Archives For July 2010

The San Francisco Marathon is held every year in July. It is a 26.2 mile marathon and generally draws over 24,000 runners. It is a qualifier for the Boston Marathon and will take runners through some of the more famous and historic sites of San Francisco.

I am sure there is not a single runner who is participating in this race who started training for the marathon last week with expectations of finishing the race. Many of them have trained for years. At the very least, they have trained for months.

Actually, there is a 4 month marathon training program in Tom Hollands book The Marathon Method: The 16-Week Training Program that Prepares You to Finish a Full or Half Marathon in Your Best Time.

So there are ways to get up-to-speed quickly if you are willing to do the work, and you have a plan.

The same applies to business. Your success is in direct relation to how hard you are willing to work; how well you plan; how you implement strategies needed to achieve success; and how intense and focused you are on the plan.

Most business owners don’t take the approach of a marathon runner. They instead want to train for a week, and then run the marathon. In other words, they start a business with expectations of success within a very short period. When they don’t get the results they want, they are ready to quit. They want to find the shortcuts to success … and there aren’t any.

Anytime you start a business, you are running a marathon. And you have to train like you are running a marathon.

How do you train like you are running a marathon?

1. Work on staying extremely motivated. This is an area where many business owners struggle. It takes a lot of effort on some days to stay motivated and stay the course for the duration of the race.

2. Train smart. Reading, lifelong learning, attending seminars, and surrounding yourself with the right people will help you get to your destination much quicker than you can on your own.

3. Have a plan. I am not talking about a business plan. I am talking about a plan that will simply get you from where you are now to where you want to be. A step-by-step approach to running your business that will help you to make the best use of your time and eventually yield the results you want.

Just as in running a marathon, there are no shortcuts to creating and running a successful business. Only you can set the timeline for how long you are willing to train to become a successful business owner.

Just like in the San Francisco Marathon, you will have a lot of interesting experiences along the way as you journey towards victory and success in your business.

It Takes Time

July 20, 2010 — Leave a comment

I was recently talking with a friend of mine who was telling me about a married couple she knew who just started a business. The couple has become very discouraged because they are in the red most months and nothing seems to be working out in their business.

She said they have been working so hard and just didn’t know if they were going to make it. When I asked how long they had been in business, she replied, “Oh, they’ve been in business for 4 months.”

Apparently they are considering closing the business because it just doesn’t seem to be working out.

This conversation happens more often than you could possibly imagine. People go into business thinking they will get immediate results.

Maybe that’s why so many businesses fail. People go into business thinking everything will happen quickly. In reality, things rarely happen quickly.

There are many questions that should be asked before starting a business and I have addressed several of them in previous newsletters. But here is one question every potential business owner must ask to keep from quitting when things don’t happen as quickly as they think they should:

“Can I stay motivated and keep moving forward when things get tough?”

Nobody is there to tell you what needs to be done on any given day. Nobody is there to pat you on the back for a job well done. You will probably not get a performance evaluation at the end of the year.

Most of the time, you are alone in your business and you have to find the strength within yourself to keep going when things get tough. Sure, you may have a “support” system of friends and family, but when you are alone at night with just your thoughts, and things aren’t going well in your business, doubts and fears start to creep in.

You start questioning whether or not this was a good idea. You start wishing you had a “regular” job. You ask questions like, “What will people think if I fail?”

It is at times like these, you have to be motivated and driven to keep moving forward. You have to find that inner strength to keep going.

Here are three tips to help you stay motivated when things get tough:

1. Celebrate the small victories. Look for the small successes in your day and write them down.
2. Don’t be so hard on yourself. Don’t beat yourself up when you have an unproductive day. Just get back on track as soon as possible and put it behind you.
3. Focus on the present. Not the past. Not the future. Focus on what you have to do now to build your business … and do it!

Being an entrepreneur and being in a business of your own is not always easy. But it is one of the most rewarding experiences you can have, if you keep the right perspective and stay motivated.

The Mentor

July 13, 2010 — Leave a comment

If you talk to successful people, you will find that almost all of them have (or had) a mentor. A mentor is one of the most valuable assets you can have in your business.

