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What’s it REALLY like to be an Entrepreneur?

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Funny story. For several years I was a teacher for the YEA! Young Entrepreneur Academy.  It was an amazing experience – I helped middle school and high school students launch legitimate businesses.  After 9 months, they created a legitimate DBA in the State of CT, asked for money from investors and launched.

On the first day of the class I always asked the students what they thought an entrepreneur was – I wanted to see their vision.  Here are some very real answers:

  • I get to have an office with a chair that spins around
  • I get to be a millionaire
  • I get to have a ton of money
  • I get to do whatever I want
  • I get to take vacations whenever I want
  • I get to be the boss

These were children, but I can tell you that many adults see entrepreneur life through rose colored glasses as well.

Being an entrepreneur IS amazing.  To be honest – I’m not employable – really.  I like being the boss, I like taking vacations when I want – but I also am down for working 80 hours in a week if that’s what needs to happen.

The fantasy driven view of what owning a business is all about is probably one of the biggest reasons many fail – they aren’t prepared for the tough spots.  I absolutely love launching businesses – it’s FUN.  Creating the business plan, designing logos, creating the marketing message, gearing up for the launch – all that is super cool and fuels my soul and creative side.  The rubber hits the road the day after the launch – because that’s when it gets real. You have to run the business, live the business and for most, you ARE the business.

When I was working with the kids and started fleshing out their business ideas – we honed in on what they loved to do and what they were really great at.  When you can combine the combo it works.  Many had hobbies such as sewing, baking, and animal welfare that they felt would make great business ideas.  When I asked them:  Would you like to bake dog treats (or whatever their hobby was) 40 hours a week and spend another 20 working on sales, marketing, and administrative “stuff” – they stared at me in disbelief.  They ASSUMED they would hire other people to do the manual work and they would be sitting in that chair twirling around.

To the children’s credit, they quickly realized that just because you have a hobby doesn’t mean you would want to flip that into a full-time business. Why?  The absolute joy of that hobby could be gone after the first 60 hour work week AND just because it’s a hobby you enjoy doesn’t mean others will pay you for that product or service.

The last point I want to touch on is the money.  You need it and often times lots of it.  I’ve seen many entrepreneurs drain their savings, tap into family and friends, and launch without a solid game plan, solid market research and a long-term vision. The money is gone and the family and friends are far from happy.  Yes, you need to be a risk taker when it comes to money – been there, done that.  You also need to realize there will be many weeks you as the owner will not get a paycheck so you can pay staff and invest back into the company.  Be prepared to be poor.  Some businesses take off immediately and sure, they make millionaires within year one. That is rare – very rare.

To wrap up, entrepreneur life is grand.  It’s hard, it’s easy, it’s frustrating, and it’s rewarding all at the same time.  I wouldn’t have it any other way.

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You are more successful than you think

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In a world where information is constantly being thrust into your face, it’s hard not to feel like you aren’t as good or successful as your friends, family, co-workers, or even celebrities. It doesn’t matter what you are trying to achieve, someone out there is already doing it, and it looks like they are doing it better. Want to lose 10 lbs.? Your friend Jane who just lost 20 lbs. is posting her wins on Instagram, cute gym clothes included. Want to start your own business? Your former coworker Bob just shared his new consulting website on LinkedIn. Don’t even get me started on the success of celebrities. You are a failure, everyone is doing things that you are trying to do and doing them before you and better than you!

If you compare yourself to certain people it\’s easy to feel like you\’re unsuccessful, moving too slow, a failure. That\’s the problem with comparisons. No matter how successful you may be, there will always be someone who is more successful. There will always be someone better, or smarter, or wealthier, or who appears happier. But don’t get discouraged, you are more successful than you think!

