[Free Book Preview #5] ~ RIGHT BUSINESS RIGHT LIFE™ – From Fed-up Employee to Freed-up Entrepreneur

[Free Book Preview #5] ~ RIGHT BUSINESS RIGHT LIFE™ – From Fed-up Employee to Freed-up Entrepreneur

Hey there, Freedom Seeker!

Welcome to the exhilarating big sky of small business entrepreneurship!

I wrote a book for you. This book reveals the Unbiased Small Business Research Formula developed from decades in the trenches of American Main Street and online business as a small business entrepreneur and a coach. Its objective is to help you become the successful creator of the new life you envision by objectively guiding you in researching and choosing the right business.

In the next weeks, I’ll share free sections of the book with you before it’s released for publication and available for purchase.

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CHAPTER 3 – Where you Side-Step the Inherent Biases of Small to Midsize Enterprises (SMEs)

Every problem comes with an equal or greater opportunity. – Napoleon Hill.

When I was in between businesses, I spent two years researching the challenges faced by small to midsize businesses (SMBs). While working with business owners, brokers, and people buying and selling businesses and franchises, I wanted to understand why so many businesses fail within the first five years and why some owners who stick it out end up unhappy with their chosen company. I was also curious about what forces employees to stay in unhappy careers instead of seeking success with a business even though they dreamed of being their own boss. 

Through my exploration, I discovered three tragedies caused by biases that are inherent to the Small to Midsize Enterprise (SME) sector. As I did, once you become aware of these biases, you will understand why it’s important to have a research strategy before deciding to switch from being an employee to becoming an entrepreneur.

Three Entrepreneurial Tragedies

As a business owner and later as a coach, I’ve seen some really heartbreaking situations when dealing with small businesses and people dreaming of starting their ventures. Let me tell you about three of these tragedies that have stuck with me.

The first tragedy happens when new owners underestimate the challenges of small business ownership. They often rush into it without fully understanding what they’re getting into, and they end up creating or buying a business that just doesn’t fit them at all. It’s tough to watch someone struggle because they began their entrepreneurial journey without objective guidance.

The second tragedy is when capable individuals underestimate themselves and remain stuck in jobs they absolutely hate. They’ve been dreaming of starting their own business for years, but fear or uncertainty holds them back. It’s an ongoing struggle for them, and they usually regret not taking the leap to pursue their vision. Yet, all they had to do was to take time for risk-free research to evaluate their possibilities.

Lastly, there’s the third tragedy. It affects experienced employees who are laid off due to their age as they’re nearing retirement. These are experienced folks who dedicated their lives to working for others, and suddenly they’re out of work because today, many corporations have a policy of letting their older workforce go. It is heartbreaking to witness a long career end like this.  However, sometimes, it turns out to be a blessing in disguise and to embark on a new adventure as a small business entrepreneur. If the longstanding employee is prepared to explore, it can be her chance to reach new heights in her career and capitalize on her broad experience.

These tragic stories have led me to realize just how critical it is for anyone considering self-employment via entrepreneurship to have an objective understanding of the challenges and opportunities in the small to midsize business world. For any aspiring owner, their first and most strategic decision is to pick the best business they ought to create or buy.

The self-assessments below are designed to help you ask yourself the right questions in order to identify the obstacles, if any, that might stop you from exploring your opportunities as a future business owner.

TAKE THIS SELF-TEST: Am I Underestimating the Challenges of Business Ownership?

Rate yourself on a scale from 1 to 5 based on how accurate the statements below are. 1 means not accurate at all, and five means most accurate.

1. I have been a successful employee for a large corporation all my life and believe that starting a small business will be easy for me: ________ points.
2. I only care that the business I pick will make a lot of money. 
3. I trust that my broker or a franchise consultant will find a successful business that fits me: ________ points.
4. All I need is to find/create an excellent product idea, and the business will work: ________ points.
5. Trial and error is the best way to succeed in business: ________ points.
6. I assume that my expertise in a particular field automatically translates to being a successful business owner: ________ points.
7. I don’t need guidance from experienced entrepreneurs or professionals in the industry I want to enter: ________ points.
8. I trust my gut; I will know when a decision feels right: ________ points.

