Entrepreneurtude: A Thrill of Hope

A Thrill of Hope! 

Say that out loud. Just a wonderful expression. 

Exciting. 

Positive. 

Optimistic.  

Electrifying. 

Is there a greater human emotional need other than hope?

Stumbling on a version of “O Holy Night” exposed a new light on the phrase “A Thrill of Hope”. 

It’s funny when a song that I have probably heard hundreds of times, yet a new version opened my eyes to the phrase “The Thrill of Hope”. 

Check out this incredibly powerful interpretation of “O Holy Night” by Jennifer Nettles: 

WOW! 

Did you get chills? 

What an amazing gift to sing with such passion and force. Well done Jennifer!! 

The Thrill of Hope 

What do you hope for? 

Hoping that you, your family members and friends each live a long, happy, healthy, peaceful and prosperous life.

As a parent, hoping your child lives a much better life than you.

Hope that your life is filled with love.

The hope for exciting adventures and thrilling opportunities.

Hoping for stability, sanity, good times and lots of laughter.

Hoping to live a life that feeds and fills your soul with abundance.

The hope that passions are pursued to the fullest.

Hoping that you achieve goals and personal success.

Hope that dreams are fulfilled.

When Hope turns into sheer determination, your potential soars.

The sky is the limit. You become unstoppable.

Enthusiasm and optimism are extremely contagious. 

Entrepreneurtude: The Thrill of Hope 

When first starting a business, entrepreneurship is certainly thrilling.

I recently introduced the term “Entreprneurtude”.

“An individual who seizes opportunities with relentless persistence and an uncompromising willingness to do whatever it takes to succeed.”

Entrepreneurtude: “Do Whatever It Takes”

 

The thrill of achieving a goal.

 

Discovering a path to success. The thrill of reaching great heights.

The thrill of conquering a challenge.

Thrilling new ideas, opportunities, and possibilities.  

The thrill of accomplishing what others thought was impossible.

The thrill of desire, hunger, thirst and anticipation of a future unknown.

As an entrepreneur, you hope that you build a profitable and sustainable business model.

((add more – hope of what an entrepreneur will achieve – more on entrepreneurtude))

((should this go towards the end))

The hope that your business at some point in time has significant value and becomes attractive to a buyer. Some day. 

Hope that the evaluation of the company both matches your finances al needs to walk away.

Hoping the buyer feels the same that the price is obtainable and financeable.

 

Hope that selling your business is the right decision.

Hoping that your future without the daily grind of running your business will bring you joy and satisfaction.

 

Hoping that the funds received from selling your business will fund its way in a superior investment vehicle rather than keeping your business.

 

/////Or are you just hoping to get by. Hoping to get through another rough day. Hope to make ends meet and to cover your bills this month. ////

 

Hoping to get through the day. Hoping to have a good practice today. Hope to support your family. Hoping to provide shelter. Hoping to provide a decent meal.

 

 

 

What is YOUR hope?

Fame? Fortune? Obnoxious success?

Or something more modest?

Like, taking care of your family. Building a sound and profitable business.

 

Without hope what do we have?

Hopelessness is a dreaded demon that strips away passion, desire, and the ability to fight on.

Hopelessness denies goals. Allures failures. Shatters dreams.

Hopefully, you have watched the iconic 1946 film, “It’s a Wonderful Life”, where lead character George Bailey (James Stewart) lost hope after $8000 went missing from his business (a significant amount of money at that time).

****SPOILER ALERT*******

Was that worth attempting to commit suicide?

Was that worth considering throwing himself off a bridge?

Most importantly, was it worth giving up and abandoning his beautiful wife and 4 loving kids?

 

*****Strange, isn’t it? Each man’s life touches so many other lives. When he isn’t around he leaves an awful hole, doesn’t he?

 

 

 

 

 

 


[Inscribed in a copy of Tom Sawyer]

“Dear George, remember no man is a failure who has friends. Thanks for the wings, Love Clarence.”*****

 

When it comes to money, are situations truly as bad as we really make them out to be?

All storms move on. This too shall pass.

What causes a hopeless situation? 

Death. Tragedy. Loss of a loved one.

 

The loss of health. Becoming physically paralyzed (Mentally or emotionally). Lost your way due to addiction.

 

You can plot out the most thorough plan. A detailed map and route for life. Unfortunately, unexpected events occur. New unforeseen challenges face us every day. Tragedies. Accidents. Bad decisions.