  • You have a few close friends. Even with the popularity of social media and the hundreds or thousands of connections you make online, if you have more than two or three close friends, be glad, because the positive effect of relationships on your life span is double what you get from exercising. Who knew! Having a few close people in your life to be social with, talk about your goals, and who know the real you are more than most people have. Not only does this get harder to manage with age, but the more successful you get, the harder it is to weed out the real from the fake.
  • You look at mistakes and failures as a learning tool. Yup, there is something to be learned every time something doesn’t turn out as expected, and if you realize that and grow from it, that’s success! There will always be trials, challenges, and obstacles–but perseverance always wins in the end.
  • You have a purpose. This doesn’t mean you have to find the cure for cancer (although that would be amazing) but you’ve found something that inspires you. It feeds your soul, motivates you, fuels your passion, and you are excited to get up every day and work on it. That’s real success – doing something you love, regardless of how much money you make or what other people think. You\’re living life your way–and that\’s the best sign of success there is.
  • You give – not take. There are so many people out there with the “what’s in it for me attitude.” But real success is finding a way to help those around you. It can be offering your opinion or suggestion on a problem area for a business connection or even helping an employee or coworker with completing a project. You don’t seek the spotlight and enjoy when others around you succeed.

There are many ways to be successful – it’s not just about how fast you accomplish something or how much money you make. There’s a lot to be said for just being happy with your life, having a purpose, and having good people to share it with. In a world with so many smoke and mirrors, and Instagram filters, you never really know the truth behind other people’s “successes.” Trying to compare your life to others will leave you miserable and feeling like a failure.

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What drives you matters

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Y’all know I’m a huge fan of Simon Sinek’s “Start with Why” (ps affiliate link). His philosophy states that people don’t buy what you do or how you do it, they buy based on WHY you do what you do.  That WHY is what creates brand evangelists, followers, groupies – they drank the proverbial Kool-Aid of you and your brand. It’s kind of magical on so many levels.  #gamechanger

Here’s the thing, what motivates you to act matters.  When your WHY motivates you, you have a sense of thrill, a sense of pride, and a sense of calm about your actions even about the unknown.  I’m not suggesting it isn’t scary at times, but your deep seeded emotional motivations will carry you in an amazing way IF you remember WHY you started on the course you did.  Kind of sounds like marriage therapy – doesn’t it?  When couples are at a rough patch, therapists will often ask them to remember WHY they were drawn to each other in the beginning? Why did they fall in love?  What do they love about each other?  The WHY motivation is no different.  What drives you should not only inspire you, it should inspire others.

It’s the same thing when it comes to everything else in life – business, friendships, marriages, hobbies – it doesn’t matter.  What drives you DOES matter.

Compare the WHY scenario  to a fight or flight motivation.  You do something, you take action because you have to, because you are afraid of the consequences or perhaps because you are being forced.  There is no positive emotional connection to the action, it doesn’t bring you joy – the end result, nor the journey

When it comes to being an entrepreneur, I can promise you this is by far one of the most important things to grasp.  You MUST be emotionally and deeply connected to what you are doing if you want long term success.  You must believe in your WHY, so that others will believe it and more importantly so that passion will carry you through the rough patches.

When you don’t love Mondays ( beyond Simon this is my other favorite topic to rant on and on about) – you are in the wrong career, in the wrong space.  If you own a business and dread Mondays you are not driven by your WHY you are driven by a fight or flight.  I’m not talking one bad Monday, I’m talking “Sunday 2pm OMG tomorrow it all starts over type of I hate Mondays”.

What drives you to succeed matters, and it should never be about money. #gamechanger (TWEET THIS)

Money is a fight or flight motivator.  You fear not having enough.  You take actions based on how much you will earn or how much it will cost.  You aren’t driven by your WHY.  Think about that for a minute, I mean really think it through.  How are you motivated?

Sit down and make a list of 10 things that bring you joy, 10 things that you are really great at and 10 things that you want to accomplish in the next 5 years.  If less than 50% of them align with what you are doing right now career wise – consider the possibility that you are not in the right space and that you are driven by some motivations that aren’t aligning with your WHY.

If money is on the joy list – think about why and consider a rethink. What about money brings you joy?  Is it the security?  If so – change the word to security 🙂  just a little mindfulness tip.

This stuff matters, don’t brush it off.  When you grasp this and practice it – it’s a big time #gamechanger

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Devil’s Advocate – Why You Need One

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You might think that a Devil’s Advocate is a bad thing, but it’s one of the best things for your business. Let me explain.

Scenario: A new project or service is being developed and a core group of people are going to be working on it. Sometimes the idea is the brainchild of a boss or department head, and they hand pick their team to work on it. They don’t accept ideas from outsiders, and they are certain it’s going to be the next best thing since sliced bread.

