Archives for February 2013

I-frequently get asked:

How do you know when to give up on a business and walk away?

Wow. I know that a lot of people around the world are feeling challenged in our current economy and some may be at the very point of asking this question and making this decision. But, as I give my answer, I want to reframe the question to how I have learned to think about it from my own experience, as well as from the concepts I have adopted from Dr. Bucky Fuller. So, instead of saying, I give up! I look at it as changing my focus.

As things change in our businesses, the opportunity we once had (or thought we had) may be declining based on new market demands, changes in technology, in the law, or in the wide array of things that can affect a business.

As those opportunities decline, there is usually a new opportunity that also emerges from the changes that caused the decline. If you are paying attention, the marketplace will give you signs of what direction it places value on so that you can choose to tweak (or dramatically change) the course of your business to pursue this new opportunity.

Now, Ill be the first to tell you, we dont always read the signs right, or make the best choice, but the beauty of business is the ability to correct our course, quickly.

To help me see what these declining and emerging opportunities are in times of change in a business, I will often ask: What part of the business IS working? (even if collectively, the whole things is not) to see if there is an opportunity to really just focus on what the market is supporting and then adjust the course of the business based on this information.

Many times, this process is also helpful for successful businesses to employ to help them maintain their focus on growth and profits.

As far as businesses that are struggling, many people want me to tell them I can guarantee a specific outcome. But, the reality is: Will this reframing of your situation always work and guarantee your business a whole new era of success? No. But, will it help you do the work to evaluate what your opportunities are before deciding to throw in the towel? Absolutely.

If you have decided that you are no longer able to continue with your business and youre ready to walk away, take a moment to reflect on what you learned from the experience of operating this business. Dont open and close a business as if it is a simple project to be crossed off a list when completed. Instead, I recommend you take everything that worked, and did not, and use it as a point in which to transition into your next opportunity.

One last tip: Dont try to operate your business alone. And, by the same token, dont make the decision to close your business on your own. Ask for your teams input and suggestions, as well as mentors or business coaches who understand business and finances.

For more tips on creating business success, follow me at: Facebook, Twitter or YouTube.

 

 

If you were on my Chat with Champions call the other day – you heard my interview with Jack Canfield, one of the worlds leading authors. In fact, he is in the Guinness Book of World Records for having 7 books on the NY Times best-seller list on the same day! As an author, Jack has over 220 published titles worldwide and is most frequently recognized as the Co-Author of the Chicken Soup for the Soul series (co-written with Mark Victor Hansen).

In the self-development world, Jack Canfield has spent over 30 years earning the reputation as Americas #1 Success Coach and has recently released the profoundly powerful and inspirational book, The Success Principles, which is being described as the Think and Grow Rich, of the 21st Century. The book covers 64 principles that Jack has applied and experienced himself, as well as researched and confirmed among a large group of other super successful people. This book discusses, How to Get from Where You Are to Where You Want to Be (which is actually the subtitle of the book).

As many of you know, I also share in the passion to help others get to where they want to be through my own books, coaching and consulting. Having known of Jack Canfields work, long before the interview, I share many of his beliefs and have the utmost respect for him. Below, I will discuss just a few of the many, many pearls of wisdom he shared during the call. To learn more about these principles in depth, read Jacks book The Success Principles.

Jack truly believes that just about any person with a healthy mind and body can achieve success using his success principles. So, youre probably thinking, Great! What is success according to Jack Canfield? and What are the Success Principles? So, lets jump in and answer those two key questions.

What is Success?

Success is the ability to create the results you want in your life. This can include things like building a thriving business, ending world hunger, sharing love through music, enjoying a healthy body, and endless other personal and professional goals. Success has a personal and different meaning for everyone.

What are the Success Principles that will help me experience success in my own life and create the results I would like to see?

In reality, youll have to read Jacks book to get the whole, in depth answer to that question. But, Jack shared with us that he had done a survey of 2000 businesses owners. He then looked at what separated the business owners that were considered successful from the ones that were not -and three key factors rose to the top.

All of the business owners of the successful companies:

1. Had unusual clarity regarding their business. In North America, only 10% of people set annual goals. But, these folks could recite off the top of their heads the answers regarding their companies values, mission, vision, purpose, goals and objectives. They were completely tuned in to what success meant to them.
2. Took 100% responsibility for their lives and took action to achieve results. Whenever something happened, good or bad, they evaluated how they had contributed to the outcome. Even if it seemed like the result was not one of their control, they still looked at how they could have done things differently to generate a more successful result. Once they determined what these things were, they implemented them for the future.
3. Developed routines for themselves that they used discipline to maintain. The routines are different from individual to individual, but the discipline of sticking to the routine was the common action. These routines were developed to help them stay focused on successfully achieving their goals.

These 3 examples are just a tiny glimpse into the 64 principles shared in The Success Principles. I highly recommend you read Jacks new book! You will find action steps that guide you to experience success in all of the various areas of your professional and personal life.

For more tips on creating business success, follow me at: Facebook, Twitter or YouTube.

In my most recent Chats with Champions call, I had the honor of interviewing Michael Gerber, who has been a mentor to me through his book The E-Myth, especially when I was first starting out as an entrepreneur. Never having met Michael before, it was an exciting opportunity to talk to someone who has influenced me personally, as well as millions of others.

Michael Gerber is the #1 small business guru and has helped turn around over 75,000 businesses in over 145 countries! For those of you that have not read The E-Myth, it stands for the Entrepreneurial Myth. Michael points out that most entrepreneurs are not business people, they are technical experts. A doctor opens a medical practice, a baker opens a bakery, a beautician opens a salon, etc. Because they know how to do the work, they believe that they know how to create a business that does that work. And herein lays the E-Myth: Having the technical ability to do something and having the ability to build a business about something you know how to do are two completely different skill sets.

Yet, in this economy, more and more and more people are striking out on their own and becoming sole proprietors. What they dont realize is that they are really just becoming self-employed for a boss that usually does not know how to run a business (themselves). The proof is in the statistics: 80% of all new companies fail within their first 5 years. Of those that survive in the first 5 years, the majority of them will fail within 10 years.

I highly recommend listening to the entire call. Michael is working in a variety of exciting new projects that are for entrepreneurs just starting out, as well as entrepreneurs that want to learn how to turn their own businesses around and then teach others how to do the same thing using his proprietary systems. If you visit www.michaelegerber.com, you will find information on his two latest ventures: The Dreaming Room and Origination, as well as his new book The Most Successful Small Business In the World, focused on helping an entrepreneur understand exactly what has to be done at the beginning of building a new business to be truly successful.

Although Michael focused on a wide variety of important points, the two that I want to highlight here are:

1. Sales is an absolute critical aspect of entrepreneurial success, but there are many other aspects, as well. A concept we also teach that we touched on is: You must have the other aspects of business in place, creating systems and a culture that will support the business being successful, growing and becoming scalable in your absence.
2. And, most importantly: One of the absolutely mandatory factors that any entrepreneur that wants to succeed must have is a vision and mission that answers the question of, What am I going to add to this market, to this world, and to others lives through my business that otherwise would not have happened, if I did not start my business? It is this bigger vision that pulls people through the roughest patches to ultimately succeed.

Both Michael and I believe that as human beings, we are all gifted with our own special talents and creativity which we are meant to focus on using to help make a positive impact in this world. Entrepreneurs get the opportunity to design and live into this role when they create a truly successful business!

For more tips on creating business success, follow me at: Facebook, Twitter or YouTube.