Note: This is a guest post by Willie Jolley, author of the book “Turn Setbacks Into Greenbacks,” and is one of the people credited with saving The Ford Motor Company from financial devastation, helping it avoid bankruptcy and the need to take a federal bailout. We’re honored to have him on the blog.
Diving into a new business venture is always a scary proposition, but even more so in the current economy. The stats aren’t very comforting: 80% of new small businesses will fail within 5 years.
Despite this, now is the best time to go into business for yourself. America needs a comeback, and that comeback depends on entrepreneurs who are ready to go up in down times.
Become the CEO of YOU, Inc.
One of the fastest ways to reach financial success is to start thinking like the CEO of YOU, Inc., and start your own business. You may have worked for different firms in the past or you may be presently laid off and looking for work, but whatever the case, it’s time to take the leap and become your own boss.
Don’t just start your own company, but get creative. What need do people have that you can fill with your expertise? Even more important, take a look at other companies in the same line of work, and figure out what it is that you can do differently. What is your selling point?
(For more on starting a business, read: Is Creativity Part of Entrepreneurship?)
Give people a reason to work with your company rather than anyone else. If you are serious about growing your business and becoming wealthy, you must stand out, and out-work and out-think your competition.
Stop waiting for your ship to come in
Financial success is a choice that you must make happen, not a chance that you sit around and wait for.
If you aren’t going to take action to help yourself, no one else will. Look to the future and what do you see? Ask Yourself:
- Where do you see your life going?
- How bad do you want it?
- Are you willing to do everything to make that dream a reality?
Nobody is going to save you from tough times, so if you want to be successful, you have to be the one to take action.
Don’t let your pride poison your prosperity
If tough times have your business down, stop trying to put up a facade of success and get real.
What most people don’t realize is that it’s okay to ask for help and turn to other people who might be able to help you.
Your level of financial success is often directly linked to the people in your network. Who are you hanging around and sharing ideas with? There’s a reason people use mentors and mastermind groups: They work! They say in sports when you play against an individual or team that is better than you, you often play your best. That’s because you rise to the challenge in front of you.
The same holds true in business; get out there, talk to people, share ideas and be inspired for greatness. It’s OK to let others know you’re looking for solutions.
Stretch your financial goals
One of the best ways to make more money and be more successful in business is to stretch your financial goals way beyond what you think you are capable of earning. It doesn’t matter if you don’t know how you’re going to accomplish this; it puts you in the right frame of mind to make it happen.
In life there will be setbacks, downturns and challenges –- not maybe, not might -– but definite setbacks and problems. Yet it is important to remember that this is not personal, and it is not permanent.
Everyone feels the pinch of an economic downturn; it is an equal opportunity plan. Yet in every burden there is a blessing, and if we are wise, it is out of these challenges that we can grow our wealth and success. Don’t throw in the towel. This is not the time to quit. Tough times do not last, but tough people do!
Recession and depressions ALWAYS lead to progressions. Don’t just go through tough times. Grow through them. Don’t just want to survive the tough times, make a decision to thrive in the midst of the tough times!
If you own a small business, realize that at first you are probably going to have to work harder than you ever worked before. But realize there are so many great opportunities around us right now, especially in the United States.
This is the land of opportunity; even in tough times your business can thrive and make you financially wealthy. The American dream is alive and well! As I tell my audience on Sirius XM each week, the best is yet to come!
About the Author
Willie Jolley is author of the book Turn Setbacks Into Greenbacks, and is one of the people credited with saving The Ford Motor Company from financial devastation, helping it avoid bankruptcy and the need to take a federal bailout. He’s on a national tour sponsored by E*Trade, helping the millions of Americans trying to stage their own financial comebacks. He’s host of one of the most popular Sirius XM talk shows, The Willie Jolley Wealthy Ways Radio Show; CEO of Willie Jolley Worldwide; and an international speaker/consultant. Visit http://www.williejolley.com/