Yes, it’s a new week, a new month, and a new quarter. In fact, it’s the last quarter of 2022. As such, we have a choice to make.
We can look ahead to the holiday season while remaining status quo and coast to year’s end. Although, I’m not sure anyone would consider this an option under any circumstances. But then again, I may be wrong and possibly, I just don’t understand complacency.
Or…
We can double down and build upon a successful year thus far, or if the year has been less than successful, we can increase efforts and end the year on a high note.
Let’s push complacency aside and focus on doubling down and increasing efforts in the fourth quarter. If not for a burning desire to succeed, at least as a counterattack on the perils of economic uncertainty. In either case, it’s time to make things happen!
While on the starting line of the race to a successful end of year, let’s begin with some motivation. Then, as the days turn to weeks and weeks turn to months, we’ll focus on the various action items necessary to help us achieve our goals, and without fail.
Per the quote in the movie, Apollo 13 — “Failure is not an option!”
Starting Line Motivation
We must keep our wishes, hopes and dreams in mind, lest we forget our our objectives, and even our goals. It’s important we be open-minded with a strong desire and willingness to explore, dream & discover possibilities, and opportunities. In order to make things happen, we must understand our Why.
We must look forward to each and every day, and with a positive mindset. Doing so will help us remain focused on our goals. This focus will help us stay the course according to plan.
Moments are what shape and define our lives. They determine who and where we are today, where we want to go in life. It’s the moments that we win or lose. Live for the moments upon us, for they can change our lives forever so we must make the best of those that present themselves. Life is short, so we cannot go another day, hour or minute and regret a moment, any moment that could have changed our life. We must keep the fire burning, and our passion alive.
‘Opportunity’ is defined as, a favorable juncture of circumstances; a good chance for advancement or progress. We must keep our eyes open for possibilities, even if they’re disguised as challenges, issues or cases of failure. We must then aggressively exploit possibilities as opportunities. It makes perfect sense to do so, but without procrastination.
Keeping the Acceler8Success mantra in mind will help us capitalize on opportunities while driving us to accelerate, and achieve success. Success being an achievement of goals in line with our Why. Our focus must remain as such!
Have a great day, a great week, a great month, and a great quarter. Make it happen. Make it count!
October is National Women’s Small Business Month, a time to recognize and celebrate women-owned businesses. It’s also a time to acknowledge the outstanding progress female entrepreneurs have made over the years. In fact, female entrepreneurs are creating new businesses, disrupting established industries and developing innovative products at a record pace.
The Facts
According to JuneCPA:
There are nearly 13 million women-owned businesses in the United States (that’s 42% of all companies in the U.S.). They employ 10 million people and generate about $1.8 trillion annually. (American Express)
17% of Black women are starting businesses—faster than white women, at 10%, and white men, at 15%. (Harvard Business Review)
Female entrepreneurs in the U.S. rank their happiness at almost three times that of women who aren’t entrepreneurs or business owners. (Inc.)
In 2021, the number of women running Fortune 500 businesses hit an all-time record of 41. (Fortune)
As of 2021, 90% of companies worldwide have at least one woman in a senior management role. (Grant Thornton)
Companies with women in executive positions have a 34% higher total return to shareholders than companies that don’t. (Catalyst)
Adding one more woman to a company’s board of directors, while keeping the board size the same, produces a return on investment (ROI) of 8-13 basis points. (Egon Zehnder via Catalyst)
Female entrepreneurs ask for $35,000 less, on average, in business financing than do men—$89,000 on average for women vs. $124,500 on average for men. (Fundera)
Between 2014 and 2016, the number of employer firms owned by women grew 6%—twice the rate of employer firms owned by men. The growth was driven mostly by a 14% increase in employer businesses owned by minority women. (U.S. Small Business Administration)
In 2020, 28% of all business loan applications came from women-owned businesses. In 2021, 33% of all loan applications came from women-owned businesses. (2022 Biz2Credit Women-Owned Business Survey)
The average loan size for women-owned businesses in 2021 was $49,712, while the average loan size for men-owned businesses was $83,198. Loan approval rates were 40% for women and 41% for men. (2022 Biz2Credit Women-Owned Business Survey)
Women are globally paid less than men, earning on average only 77% of men’s wages. (UN Women)
48% of female founders say what holds them back is the lack of available mentors or advisors. (Inc.)
The World Economic Forum calculated that the pay disparity gap between men and women would not close until 2157. (World Economic Forum)
Women in Business Trends
One of the most informative reports I’ve read about women in business is by Guidant Financial, 2022 Women in Business Trends. It’s part of their annual Small Business Trends Report that includes reports on Entrepreneurs of Color, Franchise Trends and Women in Business.
The report is chock full of information. But what really struck me as most interesting is the following from the report:
This year, 59.22% of women reported that their business was currently profitable. Given the challenges of the past few years, it’s little surprise that 35% of business owners report that their business is not profitable. Don’t fret too much, though — remember that more than half of businesses surveyed are 5 years old or younger. Given that folk wisdom states businesses usually take two or three years to become profitable, it’s too early to worry that many of them not to have hit that mark yet.
Thank you, Guidant Financial!
It’s Time for Women to Own Their Power
Earlier this year, Bianca B. King wrote a great article at Entrepreneur.com about women business owners. In the article, Women Business Owners, It’s Time to Own Our Power, King shares powerful advice for new women entrepreneurs that want to fully honor their ambitions and reach their business goals. I especially like the following excerpt from the article:
As more women embrace entrepreneurship, it’s time for us to own our ambition and honor it by being unapologetic about our dreams and stepping fully into our power to reach our personal and professional goals.
I have seen too many women entrepreneurs afraid or ashamed to own their power. After years of being guided by patriarchal societal rules to downplay our achievements and talents, I understand why and empathize.
But now we know better, so we can do better not only for ourselves but for the next generation of women business leaders.
Very well said, Bianca!
