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Why Now May be the Best Time to Start a Business

Posted On October 22, 2009 Leave a Comment

If you’ve always wanted to start a business, you might think now is the worst time to strike out on your own, given the current economic downturn.  In reality, times like these have proven to be a great time to start a business!

What’s the biggest reason people people think they shouldn’t start a business during a recession:

They believe it is too risky.  They think they have more financial security by working for their employer, who already has an established customer base, than by starting to build a customer base of their own.

Ironically, I believe the exact opposite is true.  Here’s why:

The key issue isn’t the customer base, it’s the motivation.  And no one is more motivated to make sure you succeed than you.

When you work for someone else, you put your faith in the hope that they are doing the right things to grow the business and bring in customers.  When you work for someone else, you put your livelihood in the hands of your boss, who, believe it or not, might not care about your future as much as you do!

During a recession, when thousands of people are being laid off every day, which is more risky:

  • Putting all your eggs in one basket by trusting your employer will keep exchanging your hours for dollars?
  • Spreading your eggs around by taking your destiny into your own hands and building your own base of loyal customers?

When you work for someone else, you really have only one customer, and that is your boss.  If you lose him or her as a customer, you’re done at that company.

When you run your own business, you have dozens or hundreds or thousands of customers.  If you lose one, you’re not done-for, you just find another one.

An article entitled, 14 Big Businesses That Started During a Recession, explains that many well-known and successful companies were started during economic downturns:

  • Hyatt Corp.
  • Burger King Corp.
  • IHOP Corp.
  • The Jim Henson Company
  • LexisNexis
  • FedEx Corp.
  • Microsoft Corp.
  • CNN
  • MTV Networks
  • Trader Joe’s
  • Wikipedia Foundation Inc.
  • Sports Illustrated
  • GE
  • HP

Why did these companies succeed?  The article explains:

“Usually it’s because the founders recognized a market need and filled it. Identifying that need — whether it’s related to entertainment, travel or even streamlining how businesses operate — is the key to any thriving enterprise, regardless of the economic climate in which it begins.”

So, if you’ve always wanted to start a business, if you know a need in the marketplace, and if you  have the know-how (or can get the know-how) to fill it, then why not take that first step toward being your own boss today?  One excellent resource that will help you is How to Become Successfully Self-Employed.

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Decision Making Process: How to Turn Problems into Opportunities

Posted On October 20, 2009 Leave a Comment

A few years ago, in a conversation with one of my mentors, I explained that I was dealing with a particular problem that was weighing heavily on my mind.

As I described the situation, he listened intently, seeking to understand what I was saying.  Then he said something that absolutely took me by surprise.  I was expecting empathy, sympathy, and possible solutions.  Instead, he said:

“Who says your problem’s a problem?”

I replied, “What do you mean?  I just told you the situation.  Of course it’s a problem, and I’ve got to figure out what to do.”

He went on to explain, “Yes, I understand you have a situation here that you’re dealing with.  But who says that it is a problem?  With every problem, there is an opportunity.  And I believe you really have a big opportunity here to explore and make the most of, instead of a problem to manage.  That is, if you choose to see it that way.”

Next, he helped me look at my situation from different angles and perspectives.  Then he shared some possible courses of action that I could take, and the potential results of those decisions…both in the short-term and a few years down the road.

One thing I noticed was that some solutions, which seem to have the lowest cost right now, have higher costs down the road.  And I’m not just talking money, but also our energy, emotions, relationships, goals, etc.

Later, when our conversation came to a close, I thanked my mentor for helping me gain a new perspective on my situation.  He gave me some real hope for what I thought was more of a hopeless situation.  As he left, he gave me another pearl of wisdom that took a minute to sink in…but once I got it, I got it.  He said:

“Sometimes, how you look at a problem is the problem.”

The next time you’re stumped by a problem or situation, and you just don’t know what to do, you might give these tips a try:

  1. Gain a new perspective by looking at the problem from different angles.
  2. Make a list of all the ways you could possibly benefit from this situation.
  3. Pretend that you are a coach who is helping someone else in this situation.  What would you advise them to do?
  4. Pick your top three possible courses of action, then count the cost of each one, both in the short-term and long-term.  Play them out in your mind.  If you went this direction, how would it feel at first?  How does it feel a month or six months down the road?  What are the ramifications, both good and bad?  Can you live with them?
  5. Then pick your top possible solution, and ask yourself:  “If I go this route, does it really address the real problem?” This is an important question, because it is all too easy to deceive ourselves into thinking we’re doing the right thing to address the problem, but then our choices results in unintended negative consequences.  Don’t believe me?  Just ask Congress.

