In this the final segment of the Preparing for War: You vs. Recession series, I’d like to focus on YOU. That means, YOU the entrepreneur, the founder, the business owner, the leader, the CEO or whomever is charged with business performance and ultimately, the business succeeding according to defined goals. Especially in challenging times, how do we ensure that you perform at the highest level possible without stressing out and /or burning out?
At Acceler8Success Cafe, we’ve spent a great deal of time discussing mental health awareness and especially as it relates to entrepreneurship, business ownership, and leadership. Articles I’ve previously shared here about Mental Health are appropriate to share for this final segment of the series.
In late-May as Mental Health Awareness Month was coming to an end; I shared the following:
Certainly, the past couple of year has had us facing many uncertainties which, quite frankly took us on an emotional roller coaster. Mostly, the driving force has been fear. I’ve realized my own fear once I was able to admit being scared. Hey, at my age and the fact I’m not in good shape, I must be realistic. So, I’ve worked through my fear and in doing so, maybe I can overcome it. As fear is such a strong emotion that easily grips the soul, it will take time and patience to overcome such a grip.
Little by little I look forward to continuing to pry it away as fear is replaced by courage gained from confidence that fear is just a challenge to be conquered. The great thing is that some of the challenges don’t have to be tackled alone. Instead, collaborative efforts aligned with common goals truly exemplify the phrase, ‘strength in numbers’ and it’s that strength that ultimately conquers fear. Easier said than done? Possibly, but the alternative is being overwhelmed by fear and that, I’ve recognized is not living.
Loneliness, Depression, Fear: All Contribute to Mental Health Issues
Some, but not nearly enough has been written about entrepreneurs & celebrities and their battles with mental health. Loneliness and depression continue to occur within the ranks of both groups at an increasing rate and although failure (or fear of failure or a drop from superstar ranks) may be a driving force, it’s often not the sole deciding factor.
Is it the quest for perfection? Is it a blinding passion that nothing else is visible? Or a control issue where no one can do it better, so it’s dealt with alone?
Michael Dermer has written a great book, The Lonely Entrepreneur and has developed a membership site of the same name that is a great resource for entrepreneurs. Strategic Coach has developed a great program for entrepreneurs. There are others, as well.
But are current efforts enough to slow down the alarming rate of suicide among entrepreneurs – and often more in the spotlight than entrepreneurs, celebrities? As successful as they were, what were the deciding factors leading to the suicides of chef and TV personality Anthony Bourdain and fashion designer Kate Spade?
The deaths of Bourdain and Spade by suicide have thrown the spotlight on celebrities and depression. Instead of bringing them happiness and freedom, for many, being sought-after, rich and at the top of their game leads to an identity crisis and ruminations on their self-worth.
And now, Naomi Judd, one-half of the iconic country music duo The Judds, reportedly died by suicide after years of struggling with mental illness.
This is a topic that must be brought front and center as we continue to grow as an entrepreneurial society with approximately 60% of the labor force in some type of self-sustaining endeavor whether it’d be as freelancers, sole practitioners, professional service providers, contractors, solopreneurs, and increasingly, musicians, artists, and authors.
Why is suicide more common among entrepreneurs, celebrities and creatives?
Noted Bollywood actor and television star Sushant Singh Rajput committed suicide a couple of years ago. His demise came as a shock to many as it was the fourth death of a famous personality from the Hindi film industry to pass away within months of each other.
Suicide is not a new issue, especially not in celebrity circles. These tragic deaths are also not limited by lines of work, ranging from boxers, designers, politicians and writers to actors, musicians and yes, entrepreneurs. What about influencers that have achieved celebrity status along with becoming rising stars in this relatively new class of entrepreneurs?
There was a string of influencer suicides in 2021. All unfortunate and tragic occurrences that took young lives, they left entire fan communities in mourning for their favorite stars who had secured places as standing icons of inspiration across fields, from beauty to travel to farming to sports. But what often goes ignored when reviewing these moments of tragedy is the kind of impact the internet is having on our mental health, every single day.
It isn’t just online celebrities or creators partaking in influencer cultures who are burdened with the impossible expectations and virtual validation that the internet has become the one-stop destination for. Sadly, it can happen, and is happening, to many of us plugged into social media.
There is no conclusive line on whether all these influencer suicides came about as a result of social media impinging on mental health. But there is no doubt about the fact that a direct or indirect correlation between our use (or abuse) of the internet and offline consequences.
So, why do wealthy people kill themselves? Don’t they have it all?
The reality we often forget, however, is that celebrities are human beings, just like us. “We only see one version – one of glamour, fame and fortune,” explains Nance Roy, Ed.D, Chief Clinical Officer at The Jed Foundation. They may struggle with relationships, finances and illness. Adds Dr. Roy: “Celebrities may feel more pressure to perform, to be perfect and to keep up their image for fans, often making it more difficult for them to reach out for help.” Another critical point: a person rarely takes his or her own life because of just one reason. “Suicide is complex, and we often don’t know all the factors involved.”
Bullying, even of celebrities and other notable individuals is certainly a contributing factor as it is for our younger generations. In fact, the 10th leading cause of death in the U.S. and 2nd among people aged 10 to 34 (a person dies every 11 minutes), suicide was identified by the National Institute of Mental Health as a major public health concern. Suicide rates increased 35% from 1999 to 2018, briefly declining in 2019. However, reports of depression and anxiety – risk factors for suicide – had increased during the pandemic.
Talking About Mental Health
We need to reduce the stigma faced by people experiencing a mental illness. How? As Martin mentioned, we need to talk about it. Stigma remains a major barrier to treatment and care. Dr. Fink agrees: “How do we grieve and process except by speaking and sharing with others?” When people die of cancer, their illness is almost always part the public conversation. From his Haitian roots, Dr. Arty provides a global perspective: “As a world community, we need to be bold and unashamed in discussing this sensitive and painful topic. The discussion itself may save a life.”