Latino Women Entrepreneurs
As we’re also in the middle of National Hispanic Heritage Month, which runs through October 15th, it’s fitting to share recent news about Latino women entrepreneurs and especially about disparities in business ownership for this group.
Why is it harder for Latinos, women to start small businesses? is an article written by Lau Guzmán of Record-Journal. Guzman shared:
Across the United States, it is harder for Latinos and women to start a small business and Connecticut is not an exception. A recent report from the SBA found that there is a large gap between workers and business owners for women and minorities, especially Latinos.
“Most of the people making decisions about who gets a loan are not women,” said JoAnn Gulbin at the Women’s Business Development Council of Connecticut.
“Access to capital remains the single largest obstacle for women who are starting, trying to start or grow businesses.”
Thanks for sharing this information, Lau.
Supporting Women Entrepreneurs
So, what can we do to help women entrepreneurs across our country – regardless of color, race & creed?
An article written by Terri Williamsat Lendio.com, 5 Ways to Support Women Entrepreneurs, is a good place to start. The article’s list is as follows:
Seek Out Women-Owned Businesses Online and In-Person. Perhaps the most important way to show support for women entrepreneurs is to be committed to seeking them out. “We can support them by being conscious of how we are spending our money and intentionally supporting women-owned businesses, says Wendy Muhammad, a real estate developer.
Make It Easier to Find Women Entrepreneurs. Social media makes it easier to find women-owned businesses, but according to N. Damali Peterman, Esq., founder and CEO of Breakthrough ADR, this should extend beyond likes and shares by consumers. “For example, companies and influencers should highlight women-owned businesses in their networks and on their social media platforms,” she explained. “Online retailers like Amazon should have a symbol or identifying mark that indicates if a product is a woman-owned brand.” Peterman says she’s often been in a physical store trying to decide between 2 similar items and made her decision based on the “Woman-Owned” logo on the packaging.
Share Experiences. The sisterhood of women entrepreneurs can create a level of support that is mutually beneficial. “Meet each other on Zoom, connect via email, write content that expresses how you are experiencing the pandemic that can be shared,” recommends Deborah Sweeney, CEO of MyCorporation.
Collaborate. Another way to show support for women entrepreneurs is to collaborate with them. Talia R. Boone, founder and CEO of Postal Petals, looks for ways to work with other women and support Black business owners to help them grow their respective businesses. However, she says it’s those collaborations with larger companies that can help change the trajectory of a small business. “Seek out opportunities to partner with and hire services of women-owned businesses,” Boone advises.
Provide Mental Support and Mentorship. Being a woman entrepreneur is exciting, but it can also be frustrating and mentally draining. “If you have a woman in your life who is leading a small business, you can support her by encouraging her to evolve, adapt, and expand with the changing business landscape,” advises Bri Seeley, business growth advisor and entrepreneur coach. “Encourage her to look beyond what her business has been and to begin looking at what it could be.” Sometimes, that’s hard for women to do when they’re struggling to stay afloat while juggling numerous other roles at home. “The best way to help women entrepreneurs is to provide mental support to lift them up when they hit challenges,” says Charlene Walters, MBA, PhD, entrepreneurship coach, business branding mentor, and author of Launch Your Inner Entrepreneur.
Your article is greatly appreciated, Terri. Thank you!
SBA Resources for Women Business Owners
In 1972, there were a little over 400,000 women-owned businesses in the United States. Until 1988, women needed a male relative to co-sign if they wanted to apply for a business loan. That same year, the Women’s Business Ownership Act increased SBA’s access to capital to provide financial assistance to organizations geared toward women-owned small businesses.
Let’s all do our part to help celebrate Women’s Small Business Month. We can start by including #WomensSmallBusinessMonth when posting across social media. Please let us know what you’re doing at your company to celebrate the event. The more ideas, the better.
Oxford Languages defines Opinion as, a view or judgment formed about something, not necessarily based on fact or knowledge.
Opinion is defined by Vocabulary.com as a belief or attitude about something that isn’t necessarily based on facts.
Both definitions, as well as others across a multitude of dictionaries are consistent about opinion as a view, belief, attitude or judgment about [something] that’s not necessarily based on facts. I believe the definition is perfectly clear.
An opinion expressed by me is mine, and when I express an opinion, I make sure that it is nothing more than an opinion. If I’m trying to make a point or to convince, I work extremely hard to back it up with facts. But an opinion is not fact. If facts are expected, then an ensuing discussion is needed and should be prompted as such.
I’ve personally written hundreds of articles, and especially over the past few years. As many are aware, I’ve hosted several podcasts that have spanned hundreds of hours. Possibly to a fault, I’ve also shared thousands upon thousands of posts across social media. And through it all, as my personal beliefs are of a conservative nature, I refrain from ranting about sex, religion and politics.
Mind you, there are times when I do express an opinion about politics but for the most part I typically preempt sharing my thoughts with a disclaimer such as, in my opinion, in my personal opinion, etc. There should be no doubt whatsoever that I’m very clear in my intent, just as the definition of the word, opinion is very clear.
Yesterday I wrote an article that was based upon my opinion. In fact, the title clearly defined it as such with the title, Opinion: The Case Against the [$15, $20, $25] Minimum Wage. Could I have been any clearer that the article was based upon on opinion?
Further, within the article, I stated what I was sharing as my opinion and from my own personal perspective with clear, concise language indicating as much. For example, the article began, Personally, I’m of the mindset… and again within the article, In my opinion…
As I was expressing my opinions, I was also including questions. In fact, I posed 18 questions in the referenced article – one that was comprised of 18 short paragraphs! Certainly, the tone of my literary voice was not commanding and it definitely was not being expressed in an influencing way.
The tone was soft and conversational, as is typically the case when I write as my objective is always to spur thoughts in my readers’ minds to encourage readers to engage and share their thoughts, and yes, opinions. My hope is that the interactions are always civil and respectful, and with exception of two particular instances, civility and respect have been the norm.