The dictionary defines a mentor as “a trusted counselor or guide”. A mentor is there to provide guidance and advice to help you get to where you want to be quicker than you could get there on your own. They draw from their own personal experience to help you achieve success.

I can’t imagine running my business without the help of my trusted advisors and mentor. My mentor provides me with support, guidance, motivation, and advice that keeps me focused, accountable, and on track.

Would having someone like that make a difference in your business and in your life?

If you do not have a mentor, my advice is to seek one out as quickly as possible. It can take months to find the right one but I can assure you from my personal experience, it is well worth the effort.

Here are seven tips to help you find the right mentor:

1. Know what you want to achieve as a result of working with a mentor and know why you are seeking a mentor.

2. Make a list of potential mentors. Make a list of people who are where you want to be. List people whom you get along with and with whom you share the same basic values and beliefs.

3. Be proactive in pursuing a mentor. Make sure you find the right fit for what you need at this time. Pay someone if you have to. It will be one of the best investments you can make to grow your business and make more money.

4. Use your social networks to get connected with someone who could serve as a mentor.

5. Make sure your potential mentor is following his (or her) own advice and doing what they are telling you to do.

6. Ask for referrals and ask friends if they know anything about the person you are considering as a mentor.

7. Make sure you are ready to step up to the plate and take the advice of your mentor. Be ready to roll up your sleeves and do the work that is asked of you from your mentor.

It is not an easy task to find the right person to become your mentor, but you will be rewarded many times over once you do find the one that is the right fit for you and your business.

A mentor can save you time, save you money, save you a lot of heartache, and speed up the process of achieving the level of success you are seeking for your business and for your life.

Nathan’s Famous stand on Coney Island held it’s first ever hot dog eating contest on July 4, 1916. The event has been held almost every year since.
On July 4, 2010 Joey Chestnut, three-time defending champion, defended his title by consuming 54 hot dogs and buns in 10 minutes. I don’t think I would ever want to do what Joey Chestnut did because in my case there would be an ambulance and several doctors involved.
You may ask, “What does Joey get out of this deal?”
He gets around $200,000 a year in endorsements and appearance fees, and in the past year was awarded at least one new automobile.
Only in America could a guy eat hot dogs for a living and make close to a quarter million dollars doing it.
If a guy can eat hot dogs and make that much money, don’t you think you can create a $100,000 a year income with your product or service?

What is keeping you from attaining your income goals and reaching a six-figure income in your business?

Here are five questions to ask yourself:

1. Is my product or service needed in the marketplace?

2. If it is needed, what do I have to do to make sure everybody knows my product or service is available?

3. How much time and effort am I willing to put into creating a six-figure income from my business, and what am I willing to sacrifice?

4. Are my products or services priced in a way I can realistically generate a six-figure income? Do the math. What does it take to generate a six-figure income? $8333 a month will gross $100,000 a year. That is around $50 an hour for a 40-hour work week.

So if you charge $100 per hour, you only have to bill 4 hours a day or 20 hours a week to reach your goal. If you charge $200 an hour, you only have to bill 10 hours per week. You can spend your remaining time marketing and developing other products or services that will generate more income and put you in the top 1% of wage earners in the country, which is around $200,000 per year. If you spend 80 hours creating a great keynote speech that you can use over and over again and get paid $3000 per speech, how would that contribute to you reaching your six-figure income goal? Or you can create a product you sell over and over again. In these two scenarios, you do the work one time and generate income from your efforts for years to come. The possibilities are endless. You can run different scenarios with different numbers and see what you come up with for your business.

5.
How can I make better use of my time to make sure I get the most out of every day? The person making a six-figure income is very careful how they spend their time, and they are very protective of their time. You generally won’t see them “having coffee” with “prospective” clients.

If you just answer the few questions above, you will be doing something most people in business never do. As surprising as this sounds, I run across business owners and professionals all the time who have not answered these questions and have not done the math to see what it would take to generate the income they need to live the lifestyle they want to live.
The alternative to answering the five questions above is you can eat hot dogs and try to beat Joey Chestnut’s record next year. We live in America and you do have a choice.