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Is Entrepreneurship the Fountain of Youth?

one You probably intuitively know this but studies have proven it as well – our willingness to take risks declines with age. A banker we know says that the difference between junior lenders and senior lenders is …

Junior lenders want as high a lending authority as possible because that shows confidence in their abilities. Senior lenders want as low a lending authority as possible because that gives them cover!

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Entrepreneurs are hot about hot decisions

Scientists at the University of Cambridge recently released a study on “cold” and “hot” decisions by two groups – managers and entrepreneurs. By their definition, “cold” decisions involve little emotional involvement whereas “hot” decisions involved taking risk. The outcome of these hot decisions is unknown in advance; it could go either way – good or bad.

Both the managers and the entrepreneurs in the study were about 50 years old, on average. The researchers found that the managers took risks consistent with their age.

Entrepreneurs, however, made hot decisions –
accepted risk – like someone twenty years younger.

So we can only conclude that entrepreneurship is the fountain of youth. By taking risks, we act younger than we are!

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marylynn
I thought taking risk was the cause of some of the gray hairs I have to cover!

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george
And I thought it was the reason I have a lot less hair than I used to!

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We know that, right now, a lot of us aren’t in a risk-taking mood. But if the past is any indicator, it will be risk-taking entrepreneurs that turn our economy around and start creating jobs.

Risk-taking can be learned

This study also showed that risk-taking can be learned. So you can tap into the fountain of youth by learning how entrepreneurs are able to manage the risk they take.

Contrary to popular belief, entrepreneurs aren’t risk lovers. They are willing to accept moderate risks, in general. However, as we see again in this study, they’re more willing to accept risk than the general population. We can think of four reasons why they do this:

Entrepreneurs may read the situation differently.

They often have insights that people on the outside don’t have so they’re able to interpret the situation differently. We may look at a situation and see a lot of risk. The entrepreneur knows it’s much less risky because of his or her unique knowledge.

Entrepreneurs aren’t paralyzed by risk.

Many people are willing to do everything right up to the point of taking action. They develop analysis paralysis and never pull the trigger. Entrepreneurs analyze to a point, but then they just go.

Entrepreneurs are often able to shift a portion of the risk to others.

It could be the firm’s employees, customers, vendors, or financiers. As entrepreneurs get others to buy in, no matter what the form, the level of risk they are taking goes down to a manageable level. Then they know they can act.

Entrepreneurs are able to handle and live with “entrepreneurial terror.”

They can handle the stress that comes along with the risk. They are able to ride the ups and downs of the entrepreneurial roller coaster ride.

So what we learned today is that entrepreneurs don’t act their age. And that’s one of the secrets to their bigg success!

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Thank you so much for reading our post today. Join us next time when we talk about another study that shows that a happy friend is worth $20,000 in the bank! Until then, here’s to your bigg success!

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Are You Afraid of Success?

afraid We won’t name names. However, we’ve all seen it – usually with a celebrity – a person who is on the verge of bigg success, but then they go through a meltdown.

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We wonder what could have caused it. Usually, it’s a very individual thing but there are some common reasons:

#1 – Self-doubt
You’re not sure that you can handle bigg success. You worry about what you don’t know. You dwell on what you don’t have (a common worry is not having the right degree). You tell yourself all the reasons why you don’t deserve this level of success, even though you’re so close to it.

#2 – Fear of loss
If you become more successful than your friends, what will they think? Will they still be your friends? Will they be jealous of your success? You know the answer to these questions already. What kind of friend wouldn’t be thrilled with your bigg success?

#3 – Fear of embarrassment
This fear is a carry-over from childhood – that adolescent fear of standing out from the group. You’re afraid of what people will think if they see you fail. Which leads us to …

#4 – Fear of failure
You may think that it’s better to have never experienced bigg success, than to have it and then lose it. Somehow it’s better to never get there. But why do you assume it will be fleeting?

The net result is that we talk ourselves out of succeeding bigg. We accept that it’s better to be part of the crowd than to blaze our own trail. We feel more comfortable. It seems less risky. But we’re wrong!

How to conquer your fear of bigg success

#1 – Self-talk is so important.

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marylynnAs a first-time entrepreneur, fear has crept in on occasion. I’ve been lucky to have George around. He’s helped me understand that negative self-talk isn’t going to help you succeed. You have to turn it around.

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georgeEven as an experienced business owner, I still have to battle that little voice that impedes bigg success. You just have to constantly keep telling yourself why you will do it.

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Think of all the things you’ve done right to get this far. Remind yourself of the obstacles that you faced and how you overcame them. Focus on the things that have already gone your way.