For that, I’m most thankful and especially since conversations and discussions need to happen in today’s world. If done in a civil and respectful manner, I do believe mountains can be moved. As such, I’m always happy to prompt the interaction and to do so across a wide array of topics.
Above, I mentioned two instances whereby interactions were less than civil and respectful. Before I share the exchanges, I’d like to clarify that I respect the opinions of others, even if opinions are shared from an emotional state of mind. However, when the tone is from a person that I can only describe as a bully, it’s akin to being attacked – an unprovoked attack.
When I read yesterday’s exchange, I immediately asked myself, Why was it necessary for this person to disparage me personally and not just express his opinion and leave it at that?
This person wrote, and I quote:
“There should be a dislike button in LinkedIn.
Most of what you wrote could have been copied directly from the rationale used by companies that employed child labor. A lot of what you wrote was addressed in the famous fable of “the sky is falling” and real world data also disproves a lot of what you said.
The big advantage you have is that you wrote such a long piece with such a huge amount of misinformation, disinformation, and just basically wrong stuff that no one in his/her right mind will take the time it would take to address all your wrong points one by one.
Just thankful you are not an influential anything: businessman or politician.”
I was truly fine with his opinion – although he did not share any facts, just arbitrary disagreement to my opinion. Okay, I get it but was it necessary to take a cheap shot by saying that I was not an influential anything? After all, it’s not like I jumped in his face and challenged his opinion, and in a disparaging manner which might have prompted a retaliatory attack.
Angrily, yet in what I believe was a professional manner, albeit with a bit of sarcasm, I responded accordingly:
“Again, it’s my opinion and I was crystal clear to state as such. Fortunately, we do have Freedom of Speech and I will always exert my rights accordingly. However, for the people that claim to have specific expertise, I will always state as clearly as possible when something is my opinion and not fact. I always err on the side of people not having the mental or intellectual capacity to distinguish one from the other.”
To which he replied: “sure, knock yourself out with your opinion. It’s just sad.”
Well, all well it ends well as another reader actually thanked me:
“Thank you Paul for this well-expressed bit of common sense from the voice of practical, day-to-day experience.”
I left the exchange by sharing an additional thought…
“What I always hope to do is to spur intelligent, practical discussion. I’m always open-minded and certainly I don’t have all the answers. However, I’m always happy to share my opinions in order that others might see a different perspective or to affirm their own thoughts on the subject.
Interestingly, common sense is typically a good middle ground provided a reader doesn’t want to take it to an extreme with no intent on participating in a discussion. Then, the purpose is to cancel the opposing perspective – mostly in a degrading manner. That is just sad!”
The other instance I was referring to occurred a year ago just ahead of Election Day. There was a discussion on Twitter about what was going on in California regarding the Governor Gavin Newsom recall. I was just following it along when the question came up about whether there would be a large number of people voting.
I’m not really sure what prompted me to chime in because as I’ve indicated above, I typically refrain from political discussions. Nevertheless, I did share my two cents but certainly not in a disparaging way.
If I recall correctly, I expressed my opinion that I didn’t believe there would be a large voter turnout. I also shared my opinion that Larry Elder would be a better governor for California than Newsom, much like I believe Biden not to be the best choice for America.
Keep in mind, Tweets are limited in the number of characters that can be shared so there was no elaboration of my opinion. Nor did I continue tweeting on the matter. It was a one and done tweet. Nothing more.
Here’s what I received [exactly] as it was sent through my company website:
“Paul, monitoring your tweets. You know nothing about Joe Biden. You, however are a slippery, SLIMY, just this side of the law franchise hawker, a mere salesman. I know you. You look like the Mafia. Re CA politics, you know nothing, dumb fuck. CA Dems do vote and you will see next Tuesday, you fat oaf.”
It was the first time in my life that I felt cancelled. Truly, I was speechless. But I took a screenshot of the message and have kept it as a reminder that although it’s okay to express my opinion, I need to realize, fully realize that others might have a different opinion – and that is the way it should be, but some people are just bullies.
Sadly, they just can’t help themselves and even more so when hiding behind a digital screen as evident in this case as the message was submitted with a fictious name and contact information. But then again, that’s just my opinion.
Personally, I’m of the mindset that if a person is not satisfied with the pay they’re receiving, maybe it’s time to look for another job or do what’s necessary to position themselves for a better paying job.
I know, as I had worked two jobs early on in my career as I had a family to feed. I just did what I had to do to provide. I had options available and choices to make, the same as individuals do today. So, I cannot agree that it is the responsibility of business owners to just arbitrarily increase wages because hourly workers want or think they “deserve” more pay.
And, a question that is mostly ignored is how a raise in minimum wage to let’s say $15 per hour affects those already earning $15 per hour? If someone’s pay is raised from $10 to $15, does that mean the other worker already earning $15 will be bumped to $22.50 or higher? The typical answer I’ve heard is a resounding, no!
Is that fair to the person that has been employed several years and has diligently worked to make his or her way up the ladder only to have everyone else see their pay increase significantly while his or her wages remain the same? What is their incentive to continue working to their fullest ability?
As for the fast food industry, one that unions are aggressively attacking because of the large numbers of employees from one chain to another, when was it determined that a typical job at a fast food restaurant would or should be one that would support a family? That was never a consideration in the development of the fast food business model.
If wages are just increased to what many claim would be a “fair” wage, what is the incentive for workers to excel at their jobs? What would performance reviews look like in the future? What’s next… guaranteed annual increases just because another year has passed?
Ultimately, businesses would have to pay their workers more and do one of three things: lay off some workers, cut already diminished profit margins, or raise prices. As a result of laying off workers, it would become more difficult for the minimum wage workers, who tend to be young and unskilled, to find a job in a competitive job market.