Dispelling myths is also key. A common myth? “Asking someone if they are suicidal will not increase the risk that they will die by suicide,” clarifies Dr. Roy. Inquiring about potential self-harm in a compassionate way may instead provide an opportunity for the person to express their feelings and reach out for help.
Proclamation from The White House on National Mental Health Awareness Month
Each May we raise awareness about the importance of mental health and its impact on the well-being of all Americans, including children, adults, families, and communities across our Nation. We also give thanks to the dedicated mental health providers whose service and support improve the lives of so many Americans. We stand in solidarity with those who are experiencing mental health conditions, renewing our commitment to providing them with the support they need and deserve.
Even before the pandemic, millions of Americans were experiencing stress, trauma, anxiety, and heightened levels of depression. The COVID-19 pandemic exacerbated those conditions, creating an unprecedented mental health crisis across our country. Communities of color, frontline workers, health care workers, and individuals with eating disorders have been disproportionately impacted, and the rate of depression across the country has more than tripled compared to rates in 2019.
‘Why’ is a question that is always asked by those left behind or hurt by these suicides – the answer or answers would never make sense to someone who loves life. As such, I look forward to thoughts on this with hope the discussion continues. Thank you!
If you feel you have no one to talk to, contact me. I’m happy to help. You can reach out to me on LinkedIn, by email to paul@acceler8success.com, or feel free to call or text me at (832) 797-9851. I will respond as quickly as humanly possible!
If you or someone you know is in crisis, please call the National Suicide Prevention Lifeline at 1-800-273- TALK (8255). It’s free, confidential and available 24 hours a day, 7 days a week.
When entrepreneurs are facing failure, what happens next?
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.
Assistance for Your Organization
The future may be a bit bumpy for some, more so for others. Knowing who to turn to and when to turn to for guidance and help is important. Having resources at your disposal is also important. So, if you hit a wall, for whatever reason, please feel free to reach out to me for assistance or even if you just need someone to talk to. Please do not hesitate. You can reach me right here on LinkedIn, by email to Paul@Acceler8Success.com, and by phone or text at (832) 797-9851. Learn more about Acceler8Success Group at Acceler8Success.com and also at Entrepreneurship411.com.
Bring the Series to Your Organization
If you’re interested in having this series presented to your organization, either as a webinar, workshop or conference break-out session, please click HERE for more information. The program can be tailored to your business model, product, service offering and industry segment. It has been resonating quite well with franchise and restaurant brands.
Small business & restaurant resales are on the rise. As well, many individuals are interested in acquiring a business to control their own destiny or to diversify their income. Together, this makes 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 has successfully trained people from many walks of life to become top producers and business brokers. 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 owning their own business brokerage office.
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 businesses & franchises for sale – Initial training, marketing assistance and on-going support – Network of 70+ offices throughout the U.S. and abroad – Brand founded in 1981
Surviving through difficult economic times, it’s essential to keep the sales pipelines full, to keep customers coming back for more, to keep employees happy, to keep strong relationships with vendors & suppliers, and to keep moving forward. But how likely are these scenarios (goals) considering the current state of uncertainty compounded by rising costs, fragile supply chains, and a somewhat undependable or unreliable workforce?
As we continue the series on the war against recession, over the next few days we’ll focus on delivering positively memorable experiences as the third cornerstone in the action plan to survive and remain standing after the dust settles. As we wrap up the week, we’ll turn our focus to developing the right culture throughout your organization as well as for all who touch the organization.
Creating and delivering positively memorable experiences is more than just customer-focused efforts. Certainly, the customer experience is key to business survival and growth but so are the experiences shared by staff, partners, vendors and all who “participate” in the daily activities of your business.
Magical experiences and the WOW factor!
Walt Disney focused on creating a magical experience for all who visited Disneyland and Disney World. When conducting customer experience training sessions, I ask the question, what is excellent customer service? Most of the answers are somewhat on track, except the focus is more on meeting customer expectation, not exceeding them. Essentially, it also means that if everything went right, the customer would be getting exactly what they paid for. Nothing more – leaving no room for error if the customer is expected to return.
I then ask the question, when have you been on the receiving end of a positively memorable experience? This exercise typically lasts an hour or so as the class realizes that the experiences they’re sharing are just examples of good or average customer service, but not positively memorable experiences. That is until someone mentions their family’s experience at a Disney destination.
Magical is often a word used to describe the experience but it’s most likely a word driven by Disney’s outstanding marketing campaigns. WOW is a word that often follows and is typically repeated multiple times in the description of the experience – a positively memorable experience. It’s at this time that the class comes alive with everyone chiming in, sharing their own Disney experiences. It truly is a WOW moment listening to them sharing their WOW experiences.
What is the definition of a positively memorable experience?
A recent Google search for the phrase, “positively memorable experience” revealed results that were exclusive to customer experiences, and TripAdvisor.com garnered one-half of all results with the phrase. So, what causes customers to be so emphatic about their experience that they deem them “positively memorable?” Further, what implores them to share their thoughts so openly within a public forum?
To answer these questions, we must first examine the definitions of the words that make up this phrase as shown on Google:
Positively: In a positive way, in particular; with certainty, so as to leave no room for doubt; used to emphasize that something is the case, even though it may seem surprising or unlikely.
Memorable: Worth remembering or easily remembered, especially because of being special or unusual.
Experience: Practical contact with and observation of facts or events.
Is it more expensive to attract a customer or to keep a customer?
If every customer experienced a positively memorable experience with a business, what are the potential scenarios that could come of that experience? Repeat visits and visiting more frequently? Sharing the experience with others and referring some directly to the business? Choosing the business over another business when a particular need or desire arises? As you see, positively memorable experiences compound positive actions and drives loyalty.
