Category Archives: Entrepreneurship

12.3% of the U.S. population was actively engaged in starting or running a new business in 2011

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According to the Global Entrepreneurship Monitor, 12.3% of the U.S. population was actively engaged in starting or running a new business in 2011, a staggering 60% increase from 2010.

The annual report defines new businesses as ventures less than three-and-a-half years old.

An increase in start-up activity is a good sign for the overall national economy because it will lead to more employment opportunities in the near future, says Donna Kelley, the report’s lead author and an associate professor of entrepreneurship at Babson College in Wellesley, Mass. “It’s indicating that we’re seeing a recovery,” she says.

The report, based on a combination of survey results and population data, shows that more than half of U.S. early-stage entrepreneurs—59%—expect to create up to four jobs within the next five years. Another 27% plan to create between five and 19 jobs and 14% plan to create 20 or more jobs during that period.

Full Article Here: WSG.COM

“Am I operating from a place of creative opportunity or loss aversion?”

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This is an excerpt from a Jonathan Fields article he recently published on his blog.

I highly recommend taking this creativity audit and buying his book “Uncertainty – Turning Fear and Doubt Into Fuel For Brilliance.

 

But, then something happens. You succeed.

You begin to build a real business. You have offices, assets, overhead, inventory and employees. People, families, are counting on you to pay their rent and send their kids to school. Your own family begins to expect a certain lifestyle. And so do you. You get comfortable. And, along with your success, you now have the perception of so much more to lose if you fail.

So, instead of continuing to take risks, your mindset begins to shift into what famed psychologist and winner of the Nobel Prize for behavioral psychology, Daniel Kahneman, calls loss aversion mode.

Rather than being driven by what you can build, create and have, you are overwhelmed by a fear of losing what you’ve already amassed. Being an entrepreneur, and innovator, an artist or a creator does not make you immune to the often irrational pull of loss aversion. Because, as Kahneman’s research points out, it’s simply a part of human nature.
Two problems with this when it comes to creators and entrepreneurs…

One – The switch from seeking gain to loss avoidance cultivates a strong negative creativity bias that makes us say no to innovative ideas. Ones that come from our own minds, as well as from those around us. And ones that, embraced, could have been key drivers of innovation and growth.

Two – Because we set the tone as entrepreneurs, when we pull back, stop innovating ourselves and rebuff innovation and creativity from employees, we create an idea-killer emotional virus that destroys the very culture that got us where we are. It breeds loss-aversion, fear and scarcity, which is death to innovation and expansion.
So, what do we do about it?

If you’re an entrepreneur, or you work with an entrepreneur or a team charged with innovation, create a monthly mindset circuit-breaker check-up. Take a step back, preferably leave the office and take a few key creators with you. Maybe get out into nature and ask a big question -

“Am I operating from a place of creative opportunity or loss aversion?”

Take the audit and buy the book!

(Uncertainty: Turning Fear and Doubt into Fuel for Brilliance)

How to recognize the millionaire next door…

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Thomas Stanley and William Danko’s book “The Millionaire Next Door” revealed that most millionaires really could be the folks next door. They don’t drive a new car every year or jet around the world. In fact, sometimes they’re the least likely person you would suspect.

Stanley and Danko found that millionaires share a few common characteristics:

  • They live below their means. Half of the millionaires interviewed did not live in high-status neighborhoods. Instead, they lived in average neighborhoods in average houses. That’s how they were able to save money. The other half that did live in high-status neighborhoods only moved there after they had become wealthy.
  • They lead frugal lifestyles. Most do not buy $5,000 suits, expensive boats or even new cars. You might say they’re tightwads. They shop for bargains and always negotiate for a better deal.
  • They’re self-employed or own their own businesses. They also love their work — they connect with their jobs and feel very passionate about them.
  • They plan and study investments. The majority of millionaires invest heavily and spend a large amount of their time studying their investments or seeking advice from financial advisors.
  • They weren’t always at the top of their class. Another surprising commonality among the millionaires interviewed was that they didn’t all have advanced degrees or graduate at the top of their classes. Some didn’t even go to college and a few didn’t even finish high school.
  • They’re self-made. Finally, the majority of millionaires received no family money and do not plan to give their own children a lot of money. They want their children to succeed the same way they did — on their own.

We’ll look at what it takes to make a million dollars next.

You’re already “the 1%”

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If only people realized that they are also in the 1%, they would stop worrying about themselves, snap out of their victim hood, and start helping those around them make their lives better and solve their problems, and increase their income even more!

I am working on a piece right now that stunned even me. Here are some quick facts to help put life into perspective.

If you make $500,000 a year in the US, you are in the top 1% in income.

But,

If you make $50,000 A YEAR you are in the richest 1% in the WOLRD. (Click here to see how you personally measure up against the other 7 billion people on the planet.)

Where do you/your family fit in…? Recently the 7 billionth person was born. This is an incredible milestone for humanity and a great opportunity to stop and think about the reality of live for billions of people.

Over 3 BILLION live on less than $2.50 a day and at least 80% of humanity lives on less than $10 a day (this is considered the poverty line here in the US.)

1 Billion of the world’s 2.2 Billion children live in poverty without clean water etc. 22,000 of them die EVERY DAY and 50,000 people total die EVERY DAY from poverty. THAT’s a football stadium every day folks.