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Decision Making Process: WWJD?

Posted On October 18, 2009 Leave a Comment

If you’re new to Life Compass, on Sundays I write on Spirituality, Faith and Ethics.  I do it because I believe we’re all spiritual beings and have some sort of a moral compass in our lives, and because the topic personally interests me.  You can learn more by clicking here.

Question:  How do you make decisions?

I know, you will probably have a hard time deciding your answer!  Because we don’t often think about how we make decisions, we just make them.

But really, we don’t make decisions out of thin air.  From our childhood until now, we’ve learned how to make decisions – big ones and small – by observing our parents, teachers, friends and others.

Some decisions, like what to eat for lunch, can be easy and have relatively no consequences (unless we’re trying to lose weight).

Other decisions, like what company to work for, or what person to marry, are difficult and can have long-term, even life-long, consequences.

Some decisions impact no one but ourselves, others have ethical implications that affect our family, co-workers, and our community.

So, shouldn’t we give some thought to how we make decisions?  And shouldn’t we learn how to make the best decisions possible, to minimize risk and harm to ourselves and others?

“WWJD” was a slogan that was made popular a few years ago on bracelets, t-shirts, bumper stickers, etc.  The acronym, which stood for “What Would Jesus Do,” was a reminder for people to ask themselves “what would Jesus do?” if he were faced with this decision or choice that I’m about to make.

Whether you follow Jesus or not, the point is this:  When we’re faced with difficult decisions, whether they have ethical implications or now, we can get guidance from other successful people we admire or aspire to be more like.

One way we can learn from others is by reading biographies of famous leaders and decision makers.  Another way is to read books about leadership and decision making. One of my favorite authors is Dr. John C. Maxwell.

I think one of the best decisions you and I can make is to decide to improve our decision making ability.   It is a skill that will serve us well in every area of life.

Who do you follow?  Who do you learn from, when it comes to making great decisions?  I’d be glad to hear your thoughts and comments.

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Tips for Work-Life Unbalance

Posted On October 15, 2009 Leave a Comment

Here at LifeCompassBlog, I’ve given you what I think are some good reasons for pursuing work-life balance.

Today I’m going to give you some reasons why it may be OK to get out of balance in the short-term, and six tips on how to do it in a way that ultimately restores balance, builds your family life, and helps you achieve your long-term goals.

I just read a story at FreeMoneyFinance about The Hildebrandt family of New Richmond, WI, which eliminated $106,000 in debt in five years.  They did it the old-fashioned way, by cutting costs and increasing revenue.

To increase their revenue, the dad took a second job working in a grocery store in the middle of the night.  His schedule was absolutely crazy.  He’d work his day job, then come home, eat dinner with the family, take a nap, then go to his night job from midnight to 4:30, then come home, take a nap, then go to his day job.

A casual observer might look at their situation and conclude that the dad’s life was seriously out of balance and that he was pursuing money at the expense of his health and family life.

But if we look a little closer, we gain some good insights on when and why, I believe, it might be OK to do this. Here are some tips we can learn from the Hildebrandts, along with some others I thought of:

  1. Have a specific goal in mind. This family made a serious commitment to get out of debt.  Other potential reasons why it may be ok:  Start a business (full or part-time), go back to school, or any other major goal or commitment that will help bring more freedom into your life.
  2. Find a way to impact multiple life areas. This isn’t always possible, but you’ll move ahead farther, faster, if you can work on several life areas at the same time.  For example, this family’s decision to pay off debt positively impacted their “financial” life area, but it also was going to do good things long-term for their “career”, “family”, “health” life areas too, by giving them less stress and more freedom to do what they wanted in the future.
  3. Consider the cost up-front. They decided that, to get out of debt, dad was going to have to work more, and they were going to have to spend less on other activities.  In other words, they realized that some things are going to have to suffer short-term in order to achieve the long-term goal.  People get into huge trouble, and stress, when they think they can make a major change in one area while also trying to keep all the other areas moving along at the same speed.
  4. Agree on a specific time frame. They decided to make these changes for a specific purpose and a specific time frame.  They were all looking forward to the day when their goal would be reached.  Once it was, the dad was able to quit his extra job.
  5. Commit to regular check-ups. Whenever we’re making some major change in our lives, we need to do regular check-ups with everyone that is affected.  Make sure everyone’s still on the same page, that they see light at the end of the tunnel, that they’re still working toward the same goal for the reason that was decided on at the beginning.  Without these check-ups, people can lose heart.
  6. Plan rewards at milestones. Set some intermediate goals or milestones along the way, and find a way to celebrate those.  It gives people hope, and helps them see the progress that is being made toward the big goal.

