Sometimes, no matter what you do, no matter what you try, it just doesn’t work, or work to the level it needs to in order to help turn around a failing business. Not all consulting opportunities leave us smiling even though we gave it our all… and then some.
It’s sad, but we must learn from the experience to be better, even just a little bit better for the next time, for the next person, the next client, the next entrepreneur.
Certainly, we must be better for the next opportunity if we are to make a difference. In the end, we must not second guess. Instead, reflect upon the experience and move forward. It does leave me with a question, Does having an entrepreneur’s mindset help or actually hinder being an effective consultant?
“There’s nothing to fear but fear itself” is a very true statement. Unfortunately, that may be easy to comprehend but it’s certainly not easy to act upon. Fear in hearing, “no” makes a salesperson drag out the sales process. Heck, “maybe” is better than “no” is actually their justification.
However, the longer the salesperson hangs onto “maybe” the more time is wasted – time that could be used on realizing other opportunities including actually closing other sales. Of course, there are similar situations outside sales.
Doing nothing when a definitive decision is necessary is often due to fear in making the wrong decision. Not asking a question because of fear that the answer is not what you want to hear is just a delay tactic.
Fear causes wrong decisions, procrastination and so many different things that are certainly not progressive or proactive. Typically, it starts a domino effect of reacting, and like dominoes, once they start toppling over it’s difficult to stop the momentum… and quickly, it gets away from you. So, realize your fears, act decisively and move forward but don’t let fear paralyze you.
“Fear” as defined on Wikipedia
Fear is an intensely unpleasant emotion in response to perceiving or recognizing a danger or threat. Fear causes physiological changes that may produce behavioral reactions such as mounting an aggressive response or fleeing the threat. Fear in human beings may occur in response to a certain stimulus occurring in the present, or in anticipation or expectation of a future threat perceived as a risk to oneself. The fear response arises from the perception of danger leading to confrontation with or escape from/avoiding the threat (also known as the fight-or-flight response), which in extreme cases of fear (horror and terror) can be a freeze response or paralysis.
In humans and other animals, fear is modulated by the process of cognition and learning. Thus, fear is judged as rational or appropriate and irrational or inappropriate. An irrational fear is called a phobia.
Fear is closely related to the emotion anxiety, which occurs as the result of threats that are perceived to be uncontrollable or unavoidable. The fear response serves survival by engendering appropriate behavioral responses, so it has been preserved throughout evolution. Sociological and organizational research also suggests that individuals’ fears are not solely dependent on their nature but are also shaped by their social relations and culture, which guide their understanding of when and how much fear to feel.[page needed]
Fear is sometimes considered the opposite of courage; however, this is incorrect. Because courage is a willingness to face adversity, fear is an example of a condition that makes the exercise of courage possible.
Sometimes no matter how well we plan and how much effort we dedicate to something, we fall short of our goal and the end-result causes a variety of challenges and problems. Ultimately, it can adversely affect financial position, reputation, relationships, team spirit and much more. It can also start to spiral into personal life and affect family, health and overall well-being.
Unfortunately, such situations are often perpetuated by denial by placing one own’s head in the sand.
Well, when our head is in the sand, our most vulnerable ass-et is sticking out in plain view. Some will laugh. Others will point and snicker, definitely telling others. And a few will take advantage of the situation and current position of vulnerability. Sadly, we put ourselves in that position. Not because we swung and missed. Not because we didn’t see the forest for the trees. And not because we just flat-out saw something that wasn’t there. Instead, it’s because we didn’t keep our head high, accept the situation, learn from it and move on, and with laser-focus. That is exactly what entrepreneurs do when faced with failure.
Small business and restaurant resales are on the rise making it an excellent time to consider owning your own business brokerage office.
A Business Broker is a professional executive, equipped with the knowledge to successfully complete the sale of an existing business, franchise or business opportunity. As the owner of your own business broker office, you will be working on a daily basis with other professionals: business owners, buyers, seasoned entrepreneurs as well as top executives in national franchise companies.