The icing on the cake, or the cherry on the top is that a loyal customer does not have to be attracted again and again. Meaning, marketing dollars have already been spent as opposed to repeatedly spending marketing dollars as is necessary to attract new customers. The investment in developing and keeping loyal customers is in the delivery of products and services at an extremely high level of satisfaction – positively memorable experiences.
So, when looking to increase business, management should focus on its current customer base with the goal of delivering positively memorable experiences to them at all times. Easier said than done, right? Yes, that is correct, which is why positively memorable experiences must also extend to all who are responsible for serving customers. Not only in how they deliver on the goal, but about what’s in it for them. Tomorrow we will focus on their WOW factor!
Have a great day. Make it happen. Make it count!
Help is just a message, call, email or text away!
The future may be a bit bumpy for some, more so for others. Knowing who to turn to and when to turn to for guidance and help is important. Having resources at your disposal is also important. So, if you hit a wall, for whatever reason, please feel free to reach out to us for assistance or even if you just need someone to talk to. Please do not hesitate. You can reach us by email to Paul@Acceler8Success.com, and by phone or text at (832) 797-9851. Learn more about Acceler8Success Group at Acceler8Success.com and also at Entrepreneurship411.com.
Just like an experience at your local cafe, I’ve planned for Acceler8Success Cafe to be conveniently located when and where you desire or need to relax, enjoy a cup of coffee, and catch up on some time for you. My goal is for Acceler8Success Cafe to be your virtual cafe, a place where you may frequently visit to enjoy a few minutes of leisure time to read, think and reflect about ways to improve and succeed in today’s crazy business world.
I strive for your experience to be memorable by providing learning opportunities, by presenting different perspective & insight, by spurring thought & reflection, by encouraging interaction, and by spotlighting topics that, quite frankly, may not be as front and center as they should or need to be.
Acceler8Success Cafe is open for business seven days a week. For the benefit of current & aspiring entrepreneurs, this daily newsletter is delivered each morning. As a way to jumpstart the week ahead, a weekly review is delivered each Sunday morning listing and linking to the articles you might have missed during the previous week. My objective is to provide an opportunity for you to begin your day and the week ahead informed and with ideas that possibly could accelerate your success.
So, before we jump into this week’s review, how about starting today with a smile? A positive thought? A nice memory? A thankful moment? And what better way than doing so than with the aroma of fresh, hot coffee filling the air from your favorite cup or mug?
We started the week with a celebration of our country’s independence. This article discussed what it means to be American, and how to be an American from the American Dream to a Shared Set of Values.
The belief in the American Dream and living by a shared set of values are deeply embedded in the United States culture. Commonly held values help drive what it means to be an American, set a standard of what’s good and fair in society, and are critical to upholding a culture’s shared beliefs.
While not all Americans share the same views, most Americans share a common set of values. L. Robert Kohls, a renowned author dedicated to research on cultural values, developed a list of 13 commonly held American values which were included in this day’s article.
On Tuesday, thinking about what it would take to survive during a time of economic uncertainty I included a powerful story about the power of choices.
After all, we know it’s going to take a great deal of effort, a lot of work, long hours, diligence, and honest evaluation. Of course, that is if we choose to do so.
It will be about making the choice whether to change, or to sit idle and ride out the storm. Choices. Such a simple concept, yet so much riding on whether the right choices are made, or not. At times, we know that by just making a choice, right or wrong is better than remaining undecided.
Spurred by a high level of interaction by the Acceler8Success Cafe community, Wednesday’s article focused on the optimism shared the day before. Although, I did find the interaction a bit unusual as most of the interaction came directly to me as opposed to being posted as comments.
I strongly believe those that contacted me directly wanted more than to just share their thoughts. They wanted interaction. They also wanted validation their actions were correct. As well, I believe a few wanted a pat on the back and an attaboy! But I felt there was even more to it – they were all excited to share their experience. That, in and of itself, made me proud of the effort being put forward with the Acceler8Success Cafe platform.
As I sat down to write Thursday’s article, I felt compelled to continue with the discussion about surviving during a period of economic uncertainty. I decided that over the next week or so, I would focus this newsletter on helping individuals prepare for the looming war against recession. I addressed recession as war because it will be a series of battles, it will take varying strategies including when to be on the defensive and when to be on the offensive, and it will mean fighting for small victories in order to survive when the fight is over.
Looking ahead, now is the time to fortify our arsenal, assessing what must be repaired or replaced. We must evaluate our skills, improving as necessary and learning new skills, as well. We must rally our troops and ensure all who will be helping us are properly trained and have the necessary firepower for combat. Essentially, we must plan for the inevitable fight ahead. As such, I began the series by addressing personal branding and its role in the war against the recession.
The series continued Friday as I talked about the difference between playing to win or playing not to lose. There is a difference, a big difference between the two. How it’s addressed is all in the planning before taking action. However, it’s essential to know the difference and plan accordingly sooner rather than later.
With a nod to the financial professionals who do all they can to keep our businesses within the rails, and especially so during the pandemic, I emphasized the necessity of acting proactively to drive sales. After all, only so much can be done to protect the finances of a business. Without sales, there would be little to nothing left to protect.
On Saturday, I wrapped up the week by sharing my personal perspective on the continuing conversation about a 4-day work week. Although not part of the survival series launched earlier in the week, I know it will be an important topic in addressing labor issues that have been front and center throughout the pandemic – issues that continue to be problematic for many business owners. I’m sure the discussion about a 4-day work week will continue for some time. It will be an interesting one for sure.
On the Lighter Side
I saw this image pop up in my Facebook Memories this morning and again, I thought it to be a very interesting proposition. If only it were possible, even just one time. Kind of a mulligan in life. If only…
I recall reflecting upon it quite a bit and changing my mind multiple times, mostly depending upon what I thought I would want to discuss. To that end, I had decided to list my desired topics of discussion in seven categories: emotional (family member), interests (sports, cooking, health), spiritual (religious), career (education, networking), business (entrepreneur, founder), motivation & inspiration (most categories above) and fiction (interesting, fantasy).