For more tips on how families can make major change and handle competing priorities, check out my review of Pat Lencioni’s book The Three Big Questions for a Frantic Family.

Do you have any other ideas or comments?  If so, please be sure to share them!

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Why is Work-Life Balance Important?

Posted On October 14, 2009 1 Comment

Nearly every day, I hear a story of someone who is extremely successful in their career, but a failure in some area of their personal life.  You’ve probably heard the stories too, of…

  • Sports stars who win big on the playing field, but not in their finances.
  • Business leaders who invest in the personal growth of their employees, but not their own kids.
  • Entrepreneurs who invest much time and energy into growing their business, but take no time to care for their health.
  • Sales people who know how to make their customers feel special, but not their spouse.
  • Blue collar workers who give it their all during their shift, but have nothing left to give at home.

I’m confident that no one sets out to do this – to win at their work at the expense of other areas of their life, like family, health and finances.  It just happens, right?  After all, most of us spend much more time at our job than we do in the other life areas.

It doesn’t really “just happen” if we think about it, though.

I’ve found that most people who are successful in certain areas of their lives have made a plan, and a concerted effort, to be successful in those areas.

Conversely, when people are not successful in other areas of their lives, it is because they have not made a plan, and a concerted effort, to be successful in those areas.

Thus, the old axiom is true: “If you fail to plan, you are planning to fail.”

Is Achieving Balance at Life and Work Important?

As I said in “How to Define Work-Life Balance”, work-life balance is:

An intentional state of harmony and wholeness that exists within the seven major life areas (categories) in a person’s life:  Family, Career, Financial, Social, Health, Personal Development, and Spiritual/Ethical.

Pursuing work-life balance is important to me because I want to enjoy the peace and harmony that comes from living a balanced life…from focusing my time and energies on the things that are most important to me..and not just the things that clamor the loudest for my attention.

Deep down, the thing that motivates me the most is…the feeling of regret.

When I come to the end of my days, I don’t want to regret for one moment that I cared more about work, money or my personal hobbies and habits, than I did for my family.  Do you?

That’s why I’m on a journey toward work-life balance, and a journey toward success in all areas of my life.  It’s all about the life I want to live with my family now, and the legacy I want to leave behind when I’m gone.

What about you?  Are you satisfied with where you’re at in life right now?  Do you feel like you’re giving the attention you want to give to the life areas that are most important to you?

If not, stick around here, sign up for my RSS feed if you haven’t already.  And we’ll walk this journey together.

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How My Journey Toward Work-Life Balance Began

Posted On October 9, 2009 Leave a Comment

In How to Define Work-Life Balance?, I shared my belief, from personal experience, that work-life balance is a journey, not necessarily a destination.

I’ve been on this journey to achieve greater balance in my life and work since 1999, thanks to an older man I knew from church, who sought me out one day.

He’d been an executive coach for years, helping hundreds of men and women grow their businesses, achieve their dreams, and find true success in all areas of life.  Now, he said, he felt led to tell me all he knew about living a life of success and significance – if I desired to hear it and put it into practice.

Something told me that I needed to hear what he had to say, so I said yes.  He’s been a coach and mentor for me for over 10 years now.  He’s inspired me to make an intentional effort to live the life I want instead of just letting life happen to me.

Before he began coaching me, I hadn’t really given much thought to living “on purpose” – I just let things happen as they came my way.  Didn’t everybody?

I learned later that the answer to that question is No – successful people don’t just let life happen, they make it happen.

Over time, he showed me some specific strategies that would help me…

  • Get the most out of life and live to my full potential.
  • Help me accelerate the achievement of the goal and dreams that were most important to me, with the people who were most important to me.
  • Invest what I’m learning in the lives of others.

Best of all, he showed me how to live a life free of regret, and that has been a gift of immeasurable value.

As I close out this post, let me ask you the same question my coach asked me when we first met:

If I could show you some proven ways you can know your life’s purpose, accelerate the achievement of your dreams and goals, and be a success in all areas of life, would that be of interest to you?

If your answer is yes, subscribe to my RSS feed (if you haven’t already), so you won’t miss any of the strategies that he shared with me, that I’ll be sharing here at Life Compass.

Next time, I’ll tell you my real motivation for pursuing a balanced life.

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