You will serve people from all walks of life. They will come to you for help to buy or sell a business. You will be their negotiator, counselor, marketer, broker, advisor and teacher. You will shape many futures. Your personal integrity will be supremely important. You will stretch your creativity and draw on all your knowledge and experience.
Our National Partner, Empire Business Brokers has successfully trained people from many walks of life to become top producers and business brokers. Our success stories include CPA’s, Attorneys, Bankers, former mid to high level management executives; others who have successfully operated their own businesses, and people with a high ambition to learn. People who feel that they are ready to expand their capabilities with the leader in a dynamic and growing industry will feel at home with Empire Business Brokers!
ADVANTAGES OF OWNING YOUR OWN BUSINESS BROKERAGE:
– Executive business opportunity – Low initial investment from $25k – Multiple profit centers – Excellent commissions – No royalty or commission split… Not a Franchise! – Growing database of buyers, businesses & franchises – Initial training, marketing assistance and on-going support – Network of 70+ offices throughout the U.S. and abroad – Brand founded in 1981
Why is their reluctance to say, I am an entrepreneur? I’ve been asked that question many times. Heck, I’ve asked that question of myself on more than one occasion. It seems, at times we’re prouder to call ourselves, Founder or CEO or to say, I’m a business owner. Why is that?
Are those titles more respectful than, entrepreneur? Yet, we hear of late, we’re in an entrepreneurial economy. So, is that a bad thing or a good thing, and especially if we have a hard time fully admitting to entrepreneurship? Or should we just be entrepreneurial in how we approach our work, whatever that truly means?
Are we claiming to be in an entrepreneurial economy to justify the disappearance of the lifelong career at one company and this is just a way to say we need to create and prove ourselves over and over again, and forget the gold watch?
Back to the reference of being an entrepreneur… Is there a stigma of being a dreamer, always looking for something better, bigger, faster as opposed to what some believe is mundane, repetitive work with the security of a paycheck? Often, I hear it’s mostly due to yesterday’s immigrant mindset of being thankful to just have a job, yet it’s that same immigrant mindset that is the epitome of entrepreneurship.
Actually, I believe it’s because of fear – fear of failure, fear of what other people think, fear of the unknown, fear of the what if, fear of starting over, fear of change… But it’s when those fears are hit head-on and the adrenaline rush of success far outweighs those fears because you know, deep in your heart that you have a deeply ingrained talent that can and will make a difference.
Does that mean failures aren’t possible? Hell no, but it’s working through those failures, those blips, those aberrations that provide experience and resiliency to improve and innovate to make the next step, the next task, the next venture successful. That is entrepreneurship. And it’s when I don’t consider what I do as entrepreneurship, is when failure mostly occurs. Conversely, it’s when I focus on what I do as an entrepreneur, complete with that thinking outside the box and failure is not an option perspective, and when focused more on results as opposed to opinion of others, THAT is when success mostly occurs.
Yes, I’m an entrepreneur. My focus will stay as such as it is not only good for me, but also for my family and for those that rely on me to help them achieve their wishes, hopes and dreams! Why? Because I believe in possibilities, as without them, there are none.
There are many reasons to consider multi-unit ownership and especially in today’s business environment when many prime locations are becoming available by the day. Single and multi-unit franchisees seeking to capitalize on these opportunities may or may not be right to expand their business by adding locations unless they’re effectively prepared to do so to ensure success.
Typically, expansion is the result of an opportunity or challenge that presents itself – an empty building, a fellow franchisee going out of business and even a competitor expanding into the local market. Unfortunately, many fail transitioning from single unit operations to multi-unit as well as expansion from one market to another or even from one side of town to the opposite side of town.
The key to multi-unit success is being prepared, developing a plan and most importantly, answering very important questions with honest responses. Listed below are some of those questions:
Why does multi-unit ownership excite you? What does a day-in-the-life of a multi-unit operator entail? What do you hope to achieve thru multi-unit ownership? What is your long-term vision with multi-unit ownership? What skills are required for successful multi-unit ownership? Would you consider your current operation a success?
How important are systems to a multi-unit operation? Will you operate two businesses or one enterprise? How will your responsibilities change in a multi-unit operation? Do you enjoy managing people? Do you delegate well? How important is record-keeping to a multi-unit operation? How important is accountability to short and long-term success?