I have found this exercise to be eye-opening. Especially, as I compared my original list to the list I developed today. Mostly, I believe it has to do with differing thoughts for the times. I can see an article about this in a future edition of Acceler8Success Cafe. In the meantime, who would be on your list today?
Have a great day (and week ahead). Make it happen. Make it count!
Such a powerful quote consisting of only eleven words. “The best way to predict the future is to create it.” as quoted by Peter Drucker pops up often, and most likely more so if you’re a small business owner, franchisee, restaurateur or entrepreneur.
It’s a take charge, take control quote that can be interpreted as being both inspirational and motivational. But from a practical standpoint, is it easier said than done? Is it possible? Feasible? Realistic? And during a period of economic uncertainty? Dare I mention, recession?
In order to come out alive on the back end of these challenging times, an action plan must be developed and deployed as quickly as possible. Essentially, if we’re to create the future, we must determine the vison for the desired outcome, along with the timeframe needed to get there.
What will it take? Who will be instrumental in executing the plan? What benchmarks will be established to gauge whether on the right path, or not? Will there be a contingency plan in place to shift as may be necessary? At what point will it be time to make hard decisions? Very difficult decisions? What will determine when drastic action must be taken, and potentially, what will that look like? What can be anticipated? What can be projected? What is practical, and what is not?
Yes, definitely a lot of questions to be answered. It’s going to take a great deal of effort, a lot of work, long hours, diligence, and honest evaluation. Of course, if we choose to do so. It is about making the choice whether to change, or to sit idle and ride out the storm. Choices. Such a simple concept, yet so much riding on whether the right choices are made, or not. At times, just making a choice, right or wrong is better than remaining undecided.
Nevertheless, change can only be implemented if the choice is made to do so. Choices. It has me reflecting on a story that has been bouncing around Facebook for quite some time. I don’t know the author, but the message is quite clear. As you’re faced with making the choice to take the action necessary to survive these challenging times, maybe even thrive, remember this very inspiring story. Refer to it often. I hope it motivates you to create your future!
I was waiting in line for a ride at the airport. When a cab pulled up, the first thing I noticed was the taxi was polished to a bright shine. Smartly dressed in white shirt, black tie, and freshly pressed black slacks, the cab driver jumped out and rounded the car to open the back passenger door for me.
He handed me a laminated card and said, ‘I’m Wasu, your driver. While I’m loading your bags in the trunk, I’d like you to read my mission statement.’
Taken aback, I read the card. It said, ‘Wasu’s Mission Statement: To get my customers to their destination in the quickest, safest, and cheapest way possible in a friendly environment.’ This blew me away. Especially when I noticed the inside of the cab matched the outside. Spotlessly clean!
As he slid behind the wheel, Wasu said, ‘Would you like a cup of coffee? I have a thermos of regular and one of decaf.’
I said jokingly, ‘No, I’d prefer a soft drink.’
Wasu smiled and said, ‘No problem. I have a cooler up front with regular and Diet Coke, lassi, water, and orange juice.’
Almost stuttering, I said, ‘I’ll take a lassi since I’ve never had one before.’
Handing me my drink, Wasu said, ‘If you’d like something to read, I have Good Housekeeping magazine, Reader’s Digest, The Bible, and a Travel + Leisure magazine.’
As we were pulling away, Wasu handed me another laminated card, ‘These are the stations I get and the music they play, if you’d like to listen to the radio.’
And as if that weren’t enough, Wasu told me he had the heater on and asked if the temperature was comfortable for me.
Then he advised me of the best route to my destination for that time of day. He also let me know he’d be happy to chat and tell me about some of the sights or, if I preferred, to leave me with my own thoughts.
‘Tell me, Wasu,’ I was amazed and asked him, ‘have you always served customers like this?’ Wasu smiled into the rear-view mirror. ‘No, not always. In fact, it’s only been in the last two years. My first five years driving, I spent most of my time complaining like all the rest of the cabbies do. Then I heard about power of choice one day.’
‘Power of choice is that you can be a duck or an eagle. If you get up in the morning expecting to have a bad day, you’ll rarely disappoint yourself. Stop complaining! Don’t be a duck. Be an eagle. Ducks quack and complain. Eagles soar above the crowd.’
‘That hit me right,’ said Wasu. He continued and said, ‘It is about me. I was always quacking and complaining, so I decided to change my attitude and become an eagle. I looked around at the other cabs and their drivers. The cabs were dirty, the drivers were unfriendly, and the customers were unhappy. So, I decided to make some changes. I put in a few at a time. When my customers responded well, I did more.’
‘I take it that has paid off for you,’ I said.
‘It sure has,’ Wasu replied. ‘My first year as an eagle, I doubled my income from the previous year. This year, I’ll probably quadruple it. My customers call me for appointments on my cell phone or leave a message on it.’
Wasu made a different choice. He decided to stop quacking like ducks and start soaring like eagles. I hope we all decide to soar like an eagle and not quack like a duck.
At this point, I’m reflecting upon our mantra at Acceler8Success Group. One that we must do better at doing within our own organization. Yes, a change is necessary and I’m making the firm choice to do so beginning today, the first business day of Q3 2022.
“Act swiftly. Act decisively. Make it happen. Make it count.”
It is the way to survive AND accelerate success. Have a great day.
Sundays are a time for review at Acceler8Success Cafe. With so much going on at Acceler8Success Cafe I know it’s easy to miss a newsletter or two. Possibly the week flew by without you noticing one our daily newsletter that seemingly got lost amongst the busy news feed.
Just like an experience at your local cafe, I really want Acceler8Success Cafe to be conveniently located when you desire or need to relax, enjoy a cup of coffee, and catch up on some reading. My goal is for Acceler8Success Cafe to be your virtual cafe. A place where you may frequently visit to enjoy a few minutes to yourself.