Furthermore, in order to replace lost profits, some businesses would have to raise their prices, causing the value of the dollar to decrease. It is likely that prices would rise as well, defeating the original intention of raising the minimum wage.
In the end, this movement will cost jobs and shutter once successful businesses. Those that survive will do so by adding technology to replace workers. In the end, the unions will benefit by collecting more dues, but the average worker will not benefit as many will have joined the ranks of the unemployed.
America is the land of freedom. From a business standpoint, that means individuals are free to accept or decline job offers. On the flip side, business owners should be free to offer jobs to whomever they believe is qualified for an open position and at the wage believed to make economical sense for the business. This should include the owner’s return on investment – provided of course, the wage offered is at or above the federally mandated minimum wage. After all, they’re the ones taking the risk of investing in a business.
Clearly, unions don’t see it this way as they’re truly only looking to add to their own coffers. To them, it really is not for the betterment of workers as much it is to strengthen the unions and its leadership. I have similar sentiment for politicians pushing this agenda, as well.
In my opinion, we’ll see higher wages that will do absolutely nothing for the wage earners in the long run as prices will have increased accordingly. A $25 per hour minimum wage does no good if the cost of a meal for a family of four at McDonalds rises to $75!
A few additional thoughts and questions…
Ironically, we’re at a time when customer expectations continue to set the customer experience bar higher and higher. Yet, with no incentive to excel, how many workers will just go through the motions and deliver lackluster experiences, at best? Will that further hurt businesses and possibly lead to more job loss?
With severe shortages of skilled workers in the trades, doesn’t it make sense to increase exposure to these opportunities AND provide more training opportunities to attract individuals that need higher paying jobs? How about bringing back shop classes to schools to get the ball rolling? Maybe it’s time to make trade schools free?
Has anyone given thought to the ripple effect to the younger generation as unemployment among teenagers continues to rise. With jobs previously earmarked for this demographic continuing to be filled by individuals raising families, what’s to become of the next generation?
With fast food jobs, as well as other jobs formerly held by teenagers including newspaper delivery, cutting lawns and even babysitting, where will teenagers find employment in the future? How will they be able to develop an ability to work with others? At what point will they be able to develop work ethic? And possibly the most alarming thought I have, How will they occupy their idle time?
As many that know me are aware, I am an avid reader. Mostly, I read about franchising, small business, entrepreneurship, business & restaurant ownership, self-help and just about any related topics. I’m a sponge for information and resources that I can use in my life as well as in my business, and also for my team and clients.
I typically arise by 4 AM on the weekends and spend 4-6 hours reading through the 300+ digital publications, newsletters and blogs to which I subscribe and that I’ve bookmarked throughout the week. Some I file away for future reference. Others I save to share across social media. And a few I share with friends, colleagues and clients as may be appropriate and relevant based upon a recent conversation or as information, motivation or inspiration I believe will help them.
Over the course of a year, I will read between 35-50 books relating to the same topics I’ve listed above. Some I read and they’re one and done. Others I refer to as needed for reference or as a resource for a particular project. I also have a few go-to books that I refer to quite often for my own inspiration and motivation.
I do love biographies and autobiographies about entrepreneurs, successful business people and leaders. I marvel at these recounts of both success and failure. I’m intrigued by the journey of these individuals. I’m motivated by their passion. I’m amazed by the obstacles and challenges they’ve faced and overcome. And I’m inspired by the possibilities that come to mind as I relate their stories to present day times.
Why do I have such hunger for the written word? Well, my formal education is limited. I never graduated from college as quite frankly, I found it boring. I was not interested in the typical basic courses and although I always looked ahead to the courses I knew I would really enjoy, I fretted about the prerequisite courses that were required before being able to take the courses of which I had the most interest.
To compensate for not having a formal education, I knew I had to work my ass off to get ahead. Marrying and raising a family at an early age was a choice, and a great motivator. It was an experience of which I take great pride, especially as my wife and I have been married for 45 years. We have four great children, their wonderful spouses, and four – and soon to be five – extraordinary grandchildren.
Sure, I regret not completing college and although I have given significant thought on numerous occasions about going back to school, life always got in the way. So, early on when I read Lee Iacocca’s autobiography, Iacocca, I was inspired to learn more about this great man and leader. I read his second book and sought out to read all I could about other successful people.
My motivation to read all that I could was driven by an explanation by Iacocca that still resonates with me to this day. To paraphrase… A man is not as smart by what is in his head as he is by the information he could put his hands on, and that information is in books. And so began my quest for information to educate myself as much as humanly possible.
Oh, I do wish I had complemented it all with a formal education but there’s no use crying over spilt milk, right? There’s no reason to look back. Although, the “what if” questions do haunt me at times, yet they inspire and motivate me just the same.
No doubt I was self-reliant, so when I first heard about the book, The Self-Reliant Entrepreneur, I knew I had to read it. When my daughter, Jennifer asked me what I wanted for Christmas two years ago, I asked her for this book. Maybe the method to my madness was to start out making this book special as it was a gift and one that I knew I would treasure.
Well, as you can see in the image at the top of this article, the book sits at the top of a handful of books that sit on my desk at all times. These books are rotated quite often from the one I’m currently reading to others that I may be referring to for a special project I may be working on. Yet, The Self-Reliant Entrepreneur always sits atop the pile. Why? Because the book is meant to be read each and every day.
But what really makes the book very special is the author’s commitment to helping others. You can just tell he put a great deal of thought into the book. But to me, it’s even more than that as evident by an experience I had yesterday on LinkedIn when I posted the following:
This is my second year reading through the book, The Self-Reliant Entrepreneur by John Jantsch (author of Duct Tape Marketing). The book is comprised of 366 Daily Meditations to Feed Your Soul and Grow Your Business.
Today’s meditation is very spot-on in light of current challenges and economic uncertainty and especially the following sentence:
“As entrepreneurs pushing through fear and trying so many new things, we feel so intoxicated by the sensation of new that we are tempted to hold on and loiter – breathe it in, remember it, then turn the page and grind on.”