 

PURE COURAGE OR PURE INSANITY – bravery – fearlessness – stupidity – infinitely optimistic – insanely positive – insanely optimistic – conquer the world

 

Stages:

  • idea – dream – yes I can do this – yes I’m going to do this – I’m doing this – I can’t believe I’m really doing this – launch date – live (now what) – When can I start pulling a paycheck – will I ever pull a paycheck – I’m pulling a paycheck – created a system – building an asset – scalable & replicable  – exit strategy

 

Thousands of athletes play college football and basketball. Yet, a tiny fraction make it professionally where they can make a living. Let alone become a star and celebrity. Realized great wealth.

 

96% of business fail within 10 years. Think about that. That number is absolutely staggering. It is said that 80% or 4 out of 5 fail within five years. Then another 80% fail over the next five. That is crazy!

 

If you have been in business over 20 or even 30 years, congratulations! You have figured all odds. You are in the top 4% of surviving entrepreneurs.

This is a massive accomplishment that cannot be overstated. Your friends and family that have jobs cannot remotely begin to fathom the magnitude of this incredible feat. Way to Go!

 

Just starting out? How do you get there? Find a successful 20 – 30 year entrepreneur and LISTEN CLOSELY.

DEFINITIVE PURPOSE

 

 

My Most Embarrassing Post: Playing “Fireman and Babysitter”

FIREMAN AND BABYSITTER, Really?!?!

First, welcome to my most embarrassing post. 

I am terribly humiliated to even share this article. 

As the story goes, 100 years ago (well not quite that long ago but it sure feels like it), I used to describe managing my business with the following description: I was a “fireman and a babysitter.” 

Actually, it was the 1990’s and I was in my early 20’s. 

My description of entrepreneurship? “Every day I was putting out fires and babysitting my employees”.

Yes, I actually said that. URGH! 

Well, guess what? I was hugely successful. At what?

Putting out all of the fires that I was creating for myself every day as well as micromanaging an amazing group of people.

I am horrified at my immaturity and arrogance that I even expressed those words, “fireman and babysitting”.

It is a true embarrassment that my management style was based on putting our fires and babysitting.

Let’s interpret what this really meant.

Related Article: “I’M DIVERSIFIED!” No, Actually You’re Doing Five Things Horribly

A Fireman? Seriously? 

Declaring myself a fireman is completely insulting and offensive to all firefighting professionals who are more courageous than I could begin to imagine.

My interpretation: 

Fireman = I have no idea what I am doing, am completely overwhelmed, cannot think past today to begin to plot out a future strategy. Let alone figure out how we are going to resolve the current firestorm in our midst.

For example:

  • Cover payroll on Thursday (and it is Tuesday night)? Who knows?
  • Dealing with customers past due by 90 days?
  • Handle an angry customer who just received the wrong product and needs it corrected NOW?
  • Handle employee issues that most likely lacked necessary training or probably should not have been hired to begin with?

Sweating the small stuff prevented facing bigger challenges. 

Especially when I was busy putting out fires that I typically created on my own. 

Related Article: Best Advice Ever from Dr. Phil: “You DON’T Want to be Successful!”

A Babysitter? Seriously?

Babysitter

Calling myself a babysitter not only insults the employees that I had the privilege of working with but also insults the millions of incredibly skilled babysitters around the country. They are also much more courageous than I could ever be.

Babysitter = I am completely insecure with myself combined with an unjustified arrogance that I need to micromanage every move of my employees.

Yet, so focused on being a HELICOPTER BOSS that I fail to allow these amazing individuals to do their jobs properly and let them do what they do best (also what they were hired to do). Combined with the fact that I was doing my own job horribly as well.

“Babysitting my employees.”

If you find yourself saying these words, it may be time to take a look in the mirror and reevaluate your approach.  

When I finally realized how immature and unprofessional my thoughts and behavior were it was finally time to get down to business.

No boss, parent, teacher, coach or instructor is perfect.

Even the most winningest coach (Ex: Bill Belichick or Nick Saban) has plenty of critics. Including their own players.

Just lose one game and find out quickly that not everyone will love you, admire you or even respect you.

As a coach or boss, every move you make is scrutinized.

You will always be called too much of something. 

Some will think you are too nice, too mean, too lenient, too calm, or too frantic. Not enough passion. Too passionate.

The goal is to build a healthy balance.

Maintaining a strong sense of urgency while never showing panic. Minimizing or even eliminating chaos.

Related Article: When a Mistake Occurs at Your Business, “It’s Never the Employee”

Herding Cats

Babysitter

Seems like the same could be said when people use the expression “herding cats”.

If a person describes managing people like herding cats, doesn’t it simply mean that this particular person has serious challenges with leadership or people skills?

Do you ever hear successful coaches describe leading their players as “herding cats”?

