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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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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

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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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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

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Create Your Future for BIGG Success

stepping stones | BIGG SuccessBIGG success is life on your own terms. It’s about entrepreneuring your life, taking full control to design and build the life that fits you perfectly.

Money is one of the five elements of BIGG success. Money ain’t everything, but it sure comes in handy.

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


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Show #715″]

How the rich got rich

Would you put all of your money in a single investment?

Of course not. Financial advisors tell us to diversify our portfolio.

You want a portfolio of assets – we often think of stocks and bonds. But the most sophisticated investors also include alternative investments like venture capital and real estate.

“Isn’t that because they’re wealthy?” you may be asking.

According to research, the people who get rich – self-made millionaires – almost always invest in these alternative investments.

The riskiest investment of all

So let’s get back to the point of our original question. We’ve determined that we wouldn’t (and shouldn’t) invest all of our money in a single asset.

So why would anyone count on just one source of income?

Yeah, as in a job.

Doesn’t a job provide more security?

Ask all the people who were laid off and are still out of work.

So what’s the answer?

Don’t put all your eggs in one basket.

In other words, diversify your income just like you would your investments.

A job can be one of your sources of income. We just need to move past this old, tired notion that a job equals security.

Take control and create your future

You and you alone own your life. Take control of it. It’s a very special enterprise.

And you’re the entrepreneur of your life. You’re in charge of it. Think like an entrepreneur. Don’t try to predict the future. Create it.

The secret to doing that relies in moving beyond just having a job. Who can afford to take that much risk these days?

So you start controlling your future by creating a second source of income now.

You may buy a second house as a rental property. There are a lot of great deals right now. Or you may start your own business.

See what we’re doing. Just like sophisticated investors keep some alternative investments in their portfolio, we’re suggesting you earn some alternative income.

Income that offers the potential for significant returns on your time.

There’s the key – time is another one of the five elements of BIGG success. It’s your most precious resource.


But who has the time for a second source of income?

Nobody.

You will never have the time.

You will never find the time.

You have to make the time to be a BIGG success!

If you’re ready to start creating your future but don’t know where to start, maybe we can help.

Image in this post from Eastop

Direct link to The Bigg Success Show audio file | podcast:
http://traffic.libsyn.com/biggsuccess/00715-070511.mp3

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Take It to the Next Level in Your Career

the next level in your career | BIGG SuccessWhat would you do if you positively knew you would not fail?

Our last post was directed to people who would choose a career change. In this post, we’ll focus on people who would not change careers.

As a BIGG goal-getter, you may be satisfied with your work but you want to take it to the next level.

Let’s “reverse entrepreneur” this process. Ask yourself: Why aren’t you at the next level already?

It may be that you don’t want it badly enough. It may be that you’re not willing to pay the price to reach it. But for BIGG goal-getters, it generally comes down to one of three things:

What you know

You may feel like you need some education. It may be formal education or, more likely, it is some sort of certification or continuing education within your industry. What’s holding you back? Go and get it. Remember the hardest part is getting started.

Who you know

You may not know a “critical somebody” who can help you get to the next level. Here’s the good news: chances are someone you already know can connect you with them. Just let the people in your network know who you want to meet. Don’t be afraid to ask them to help.

Fear

In many cases, there’s a mental block. You’re scared – scared to take a risk, scared of failing, scared of being embarrassed. Deep down, you may even be afraid of “outsucceeding” your friends. This is often the real source of the mental block.

Now here’s how you get to the next level:

Step 1 – Determine the source from the list above

Do an honest assessment. Talk to people close to you. Reach out to trusted advisors. Do some real soul-searching.

It may be a combination of the two or even all three of the above items. The key is to identify all the things that are holding you back. Then you’re ready for the next step.

Step 2 – Write down your goal

Get it out of your head. Write it down and post it in a place where you will see it every day. Read it out loud in the morning. Repeat this again right before you go to bed.

Find pictures that represent what reaching this goal will mean to you. Post these pictures where you will see them frequently. This step helps you make the intangible goal more tangible by making it visual. The repetition helps seal it in your brain.

Step 3 – Set milestones

Now that you have your BIGG goal, create the stepping stones. Write down the steps you will take to reach your goal. Be sure to include a due date for each step.

Pick out a reward for reaching each milestone. You may even make each reward progressively bigger as you get closer to your ultimate goal. Put up pictures of your reward with the due date so you keep it ever present in your mind.

You may also use a calendar. Put a number on each day to represent how long you have until the due date for your next milestone. Make an “x” as each day passes to help you keep your sense of urgency.

Step 4 – GO!

Nothing happens until you take action. So GO…BIGG success is waiting for you!

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Two Myths That Keep Entrepreneurs from Getting Started

bet on jockeys not horsesThere are two related myths that keep many would-be entrepreneurs from ever getting started:

Hear George & Mary-Lynn debunk these myths on The BIGG Success Show! Click the player to listen.

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It ignores a basic reality – your idea is not nearly as important as your execution of that idea. Being in the “right place at the right time” is great but only if you know what to do with the opportunity.

While our society seems to perpetrate these myths, the professionals know better. Bankers and venture capitalists say they bet on jockeys, not horses.

So think about your idea. But then ask yourself: Can you deliver…

  • hard work smartly?

    It’s the old “1% inspiration, 99% perspiration” thing. Are you willing to do the hard work? Can you prioritize so you’re focusing on your most important tasks? Can you turn sweat into equity?

  • progress daily?

    Results are what you’re really after. But in the earliest stages of a business, you really just need to see progress. Focus on moving forward at least a little bit every day.

  • solutions profitably?

    Thrilling customers by helping them solve a problem is critical. However, you’ll never reach stabilization if you aren’t able to charge enough. You must earn a reasonable return, given your risk, for the time and money you invest.

  • strength flexibly?

    You must be mentally, emotionally and physically tough to be an entrepreneur. You need strength to press on with your strategy in the face of seemingly insurmountable obstacles. At the same time, you must have the strength to admit when there is a better way.

Your idea is important. Today, however, you can test most of them inexpensively. So spend some time fleshing out your idea but then do something with it! You can’t be a BIGG success if you never get in the race.

Do you have an idea but aren’t sure what to do next?

Are you a startup struggling with execution?

Maybe we can help; check out our coaching packages.

Direct link to The Bigg Success Show audio file | podcast:
http://traffic.libsyn.com/biggsuccess/00699-051711.mp3

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