Private Victory [dot] com

This Will Kill Your Business

Finishing up on my new book as well as a fairly large project where the only place my name will appear is on the checks I receive for being involved. The book has taken me almost a year to get this far and the other project has taken several months.

I am close. In fact, I'm so close that I've found myself saying, "It's good enough."

It's easy to do that when you're comfortable.

Comfort is the enemy of excellence.

If you're going to do the work, you might as well do it right. You don't have to, but you'll miss out on the money, the impact, and the satisfaction that comes with a job well done.

I'm Back, Bitches!

One week ago, a major income stream for my company was cut off.

Today, everything is back to normal. Almost.

My "money" stuff is back to normal, but during the past few days, I've been implementing a plan to make sure a situation like this never happens again. I still plan to go through with it, so that's going to change a few things.

In short, the plan is:

1. Renew my focus to ship quality goods.
2. Diversity income streams, so losing one product, retail outlet, or distributor is painless.

I am very dedicated to this. Funny how one experience and just a few days can jumpstart such massive action.

 The timeline of everything went down...

Wednesday: Got notice our distribution contract had been terminated. Immediately called The Big Boss and we composed an email in an attempt to find out more details and get back in.

Thursday: Composed a second email, backing up the previous one with documentation that we're a good partner for this company and want to continue to work with them. Felt like crap all day.

Friday: As we hadn't received a response, we started working on a plan to "go around" the problem. New distribution, revised products, formation of a new company, etc. Felt a little better. Got a massage.

Saturday: As it was both the weekend and New Year's Eve, we didn't expect to hear anything back...and didn't. Physically, I was back to normal. Did a yoga class and went for a hike.

Sunday: Still nothing... Hit the gym.

Monday: Checked out what I'd have to do in order to form a new company, which was part of my plan to diversity things. Would have set everything up that day, but, as the government was observing New Year's Day, I wasn't able to.

Tuesday: Formed new company. Filed with state, got new Tax ID, etc.

Wednesday: Got email from distribution company that "After reviewing your response, we have reinstated your account."

As I'm typing this, I'm thinking, "The sitation sounds really simple." Perhaps on one level, but on another, there were a thousand little things that went into it becuase of what I've experienced since starting my business 1995.

Even the similar distribution situation that happend just a week earlier, and my response to it, affected how I handed this one. What would have happened to "the big one" had I not had the smaller deal fall through?

If you're going through a similar experience, my advice is to trust that you'll use the lessons you've learned so far and, even if things don't "work out" for you, know that you're at least developing skills that will be useful in the future. In addition, I think it's important that you force yourself to "step away" from the situation. For me, this usually involves doing something physical, like hitting the gym; something that will help me get out of my head and more into my body.

Overall, this situation was a good experience. Nothing wakes your ass up more than having a part of your income zeroed out. Thanks to this, I'm much more focused for the new year and everybody involved in my business, from the distribution company to the end customers, will benefit.

I am very, very grateful.

Millennials Are An Entrepreneurial Generation?

Hardly.

Entrepreneurs start regardless of the economy, how easy it is to get a loan, health insurance, or role models. If you're waiting for the "perfect time" to start, you'll never start.

Which is my guess for what will happen to the majority of people who took this survey...

I'm not one to make things extra hard on people, but I also don't belive that anybody benefits when something is too easy. There is value that comes from having to build the kind of desire that makes you jump through hoops and deal with all of the "problems" mentioned above.

Personally, I look at this as the very best time to start a business, since fear of a "tough economy" and lack of access to easy loans has already killed off much of your competition.

My solutions to the "most common barriers" mentioned above...

Student Debt - Pay it off. Or learn to live with it.

Non-Student Debt - Same as above. And stop being an idiot and have respect for money. This is why you can't get a loan. If you can't handle your own money, how are you going to handle the money of somebody else? 

Health Insurance - You're young and healthy. Buy a major medical policy that will take care of you in the event of something catastrophic.

You can get a policy with a $5000 deductable for not a lot of money. Not as good as the policy you have working for the Man, but you'll be safe to go out on your own and, should something happen, it won't ruin your life.

Little Demand for Product - Seriously? Are you in the convincing business? Make it easy on yourself and find something people want!

Lack of Role Models - They're out there. If you're having trouble finding somebody, start by reading books about successful people.