#2 – You don’t have to get it perfect; you just have to keep going.
It certainly hasn’t been perfect up to this point, has it? So why would it have to be perfect from here on out? Enjoy the journey. Enjoy the growth you’re experiencing.

Every time we reach another plateau, we celebrate our victory. Then we look back and realize the victory had already occurred. We grew. We learned so much. That’s the real joy of bigg success!

#3 – Success comes one level at a time.
Sure you have to keep your eye on that ultimate goal. But you get there one step at a time. You only have to take the next step.

You’ve learned enough to know how to do that. Perhaps more importantly, you’ve already learned how to find out anything you don’t already know.

#4 – Surround yourself with people who have made it.
We can’t possibly over-emphasize this point. Develop a support network of mentors and coaches. People who were once where you are now, but are now where you want to be.

Don’t be afraid to take those little steps that lead to bigg success!

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Evidence shows that more and more of us are running two businesses simultaneously. Next time, we’ll get some tips from an expert who’s doing just that. Until then, here’s to your bigg success!

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The Riskiest Thing Most of Us Do Every Day

drivingWe saw a great post by John Grohol at PsychCentral called Distracted While Driving. He really caught our attention with one thought. We allow ourselves to be distracted while we drive because we think we’re playing a race against time. In reality, we’re playing against the odds.

A study by Virginia Tech Transportation Institute and the National Highway Traffic Safety Administration found that about 80 percent of all crashes and 65 percent of all near-crashes involved someone who was distracted within three seconds of the event. 

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georgeI plead guilty as charged. I have to admit to using my car as a roaming second office. I store up phone messages and return calls while I’m on the road. .

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marylynnI’m in the car on a busy, busy day with all these things rolling through my mind. That’s one of the distractions that we often don’t take into account. I zone out … I don’t really pay attention like I should. I’m in my own world. .

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Psychologists have identified four types of distractions, according to Grohol’s article.

  • Visual … checking out an accident or looking at a billboard
  • Audible … cell phone calls, the radio, or another person talking
  • Physical … eating, flipping the dial, shuffling your iPod, or putting on make-up
  • Cognitive … daydreaming, thinking about other things in your life

Of course, a lot of distractions are multi-faceted. For example, talking on your cell phone includes three of these – audible, physical, and cognitive.

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marylynnI really do think it saves time. We have a friend who consults with us. He talks to us when he’s on his hour-and-a-half commute home. I can understand why you would use your phone when you have that long drive.

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georgeI won’t dispute that at all, but I now realize more than ever that I have to recognize the odds of something happening and take measures to try to minimize the distractions.

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Changes we plan to make

  • Leave earlier. When we have a lengthy trip, we usually don’t give ourselves the time to stop and eat. We gas, grab, and go … eating on the road. Leaving earlier will allow us time to stop and eat. We’ll probably eat healthier, too!
  • Ignore the phone. Granted, that’s a hard thing to do. So we’re going to turn our ringers off when we’re only going to be in the car for a short time.
  • Change our greetings. If we’re expecting an important call, we’ll change the greeting to let them know when we will be checking our messages.
  • Pull over (if we can). For those rare situations where we have to take the call, we’ll stop driving momentarily.

What's your biggest distraction while driving? 

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Achieving the Impossible Starts with a Dream

By Bigg Success Staff
07-29-08

Leadership Skills

goal

Setting really good, achievable-yet-stretching goals for ourselves isn’t easy. It’s even harder to set goals for your team.

Here’s an idea that would also apply to your individual goals as well. Set goals based on your “most likely” scenario. But don’t stop there. Now set goals for your “best-case” outlook.

Look at your two sets of goals. Now direct all the resources at your disposal for the best-case. You might fall short in the end. However, in all likelihood, you’ll achieve more than you would by just having one set of goals.

When we start to focus our minds on how to achieve any goal, we start finding ways to make it happen. If we set small goals, we achieve small things. If we set bigg goals, we achieve bigg things.

Don’t believe it? Think about Jack Kennedy and the man on the moon, Neil Armstrong. He took a giant leap for all of us when he walked on the moon. Jack Kennedy didn’t have to set a goal of walking on the moon. It was risky – many people thought it was impossible. But he did it anyway – he knew it was important for his country to show the world and, even more importantly, its own people what was possible.

By focusing on a bigger dream, his team got excited about his vision and made it happen. If he had set smaller goals, there wouldn’t have been the same level of enthusiasm. So share a bigg vision with your team, get their buy-in, and go for it! 

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

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