Outcome: They spends time, energy, and even company money to implement the idea and NOTHING CHANGES, or THINGS CHANGE FOR THE WORSE. They get some horrible feedback from clients, etc. Then you start to hear the grumblings from employees saying they knew it was a bad idea or that it wouldn’t work, or they would have done it this way, etc.

When you have a small group of people working on one thing over a long period of time, they develop the same perspective on what is going into the project or what is being taken out. They are all dedicated and loyal to what they are working on, but when the time comes to launch it, they are expecting, whether they realize it or not, for everyone to feel exactly the same way.

Sound familiar? It happens everywhere, and it doesn’t matter if the reason is that the people are too like-minded, or that the boss or leader of the project just won’t listen to anyone, or if the employees are just “yes people” and don’t want to rock the boat or put any extra energy into thinking about the idea. Regardless of the reason, it can be crippling for your business.

The idea of a Devil’s Advocate might sound really negative, but it’s not, well, not if they have the right mentality. As long as they aren’t focusing on just the bad things (a Negative Nelly), and they can offer some alternate ideas instead (they come with solutions, not just pointing out the problems), and they spark others to think outside the box, then having a Devil’s Advocate on your team is a win-win.

Here’s the tricky part though, the big cheese needs to be willing to listen. We’ve had several clients over the year say that they need a change, they are open to new ideas, etc. BUT at the end of the day, they just didn’t listen. They would buck every new idea with why it wouldn’t work, they wouldn’t get their team excited about the new ideas, or they would agree to the idea but then 5 minutes later, they are off on their own path again creating chaos.

How do you know if a Devil’s Advocate (DA) is successfully doing their job? In all actuality, it should be subtle. There should NOT be huge disagreements, people stomping off getting angry, or a project being put on hold until people cool off. A DA just responds to ideas by asking more questions. They ask What If scenarios. They offer some suggestions on doing things different – would it have the same or better outcome. They spark others to think about the actual cause and effect. Their job is to get everyone thinking. If everyone agreed all the time with the first idea that came up, I’m pretty sure we’d still be in the Stone Ages.

It’s how Cindy and I work daily. She might be the one who still signs my paycheck, but if I just Yes’d her on every idea, piece of content, or strategy, I’d never be challenging her or myself. It’s not about being difficult or pushing back, it comes from a place of love and knowing that maybe if we dig a little deeper or consider a different angle, something GREAT will be born instead of something that’s just OK. Now, we make sure we are always moving forward, because progress should never stop, but taking time along the way to make sure we are still doing it the best way at the moment is crucial.

Do you have any great Devil’s Advocate stories, please share, I’d love to hear them? Comment below or send me an email at jenn@staging.redbarnconsultingllc.com.

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Do you have what it takes to be your own boss?

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Are you sick and tired of working for someone else? Putting in long hard hours just to benefit the owner of the company and shareholders? Working the 9 to 5 grind week after week with no end in sight? Yup, we’ve been in your shoes. We know how it feels. Depending on the culture of the place you work at, you feel like just another cog in the wheel. So, are your finally ready to be your own boss and start your own company? GREAT!

The first thing you need to know about being your own boss is that it isn’t all rainbows, glitter, and unicorns. It is liberating and exciting, but it has its pros and cons just like anything else. Before you ride off into the sunset to start your own company, make sure you know what you’re in for.

Setting Your Own Schedule. I think this is one of the biggest draws to being your own boss. You have the freedom to create your own schedule. However, you may find that like so many other business owners, you are working longer hours than you anticipated. You still have the flexibility to determine when your day starts and ends, when you take vacations, and handle all your personal obligations.

Creative Freedom. You determine what your products and services will look liked, when they will be available, and how you want to deliver them. If something isn’t working, you have the power to revise those offerings to ones that customers may respond better to or terminate them if they no longer interest you in providing them anymore.

Creating Your Own Core Values. You get to set the tone for how your company is see. What’s most important. You can align it with your own personal values and infuse it into every aspect of the company.

Money. You don\’t draw a regular paycheck, not like you would if you were an employee of someone else. You get paid with what is left after expenses, taxes, etc. And you are solely responsible for generating your income. If your business idea flops or you don’t follow the right steps to create a successful business, you could lose your entire initial investment. BUT you also aren’t limited to what you can earn. If you work hard and set yourself up for success, it\’s possible to generate great wealth when you run your own enterprise.