Well, I am ashamed and it was truly pathetic that I lead thinking these individuals needed “babysitting”.

No wonder I constantly struggled to make ends meet.

Helping employees to succeed and thrive should have been my primary focus. 

Additionally, I should have dedicated myself to creating a cause that they could proudly stand behind.

There is a fantastic book called “As a Man Thinketh” by James Allen.

The line in the book goes, “As a man thinketh, so shall he be.”

Well as I declared myself a “fireman and babysitter,” so shall I was.

Very impressive, right? Absolutely not! 

As I called myself a “fireman” and “babysitter”, that is exactly what I became.

I am sure you have some choice words to describe my poor business acumen and lack of leadership skills.

Related Article: The Definition of Entrepreneurtude: “Do Whatever It Takes”

Entrepreneurial Crisis

Phil Knight says that for entrepreneurs, “every day is a crisis.”

So the crises are going to happen. It is not a matter of if they will happen, just when and what magnitude. 

Therefore, since the fires ARE going to happen, every day, how you handle them is the key to success.

It doesn’t matter if you run a sole proprietorship or a multimillion-dollar company.

It is all relative. If you prepare and become proactive, great things occur. 

Welcome the mindset that these are not fires.

Each event is not a crisis but simply opportunities to grow. Learn. Expand your business.

Furthermore, the chance to separate you from the competition when challenges occur.

Gratitude

As a boss or leader, consume yourself in gratitude.

Give thanks for this amazing opportunity. For your entrepreneurial venture as well as the privilege to lead others. 

Embrace challenges as blessings to learn and grow. 

A mentor of mine used to share this fantastic quote: “The person who wins a marathon may not be the fastest runner but the person who can endure the most pain.

Your business is a marathon, not a sprint.

So, how do you endure the pain of the race? 

Can you prevent fires?

Strategically position the proper smoke alarms and fire extinguishers so when the smoke starts, you eagerly and tactically put out the burning flames as quickly as possible.

How do you put out a fire? Preparation, teamwork, a calm reserve, and a steady hand. 

Related Article: No Goal + No Direction = Where on Earth are We Going?

Babysitter? There Must Be a Better Way

Babysitter

So, what is a better description of entrepreneurship as opposed to declaring myself a “fireman” and “babysitter”?

Instead of a fireman, what if I declared entrepreneurship as a gift to create an organization that provides incredible products and services? Furthermore, offering powerful solutions that improve our customer’s ability to compete. 

What if I stated that instead of putting out fires we work on strategies that anticipate the challenges our customers face on a daily basis to make THEIR lives less stressful?

Instead of a babysitter, what if I declared my experience of entrepreneurship as being blessed to work with amazing and talented individuals? Where we strived to challenge each other to be the best.

Another thought: “As a team, we dedicate ourselves to building a sustainable business model that offers an entrepreneurial and competitive spirit.”

In spite of my “fireman and babysitter” mentality, our company experienced wonderful growth and success thanks to being blessed with an incredibly talented team. 

As the business owner, you are the boss by default.

The person who cuts the checks typically makes the rules.

Oversees the hiring (and firing) as well as make difficult decisions.

You provide employees with money, however, they grace you with their time. 

Money and jobs can be replaced. Time cannot. 

My humble suggestion: dedicate yourself to the success of each individual who decides to join your team. 

Inspire. Build their confidence. Make them feel on top of the world. Unstoppable.

Explore, discuss and fully understand their goals, their dreams, aligning yourselves on the path to achieving great heights.

Trust me, magic happens. 

Wrapping It Up 

Thanks for reading this post. 

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“I’M DIVERSIFIED!” No, Actually You’re Doing Five Things Horribly

Are you Diversified? 

Hopefully, you are a much better multitasker than I am. 

Diversification does not agree with me at all. 

Case in hand, walking and chewing gum at the same time is a huge challenge for me: 

Well, I have a funny story to share with you on my disastrous plan of being DIVERSIFIED” where being told how “Horrible” I was turned into brilliant advice. 

It goes back 20 years ago to the year 2000 (time sure flies when you’re having fun). 

Entrepreneurtude

First, what does it take to be an entrepreneur? 

You need a trait that I refer to as “ENTREPRENEURTUDE.” 

As an entrepreneur, you need a determined and relentless attitude.

Tenacity! Thus, ENTREPRENEURTUDE. 

Unstoppable confidence, right? 

Unfortunately, that confidence can sometimes lead to trouble. 

Overconfidence creates delusion. Cloudy decision making. 

Well, I am a recovering delusional entrepreneur (probably not fully recovered). 