I highly recommend entrepreneurs everywhere purchase this book AND diligently follow the daily meditations. The book is great for aspiring entrepreneurs, as well.
Well, the author, John Jantsch personally responded, asking me to share my experience. I mean, who does that? Who takes the time to genuinely ask for your input? Well, it spoke volumes to me, as does this fantastic book.
John asked me, How are you finding you have changed this go around? I responded:
The first time I felt I was just reading. Sure, I always took away something from the various passages but I never seemed to give them much thought afterwards. This time around, I’ve found myself applying what I’ve read, or even like today, I found that it actually reinforced the message I shared in my daily LinkedIn newsletter, Acceler8Success Cafe.
More so, as I often write about what’s going on in my own mind, many of the passages either reinforce my own confidence or motivate me in my own writing as well as in my business. To summarize, first time around I’ve read to read. The second time, I’ve read to apply.
One more thing… For anyone that wants to learn about entrepreneurship or expand skills as an entrepreneur, this book is perfect because so many feel they don’t have time to read a book, but with The Self-Reliant Entrepreneur that’s all they have to read is one page each day. It’s the best 5-10 minutes I spend each and every day!
Interestingly, this morning’s meditation is titled, Original Giftedness. Well, I was already given a gift of John’s response yesterday, so today’s meditation is an appreciated extension of the same. Thank you, John.
If you’re interested in purchasing, The Self-Reliant Entrepreneur, you may do so on Amazon. I highly recommend you do so today. Also, I also believe it’s a great Christmas or Graduation gift that’ll make a difference in someone’s life. I know it’s made a difference in mine.
As I stated in yesterday’s article, Have you ever needed a little push to start your day?, I felt I really needed a bit of a pick me up as I was having difficulty getting focused. Quite frankly, that doesn’t happen often but when it does, I attempt to be proactive by seeking out something that will change my mindset and get me back on track.
Today, I feel my focus and positive mindset have returned but in light of one news story after another referring to economic uncertainty and signs of the times, I’m concerned about how others will be affected – or may be sidetracked by worry.
Adding insult to injury, Hurricane Ian is barreling down on the Florida Coast and there’s bound to be a ripple effect that will affect many people including those, albeit indirectly, outside the Sunshine State.
So even though I’m [mostly] back to focusing on tasks at hand, my mind is drifting back to yesterday’s thoughts about motivation and inspiration. I recalled an article I had written some time back and thought it appropriate to share again today.
In any event, I pray those in need find the inspiration and/or motivation necessary to survive and recover from whatever challenges they may be facing.
Inspiration vs Motivation
I’ll admit, I often interchange motivation and inspiration. Actually, because I do, I find that I use both words together in a sentence. For instance, what motivates and inspires you? Maybe it’s because what motivates me, typically inspires me, as well. And what inspires me, often motivates me. Is that wrong? Maybe it is according to the definition of both words, but I find it works for me. It’s akin to a 1-2 punch. They work well together. In any event, it works for me. However, maybe it doesn’t work for you.
Inspiration is defined as, the process of being mentally stimulated to do or feel something, especially to do something creative; a sudden brilliant, creative, or timely idea.
Motivation is defined as, the reason or reasons one has for acting or behaving in a particular way; the general desire or willingness of someone to do something.
Kelly Slater, an American Surfer states, “Motivation is temporary. Inspiration is permanent.” A very concise message, to the point. Six simple words. Yet, I believe there’s much more to the spirit behind being motivated or inspired. Or should I say, motivated AND inspired?
The following quote from Dean Bokhari, a writer & speaker about personal development, meaningful work + mastery presents a different perspective:
Some may look at Bokhari’s quote and think it’s just Salter’s quote further defined. I don’t see it that way. I believe Slater’s point is more a black & white issue, an either this or that scenario. Bokhari’s quote speaks to me of a yin & yang (most think it’s ying & yang) scenario, working together, complementing each other, reinforcing, if you will.
According to Wikipedia: in Ancient Chinese philosophy, yin and yang is a Chinese philosophical concept that describes how obviously opposite or contrary forces may actually be complementary, interconnected, and interdependent in the natural world, and how they may give rise to each other as they interrelate to one another.
From World History Encyclopedia: The principle of Yin and Yang is that all things exist as inseparable and contradictory opposites, for example, female-male, dark-light and old-young. The pairs of equal opposites attract and complement each other.
As the Yin and Yang symbol illustrates, each side has at its core an element of the other (represented by the small dots). Neither pole is superior to the other and, as an increase in one brings a corresponding decrease in the other, a correct balance between the two poles must be reached in order to achieve harmony.
I read an interesting article, “The Important Difference Between Motivation and Inspiration” by Rob Holman. He is an internationally recognized leadership expert, executive coach, keynote speaker, and bestselling author who has a heart for authentic relationships and a true talent for equipping people with the skills and the knowledge necessary for their success. He states:
“For years I thought that inspiration and motivation meant the same thing. But the more I thought about it, did some research, and became a student of people, the more I came to believe there’s a very important distinction. The subtle difference between the words can make a world of difference in leading people.
Merriam-Webster defines inspiration as follows: “Something that makes someone want to do something or that gives someone an idea about what to do or create.”
Here’s what it says for motivation: “The act or process of giving someone a reason for doing something.”
Inspiration is more a person reaching a point of wanting to act, whereas motivation is more of giving people reasons to act. That’s the difference between babysitting and empowerment, incentives or influence, fire-starters and fire extinguishers.
There is a need for both inspiration and motivation. But to lead effectively, knowing the difference makes a tremendous difference.
When we try to motivate people by using positive incentives, and perhaps even some negative tactics, that’s using outward things to enter the heart where real change takes place. This can work to some degree, but the effect is often temporary.
