Business Mentor Tip #88 – Business is a roller coaster – strap in for the ride of your life!

Posted on June 26, 2013 by Laura Humphreys

There are some fundamental truths about owning a business that apply regardless of what you are selling. One of these is something I’m not sure every business owner realizes when they set out – business is not an easy ride. And like the Superman ride at Movie World, it is not for the faint hearted!

There will be times when you are on such a high your adrenalin is surging faster than Niagara Falls. And other times when the bottom drops out of your world and you will feel sick with worry. Winning a new piece of business, especially if you’ve had to fight for it, will make you sing with delight. Losing a piece of business the next day will make you weep with disappointment.

Sometimes you will love your team so much you want to kiss them all (best that you don’t though). Other times you will be so frustrated you’ll want to kill them (definitely best you don’t). You’ll have ideas that work and bring you money. And ideas that suck and lose you money. You’ll feel your chest burst with pride when you meet targets. And slink around with your tail between your legs when you fail to meet targets.

You will be clear and on purpose one day. And lost in the fog of confusion the next.

Like I said, it’s a roller coaster. As a lovely serial entrepreneur friend said to me recently, “business is not a fairy tale”. It’s real and it’s tough.

So what do you do about it?

Firstly, know that you are not alone. EVERY SINGLE BUSINESS OWNER ON THE PLANET HAS HIGHS AND LOWS!

Secondly, have a strong vision and purpose for why you are in business and where it’s taking you. Strong enough that it will pull you out from under your duvet on the stinkiest of days.

Thirdly, buckle in and enjoy the ride. Celebrate the highs. Scream with delight as you reach the top and feel you could conquer the world. Breathe through the lows. By all means indulge in a brief wallow of self pity when you bottom out, but know that another high is coming. Focus on the big picture, remember why you are here and trust all will be OK. From experience I can tell you, everything always works out OK in the end. Kia Kaha. Stay strong my friend.

Want to hear some of my stories of highs and lows? Get ready to read Liber8 Your Business.

Want to be part of a group of passionate business owners getting ready to strap in for the ride of their life? Ask about the Acceler8me Programme.

From the desk of liber8yourbusiness. Business mentors and author of Liber8 Your Business – The revolutionary business planning technique that will set every small business owner free.

Why do small businesses fail?

Posted on June 16, 2013 by Laura Humphreys

According to a Dun & Bradstreet* study, ‘businesses with fewer than 20 employees have only a 37% chance of surviving four years (of business) and only a 9% chance of surviving 10 years.’ Restaurants have only a 20% chance of surviving two years. Of these failed businesses, 90% closed because the business was not successful, did not provide the level of income desired, or were too much work for their efforts. The failure rate for new businesses was 70% to 80% in the first year and only about half who survived the first year would remain in business the next five years.

I spend much of my life working with and listening to small business owners, and I am now certain the true reason so many businesses fail (cease to exist) before year four is because people go into business for the wrong reason.

When I make presentations to business groups and ask why they chose to start a business, the answers are always the same. I wonder if you identify with one or some of these reasons people give:

I thought I could run a business better than my boss.
I was tired of working for someone else.
I wanted to be in control of my destiny, choose my own hours, and go on holiday whenever I felt like it.
I am good at something or trained in a particular field and have built my business around my skill set.
I had a good idea and believed I could make a business out of it.
I don’t know; it just sort of happened.
I want to help people, I’m not in it for the money (this response is particularly true of health practitioners).

Do any of these answers resonate with you? Have you really given much thought to why you are in business or what you really want out of it? Or have you stumbled into business as a reaction to your own personal circumstances without a true sense of purpose driving you?

It’s important to ask yourself; because your reasons for being in business will determine the way you approach it, which, in turn, will influence the ultimate success you have.

There are only two reasons to go into business for yourself: to make money and to make a difference. My book Liber8 Your Business shows you how you can do both and build the business you really dreamed of. I’m looking forward to sharing it with you soon. In the meantime if you have any questions about your business model feel free to email me laura@liber8yourbusiness.com

Cheers

*Dun & Bradstreet is a public company headquartered in Short Hills, New Jersey, USA that licenses information on businesses and corporations for use in credit decisions, business-to-business marketing and supply chain management. D & B maintains information on more than 205 million companies worldwide.

If you want to put your business under the spotlight – Laura’s next Acceler8me Programme, inspiration and support for passionate business owners, kicks off in August. Click here for details

Freedom is knowing you’d keep doing what you are doing if you knew you were about to die

Posted on June 10, 2013 by Laura Humphreys

I just watched this amazing speech from Steve Jobs when he knew he was going to die. It moved me as I expect it will you. Watch it by clicking link below then come back and tell me what you think.

http://youtu.be/a5SMyfbWYyE

Understanding freedom and how important it is to us as human beings is becoming an obsession of mine. Freedom is the very essence of happiness. Life is a gift, we don’t have long in the scheme of things.

So what is your answer to the late Mr Jobs’ question?

From the desk of liber8yourbusiness. Small business mentors and publisher of Liber8 Your Business: The revolutionary business planning technique that will set every small business owner free. Get your copy here https://liber8yourbusiness.com/

The ten traits of wealthy entrepreneurs. What are they and do you have them? Score yourself here

Posted on June 5, 2013 by Laura Humphreys

Over the past two years I have interviewed over forty successful entrepreneurs. My criteria for an interview subject is that they must have built and sold at least one successful business. Many of them have been serial entrepreneurs – having created more than one business and learned many lessons along the way.

As I’ve talked to these people it has become apparent that they all share certain traits that ultimately lead to their success. If you want to succeed at your business (of course you do), you could do worse than focus on developing the traits exhibited by the rich and free. Work out which ones you have in abundance and work on the ones you don’t.

Take a look at the traits listed below and grade yourself on a score of 1 to 5, where 1 means ‘not at all’ and 5 means ‘totally got it nailed’, against each of the traits. Don’t feel you have to be close to a 5 score to be successful. This is a reality check to identify the areas you will need to work on as you grow your business.

10 Traits of wealthy entrepreneurs:

Vision. Rate the clarity of the vision you have for your business when it is complete and you’ve created financial freedom from it.

1 2 3 4 5

Self-belief. Rate your confidence in your ability to build a business that will generate great wealth and freedom for you.

1 2 3 4 5

Passion. Rate your passion for your business

1 2 3 4 5

Being goal-orientated. Rate the clarity of the goals you have set for your business

1 2 3 4 5

Planning. Rate your current plan for a business that will feed you wealth

1 2 3 4 5

Being action-focussed. Rate your ability to take action as needed.

1 2 3 4 5

Determination. How do you rate your determination to succeed?

1 2 3 4 5

Willingness to fail. How would you rate your willingness to learn from failures?

1 2 3 4 5

Being wealth positive. How would you rate your willingness to be very wealthy?

1 2 3 4 5

Giving back. Rate your desire to make a difference through your business

1 2 3 4 5

Review your scores for each of the 10 traits. In which areas do you already feel strong? Which areas do you need to work on? And what plan can you put in place to lift your game in your weaker areas?

In my book, Liber8 Your Business, I go into more detail about these traits and show you how to develop your strength in the areas you need to. To be notified of the book launch just click here https://liber8yourbusiness.com/

From the desk of liber8yourbusiness. Small business mentors and publisher of Liber8 Your Business: The revolutionary business planning technique that will set every business owner free.

Pre-register for a copy of Liber8 Your Business here: https://liber8yourbusiness.com/

Find out about working with Laura here: http://www.liber8yourbusiness.com/one-on-one-mentoring-programme/