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3 Brutal Truths About Starting Your Own Business

opening the door to business ownership | BIGG SuccessAre you unhappy with your job?

Do you dream of starting your own business?

Wouldn’t it be nice?

Being your own boss.

Setting your own schedule.

Getting paid what you’re worth.

We tend to romanticize what we don’t have. Looking in from the outside, all we see is the glamour.

Let’s talk about the brutal truth of these three commonly held beliefs about starting a business.

Hear George & Mary-Lynn talk about the 3 brutal truths on The BIGG Success Show! Click a player to listen.


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Be your own boss

No more working for “the man.” No longer having to put up with the bull. Not answering to anybody.

The fact is you will answer to more people than ever:

  • Customers

To start, every single one of your customers is your boss.

Sure, it’s different. Sure, if you have enough customers, you can afford to fire one now and then.

But if you want to be a BIGG success in your small business, you better get really good at serving your customers.

  • Financiers

    Your financiers are your boss. It’s the golden rule: He or she who has the gold makes the rules! They will likely set parameters within which you must operate.

Of course, if you don’t need outside funding, you won’t have to worry about these bosses.

  • Government

    As a small business owner, you will answer to governmental entities at the local, state and federal levels. Once you hire your first employee, the requirements will escalate. Certain businesses are more regulated than others but every small business deals with government.

  • Employees

    Employees as your boss? Are we nuts? Stick with us for just a minute.

    If you believe in servant leadership, you may think of your employees as your boss even though it obviously isn’t the case.

    We believe that it’s the leader’s job to make it as easy as practically and financially possible for each and every employee to do his or her job.

Set your own schedule

Can you picture it? Rolling into work late. Taking a long lunch. Leaving the office early. Afternoons on the golf course. Long vacations. What a life!

What a lie!

The reality is that, when you first start your business, you will probably work more than you ever have in your life.

You’ll have to, unless you have a lot of money to pay for help. But then, you’ll be flowing red and you’ll feel even more stress to reach break-even.

Of course, once your business is a BIGG success, you may be able to back down on the time you spend on it. But that will take years, if not decades.

Get paid what you’re worth

Finally, you will be compensated for your effort. Your true value will be valued. You can set your own pay.

The truth is not quite so pretty. You may not be able to afford to pay yourself as much as you make now.

Of course, in time, you better make more money. But you have to plant in order to harvest.

You will invest both time and money. You deserve to be compensated fairly for both.

But it won’t likely happen right away. Chances are, you will subsidize your business for a period of time. (Unless, of course, you raise more money. In that case, see the discussion above about financiers and the golden rule.)

If you no longer want to be an entrepreneur, great! We’ve accomplished something here today. You’ll be spared the financial and emotional costs of starting your own business.

If after reading all this, you still have that feeling in your gut – you just have to do it; you cannot accept not trying; you have to start your own business.

Great! We’ve accomplished something here today. You’re ready to start your own business with your eyes wide open. It leads to BIGG success!

If you aren’t sure how to get started, shoot us an e-mail at bigginfo@biggsuccess.com or leave a voice message at 888.455.BIGG (2444). Tell us what you’re thinking about. Maybe we can help.

Direct link to The Bigg Success Show audio file | podcast:
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Do Entrepreneurs Hate Risk as Much as Professors?

risky ride | BIGG SuccessWe saw a great article over at Business Week by G. Michael Maddock and Raphael Louis Viton, respectively the CEO and President of Maddock Douglas.

They note a new phenomenon:

Large companies are hiring professors to teach them how to innovate.

The authors assert that it’s misguided:

“What big, process-driven companies need is to learn how to think like entrepreneurs. And it may surprise you that entrepreneurs hate risk, too. Unlike many professors, entrepreneurs feel comfortable not knowing what comes next, but they don’t see this as risk.”

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George KruegerI feel stuck between two worlds – I’ve taught entrepreneurship at our local University for years and I’ve been an entrepreneur even longer.

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Mary-Lynn FosterYou have the heart of an entrepreneur, though, George. It’s definitely where your passion lies.

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According to the authors, entrepreneurs mitigate risk by:

This is great advice for those of you thinking about starting your own business. Contrary to popular myth, successful entrepreneurs are not risk lovers. However, they are excellent risk managers.

They think differently. In business school, we learn that you have to take larger risks to earn a greater return.

Entrepreneurs know this isn’t necessarily the case. They focus on making the downside acceptable and let the upside take care of itself.

Do you have an idea for a business? Could you use some help reducing the risk? Check out our coaching packages.

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5 Questions to Ask Before You Work with Your Spouse

By Bigg Success Staff
06-15-08

Work – Life Balance

spouse 

Here’s a way to integrate your personal and professional lives – work with your spouse. It’s a great way to spend time together while building a business and your careers.

Of course, just because you have a happy marriage doesn’t mean you’ll have a successful partnership. Not all couples can or should work together.

So how do you know if it might work for you? Sit down with your spouse and have a frank discussion about the following questions about your personal dynamic.

How did previous projects go?

Look at projects you have done together in the past. Two common ones are building a house or tackling a major home remodeling. These projects can be very stressful so they make a good test of how you will handle the rigors of business. 

Was it a smooth process?

If things went smoothly, that may be a good sign that you are cut out to work together. Business partners have to be able to get along to get ahead. You need a large degree of harmony if two people are going to work well together.

Do you agree too much?
If you agree about everything, one of you isn’t needed! Disagreement on how to proceed often leads to a better strategy than either partner originally imagined. It’s good to disagree; it’s bad to be disagreeable. That leads to our next question.

Was it rife with conflict?
As we just said, a certain level of conflict is good. However, if you fight each other every step of the way, it won’t work. Don’t even try to go into business together. You may consider each starting your own business, but you shouldn’t work together.

How did you handle conflict?

If you had a little conflict, that’s good. Now think about how you handled it. Were you able to discuss issues rationally? Did you reach an agreement on how to proceed? Were you both able to move on once you did? If so, you may be a good fit.

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