When we try to inspire people, we’re reaching for the heart in a way that the person is changed from the inside out. When people want to change because there has been a deep stirring in their heart, it’s sustainable and leads to long-term vibrancy.
There was a time in my life when I consistently sought encouragement from others as my main source of motivation. Sometimes I’d get it, other times I wouldn’t. I needed the encouragement to perform well.
Then I began to be inspired by a purpose-driven challenge in my life, as well as some individuals who helped me understand that what I do should not define who I am. This changed everything.
With motivation, I was looking for reasons to be a better me to maximize performance. With inspiration, I understood who I was and, as a natural byproduct, I was able to accomplish things that I never thought were possible.”
Maybe I’m off base here, but I’m starting to realize a difference in the meaning of both words but only as it applies to the act of doing something for the benefit of others as opposed to for one own’s benefit. Meaning, to motivate and inspire others appears to be different than being motivated and inspired.
In any event, when I feel inspired, it motivates me to do something. When I see that my coaching creates excitement for my client or even just a glimmer of hope, it motivates me to expand my reach to help others. If I’m motivated by a motivational speech, it inspires me to take my own personal thoughts regarding the speaker’s topic to a new level. In both cases, I feel both inspired AND motivated.
Is there a difference between inspiration and motivation? Yes, I know there is. But does it matter when in the moment of being inspired and/or motivated? I guess it comes down to something that is quite simple which is whether it provokes thought and confidence in taking action.
There are a lot of things that can provide inspiration AND motivation – seeing other people accomplish great things, seeing others overcome adversity, speeches & quotes from great people, the written word (books, blogs, etc.), and even the sheer beauty of nature can inspire and motivate us… while also reminding us just how lucky we are to be alive.
This morning, I feel like I need a little push to jumpstart my day. Have you ever felt that despite feeling good physically and mentally, that your mind is a bit foggy and out of focus? That you know what needs to be done, yet you find yourself staring at the screen, staring at your calendar seemingly in a trance?
Well, I feel that way today and as I have done in the past, I turn to motivational and inspirational quotes. So, as I focus on my own motivation and inspiration, I’m happy to share the same along with some of my thoughts. I hope it helps you as much as it helps me.
New Beginnings
If we focus and think deep enough, we know when the time is right. It’s when we listen to what presents itself as our intuition, that feeling in our gut, that we know it’s time to pivot, to change course, to take action. We must not fight it.
Instead, embrace it as part of the great journey called, life. The wonder of it all are the powers around us, spiritual as they are, they actually provide signs, messages that move us, sometimes by force in the direction intended for us, chosen for us.
It’s then up to us to face, address what’s in our path — to tackle challenges and capitalize on opportunities, listening carefully, watching attentively and acting decisively… essential to not ignore what is evidently clear.
Possibilities
This is one of a handful of quotes that I keep close by to motivate, inspire and remind me to realize opportunities, consider possibilities and explore options – All part of the drive to achieve success at the highest level possible. Sometimes it means doing it for me. Other times it’s for someone else. But the most rewarding is when it helps another person while also producing benefit for me. Truly a win-win.
Balance
This one really hits home on days like today… Successful entrepreneurs have a passion for what they do, so working hard is part of their DNA. But anyone who is successful also recognizes that life and work are a marathon, not a sprint. Even they need some downtime every now and again.
The Future
With two plus years of the Pandemic in the review mirror and all that had adversely affected business as we knew it, and despite current economic uncertainty, it’s time to look ahead to the future. In doing so, we must keep this Peter Drucker quote in mind and act accordingly.
Entrepreneurship
One of my favorite images that really gets me thinking and wondering. It makes me think about the complexity (or perplexity) of entrepreneurship. The universe is in sight, almost at the entrepreneur’s fingertips. The entrepreneur, tired and weary is still standing.
Like the ups and downs of entrepreneurship, is the light shining outward and as such, getting brighter or is the darkness overtaking the light? And as may be reality or perception, is the entrepreneur looking at the bottom of what’s closing in from above or is the entrepreneur on top of the world taking it all in.
Such could be the majesty or travesty of entrepreneurship. Or, could it be the basis of loneliness experienced by many entrepreneurs?
And One Last Push for a Great Day!
Today is a new day and with it new beginnings, albeit with potential of different perspectives on first impressions or just seeing things in a different light. Life is great that way!
There are many different types of entrepreneurship. From traditional startups to business ownership to today’s popular side hustles. There are also many more in between including entrepreneurship involving personal artistic and creative skills such as being an author or artist whose sole business is to create and then sell their books and paintings.
Some might argue that being an author or an artist is nowhere near being an entrepreneur. I’d argue that they’re mistaken. If the individual with a creative talent uses that talent to earn income, and over time develops a business from his or her efforts, they’ve then become entrepreneurs. In fact, part of the Wikipedia explanation of an entrepreneur’s purpose states:
“An entrepreneur uses their time, energy, and resources into creating value for others. They are rewarded for this effort monetarily and therefore both the consumer of the value created and the entrepreneur are benefitted.”
Artist Entrepreneur
One such Artist Entrepreneur was Leonid Afremov. He was a Mexican–Israeli modern impressionistic artist who used to work mainly with a palette knife and oils. He had developed his own unique technique and style which is unmistakable and cannot be confused with other artists.
His paintings were mainly landscape, city scenes, seascapes, flowers and portraits. Most of his work is considered very colorful and politically neutral.
Afremov was mainly known as being a self-representing artist who used to promote and sell his work exclusively over the internet with very little exhibitions and involvement of dealers and galleries.
Before the advancement of online sales and eBay, Afremov was a struggling artist. He was born in Vitebsk, Belarus, and lived there until 1990. Between 1990 and 2002 he lived in Israel, and from 2002 to 2010 in Boca Raton, Florida.
According to the Leonid Afremov website, during the cold Russian winter, Afremov stayed at home painting. He was not allowed to participate in government exhibitions because of his Jewish roots and was not allowed to be a member of the local art associations.