Is bigger really better (and easier)? Is it truly perception or reality? Does one plus one equal two, three, one, or zero? Beyond financial benefits, how does economy of scale present additional advantages?
How important is location to your long-term vision? Why is location of the second or next store or restaurant critically important to a multi-unit operation? Is there really economy of scale in marketing and public relations for a multi-unit operation? What will be necessary to capitalize on economy of scale possibilities?
Can your decision stand the test of time? How do you know when you’re ready to further explore multi-unit ownership? What steps must be taken to get from thought to reality? How must you prepare for multi-unit ownership?
What happens if the second or next location fails? What happens if the first or other location(s) is/are adversely affected by the new location(s)? What happens when you want to retire or move on? Does this complicate your exit strategy goals?
How will multi-unit ownership affect your personal life? Understanding risks involved, are you willing to proceed? Are you comfortable with being an entrepreneur as opposed to just a business owner? Are you considering multi-unit for the right reasons? Are you (truly) committed to move forward? Do you NEED to do this now? Do you REALLY NEED to do this now? AND… do you truly love what you’ve been doing up to this point?
Upon honestly answering these questions you’ll have a snapshot of things you may need to put into place and/or improve upon along with a better idea of whether or not multi-unit ownership is right for you.
Note: Franchisors should require franchisees requesting multi-unit ownership to answer these questions and utilize the responses as part of their approval process.
The Great Resignation is already drastically reshaping the corporate landscape, but its impact could have repercussions far beyond big businesses.
A new survey indicates that the sizable number of people who are considering leaving their jobs aren’t just looking for new ones with better benefits or salaries. Some see it as a chance to start their own companies – and the result could be a massive influx of entrepreneurs and start-ups.
Since mid-2021, Americans had filed paperwork to start 3.2 million businesses, according to the Census Bureau. That’s a 41% increase over the same time frame in 2020 (which saw the most applications since the Bureau began tracking them) – and a 61% increase over the same period in 2019.
There have been more than 6 million filings since the pandemic began.
Read the Entrepreneurial Boom Could Be LoomingHERE.
The Ten Most Common Types of Entrepreneurship
While the basic principles of entrepreneurship are the same—planning, starting and operating a business—the distinct nuances and skills needed vary depending on the type of business you plan to start. Becoming an entrepreneur requires the ability to define these differences and pinpoint the unique elements that are needed.
Traditionally, entrepreneurship is categorized into four main types: small businesses, scalable startups, large companies and social entrepreneurs. These models cover the fundamentals of starting a business and focus more on the company itself, rather than the qualities of the entrepreneur.
“However, just as the world continues to change, so do businesses. This means new opportunities for risk-taking and innovative game changers to pave the way in diverse entrepreneurial ways.”
With this in mind, even though there are quite a few similarities when it comes to the challenges that all business owners will face, there are certain types of entrepreneurship defined by the skills, characteristics, and personality traits of the entrepreneur. At the end of the day, it is the way you choose to run your business that makes them differ from one another.
Read more about the various types of entrepreneurship HERE.
How To Switch From An Employee To An Entrepreneur Mindset
Being an entrepreneur is an exciting and rewarding undertaking and, if you’re motivated by the thought of being your own boss, don’t be put off by the changes you’ll need to make to become a success. Not having one boss can mean you now have many, when you’re answering to your customers, your bank manager and the large number of people who are going to be looking to you for answers.
Being an entrepreneur isn’t the same as being an employee – no matter how high up the career ladder you’ve climbed. But the freedom you get as an entrepreneur means that you can develop your business, and run your life, in the way you think is best.
Read more about making the transition from employee to entrepreneur easier HERE.
“I always thought you needed to be innovative, original, to be an entrepreneur. Now I have a different perception. Entrepreneurs are the ones that make things happen. (That) takes focus, diligence, discipline, flexibility and perseverance. They can take an innovative idea and make it impactful. … successful entrepreneurs are also ones who take challenges in stride, adapt and adjust plans to accommodate whatever problems do come up.”
