The Next Chapter

Three key magazines for the new entrepreneur!

For the new entrepreneur or the seasoned veteran I believe these three magazines offer wealth of knowledge, insight, and perspective that is incredible.  You can get this information for free at your local bookstore while enjoying a cup of coffee.  I gave up long ago with the whole magazine subscription model with them being sent to my house.  With my new iPad I'll access all the free online content and download the issues I need.  I think you will enjoy these resources.

Entrepreneur

Inc.

Entrepreneur's Startups

Lower your need for money to get more of it.

Everyone needs money but our high standards of living sometimes keep us trapped in jobs we don't like without the ability to move on to the career we want because we have massive bills and debts to pay and thus continually need the steady "paycheck" from our job to cover those expenses.  This is not good for you but great for the "company."  You need to break the cycle and all successful entrepreneurs who have made the jail break had to figure this equation out.

Remember the movie The Firm with Tom Cruise? The leader of the firm encourages the young attorney to get the expensive house and fancy car and all the bills that come with that lifestyle and then he jokes with others that they are golden handcuffs and that the young lawyer will never be able to leave.  It is a great trap that many company leaders try to pull to keep their key people trapped.  Don't fall for it. 

So how do you break the cycle?  Lower your standard of living and be debt free.  Live below your means and don't try to keep up with your friends and neighbors.  Save everything you have for the time when you want to walk out the door and start your own company because you will need this captial to do it.  You will be glad you did and this responsible behavior will give you options and thus give you the most important thing of all....FREEDOM.  Seth Godin recently spoke about how Spike Lee lived on noodles for years so he could focus on his "art" and he "lowered his need for money" which in turn allowed him to be uber-successful years later.  I think this is one of the most important steps to starting your business and being an entrepreneur.  Unless you win the lottery or have a family member who will bank roll your business venture you are going to have to figure out how to do it on your own.  That is part of being an entrepreneur.  That is what makes this game so exciting and rewarding.   Enjoy the journey!

Sieze the good life!

I saw this article in USAToday and wanted to share it here.  This is exactly what we have been talking about.  I was really struck by how many people I know right now making these types of transitions. I had a lunch meeting yesterday with a friend who has a great idea and is in the process of launching a new business venture.  His excitement and passion about it was contagious.  Walking way from this meeting I thought to myself, "What recession?  There is no recession of ideas, motivated people, and new ventures being started from my view point."  I can not believe how many people I know are making "The Leap."  I think we will look back 10 years from now and be surprised at how many new companies and ventures where started during this decade.  Those who are reading the play book from the past century are missing the great opportunities all around us today.  The economy has changed and there are many people who are at the leading edge ready to take advantage of this.  I hope you find this article helpful. 

There is no boogie man in the closet!

Did you ever have a sleepless night as a child because you were afraid of the dark, something under your bed or in the closet?  Remember those days?  There was nothing to be afraid of but we let fears creep into our minds that affected us.  As adults many times we let the same thing happen.  We are no longer afraid of the boogie man in the closet but we allow fear to affect our lives in many ways that is not justified.

So how do we overcome these fears?  This is where good resources come in handy.  I have many resources I have been very thankful for like good mentors and leaders in YPO that have allowed me to voice concerns and to learn from their perspective.  One resource that I enjoy are the groups on LinkedIn where you can converse for free with other successful business leaders on a wide variety of topics.

I came across this question that was posted under the "Start Up Specialist" section and thought I needed to share it here.  The question asked was, "What is the one thing which stops you from taking the leap to become an entrepreneur?"  There are close to 100 responses all of which provide some great commentary and insight.  One general theme is that people are afraid.  The fear of the unknown and the fear of failure stop many people from making the leap.  From my experience, once you make the leap you look back and wonder why you were so scared and why you didn't do it earlier!  Don't be afraid...follow your gut instinct and your heart.  I hope you enjoy the great commentary from the business leaders and entrepreneurs that provided their insight and perspective on this thread.

Don't take an opinion poll to live your life!

I love how Seth ends this blog post.  Safe IS risky but so many people continue to take opinion polls with those around them on how they live their life.  If you have done a fantastic job surrounding yourself with people you admire, respect, and trust, and who are proven leaders in their given field upon which you are seeking advice that is not a bad idea.  However, some are not that lucky and are getting advice from those who shouldn't be offering it.  Seek out the experts, get their advice, weigh it and make your decision.  For the masses in your life that basically take up the role as onlookers....forget about them.  You don't want their advice and their opinions at the end of the day have little value to you.  Seth says "safe is risky" and I will add it also isn't much fun.

If I did the safe thing I wouldn't be climbing mountains.  I would not have started the 7 Summit Challenge to help the Autism Society, Alzheimer’s Association, and the Lance Armstrong Foundation.  And you know what, I'd be missing out on one of the biggest adventures of my life, doing something I am passionate about doing, and helping a lot of great people and organizations in the process.  Safe isn't much fun and in the entrepreneurial world it isn't rewarded either.