Tax Benefits. Business owners can take advantage of a range of tax benefits despite paying higher Social Security and Medicare rates. They are allowed to accelerate or delay particular expenditures, hire family members and write off a greater variety of business expenses. These options can dramatically reduce the tax burden.

Health Benefits and Retirement. You’ll have to pay for your own health insurance unless you have a spouse who works at a company who provides them. If you are purchasing them yourself, you’ll find that you are paying higher premiums vs. what you paid as an employee. You’ll also be responsible for contributing to your own retirement account without any employer match.

Being your own boss can be both satisfying and terrifying. If you put in the hard work and dedication, you can achieve success in being your own boss. Just remember that it does come with its advantages and disadvantages – and you have to look at them all. The best way to make sure you start out on the right foot, is to have a mentor or coach, who can help you set yourself up for success and make sure you are ready to take the leap. Being your own boss can be far more rewarding than you can imagine.

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Who you REALLY want to work with

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What is the Target Client Profile – or TCP?

The Target Client Profile (TCP) is the criteria that makes up your ideal client. Clients who meet the following 5 criteria are the clients you should be on the look out for. We get it, not all your clients right now probably fit into this mold, but it\’s something to strive for. Hey, at the end of the day, having clients who fit into your TCP will make every one happier.

  • You need to have a strategic plan on where you want to be.  If it isn’t necessarily the clients you have now, it’s the clients you WANT to have. Who are they, where do they live, how much do they make, what do they like to do, are they conservative or not, what do they wear, what do they eat…you need to get that granular.
    • Find a picture in a magazine of your perfect client and start adding sticky notes around them that describe them.
  • You need to like them. This is so important. If you meet someone and you just cringe or think I’m going to hate answering the phone when he/she calls. Don’t do it.
  • Don’t be a slave to the almighty dollar – see #2
  • They need to be able to afford you. I never haggle on my price. EVER. I may reduce services, but my brain is worth something. Hell, 55 years of “stuff” in there has value. Don’t haggle or sell on price. If you do, you are training your customer that price is the point and you are a commodity. People will pay for things they see value in.
  • You have to be able to bring them value. If the prospect doesn’t drink your Kool-Aid – you will never bring them value because they will always be questioning your actions. The trust factor has to be there.

And there my friend is the TCP. When you start out you are going to take clients that don’t fit – hey, you have to eat. But if you can afford NOT to do that – you are in a great space. Taking clients that are not in your TCP suck the life out of you and then keep you away from working with your TCP.

Want some weekly advice and brain food? Join my Thursday email list HERE!

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Building the Bike while Riding it

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While in a meeting with one of my favorite clients working on several big projects – all of which have multiple moving parts – my client exclaimed “I feel like I’m building the bike and riding it at the same time!”.

Translation: He felt as if he was figuring out the project while actually doing the project. He was a tad overwhelmed but had a sense of calm that he was made the right decision.

Life isn’t always perfect. We don’t always have the time to plot and plan every detail before we start a business, take on a new client or begin a project. Sometimes life hands you an amazing opportunity and you just have to say, “I’m in – and I’ll figure it out as I go along”.

So how do you know when to risk it and when to back away? Well, there isn’t an easy answer and I am the queen of the risk takers – but here is how I do it:

1. Do I actually have the skill set to do this job/project/business and can it be successful?
2. Do I have the time? What are my personal resources that I can commit?
3. Do I have good resources? Who can help me – where can I pull in the troops?
4. Can I make money?
5. Have I done ENOUGH due diligence and market research that tells me this could work if the stars align?
6. Am I emotionally ready for the challenge of the unknown? This kind of goes back to #2

In the end – it really comes down to you and what you are willing to commit and what are you willing to outsource. You know the saying “You will miss 100% of the shots you do not take” – so sometimes you do need to build the bike while riding it.

What’s the worst thing that could happen if you say “Yes”. If the answer to that is within your comfort zone and the answers to the 6 questions above are “Yes” – build and ride. If not – take a pass, you won’t enjoy the process and in the end the money won’t be worth it. You won’t have the emotional fortitude to survive the ups and downs.

The next time your organizational OCD kicks in and you have the urge to say not in my lifetime to an opportunity – step back for a second. You wouldn’t want to pass up the gig of a lifetime!

Do you have a great bicycle story? We would love to hear it!

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