I’d like the experience to be memorable by providing learning opportunities, by presenting a different perspective & insight, by spurring thought & reflection, by encouraging interaction, and by spotlighting topics that, frankly, may not be as front and center as they should or need to be.
Acceler8Success Cafe is open for business seven days a week. For the benefit of current & aspiring entrepreneurs, this daily newsletter is delivered each morning. As a way to jumpstart the week ahead, a weekly review is delivered each Sunday morning listing and linking to the articles you might have missed during the previous week. My objective is to provide an opportunity for you to begin the new week informed and with ideas that possibly could accelerate your success.
Welcome to the Sunday ‘Weekly Review Edition’ of Acceler8Success Cafe!
Networking is your lifeblood for a long-term success. It’s often been said that one’s net worth is their network. Yet, many give it a half-assed attempt. Why do you think that is the case when effective, diligent networking produces positive results? If not immediately, then at some point, for sure.
From the late-60s and through the 70s it was a different time for sure, but not really much different than today. War, drugs protests & riots, and recession made the headlines then as they do now. Is it a cycle, or is just a plethora of unsettled business that has lingered on for the past 50 years, a beast raising its ugly head now and again to keep our attention?
Do your goals have due dates? Firm due dates similar to utility bills complete with a termination date, late fees, and disconnection notices? Could doing so create a sense of urgency? How about accountability?
I’ve developed Acceler8Success Cafe to help current and aspiring entrepreneurs succeed. I’m dedicated to entrepreneurial success at all levels. Whether to help others achieve work/life balance or to just be there to help someone pull out of a tailspin, my goal for Acceler8Success Cafe remains… to be a resource, on LinkedIn and across various social media to share information, to educate, and to provide an opportunity for interaction.
A long weekend is the perfect time to reset the clock on work/life balance. It’s a perfect time for some mental health maintenance. It really is a perfect time for new beginnings.
If you’re thinking about business ownership and considering whether franchising is right for you, the information shared at Acceler8Success Cafe will help you make an informed decision and provide clarity on your entrepreneurial journey.
Are you thinking of business ownership for yourself and learning how the choice of a franchise, startup or acquisition can “jump-start” the process and your earning potential?
Well, Acceler8Success Group can help. Working with in-house small business professionals you will work one-on-one in determining if you’re right for buying a franchise, starting a new business, or acquiring an established business, and whether business ownership is right for you.
If you determine that it is a path to consider, you will be introduced to various industry segments and ultimately, brands & companies that could be a “right-fit” option . . . all to help ensure your future success!
If you’re thinking about business ownership and considering whether franchising is right for you, the following articles, previously shared at Acceler8Success Cafe will help you make an informed decision and provide clarity on your entrepreneurial journey.
With the Great Resignation still in full swing, a lot of people are choosing to take control of their personal and professional future by exploring entrepreneurship.
Of those who realize their entrepreneurial potential many choose owning a franchiseas the vehicle to take them from employment to entrepreneurship due to the already proven business model and built-in, ongoing support system, among other benefits.
If becoming a franchisee seems like the right path for you, follow the tips in this article to find the perfect opportunity.
Potential franchise buyers know before making a final decision, they need to obtain information from other franchisees and also, their possible franchisors. But what information do they need to get?
Generally, I recommend using the Franchise Disclosure Document (FDD) as a guide. Read through it and ask a potential franchisor very specific questions about each item listed. It’s a can’t miss road map. This article outlines the various FDD items that every candidate should ask questions about in order they have complete understanding of the brand and its business model.
The dream of owning your own business is alive and well for most Americans. The only problem is that many people don’t know where to start on the journey to becoming self-sufficient. There are a million different options, but first and foremost each potential entrepreneur must decide if he or she wants to become a franchisee or start a business independently.
Each route has its benefits; therefore, it’s critical to take the time to consider both options before making a decision. What it initially comes down to is asking yourself the questions listed within this article.
Too often than not, franchisees are of the mindset that they’ve bought into a franchise system and just need to sit back and wait for the business to flow through their doors. Sometimes, it’s ignorance and perception that clouds their thoughts. Thinking that the brand name they invested in should be enough for instant business success at their location. But most of the time, it’s just plain old arrogance that gets in the way.
It’s the arrogance of having committed hundreds of thousands of dollars to buy a franchise as being the sole reason for success. It’s also the basis of feeling that with this level of financial commitment, the franchisor should be solely responsible for making sure franchisees succeed. Almost demanding a guarantee of success!
Well, it is not the franchisor’s sole responsibility, under any circumstances, for making sure that franchisees succeed. Read this article to gain a better understanding of personal responsibility and accountability when owning a franchise business.
With a new wave of brands, candidates are faced with questions beyond the norm. Instead of just focusing on investment level, industry segment and competition they will ask about the difference between legacy and emerging brands and advantage of one over the other. They’ll also ask specifically about an emerging brand head-to-head with a competing legacy brand that may clearly be the leader in that industry segment. They’ll wonder, isn’t it safer to invest in a recognized brand with a proven system as opposed to investing in something new and relatively unknown? This article identifies some of the obvious differences.
The Great American Franchise Expo connects hundreds of franchise businesses with potential owners. They provide education through seminars from industry experts on topics including franchise law, financing, and other critical business concepts. Attending these expos will provide potential franchisees with the opportunity to network with leading industry executives and franchise developers.
Recommended Books on Franchising
Listed below are several books on franchising that I highly recommend. I firmly believe these books must be read BEFORE signing a franchise agreement and remitting a franchise fee. They should be considered essential components of your due diligence. Know before you invest!
The definitive A-to-Z guide to researching, selecting, and starting a viable franchise business
With more and more professionals looking for alternatives to traditional corporate employment, Become a Franchise Owner! informs would-be franchise owners of the joys and perils of purchasing a franchise. Authored by a trusted, feisty, tell-it-how-it-is independent franchise industry insider, this book offers straightforward, step-by-step tips and advice on how to properly (and carefully) research and select a franchise business.