His early work was sold privately via family and friends and was not seen by many people. A lot of his work in the 1980’s was just given away for free. He did not keep records of his work then and not much of it survived. The family currently has only one painting that was made before 1990.
In 1986 the Chernobyl disaster happened. Vitebsk was only a few hundred kilometers from Chernobyl, close enough for radiation to travel with the wind and rain. The ecological situation in the area worsened, local crops and water becoming contaminated with radioactive fallout. Small children were affected strongly, including Afremov’s two year old son.
At the same time Leonid Afremov was experiencing serious discrimination and insults for his Jewish heritage. The liberal politics of Mikhail Gorbachev allowed Jewish soviet citizens to migrate to Israel in the late 1980s. After being fed up with anti-semitism and problems caused by radiation, Leonid decided to move to Israel without hesitation as soon as the doors were opened.
On 14 May 1990 the Afremov family left by train from Minsk to Warsaw where they stayed in a hostel for 3 days. Then on 17 May 1990 they took a flight to Israel provided by the Israeli immigration authorities. The Afremov family was among the first to migrate from USSR in the Russian–Jewish immigration wave of the 1990s.
Today, original oil paintings, original recreations, studio recreations, prints, giclees and much more can be purchased directly from the family of the world renowned Leonid Afremov at https://afremov.com/.
Author Entrepreneur
Another creative entrepreneur is author, Joanne (Jo) Rowling, better known as J.K. Rowling of Harry Potter fame. However, one might wonder how Rowling, the author, could possibly be considered an entrepreneur. Yet, considering the tremendous value of the Harry Potter franchise of books and movies, it’d be difficult to dispute.
We often learn about an entrepreneur’s humble beginnings such as Steve Jobs dropping out of college, living on friends’ couches, and sneaking into classes that he enjoyed despite not being enrolled.
Or, the early beginnings of Hewlett-Packard as Bill Hewlett and David Packard started the business out of a garage in Palo Alto, California. And the list goes on from Walt Disney to Daymond John, founder of the Hip Hop apparel company, FUBU.
In the case of J.K. Rowling, how is this for a humble beginning as described in an article at InsideBusiness.com?
After her mother’s death, Rowling moved to northern Portugal for a fresh start and taught English as a foreign language. She started dating a man named Jorge Arantes, became pregnant, and moved into a small two-bedroom apartment with Arantes’ mother.
The couple miscarried, but they married in October 1992. Rowling later gave birth to a daughter, Jessica, in July 1993.
The rocky marriage lasted a mere 13 months, and Rowling and Jessica returned to the UK to live in Edinburgh, Scotland, not long after. She carried three chapters of “Harry Potter” in her suitcase with her.
Living in a cramped apartment with her daughter, jobless and penniless, Rowling fell into a deep depression and admits she even considered suicide. She was forced to rely on state benefits and spent much of her time writing “Harry Potter” in cafés with Jessica sleeping in the pram next to her.
“An exceptionally short-lived marriage had imploded, and I was jobless, a lone parent, and as poor as it is possible to be in modern Britain, without being homeless… By every usual standard, I was the biggest failure I knew,” Rowling said during a 2008 Harvard University commencement speech.
Today, Harry Potter is a global brand worth more than $15 billion dollars.
Arts Entrepreneurship
According to AmericansForTheArts.org, Arts Entrepreneurship is nothing new. It is fair to assume that artists have always been entrepreneurial. Educators in higher education have been earnestly addressing this topic as early as the 1970s, first at the Eastman School of Music.
However, what is new is a formalized system of education that teaches artists how to, specifically, act entrepreneurially. Today, there are over one hundred colleges and universities addressing the topic, and at least 33 Master’s programs around the world focused on arts, creative, or cultural entrepreneurship.
In academic literature, there is absolutely no consensus as to what “entrepreneurship” means, much less “arts entrepreneurship.” Similarly, there are no agreed-upon definitions for “creativity,” “imagination,” or “art.” These phenomena are complex and subjective.
Regardless, at Meadows School of the Arts at Southern Methodist University (SMU), in a course, Arts Entrepreneurship, students are taught that entrepreneurship is defined as follows:
“The creation of opportunity and value with intent to profit financially, socially or otherwise through the assumption of risk and effort.”
In the context of arts entrepreneurship, the value created is art.
It’s the first weekend of Fall. The fourth quarter of 2022 is officially upon us. All that Summer represents is in our rearview mirror, and all that Fall represents is in full swing with pumpkin-flavored everything seemingly everywhere.
Halloween decorations are trying to hold their own against the premature introduction of Christmas decorations as retailers try to get a jumpstart on the holiday season. Nevertheless, pumpkins and candy-filled displays at the front of supermarkets along with costume store popups and Halloween party invitations remind us that Halloween is just a month away. Yet, holiday plans are starting to take shape.
On the business front, many entrepreneurs and business owners are making a full court press to close out the year on a high note. Some are hoping to salvage the year. But all have their eyes on the new year ahead, as well.
It’s very common at this time of year to reflect upon the goals and resolutions that were established at the beginning of the year. Questions are many.
Have goals been met to-date? Will there be enough time to achieve the goals before year’s end? How about those New Year resolutions? Were they just words with no plans and yet another year of not following through?
Further, will year-end bonuses be less than expected, if at all? How will either affect the next year?
Before year’s end, can more accounts be landed? Can more deals be closed? Can more projects be completed?
Can more pounds be lost? Can more miles be run? Can missed vacations be rescheduled?
Should plans be made to prepare for those potentially real possibilities with action be taken immediately to make things happen over the next few months — beginning right now, today?
There are many questions along the same lines and they can and all be answered with a resounding, YES!
Of course, YES! But only if this time of the year is considered to be a time for new beginnings, new possibilities, and new opportunities. And with that, new commitments and new focus. Or should I say, recommitments and refocus?