– Steve Blank launched the Lean Startup movement. His work has changed how startups are built, how entrepreneurship is taught and how existing companies and the U.S. government innovate.
Entrepreneurs Who Create Startup Businesses Have to Be Crazy
People who start companies are, without a doubt, just a little bit crazy. And people who start more than one company? Deranged lunatics — all of them! Why? Because it’s insanely hard! You’re signing up for a ridiculous amount of work. Your startup journey will be the wildest ride of your life.
Do you plan your business strategy like you’re playing chess or poker? But, before you answer, consider the following…
“Industry executives and analysts often mistakenly talk about strategy as if it were some kind of chess match. But in chess, you have just two opponents, each with identical resources, and with luck playing a minimal role. The real world is much more like a poker game, with multiple players trying to make the best of whatever hand fortune has dealt them. In industry, Bill Gates owns the table until someone proves otherwise.”
We never really hear enough about courage. The courage to take a risk, to stretch limits, to push forward, to go beyond, to keep moving… to make things happen regardless of the challenges in front of us.
Think about the early-day pioneers crossing the Midwest when they first caught a glimpse of the Rocky Mountains and stared at them getting bigger and bigger as they approached over a few days. What unbelievable courage they must’ve had to continue not only towards the mountains, but up into them and through them, often having to go north or south for awhile to keep making progress forward, and despite the elements of weather and resulting hardships. They believed in their dreams and as a result of their relentless courage, their goals were achieved.
The Cowardly Lion’s Thoughts on Courage
In his most famous song, the Lion muses on what it would be like if he had any courage (not realizing he already has plenty):
Cowardly Lion: [singing]
I’m afraid there’s no denyin’
I’m just a dandy-lion
A fate I don’t deserve
I’m sure I could show my prowess
Be a lion, not a mouse
If I only had the nerve.
Many people have a dream of owning a business. It’s an American Dream!
However, whether doing so as an independent business or as a franchise there are important initial steps to take to ensure their dream-turned-reality starts off on the right foot.
Improve Financial Health
Review and analyze personal finances. As a first step, it’s essential to understand income coming in and expenses going out each and every month of the year. Think ahead to bills that come due quarterly or annually.
Plan a firm budget. The goal is to ensure living expenses are met for a minimum of one year after starting a business. If a vacation is planned during this period, it must be included in the budget. Pay off all short-term debt to the extent it’s possible and practical to do so.
If savings or income from investments are not allocated for living expenses it’ll be necessary for personal income to continue through year one. Lenders will require a solid plan that is not dependent upon first year income from the new business. This may require a spouse or life partner continuing their employment while the business gets on firm footing.
Review credit reports for accuracy. Challenge all errors and keep records of the same. Organize all financial records including bank statements, investment account records and insurance policies – auto, health & life.
Consider working through the above with an independent financial coach who can provide valuable professional insight and perspective. From a confidential, non-judgmental position they can help resolve some issues requiring attention that may have initially appeared to have been barriers to business ownership.
Network as Much as Possible
Meet with members of the local business professional services community – bankers, attorneys, financial planners, accountants, realtors. Share plans to start a business within the community. Develop a network of these professionals and keep them apprised of progress.
Attend and actively participate in networking events well in advance of commencing business operations. Networking provides great benefits from a very early stage including introduction of the business to the community, support from fellow business owners and assurance of a busy grand opening.
From visiting with business professional to attending local chamber meetings to participating in community functions, personal involvement starts to establish a long-term commitment to the community. Owning and operating a business is about establishing and building relationships. Do so as early as possible.
Be Honest with Yourself
Although working through due diligence is essential it’s important not to over-analyze to the point of procrastination… or even, paralysis. Taking the necessary steps outlined above should set a foundation of being well-informed and yes, a foundation of comfort and confidence, as well.
But, only with an honest evaluation that the steps were actually taken and worked through should a final decision be made to move forward.
Many people think startups are up and to the right all the time. But more exhibit this startup curve than any other growth pattern. Of course, some never get past the “trough of sorrow”. But many do. Mostly by staying focused on the problem they are trying to solve and working diligently to get to the promised land.
Would love to hear some thoughts on this from today’s entrepreneurs!