TOTAL: ________ points.

Answer Key: 

1 to 14 points: You have a realistic understanding of the challenges of business ownership and are well-prepared to navigate them. Continue to research and gather insights to enhance your knowledge further. 

15 to 26 points: You may have underestimated some aspects of business ownership and should take the time to learn more about the specific industry/business you’re interested in and the primary reasons you want to become a business owner. Conduct thorough research and seek advice from experienced professionals to better understand the challenges you may face. 

27 to 40 points: You likely underestimate the challenges and risks associated with business ownership. It is crucial to conduct extensive research, seek guidance from experts, and research the right business for who you are and the life you want before you invest your money in launching the business.

TAKE THIS SELF-TEST: Am I underestimating myself, and what is stopping me from starting or buying a business?

Below, rate yourself on a scale from 1 to 5 on how accurate the statements are. 1 means not accurate at all, and 5 means most accurate. Once you have rated yourself for each statement, total up your scores and use the answer key to determine your next steps.

1. I dream of becoming a business owner, but I often doubt my abilities to succeed: ________ points.
2. I feel uncertain about my vision and goals for business ownership: ________ points.
3. I believe I don’t have enough confidence to run a successful business: ________ points.
4. I find the process of starting or buying a business overwhelming, and it stops me from taking any action: ________ points.
5. I have limited research and information on starting or buying a business: ________ points.
6. I worry about the risks and challenges associated with entrepreneurship: ________ points.
7. I lack a supportive network of family and friends who believe in my entrepreneurial potential: ________ points.
8. I have heard stories of people going out of business, and it scares me: ________ points.

TOTAL: ________ points.

Answer Key:

1-14 points: Congratulations! You have a high level of confidence in your abilities as a business owner. You believe in your potential and have a clear vision and goals for business ownership. Keep up the positive mindset and continue to pursue your business goals. Use this book as a stepping stone.

15-26 points: You have a moderate level of confidence in your abilities as a business owner. While you may have some doubts or concerns, it’s important to recognize your potential and build upon your strengths. Seek further research to boost your confidence and take the necessary steps toward business ownership.

27-40 points: It seems like you may underestimate yourself as a business owner. Don’t let self-doubt hold you back. Research and explore the possibilities of business ownership to gain a better understanding of your potential and capabilities. This book will provide you with valuable insights and guidance to overcome your self-limiting beliefs and embark on a successful journey of personal and entrepreneurial growth. 

TAKE THIS SELF-TEST: Is Business Ownership a Great Opportunity as My Second Career?

Below, rate yourself on a scale from 1 to 5 on how accurate the statements are. 1 means not accurate at all, and 5 means most accurate. Once you have rated yourself for each statement, total up your scores and use the answer key to determine your next steps.

1. I believe my professional experience and maturity are valuable assets for starting a business: ________ points.
2. I feel confident that my age will be an advantage rather than a hindrance in the business world: ________ points.
3. I see small business ownership as an exciting new career path after being pushed out of corporate: ________ points.
4. I am open to leveraging my financial resources, experience, and personal networks for entrepreneurial success: ________ points.
5. I am eager to defy ageism and prove that older entrepreneurs can be highly successful: ________ points.
6. I am interested in remaining active and engaged during my retirement years through an entrepreneurial career: ________ points.
7. I believe my skills and expertise acquired over the years will give me a competitive edge as a business owner: ________ points.
8. I have a strong desire to explore the opportunities and possibilities of starting a business as my second career: ________ points.

TOTAL: ________ points.

