Live in Entrepreneurial Freedom - The How to Guide for Aspiring Midlife Business Owners

Chapter 2

Step One: How to Clearly Define Your Vision of Success

Beat the odds by following the correct path.

Anyone who’s seriously researched starting their own business knows there is an endless stream of negative information regarding the failure rates of first-time businesses, published by a variety of sources, many of whom you’ve never heard of. However, the most reliable (and best known) of these is the U.S. Census Bureau. According to the U.S. Department of Labor, approximately 50 percent of business start-ups will fail by year five, and approximately 66 percent will fail by year ten (https://www.bls.gov/bdm/entrepreneurship/entrepreneurship.htm). It is not my intention to challenge that information because it is, in fact, correct. However, to challenge its very foundation and the reasons why it does not have to be that way; that is what I will discuss here.

This book is for people in mid-life who, for numerous reasons, want or need to operate their own business venture. Perhaps they are looking to pursue a lifelong dream of being their own boss, or want to take up a socially responsible endeavor and need to make some money to help support it. Or maybe they believe they have a product or service that is far above all others and feel it could be the next great thing. Most purported experts, when talking about starting a business, do not specifically address how or where to actually begin. Oftentimes, this is because they have not experienced running a business for themselves, hands on, and/or have not analyzed it carefully. The most frequent question I get is, “Hey, I’m thinking about starting a business; should I form an S Corporation or an LLC?” That is a strong indication to me that the person has not delved into what I call “the four W’s.”

THE 4 W’S OF SUCCESS

The four W’s are Why, What, When, and Where. Now, at first glance, these may seem to you like simple questions with self-evident answers. However, you might be amazed to learn that most first-time entrepreneurs have never thought through these questions to the point of finding their true, deep answers. It is the answers to these questions that will literally form the foundation upon which you build your business, and they can therefore ultimately determine your success or failure.

The First W… “Why.”

Let’s start with “Why.” Quite simply, why are you doing this?

This article is a great place to start …

This Is the Most Important Question for Achieving Success
by Marla Tabaka (copied with permission)

As an entrepreneur, you’ve probably felt stuck at some point along the way. You’ve experienced a lack of clarity that usually leads to frustration, even fear. When entrepreneurs are in the throes of this confusion and feel overwhelmed, the first question they ask is, “How do I get past this and make my business successful?”

But the more significant question, the one that makes the magic happen, is, “Why should I get past this and make my business successful?”

Why? A single-word question that provides all the answers you need to create the freedom, happiness, and success you dream of. Why? It is a question too many entrepreneurs never explore; and if they do, they do not explore it deeply enough.

German philosopher Frederick Nietzsche once said, “He who has a ‘why’ can endure any ‘how.’”

Beginning with the “how” may seem logical, but the answers to your “how” questions are rarely clear when you do. Your “how” doesn’t inspire the energy and passion to create your most powerful vision, the grit necessary to maneuver through the challenges and failures, and the foresight to pave the path to your vision. It is the “why” that brings these strengths and qualities to the surface and fuels the entire business-building process.

A surprising number of entrepreneurs don’t know their “why.” Many believe they do, but truly haven’t gotten to the heart of it. So how do you know if your “why” isn’t complete, or that you’re missing the mark altogether?

Your feelings are the guide to this answer. When you close your eyes and envision your “why,” how do you feel? Does your heart beat a little faster? Do you feel impassioned? Do you experience joy in your heart or butterflies in your gut? Most significantly, does it bring tears to your eyes?

That’s right, tears. When I have this discussion with my clients and they discover the core of their “why” for the very first time, tears are inevitable. And I’m not talking about watery eyes; I’m talking deep, meaningful tears that rock their world. That is how you know when you’ve finally found your real “why.”

The process of finding your “why” is simple, but in all of its simplicity, it isn’t something most people can do without the guidance and support of a strong individual who is willing and able to evoke and experience the emotions right along with them. Still, you can get a good start by asking yourself the questions that follow below. I will tell you, however, that there is one necessary factor most people miss: they don’t drill down deeply enough. This is the part that’s not easy. Ironically, the question they don’t ask themselves is, “Why?”

Begin with the following questions and, after each one, ask “Why?” Why is this true? Why is it important to me? Why do I feel so strongly about this? Why, why, why? When you believe you have the answer, ask again—“Why?” Use your feelings as the gauge; they will tell you when you finally arrive at the real answer.

What is the most important thing in the world to me?

When I lose all track of time, I am usually doing [what].

I get most excited and passionate when I talk about [what].

If money were not an issue, I would volunteer my time and money to do [what].

If there was one thing in the world that I could change, what would it be?

What world issue matters most to me?

If I did a TED talk, what would my core message be?

What are my personal values? (This, too, goes deeper than you may believe and is another process that you may need help going through.)

Remember, to find the freedom that is so important to you, this is the single most important piece of information to wrap your heart and mind around. Devote the time, energy, and money, if necessary, to find your real “why”!

***

Marla Tabaka is a small-business advisor who helps entrepreneurs around the globe grow their businesses well into the millions. She has over 25 years of experience in corporate and start-up ventures and speaks widely on combining strategic and creative thinking for optimum success and happiness. (https://www.inc.com/marla-tabaka/finding-your-why-you-may-be-missing-the-most-important-step.html)

Of course, we’re speaking specifically about middle-aged people. Not a young person who is willing to take a tremendous risk, sleep on his or her friends’ couches and eat Ramen noodles for two or three years while he or she labors under the hopes and aspirations that he or she comes up with the next unicorn. (A unicorn is a term used in the venture capital world to describe a company that becomes worth billions of dollars, like a Facebook or a Google or a Snapchat). That is why we’re not addressing that segment of business start-ups, and instead, are focusing on people in midlife. We’re talking about people who are typically leaving a 25- or 30-plus year career in a more controlled and structured environment, such as corporate America, or a union job. The upside is that these people have greater maturity, greater emotional intelligence, and will fully appreciate the exercise of going through the four W’s more than a person in their 20s who is ready to jump off the cliff and then worry about whether they have a parachute or not. The downside for mid-lifers is that they do not have as much time, they cannot afford as much risk, and a failure may likely have such devastating consequences for them that they never recover. Purported experts have written many books on this topic, some of whom have spent time in academia, and will often claim they have personal experience starting and running businesses. Unfortunately, it has been my experience that they are actually referring to consulting practices they do on the side. This does not make for an erroneous statement, for they are running a business. While consulting is very appealing and many baby boomers may go that route, running a consulting business is a much more simplified model than running a retail location, for example, or something involving manufacturing or food and beverage service.

Speaking of food and beverage service, a restaurant deserves special mention because it is probably the only business model where everything is done under one roof. You get raw product in—figuratively speaking—at one end of production, where that raw product is ultimately transformed into a final product on the other end. That final product is then sold under that same roof, with customer service performed under that same roof as well. Think about that in...