Money Life today broadcast for April 16th
Over 70 different kinds of businesses you can start up for under $1000
The world is changing. The likely hood of a person graduating from college and obtaining a job in their desired career field is very, very rare today. Whole industries are in flux and established careers are being lost. We've been there and done that multiple times. It's long been known that two incomes just aren't cutting it any more. And now when a family is facing a serious threat of having the inability of maintaining one job, what's a family to do? Very often families facing financial problems, face them in a defensive mode and they forget that they can go on the offensive and make some income. They fail to see that their skills and talents translate better into pursuing a family business.
We're excited to see more and more families pulling together in order to pool their creativity talents with vision for business. But often times the collective zeal is more than enough to cause a family to dive into too many great ideas at once with little wisdom. Sheer zeal can cloud out wisdom and families do not create a plan and strategy. Zeal or none, numbers are numbers and no amount of optimism can change that. Or just the opposite happens, too many great ideas with no long term perspective, because of inexperience in business and an ability to project, leads to indecision and follow through.
Today's Crown Financial podcast offers some excellent advice that coincides with what we have been taught over the years by our financial mentors. The podcast covers many things like
The importance of multiple income streams, starting out small, and just how critical it is to have a plan and strategy and much more. It's a great place to start, to do a brain storm, and get a family thinking in the right direction. But...
There is a critical need for business mentorship. A mentor is your lighthouse, is someone that has established success and lives a life that you'd want to duplicate.
New business owners even with their zeal, self-discipline and the wisdom they've accumulated from various places, are often derailed by unknowns do to their inexperience. With no business mentor, they become increasingly discouraged by failures they've experienced as they were confronted by the unforeseen obstacles they didn't know how to avoid. We've watched over the years as couples develop the end conclusion that they "just aren't cut out for business." It's not their cup of tea per say.
But we don't believe this is the truth. We've found it to be a lack of mentorship. Why? Because our mentors have shown us what they have failed to see and what the solution was to avoid it. If they had just known and kept going...would their family still be fragmented? Would they be living a "settle for" lifestyle?
It's one thing to have a plan and the best intentions to stick to that plan. People promise themselves to be flexible, dedicated, self-disciplined, willing to do what they never thought of doing before. But they do not put high priority on being in constant communication with a business mentor. In fact our public school experience taught us that the person that was valued was not that person that needed a tutor or personal instruction. But that is for another post.
Zeal aside, if you've never been in business, if your family heritage of is one of wisdom for the job market, what part of your knowledge translates over and is applicable to an entrepreneurial endeavor? There may be quite a bit but your foundation isn't one for business. On what do you base your scope and perspective? Someone that is a proven success or just random success principles you've collected and prefer? If you are your own guide you're planning to fail. Who do you have that can check your plan for you and validate that it is a sure success? In our day in age when success principles are everywhere, which do you apply when?
This is where mentorship becomes priceless. We have personally found that to be the case. What would you give for the peace of mind from having someone that walks beside you knows you, the context in which you are living and the unique challenges you are facing?
Once again, our family invites you to contact us if you are facing financial challenges but looking for a fresh start.