Answer Key:

1-14 points: It seems like you may underestimate the great opportunities that small business ownership offers as your second career. Don’t let ageism or self-doubt hold you back. Embrace the data and research that demonstrate the success of second-story entrepreneurs. Leverage your experience, maturity, and resources to pursue an exciting and fulfilling entrepreneurial career. This book will provide you with valuable insights, strategies, and inspiration to embark on your second career with confidence.

15-26 points: You have a moderate level of confidence in the potential of small business ownership as your second career. While you may have some doubts or uncertainties, it’s important to recognize the unique advantages you possess as an older entrepreneur. Seek support, resources, and further research to boost your confidence and explore the possibilities of starting a business.

27-40 points: Congratulations! You have a high level of confidence in the potential of small business ownership as your second career. You recognize the value of your professional experience, maturity, and resources and see them as competitive advantages. Embrace the exciting journey of starting a business and leverage your strengths for entrepreneurial success.

Remember, with the right mindset, support, and resources, you can defy ageism and create a successful and fulfilling entrepreneurial journey.

TAKE THIS SELF-TEST: Is Entrepreneurship the Right Path for Me as a Young Entrepreneur?

Below, rate yourself on a scale from 1 to 5 on how accurate the statements are. 1 means not accurate at all, and 5 means most accurate. Once you have rated yourself for each statement, total up your scores and use the answer key to determine your next steps.

1. I am excited about the idea of starting my own business at a young age: ________ points.
2. I see time as a valuable resource that allows me to learn, grow, and recover from any risks I take: ________ points.
3. I feel a sense of freedom and flexibility in my current life stage, which enables me to pursue entrepreneurship: ________ points.
4. I am willing to embrace the possibility of starting a business that may not immediately achieve the desired level of success: ________ points.
5. I believe that starting a business early in life can offer valuable learning experiences and opportunities for personal growth: ________ points.
6. I am eager to take advantage of the resources, support, and networks available to young entrepreneurs: ________ points.
7. I have a strong desire to make a positive impact and leave my mark on the business world: ________ points.
8. I am willing to put in the hard work and dedication required to build a successful business at a young age: ________ points.

TOTAL: ________ points.

Answer Key:

1-14 points: It seems like you may underestimate the great opportunities that entrepreneurship offers as a young entrepreneur. Embrace the advantages of starting early and the ability to learn, grow, and take risks with time on your side. Research and connect with other entrepreneurs of all ages who have achieved success to gain inspiration and guidance. The book RIGHT BUSINESS RIGHT LIFE – From Fed-up Employee to Freed-up Entrepreneur can provide you with valuable insights, strategies, and inspiration to kickstart your entrepreneurial journey with confidence.

15-26 points: You have a moderate level of confidence and interest in pursuing entrepreneurship as a young entrepreneur. While you may have some reservations or uncertainties, it’s important to explore the possibilities and leverage the advantages of your current life stage. Seek further information, mentorship, and resources to boost your confidence and develop your entrepreneurial path.

27-40 points: Congratulations! You possess a high level of enthusiasm and readiness for entrepreneurship as a young entrepreneur. You recognize the advantages of starting early, such as time, flexibility, and opportunity for growth. Embrace your entrepreneurial journey and take advantage of the resources and support available to you.

With the right mindset, resources, and dedication, you can embark on a fulfilling and successful entrepreneurial journey at a young age.

Keep in mind that these self-assessments are just a starting point. There is a business out there for you. The key is to exercise the risk-free research that will help you make the most rational decision. Do not underestimate either the task of starting a business or your own abilities to succeed. The book “Right Business Right Life – From Fed-up Employee to Freed-up Entrepreneur” is there to provide valuable insights and guidance to help you make informed decisions in choosing the right business to avoid common pitfalls on your entrepreneurial journey.

Joining the VIP Waitlist

Would you like early access to your copy of the book as soon as it is released and receive a bonus book companion coaching session?

During the private coaching session, I’ll guide you through the exercises and templates in the book. Available to the first 20 VIPs who purchase the book. To join the VIP waitlist, click here.