Personal Doubts - Everybody who has ever started a business has doubts, but they press forward anyway.

You'll never know how fast you can go unless you crash the car.

No Skills - Easy to fix. Start reading, take classes, go to seminars, and be open to learning. Then jump in, mess some things up, and improve your skills as you go along. Real learning happens in the field.

Not Knowing How to Run a Business - You're going to let this stop you? How else, other that running a business, are you going to learn?

Too Much Risk - If you think starting a business is too risky, you have a lack of desire. 

Can't Get a Loan -  There is more money out there than there are good ideas with good people to execute them. If you can't get a loan, the problem is either your idea or you.

Even a turkey can fly in a tornado. Stop waiting for the perfect time to start.

3 Secrets to Starting Your Own Business

I started my music marketing company in 1995, while still attending college. I had a bit of background in direct response marketing, from an earlier "company" I had attempted to start (it was shut down by the school, because I was running it out of my dorm room) as well as a little sales experience, but not much more than that.

Looking back on the early days, I've often asked myself, "How did you do it?"

Last week, I was in Toronto, visiting the Big Boss, and had an experience that reminded me why I was able to make it all happen...

While I was there, I decided to go on top of CN Tower and do something called "Edge Walk." The photo to the right explains it better than I could with words.

I'm not sure how tall the "Edge Walk" is, but the tower is 1815.4 feet. Sounds intimidating, but I found the experience to be quite easy...until I looked down.

And that's the first secret to starting your own business...

1. Don't Look Down

Focus on the work. Sometimes it's better that you don't know everything. Walking 1000 feet in the air is no different from walking on a 6" sidewalk.  

2. Don't Worry About Other People

I went to school in Memphis. It's about the same size as Nashville, but the music industry is nowhere near as big. Had I been in Nashville, where there were a lot of "intimidating" people to compare myself to, I'm not sure I would have started at all.

Again, sometimes not knowing everything is a great advantage.

3. Focus on the Outcome

If you know what you want to happen, go for it. Don't worry about every single detail. Most won't matter anyway, since you really have no idea what you're getting into until you jump in 100%.

Clarity is the most important thing needed to make anything happen. When you're clear on why you want something, the strength and perseverance you need in order to make it happen will come through.

When your "why" is big enough, you're ready to take on anything.

When Your Work is Done...

Steve Jobs died today, just one day after Apple announced its new iPhone.

I don't think it was coincidence.

It takes big balls to do what Steve Jobs did. He reinvented the personal computer, the portable music player, the mobile phone, music distribution, software distribution, and movies for kids.

Could he have done more? Probably. But he did what he set out to do and that was enough.

When your work is done, there's no reason for you to stick around. This is why Charles Schulz died on the day the last Peanuts comic strip was published. It's why more people die after the first of the year than the week of Christmas.

When you finish what you're here for, it's time to move on.

Why You're a Failure (or Not)

Don Lapre died yesterday. He died in custody from an apparent suicide, while awaiting a trial, which was scheduled to begin tomorrow.

I don't know the specifics around Don Lapre's situation or exactly why he was in custody, other than a "fraud" charge, but I've found it disturbing how the public has turned on this guy. Read the comments on his various YouTube videos or news stories covering this situation to see what I'm talking about.

From what I've seen of Don Lapre, I think he has a lot of good advice. You find something that works, like a "tiny classified ad," and you replicate it. 

Was success in this business as easy as he made it look? No.

Is anything as easy as it looks? No. It's the job of professionals to make things look easy though.

Nobody wants to see a concert where the dance moves and musicianship are being worked out. We want it to look easy. Nobody goes to a Cirque du Soleil to see a flawless performance, not some guy falling down or hurting himself.

How do you make things look easy? Work at it.

One of the things you never hear about on television infomercials, whether they be for diet pills, exercise equipment, or "make money" stategies, is that you get back what you put in. Like Newton said, "For every action, there is an equal and opposite reaction."

But that doesn't sell.

I could write a book called, "How to Make $500 on the Internet Working Just 20 Hours" with a hundred ways for people to do just that. "$500 in 20 hours" isn't nearly as sexy as something like, "How to Make $10 Bajillion Online...In Your Underwear!" though and it's unlikely that the "$500 book" would sell as well, even though the title would be a lot more believable for most people.

