!

That’s BIGG success!

Do you have an idea for a full- or part-time business but aren’t sure where to go with it? Maybe we can help.

Direct link to The Bigg Success Show audio file | podcast:
http://traffic.libsyn.com/biggsuccess/00738-092211.mp3

Image in this post from kevinsaysthings