In any event, it’s time to make things happen and make things count. So, let’s get started with some inspiration and motivation with the following quotes:
“The best way to predict the future is to create it!”
“Always ask yourself if what you’re doing today is getting closer to where you want to be tomorrow.”
Can you do this?Of course, you can!
Have a great quarter. Make it happen. Make it count!
I’ve been asked time and again, and once again this week to post the following article that I had written about in 2011 regarding my own personal experience as a multi-unit franchisee where I succeeded at first, only to crash and burn later on.
Over the years, this article has been posted on several of my blogs, picked up by numerous other blogs & online publications, and discussed on various podcasts. I have received numerous comments and inquiries about the article and my experience as well as individuals sharing their own personal experiences and requests for assistance.
Although I cringe at the thought of any business failing, I admire and respect the fact that franchisees and franchisors alike (small business owners and individuals & teams running larger organizations as well) know when to put their pride aside and ask for assistance, and I always look forward to providing my experience and expertise to help determine a practical resolve to their problems.
I’m proud to say this article and talking about the same, has been instrumental in helping a number of businesses keep their doors open and work towards recovery. On the other hand, I’m also sad to say several businesses were not as fortunate, but at least the owners were able to exit with dignity and in few cases, with less liability than they previously thought possible. And, in one case, the business owner actually exited in the black when we were able to facilitate the sale of her business when she previously thought about just walking away.
Considering the difficulties many small business owners, restaurant operators, franchisees, entrepreneurs and organizations have experienced over the past two years and with challenges continuing, I’m sharing this article once again.
Fear and Consequences of Failure
I can personally relate to the trials and tribulations of owning franchise businesses as I have “been there and done that” and have experiences on both ends of the spectrum from achieving overwhelming success to dealing with bitter failure. I have definitely come to understand the fine line between success and failure in trying to nail down the American Dream.
I know it is sometimes counterproductive to even mention failure which is why the subject is always avoided and never discussed. Yet, it’s out there and it’s real. Once franchisees face the possibility of failure and its very real consequences, they can be motivated to understand that failure is not an option and commit 100% to a plan that addresses immediate problems and provides solutions accordingly. Even if it’s necessary for the plan to be quite drastic or aggressive due to prevailing circumstances, franchisees that unequivocally realize that failure is not an option are prepared for immediate action.
Let me emphasize one point. Franchisees should not view poor sales and disappointing profits as either potential or immediate failure and stick their heads in the sand. I made that mistake in the past and suffered the consequences. Instead, franchisees should build upon the courage it took to become a franchise business owner and recommit to success as they did when they first took the entrepreneurial plunge.
They need to remember their wishes, hopes and dreams that prompted the decision to own their own business. They need to remember the admiration of family and friends when they heard about the new venture. They need to remember the excitement when they actually signed the franchise agreement.
Unfortunately, there’s a very distinct possibility the root of the problem is embedded in the franchisee’s actions, non-conformity to the franchise system and unwillingness to face reality. However, as there was some shining light evident during the franchise award process, it may not be a totally lost cause if the franchisee is made to completely understand the implications and consequences of failure.
As franchisors are faced with the potential of closed units [during this recession] that may be the result of things out of their control, it’s imperative they don’t lose even a single unit just because a franchisee just flat out needs a snap back to reality. It’s worth the effort.
Let me clarify something. I failed as a franchisee. Not because of anything the franchisor did or didn’t do but because I put and kept my head in the sand and did not face reality. I could go on and make excuses about things that happened around me but at the end of the day I could have turned things around if I got my own head out of the sand, made some difficult decisions and took full, immediate responsibility.
Unfortunately, I was scared of failing. I was afraid of what people would think. I was ashamed at what other franchisees, ones I put in business, would think of me. I couldn’t even think of facing my family. All lame excuses for not taking responsibility. Maybe a hard swift kick you-know-where would have helped.
Did I mention that I previously ran the franchise company where I failed as a franchisee? Did I mention I was elected by fellow franchisees, President of the National Advisory Council? Did I mention that I owned and operated five franchise units?
If I had clearly understood the implications and consequences that were looming on the horizon and if I was able to get my big ego out of the way and address things head on, maybe I could have survived. Maybe I could have at least implemented an exit strategy that would have, in some small way, paid back the loyalty and support of my employees, family and friends.
In the end, I may not have survived because it may very well have been too late when and if I finally took action and responsibility. But maybe I could have at least exited with some dignity. Also, I could have saved many innocent people a great deal of hardship, embarrassment, wasted effort and ill-spent resources if I did face reality. This includes my family, my employees and yes, my franchisor; all who believed in me.
Yes, it was a tremendous learning experience but not one I would bestow or wish on anyone. Now, all I can do is to offer my experience to anyone in the franchise industry that needs assistance. As we’re again in the realms of economic uncertainty, I’m certain already difficult situations have been compounded but I’m confident a snap back to reality could only help. If just one franchise business is saved from the consequences of failure, then we’ve made progress. Progress we’ll continue to build upon.
Fear and Consequences of Failure… A True Story Retold
If you’re interested in hearing more of my story, you may do so in my interview with Stan Friedman, CFE on Franchise Today. I’ll be forever thankful to Stan for prompting me to share my experience, LIVE on the air. It was difficult to do but upon doing so, I’ve felt even more compelled to share it again and again. Below is the promotion (and link) for the episode as written by Stan.
Franchise Today enters its ninth year with co-host Stan Friedman interviewing fellow co-host Paul Segreto. As has been the case multiple times in the past, Segreto shares his story of near-catastrophic failure to help others who may be fighting through their own business challenges. Also, he shares the story as transparency to a time in his life that on occasion has spurred questions and rumors without all the facts at the foundation of the matter with the strong belief that others will only benefit by realizing the magnitude of fear and consequences of failure.
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 on LinkedIn, by email to Paul@Acceler8Success.com, and by phone or text at (832) 797-9851.
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