People want a fantasy. They don't do the work it takes to make big money because it's not as much fun as living in a dream world. And they don't look at themselves when things don't work out, because it's much easier to blame a guy like Don Lapre.

You can tell yourself whatever you want, but the reality is, if you're not making enough money or haven't achieved a goal you want, you're the one who is responsible.

Hot tub. Full of water. Will make you sweat.

Is there anything weird about grown men getting together in a hot tub?

Maybe...when it's at a YMCA. The hot tub at the Illuminati House is a totally different ballgame though.

At least that was the logic I used...

Seriously, a hot tub is a great place to get to know somebody or get advice. You're relaxed and you don't have distractions, like mobile phones and computers. Plus, since you can't take notes, you have to be present if you want to remember what's being said.

ADVICE FROM THE HOT TUB

The biggest thing I walked away with was my time in the Illuminati hot tub is that everything is part of the process and nothing is a big deal, unless you want it to be. If you get divorced, go broke, declare bankruptcy, have all your money stolen, go to jail, lose your house, have health issues, or whatever else, you don't have to be derailed. Everything is a learning experience.

About ten years ago, I was on the receiving end of a federal lawsuit. Mentioned this and the response was, "Only one?"

You've probably heard the "enjoy the process" thing a million times. Or similar advice, such as "it's the journey, not the destination." I have too. However, sitting down with a few guys and hearing them list off dozens of things that could have kept them from where they are today and how they kept going totally took my understanding of how important this is to a new level and made the little things I was fearing seem like nothing.

If you're not connected with people playing at this level, I highly recommend making that happen. Playing in the "Little League" may be comfortable for your ego, but it's not good for your business.

How to Make Decisions

NOTE: This is Day 18 of a 30-day writing challenge. As I'm not in charge of the "prompts" I receive to write about, some of the topics discussed during this challenge may not directly have to do with this blog's topic of entrepreneurship. But I'll try to make them fit... :)
 

"Greatness appeals to the future. If I can be firm enough to-day to do right, and scorn eyes, I must have done so much right before as to defend me now. Be it how it will, do right now. Always scorn appearances, and you always may." - Ralph Waldo Emerson

 

When looking at an opportunity, I think about these three things...

1. What's the best outcome that can happen?
2. What's the worst outcome that can happen?
3. Can I live with the worst outcome?

If I can live with the worst outcome, I usually go for it.

Imitation is Suicide

NOTE: This is Day 10 of a 30-day writing challenge. As I'm not in charge of the "prompts" I receive to write about, some of the topics discussed during this challenge may not directly have to do with this blog's topic of entrepreneurship. But I'll try to make them fit... :)
 

"Imitation is Suicide. Insist on yourself; never imitate." - Ralph Waldo Emerson

 

Just because it works for some people doesn't mean that it will work for you. That's not that say that you can't force square pegs in round holes (for a little while), because you can. It's not very enjoyable though...

Knowing this as I do, I still occationally have to step back from opportunities that involve something similar to what is working very well for somebody else. For example, let's say a friend of mine is making a killing in real estate-- that might get me thinking, "I could do the same thing."

But real estate isn't my gift. I've had the opportunity come up several times and looked at it in depth. I could make money, but at what expense? If it's not enjoyable, it's not worth it to me.

Those who imitate don't often get the full picture, which is why they're imitating. You see the shiny "facade" on something. That's fun to think about, but if you haven't done the analysis or groundwork enough to see what is behind it, it won't last long.

Message for 1,000,000 People

NOTE: This is Day 9 of a 30-day writing challenge. As I'm not in charge of the "prompts" I receive to write about, some of the topics discussed during this challenge may not directly have to do with this blog's topic of entrepreneurship. But I'll try to make them fit... :)
 

"To believe your own thought, to believe that what is true for you in your private heart is true for all men, that is genius." - Ralph Waldo Emerson

 

If I could spread a personal message to 1,000,000 people right now, I would encourage them to take a chance on something that is just outside their comfort zones, in hope that their comfort zones would expand, so similar tasks in the future wouldn't seem like such a big deal.

If you're reading this, that means I only have 999,999 people to go in order to make this happen, so I hope you'll consider this message and use it as encouragement to do something that scares you a little bit (or maybe even a lot).

You will be ok. :)