Get tips on how to locate information about franchises, current industry trends, interviews with franchisors, and hot franchise opportunities.
Offers a self-evaluation to discover if you are “franchise material”
Describes how to choose the right franchise for your specific situation
Lists the 40 crucial questions to ask current franchise owners
Owning a franchise isn’t for everyone; in fact, as Joel Libava says, “it’s really not for most people.” But if it is for you, this book can guide you in starting your own successful franchise business.
This comprehensively researched and deftly written franchise guide brings together experience and fact to give you the tools you need to understand which franchise is right for you. With insights from respected franchise leaders and a thorough understand of franchising, this book will help you understand and master the 4 Critical Steps to finding the Ideal Franchise: 1. The Introspective Self 2. The Franchisor 3. The Franchisees 4. The Legal and Financial
The Insider’s Guide to Buying a Franchise or Franchising Your Business
In this easy-to-read guide, franchise expert Rick Grossmann and franchise attorney Michael J. Katz impart decades-worth of insight and advice on what it takes to make your franchise operation successful. Grossmann and Katz share expert tutorials, tricks of the trade, and access to sample franchise documents, checklists, and questionnaires designed to get you organized, support you through the process and get your new franchise off the ground.
If you’re thinking of buying a franchise, you’ll learn how to:
Determine if running a franchise is right for you
Navigate franchise disclosure documents and agreements
Identify the signs of a good franchise opportunity
If you’re thinking of franchising your existing business, you’ll learn how to:
Pick the best method for expanding your business
Understand the keys to establishing a successful franchise system
Evaluate potential franchisees and grow your franchise Whether you want to buy a franchise or franchise your own business you’ll learn what to expect, how to move forward, and how to avoid costly mistakes–making Franchise Bible required reading.
Get fast, economical, custom funding and realize your small business or startup dreams with help from Benetrends Financial. Their experts provide an innovative approach to help you achieve the ideal funding you need to get your ideas off the ground for long-term entrepreneurial success!
Many people do not like to network. Networking is mostly misunderstood as unnecessary small talk, with at least one of the participants feeling at times like they’re speaking with Charlie Brown’s teacher…”wah wah woh wah wah.”
After all, people have different personalities, and while networking is natural to some, others may find it extremely intimidating. Networking skills are, however, crucial to anyone intending to progress whether for career or business development purposes.
There are some who find networking as a practice lacking authenticity… asking for favors, delivering a canned speech, and even trying to prematurely close a deal because someone nodded their head. On the other end of the spectrum, are those that do not believe the goal is to sell, but instead, to collect as many business cards and email addresses as possible. Sadly, they miss the point.
So, what is Networking?
“Networking is the sharing of information or services between people, businesses, or groups. It is also a way for individuals to grow their relationships for their job or business. As a result, connections or a network can be built and useful for individuals in their professional or personal lives.” Wikipedia
Networking refers to the process by which professionals establish meaningful relationships with one another.
Think of it as creating an invisible web of connections between you and other people with each strand of the web serving as a two-way conductor of information and assistance.
This web is a living entity; it stays alive if you continue to feed it by making connections with others and maintaining those connections through continued interaction.
If you make a connection, but stop interacting with it, that connection disappears and your web shrinks.
The goal is to have a large, healthy, web of individuals to share information with and tap for assistance when necessary.
The important piece of this to remember is that networking is a two-way street; you do not just approach networking connections when you need something, the relationships you create must be nurtured and maintained over time.
How to Network…
Networking is a process that consists of personal branding, preparation, taking action, and maintenance.
The process constantly cycles and recycles as you build your personal brand.
Personal Branding
The first step of effective networking is creating a personal brand for yourself.
When you think of the word “brand” what does it bring to mind for you?
“Branding” is used in the world of marketing and sales to help companies effectively sell their products to target audiences.
Now, think of yourself as a brand.
For example…
Think of a product you really like and the kinds of messages you see in commercials, social media, etc. from the company that sells that product.
How does the company get across to you the quality of their product?
What is special about that product that makes it different from other products?
What kinds of words and feelings do you associate with that product?
Marketing YOU!
A “Personal Brand” is exactly the same thing, only in this case it is how YOU are marketing YOURSELF to the professional world.
When creating a personal brand, you need to consider the image you want to present to the professional world, the messages you want to send, and what makes you special and different from others.
Targeted selling returns higher sales, and in this case, we are targeting your future referral network and potential partners/prospects/employers.
Your thoughts about YOU…
When creating your personal brand, ask yourself:
What are my strengths and what am I already known for?
What am I passionate about and what sets me apart from others?
What would I like to accomplish in my business?
How do I define success?
What do I want people to remember about me?
Personal Brand exercises…
Here are some exercises to get you thinking about your personal brand:
If I had a slogan, it would be: ________________________
If I had a logo, it would look like: _____________________
Some words that describe me are: ___________, ___________ and ___________.
Your Personal Philosophy
Your personal brand is your personal philosophy toward work and professional life.
Once you have an idea of what your personal brand is, incorporate it into how you speak to others professionally, your personal pitch, your business card, email communications, social media etc.
Your personal brand will continue to evolve and develop, but remember, always be consistent with your messaging so that others remember who you are, what you stand for, and what value you bring to the professional world.
Preparation…
Networking does often take a certain amount of preparation prior to making connections.
When preparing to network, take a look at and refine your essential networking tools: brochures, flyers, business card, social media platform, elevator pitch.
These essential networking tools should be polished and ready to present when networking.
Social Media
In today’s world, social media platforms like LinkedIn, Facebook, Twitter, Instagram, Pinterest, etc. serve as outlets for individual expression as well as an easy means of connecting with others.
Be mindful of what you are communicating through your social media, intentional about the content you contribute, and vigilant in terms of security.