So, what is your excuse for not being wealthy and living the life of your dreams? i am not saying that you have to commit yourself and your life to freeing the world of poverty and malnutrition… what I am saying though, is that if you are laying with your face in the mud, even though there IS NO FOOT of oppression on your neck, shame on you!

In a couple of weeks I will be rolling out a personal mentorship program where I am going to take 100 people and show them each how to make $1mm each, simply by helping others. These 100 people will be case studies for a book that I plan to publish in 2013.

If you are interested in being one of my 100 case studies, please subscribe to my email list above and stay tuned for details.

-Jay

P.S. I consider “mud” anything less than your highest potential. You deserve it, and can have it all. Stop making excuses for yourself and unleash your inner entrepreneur. The world is yours! Stop being a victim and GO GET IT!

Better Results, Quicker

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I had a very interesting coaching conversation yesterday with one of my fellow entrepreneurs at PRO. And, in this conversation the question came up, “Jay, what should I be focusing on? I feel so distracted and unclear what I should be focused on when I sit down to build my business!”

I could hear the stress and overwhelm in her voice. I could tell that she was in over her head and the sound of desperation was evident. The following exercise seemed to help her tremendously and by the end of our brief chat, she sounded like a different person.

Here are the simple steps I have learned to gain clarity and stay focused on the right things daily, dramatically improving my results.

PARADIGM SHIFT: Your first thought is never your BEST thought. In fact, trying to “think” your way through a challenge (scratching your brain) is oftentimes the most ineffective way possible. The reason being, the most powerful part of your brain, the 99% NOT normally accessed or used on a daily basis is NOT the part of your brain that does the thinking.

DO THIS: Think about a time when you had a problem and simply could not resolve it no matter how hard you tried. Then all of a sudden you wake up one day with the solution in hand. Or, without even thinking about it, you have a light bulb moment in the shower.

REALIZATION: Your conscious mind, the one that you have a dialogue with every day is not YOU. You are NOT your thoughts. This goes back to the paradigm shift I mention above. Just realize that most of your thoughts and reactions are automatic brain patterns that fire with or without your control. In fact some research suggests that our reactions are already underway up to 1 second before we even have the conscious decision.

DO THIS: Notice how certain things cause a reaction from you. You open your bills and your stomach sinks. Someone crosses you or hits one of your hot buttons (pet peeve) and you light up like a Christmas tree. Just be aware of this and don’t try to change anything about yourself. Just notice.

Put your challenges in the back of your mind, and let things rest over night. Some people find it helpful to pray, meditate, do yoga, etc. to calm their mind. Only when your conscious mind stops thrashing around trying to solve every problem, will the answer and solution become apparent in due time.

URGENCY: If you were to make a “to do” list right now, what would be on it? Stop reading here and try the exercise below.

DO THIS: Make a “to do” list of everything you have to get done today, this week, this month, etc. This list should be exhaustive and you will likely fill two sheets of paper.

IMPORTANCE: The constant sense of urgency we live in robs us of productivity. Important things are rarely urgent and tend to be pushed off for another day. Procrastination is what is standing between you and the future you really want.

DO THIS: Go through your list and separate the items into two buckets. A) Items that will move you closer to your business goals (call these income producing activities) and B) Items that need to get done, but really have no immediate impact on quality of life. (Paying your taxes, cleaning your garage, getting your new puppy neutered, these sorts of things)

PRODUCTIVITY: Productivity is the most elusive state of being. Our internal thermostats keep us stuck by making us feel like we are busy, doing a lot of things that are urgent. Research shows that most people are only productive a tiny fraction of their day. One hour a day of productivity (MIGHT Time) is all that is standing between you and the life of your dreams.

DO THIS: Make a list of 100 things that you KNOW you could do to move your life and business forward and write them down. Commit to completing 10 a week.

First thing in the morning, before you check your email, voicemail, Facebook, or anything else that would distract you and get your mind off track, complete three things on your IMPORTANT list. Eliminate all distractions and focus on your MIGHT time. Do this three times a week. (Listen to the archived MIGHT Time calls with Patrick Combs to learn this discipline.)

START WITH THE END IN MIND: Organize your day and your activities with the end in mind.

DO THIS: Before you spend any effort, time or money on anything—ask yourself: Is this going to move me closer to my goals? Is this in alignment with where I am going as a person and an entrepreneur?

RESULTS MATTER: Once you are taking action daily on your goals and actually logging some seriously productive MIGHT time, you will notice a compounding effect of these small, deliberate and daily actions.

DO THIS: Reward yourself for results. Results are the only thing you should be measuring your success by. You will immediately notice how many “talkers” there are out there compared to just a few “doers.” Also notice how many teachers are out there… those who can’t “do,” teach. Beware of the teachers and start following the DOERS.

FIND A MENTOR: Every hero started with a mentor. Every successful entrepreneur started with a mentor. Coming very soon you will see how you can mentor with not only myself but a variety of leading business leaders. This new system is called MIGHT Mentorship and will be unveiled Jan 1, 2012.

DO THIS: Join MIGHT when the opportunity presents itself.

NEVER QUIT: Winners never, ever, ever, ever, ever quit. Fall 10 times, get up 11, fall down 100 times, get up 101 times. Edison said, “Before I invented the light bulb, I invented 1000 that didn’t work.

DO THIS: Find a mirror, look at yourself in the eye, grit your teeth, and say this to yourself every day. “I WILL NEVER QUIT.”