I met a guy this weekend in Little Rock who was full of energy.  His girlfriend sat nearby and mingled with mutual friends and you could tell he was in love.  When I learned he was from Minnesota I asked how he came to live in Little Rock.  He told me the story about how he had a chance meeting with his girlfriend and after one date went home, quit his job, and picked up and moved to Little Rock.  He said everyone in his life thought he was crazy. You know what, he happens to be one of the happiest people I have seen in a long time.  I love that type of courage and commitment.  Crazy?  I don't think so.  His story is the stuff movies are made of and the world is full of people who won't like him because he lives his life with courage and it highlights their lack thereof.  Don't take opinion polls to live your life and you'll be surprised to see where you end up going!

Where does your next chapter begin?

You know when it hits you...that moment of realization that you are going to take the next step is something you never forget!  It can be followed by anxiety and fear but that is to be expected and if you have planned properly you will overcome this quickly.  Quite frankly, the excitement and energy surrounding a passionate pursuit working the people you love and respect is like a drug.  You can't wait to get up in the morning to attack the day.  To get there is no small task however.  Many of the people I have spoken with that have made this type of transition have said their decision was always preceded with great advice and mentorship from key people within their life who they had been confiding in and sharing their dreams and goals with.  I found the same to be true in my situation and discovered these relationships critical and key to my success.  I think you will as well. 

I also found that certain books helped me crystallize my ideas and dreams into a more succinct action plan.  Two key books that aided me in this process were Reinvention by Brian Tracy and The 4-Hour Workweek by Timothy Ferriss.  I think you will find both to be valuable books to get you to think differently about how you view yourself and the world around you.  For those looking to launch the next chapter in your life I think both books will provide many thought starters that you can discuss with your mentors as you clarify your ideas and chart a new path in your career.  

I will say it once again, I could not put a price tag on the books I have read and the great advice I have received from friends and business leaders that I admire and respect.  If you do not already have those types of key contacts in your life I strongly encourage you to start to build your network and seek out advice from those who you admire, respect, and that have success in the specific area you desire to move into.  Most importantly make sure this is an individual you trust!  

Aspiring to start a journey of personal renewal starts with understanding where you are currently and what needs to change.  This process takes soul searching and feedback from those closest to you.  Once this process is complete you have to transition to finding out where you want to go?  Many won't find this process difficult at all.  We all have dreams and goals that have been buried over the years.  The difficult part is charting the course to get from where we are today to where we want to be.  I was fortunate enough to have great people in my life to help me on this journey and they continue to be a resource for me today.  I encourage you to find that person for you and to look around and be that person for someone else!  I promise you there is someone in your life right now that needs your perspective, encouragement, support, and friendship to get through a challenge they are facing.  I am always amazed at how by helping others, I am enriched by the experience.

Why Jump?

After five eventful years as CEO of a leadership development and training organization, I decided it was time for change.  What led me to make the jump in the worst economic environment of my lifetime?  I’ve been asked by some people why I would do this and I am sure they think I am crazy for leaving a good job to walk into the uncertainty.  It would be easy for me to play it safe because that is comfortable but in the end you can not put a price tag on passionately pursing your dreams and loving every minute of your day while in that chase.

 

So what causes someone to make the jump?  Why take the risk?  Change is happening all around us today and maybe some think that playing it safe is the smart thing to do.  I don’t.  If we have been taught anything by the massive changes in our economy it is that there are no longer safe bets anywhere except taking control of your life and making things happen on your own.  But it goes much deeper than that.  At some point, if you are out of balance it is a cathartic experience to start fresh with a holistic mindset of renewal.  The positive effects of undergoing this process are nothing short of amazing.

 

I understand change is scary and sometimes painful.  But one thing I have noticed that either people are making change in their lives or change is happening to them but there is no middle ground.  Maybe you are like me and you took the leap to open the next chapter of your life to pursue your dreams, find balance, and make a difference in the world.  Or you could be in the midst of a transition where the decision was not yours.  Your company downsized, laid off workers, or went out of business and you find yourself wondering what to do next.  One thing is important if you find yourself in this situation.  Your attitude and perspective are keys to your success in your journey.  I can promise you one thing…it can be an exciting ride full of joy, adventure, and opportunity...but it is dependent on how you approach this opportunity.  This is your chance to create the life you have always wanted.  There is no longer anything holding you back. 

 

I started my journey in October of 2009 but had been preparing for it for over a year.  I am going to use this blog to talk about my experience, how I did it and why.  I want to discuss what I learned both from good and bad decisions and what advice I was given by key mentors around me as my way to pay it forward.  I’d like to hear from you as well if you are on a journey of your own so I can learn from your experiences and perspective and so you can share with others.  It is amazing how many people I have come across in the last few months that are making the same transition in their life.  From successful executives, high school coaches, tenured teachers, to loyal company staffers, many are seeing that now is the time to make a change in their life and open the next chapter.  Maybe the change is cleansing your life of negative people and situations and passionately pursuing your dreams. Whatever it is, I look forward to sharing my story and hearing yours!  Let the journey begin.