Social media is also a fantastic networking tool!
Think of how many people you are connected to through your social networks online.
Each one of those first, second, even third-degree connections could be a useful networking contact.
The key to online social networking is to monitor your presence, contribute professionally to the online community, and connect while communicating your personal brand.
A Strong Personal Profile…
Your personal profile is a snapshot and summary of you that is available to EVERYONE online.
Because privacy is never a guarantee online, you must be mindful and intentional with the content you post.
You do not have to have a profile on every social media website out there, but LinkedIn is mandatory for professional pursuits.
For your professional profile, include sharp profile and cover photos, a inviting subject line about YOU, a detailed summary, and other relevant information regarding your business experience to make it easy for others to search for and find you.
Networking is your lifeblood for a long-term success. It’s often been said that one’s net worth is their network. Yet, many give it a half-assed attempt. Why do you think that is the case when effective, diligent networking produces positive results? If not immediately, then at some point, for sure.
Sundays are a time for review at Acceler8Success Cafe. With so much going on at Acceler8Success Cafe I know it’s easy to miss a newsletter or two. Possibly the week flew by without you noticing one our daily newsletter that seemingly got lost amongst the busy news feed.
Just like an experience at your local cafe, I really want Acceler8Success Cafe to be conveniently located when you desire or need to relax, enjoy a cup of coffee, and catch up on some reading. My goal is for Acceler8Success Cafe to be your virtual cafe. A place where you may frequently visit to enjoy a few minutes to yourself.
I’d like the experience to be memorable by providing learning opportunities, by presenting a different perspective & insight, by spurring thought & reflection, by encouraging interaction, and by spotlighting topics that, frankly, may not be as front and center as they should or need to be.
Acceler8Success Cafe is open for business seven days a week. For the benefit of current & aspiring entrepreneurs, this daily newsletter is delivered each morning. As a way to jumpstart the week ahead, a weekly review is delivered each Sunday morning listing and linking to the articles you might have missed during the previous week. My objective is to provide an opportunity for you to begin the new week informed and with ideas that possibly could accelerate your success.
Welcome to the Sunday ‘Weekly Review Edition’ of Acceler8Success Cafe!
It’s good to dream. It’s essential to our well-being. Dreams are inspiring as they enable us to see what we might not see otherwise. Walt Disney said, if you can dream it, you can do it.
As I researched The Entrepreneur’s Creed by Thomas Paine, I find it interesting to see things coming full circle since 1776 when he authored two influential pieces for the time. It’ll be even more interesting to see if the next 250 years will parallel American History. Freedom. Independence. Entrepreneurship. The combination of the three… What a novel idea!
In order for an entrepreneurial community to thrive and grow, there must be local resources for entrepreneurs including banks and local professional services providers. The local government must be pro-business and not look to stall growth. There must also be an aggressive residential development plan with the entrepreneurial community helping to attract families to the area. The same is true to attract companies and startups alike.
We know the quote all too well – “Insanity Is Doing the Same Thing Over and Over Again – but Expecting Different Results.” So, why go on if that seems to be more and more the case, and one that causes such extreme frustration?
The challenges for entrepreneurs in general are great. The challenges for Hispanic entrepreneurs are even greater. And there isn’t just one “Hispanic” entrepreneur – there are entrepreneurs from various countries that face some of the same – but some different – challenges and opportunities.
A while back on LinkedIn, I asked the question, “How do you define entrepreneurship?” To my surprise the discussion was quite vibrant as there were numerous responses, a few exchanges for further clarification, numerous likes, and really some great perspective into entrepreneurship. In today’s Acceler8Success Cafe newsletter please find some of the responses; unedited, I might add. I’ve kept the quotes anonymous (to protect the innocent – LOL).
Have a great day (and week ahead). Make it happen. Make it count!
A Google search for ‘definition of entrepreneurship’ revealed various questions and responses about the same. The responses were provided from Investopedia.com, including:
What is the main definition of entrepreneurship? An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. The process of setting up a business is known as entrepreneurship. The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures.
What is the new definition of entrepreneurship? It leaves out the idea that entrepreneurship is a way of thinking. It’s a mindset that is opportunity obsessed, holistic in approach and leadership balanced. This new definition of entrepreneurship is about innovation; about seeing problems as opportunities, and about changing the world.
What is the definition of entrepreneurship by different scholars? Entrepreneurship is the ability of organization and planning of various sources of production, in the form of a production unit. Entrepreneurship indicates some creative, as well as external and open systems. It performs the functions of innovations, reducing risk burdens, and providing dynamic leadership.
Here are definitions from several entrepreneurs – ones that clearly have already achieved success as an entrepreneur:
“An entrepreneur is someone who can define the business they want to create, see where it is going, and do the work to get there.” – Mark Cuban, Entrepreneur and Shark Tank Investor
“A person who solves problems for people, at a profit.” – Jared Joyce, Entrepreneur and Inventor
“What differentiates entrepreneurs from everybody else is a vision of something that doesn’t exist (either at all or in the form they envision) and the willingness to do what other people are unwilling to do to make that vision a reality.” – Rob Irizarry, Tech Entrepreneur, Investor and Consultant
“The single most defining characteristic of an entrepreneur is passion. It helps to be pushy – pushy people deliver. It helps to have a gimmick – a unique gimmick will give you a great leap over your competitors. It helps to be willing to fail – all my best business successes came on the heels of what first appeared to be a big flop. But great passion is what it really takes to build a successful business.” – Barbara Corcoran, Entrepreneur and Shark Tank Investor
A while back on LinkedIn, I asked the question, “How do you define entrepreneurship?” To my surprise the discussion was quite vibrant as there were numerous responses, a few exchanges for further clarification, numerous likes, and really some great perspective into entrepreneurship. Below please find some of the responses; unedited, I might add. I’ve kept the quotes anonymous (to protect the innocent – LOL). Upon reading the same, please share your thoughts about entrepreneurship. Thanks.