“I’m DIVERSIFIED” = Train Wreck 

Diversified

As an entrepreneur in 2000, truth be told, I was an absolute train wreck. 

I was decent at growing sales……unprofitably though.

My running joke looking back, no one sold a dollar for $.97 better than me (do the math on that one).

Unless you sold your dollar for $.96, no one was going to beat me at $.97.

Impressive, right? 

I found out the hard way that there is no guarantee of scaling your way to profitability. 

However, I had a DIVERSIFIED business.

I had developed 5 separate sections of the business. 

In 2000, I owned a wholesale business (with 2 separate product lines), that was trying to become an eCommerce business while trying to get into manufacturing as well as also attempting to become a drop shipper. Say that five times fast. 

My logic was to reduce vulnerability. 

Create a diversified business where if one area went down, the others would hold up the business. 

In reality, I created a scattered mess. 

Sales were climbing quickly but losses were mounting.

So I finally conceded I needed help

I reluctantly brought in a consultant to analyze the business to help identify challenges and to discover the culprit causing the losses.

DIVERSIFIED = Doing Five Things Horribly 

Once the consultant arrives, we get past introductions and she immediately requests, “tell me about your business.”

I proudly declare, “I’m DIVERSIFIED!” (Remember, I had Entrepreneurtude!).

I explain that If one area suffered or went south, I had four others backing it up to strengthen the business.

She was certainly going to be incredibly impressed, right? (Wrong!)

She then asked if I could explain each area of the business. Provide the details on why and how I had chosen these 5 areas to pursue.

She continued by asking what competitive advantages did the company possess for each area. 

When I was done explaining everything (rambling), she quickly made her assessment and offered a statement that completely changed my life. 

Said looked at me as said:

“Well, I know what your problem is. You are too diversified. Actually, you are doing five things horribly instead of one or two things exceptionally.”  

Are you familiar with the expression, “When the student is ready the teacher appears”? 

Well, my teacher appeared. 

What Are You Absolutely Best At?

She continued on with this question, “What are you absolutely best at”?

Well, truth be told, we weren’t really good at anything at that point.

She was looking for our core which was hollow at that time.

Ouch! That was a tough pill to swallow. 

We had explosive sales that were unprofitable. The business was sinking quickly.

Then she asked, “What do you feel is the future of the company? Where are the profitable growth opportunities?”

My answer: eCommerce.

This seems completely obvious writing this in 2019.

However, declaring this in 2000 was a huge risk.

The dotcom bubble was bursting and eCommerce companies were failing fast.

The business was floundering by pursuing areas where we had no competitive advantage.

I was exhausting time and energy by spreading company resources too thin. 

Give It Everything You’ve Got 

She once again looked at me and said, “Drop each area immediately that are draining your resources where you just explained that you have no competitive advantage.”

She then dropped another bomb, “Since you feel the future is in eCommerce, GIVE IT EVERYTHING YOU’VE GOT!” 

Placing a laser focus on a specific area became essential.

Unfortunately, many business owners foolishly pursue weaknesses. I certainly did. 

Additionally, I lacked the resources, expertise, knowledge or finances to overcome those weaknesses. 

Trying to be everything to everyone leads to being nothing to no one and I was guilty as charged! 

Jack of all trades, master of none. 

A common reason for a restaurant failing is the menu simply being too large. Too diversified.

Creativity is a blessing and a curse for many entrepreneurs. 

Narrowing a focus when a ton of revenue ideas and possibilities dangle in front of you is tough. Extremely tough.

What road do you pick?

The challenge is narrowing the selection and picking the profitable path.

Please Pick eCommerce!

My heart, passion and dream was eCommerce

A competitive advantage existed with eCommerce. 

Competition was scarce in 2000 with eCommerce. 

The benefits with eCommerce were tremendous and those benefits still exist today. 

I have made thousands of mistakes over the years but choosing the eCommerce path has been an amazing ride. 

Fortunately, years later our company ended up on the Internet Retailer Top 1000 Companies 3 years in a row. 

I owe all of the company success to my eventual business partner. 

Yet, hearing “You’re doing five things horribly instead of one or two things exceptionally” was brilliant business advice and changed my path. 

Being told how Horrible I was, turned out to be one of the best things that ever happened to me. 

If you find yourself struggling with your business, ask yourself the tough question: are you too diversified? 

Focus on what you are ABSOLUTELY BEST AT & GIVE IT EVERYTHING YOU’VE GOT. 

Lastly, if eCommerce is on your radar, go for it & don’t look back!! 

Wrapping It Up 

Thanks for reading this post. 

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