How do you define entrepreneurship?
My favorite definition has always been as follows: “Entrepreneurship is living a few years of your life like most people WON’T, so that you can live the rest of your life, like most people CAN’T.”
Entrepreneur: Anyone who takes the napkin drawing, turns it into something they are proud of, and that their business can actually run without them.
Someone that is willing to endure risk to take responsibility of their financial future.
A dreamer who is willing to take risks. It has nothing to do with success – that’s an entirely different definition.
I love all of the above. But to me it all comes down to money. It’s someone who took a financial risk to run their own business and who gets a well-deserved financial reward at the end of the day. It’s the old risk to reward theory. Let’s face it that’s what drives entrepreneurs. It’s all about the money. No apology necessary. LOL.
Money drives some more than others. For many it is the satisfaction of seeing an idea “take hold” and create “value” however that is ultimately defined. That part is more personal. Risk is inherent. Work is necessary. Success. Failure. All elements to be navigated. For some the journey itself is important. For others, yes, it’s just about the money.
There are many entrepreneurs who have tried and failed financially. That does not strip them of the title. And there are many who “deserved” a financial reward, but for many reasons, didn’t get it. Most often, in franchising, the founders were entrepreneurs: they had vision, passion and enough sense to get the business to a level that attracted others. Then great business managers took it over the finish line. So, again, I think we have to separate the idea from the result when defining these terms.
Executing your idea!
A person who believes in all things, hopes in all things, bears all things, and endures all things.
I’m a BIG FAN of Shark Tank which airs on Friday nights. One of the Sharks has a favorite saying. That is “It’s all about the money”. You see an entrepreneur who tries and fails, although admirable, is not called an entrepreneur they’re called BROKE. I know this sounds cold but the point of going into business is to make money. If you don’t do that you’re out of business and again you’re called a failure not an entrepreneur. Any half head can start a business, but it takes a true entrepreneur to stay in business. I hope I’m not offending anyone. I’m just saying.
Many people file bankruptcy a few times before they become a success. Look at Donald Trump, he failed and failed again and is a success in his own right and he is one of many. Same goes for marriages…and I am not a pro at this topic, but many people fail in marriages but keep looking for their soul mate and someday find it because they believe that opportunity is out there for them to seize, and they never give up. I believe it is the will to keep moving and be passionate for what you want to achieve and being resourceful that guides you to success and resembles the character of being an entrepreneur. My two cents…
How does that saying go? “If at first you don’t succeed try try again.” When that passionate would-be entrepreneur does finally succeed at becoming profitable then I’m willing to award them the crown of entrepreneurship. Before that happens all they have is a hope, a dream and a prayer. Make no mistake I soooo applaud those with the guts to try and I applaud even louder for those who have tried and failed and tried and failed again only to become a success in a future endeavor. I love that spirit. It comes from the deepest depths of their heart’s and souls. How can one not admire that spirit. It’s the American Way. I love this exchange. What a great thread. Thanks Paul Segreto.
Somehow or another we should take into the equation a quote at EvanCarmichael.com – “As entrepreneurs we should be proud of what we create.” So, how much does “creation” play into entrepreneurship?
Creation is the foundation…the Entrepreneur is the creator and the risk taker (not just financially but emotionally, reputation, etc) but the Entrepreneur is also passionate, so the risk is minimized by the passion as their laser focus overcomes perceived obstacles….
Isn’t the “creation” of an enterprise and “creativity” all ways of describing nuances of the same thing? Just as entrepreneur is related, these days to the word enterprise. Isn’t “an enterprising entrepreneur” a redundancy as much as a “creative creation”?
One day, you wake up after pursuing your passion and vision with little regard for risk or the downside and find that you have built an incredible business. The thought of being an entrepreneur never crossed your mind. The fear of failure, never a consideration. Competition, economic crisis, managing change; all opportunities to compete and improve. You live for this stuff, — you thrive.
Entrepreneur = someone who is willing to continuously learn for better ways to solve problems.
Someone with a vision, drive, a willingness to undertake risk, and the passion to see it through.
There are words that we always hear when the conversation is about entrepreneurs and entrepreneurship (i.e Risk, passion, failure, money etc..) in my opinion we are all born with qualities of undertaking risks, rising from falls and failures, and passion to live and succeed. We all have them in our instincts; I would call it entrepreneurial spirit. All these qualities will come into play when and only: One (an entrepreneur) desires to do something no one else done it before, or a desire to achieve more than others thought possible; by doing a change and playing a game they will love, the business game. And of course, the money will come at the end as a reward and the fruit of the hard work.
All of these philosophical/high level definitions of entrepreneurship are correct. Entrepreneurship means something different to each and every one of us. After all, no two entrepreneurial journeys are equal. Having worked for myself for 14 years and with a start-up for 5 years prior to that, I’d like to break it down to what entrepreneurship means to the crazy microcosm called my brain. To me, an entrepreneur believes in Possibilities (of something). An entrepreneur has the vision and burning desire to find a need and fill it. An entrepreneur has the cajones to not only talk about it but “just do it”. He/she has the guts to sell himself and his dream. He/she has a real commitment to quality and customer service. A true entrepreneur is money motivated but not money driven, and he/she understands and accepts that he is the last person to get paid at the end of the day. And finally, a true entrepreneur is willing to swallow his/her pride no matter how successful he gets, and constantly listen and learn from others.
Someone who makes something happen and gets it done, starting with nothing!
A clinically insane person with a dose of ADD. Add two parts insecurity, ten parts passion, ten parts creativity. Mix well with five cases of aggression and perseverance. Spice liberally with vision, positive attitude, and a dash of ignorance. Serve on a large platter of hope and courage. Wash down meal with gallons of adrenalin. Repeat recipe. Wow… I just described myself! LOL
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