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Overcoming The Fear of Failure

Smallest Step

If you didn’t catch the show yesterday let me go ahead and apologize again for taking last week off without prior warning. Certainly there is nothing wrong with taking the week off but I ought to have given you a heads up. Some of the things that came out of that week is that I had the opportunity of spending time working on my business. There are couple of thoughts that came out of that exercise and because we are all partners in this and are involved in each other’s business I will share them with you this week and hopefully they will help you in your business.

Today I would like to talk to you about failure. A topic that comes up from time to time in this show and it’s not because we are obsessed with preventing failure but quite the opposite. You may look at it as we are obsessed with failing and we want to fail fast so that we find out the things that will not work so that we can move on to the things that will work. If you look at the dictionary definition of the word failure, it means “lack of success.” It doesn’t mean that it is the end of the road for you. Winston Churchill said “Failure is not fatal and success is not final.”

If you have put everything you have in your business and you are not getting the results that you need, ultimately you will reach a point when you will have to decide to cut your losses. It won’t however mean that it is the end of the world for you. That moment of failure gives you feedback on the things that are not going to work for you. You will simply have found a way that it doesn’t work. When I tell you I want you to fail, what I mean is that I want you to fail fast and often because failure presents an opportunity to find the things that do not work. When you dive into the deep end of the pool, failure is a possible outcome. Things do not always work out.

The most important things I would like you to do is understand your goals and visions and then understand your customers and how to solve their problems. If you do those two things right and let them guide your actions, you are going to be successful.

[Full Transcript Follows]

Hey there folks, Thom Rigsby here, from thomrigsby.com. Have you been worried about
failing? Think that it might wind up being the end of the world? What if you put all of your
best efforts into a business that does not paying out, that makes you a failure. Those are all questions we are going to talk about right here on “7 Minutes in the Morning” stay tuned.

Hey there folks, good morning and welcome! This is “7 Minutes in the Morning” it’s your       daily dose from me your business coach, my is Thom Rigsby.

Well, you know I said yesterday, if you did not hear the show yesterday I will go ahead and
apologize again. I took the week off last week without any forewarning, certainly nothing   wrong with taking the week off, but I should have given you a heads up. One of things that came out of that week is an opportunity for me to spend some time in working on my business and there is a couple of thoughts that came out of that exercise that I want to share with you this week. For two reasons; One is, we are kind of partners in this, I feel like we are both engaged and involved in each other’s business so I want to share the things that I see, the future where I am going with my business with you. And hopefully, some of the things that I share with you will help you in your business also.

Today I want to talk to you about “Failure” a topic that comes up from time to time, maybe even more frequently than that appear here on the show. And it is not because we are obsessed with preventing failure and actually it is quite the opposite. You might even look at it as, I am obsessed with failure, but I want to fail fast. I want to find out what does not work so that I can move on to the things that do work. And even if we look at the dictionary definition of failure, it says, “a lack of success” it does not mean an end, it does not mean that we die. In fact, the quote that I shared the most around failure from Winston Churchill it says, “failure is not fatal and success is not final”.

If you put everything you have into your business and you are just not getting the result you want or you need, ultimately there is going to come a point where you have to decide to cut your losses. That does not mean that you failed, what it meant, it does not mean it is the end of your life, that certainly by the dictionary definition there is a lack of success there, so you meet that definition but that failure really, gives you feedback into what is not going to work for you. It is not, you do not have to go back and find a job with your tail tagged between your legs, ask your old boss for a job back and say “yeah you are right, I was wrong it did not worked out. I will come back here and be your servant for the rest of my life”. That is not what it means, what it means is we have just simply found a way that it does not work. So, when I say I want you to fail, I want you to fail fast and often.

It is an opportunity for you to find the things that do not work. Now, what happens more often than not, especially with business owners that do not have a lot of experience running a business, we put everything into it, we got a great idea that it is going to change the world and everybody is going to benefit from this. And so, that is the way you attack the problem or attack running the business and then everybody is not lined up at the door. Sales are not what you thought they were. That loan that you took, that lease that you signed when you thought everybody was going to buy your product, now looks like a pretty heavy weight tied around your neck. So, what you have done is you have gained experience in how to answer a lot of questions, how to understand your customers in their problems, how to develop a product, your service that solves them. How and when and how much to get into leases and loans. Those are all very valuable lessons that you have learned. Did they cost something? Yes, sure! Hopefully they do not cost the same thing that they cost me to learn those lessons. At one point or another in my business career I have had just rocket ship kind of success and just blowing and going and making-.

I have two million dollar a year businesses. And I have also been in bankruptcy because they do not always work out and when you go, when you dive in the deep end of the pool, that is possible outcome. Now I will tell you that, that has been one of the most valuable experiences in my life. I do not wish it on any of you, I hope that you will listen to the experience that I and others shared with you, so you do not have to experience that. But, for me it was a great experience, because I learned how not to do things. I learned that there are better ways to it and I learned that, the conventional wisdom, you go online and you read, you go to this small business administration, you go to the Chamber of Commerce and you take these classes and they will tell you all the right things to do, they are not always the right things to do, the most important thing you can do is understand your goals, your vision and then understand your customer and their problems. If you do those two things, and you do those things well, you are going to be successful. And let those two things guide your actions, those are the most important things. When you are looking at an opportunity you consider the risk, you think you might fail and so you are worried about stepping out and doing that, do not worry about failing. Look at it as an opportunity to learn, whether this is the right thing to or not.

That is it for today, I would love to hear your comments on that. Please shoot me an e-mail,
thom@thomrigsby.com. Hit me up on twitter @thomrigsby or find me on facebook, facebook.com/thomrigsbycoaching.

Until tomorrow, I will be back with a brand new topic. My name is Thom Rigsby and I am your business coach. Take care.

 

The Mindset for Continuous Learning

learning

This week we have been talking about mindset and the specific things you can do, mindset wise, to pursue and to come closer to achieving your definition of success. Yesterday we talked about change and today we will be discussing continuous learning. I know it can be a boring topic but it is a necessary topic.

In a previous session in this show, I have told you of the number of books I had read towards the end of last year. Remember by reading I mean I may have listened to some of them, read others on My Kindle and some really few I might have flipped and read through the pages.  I remember telling you that most of these books are the ones I listened to some of the times not necessarily for comprehension. My point today is in the power of this continuous reading. From a mindset perspective, most people think that because they have read and acquired university degrees that that is the end of the road and they will only use that knowledge in their businesses. The reality however is that by the time a text book is written on topic, its best case scenario is 3 or 4 years old. Most likely scenario 6 to 10 years old. however, the economy, technology and business methods are moving so fast that it is practically difficult to capture it, teach it and then have to graduate to put it to use. This is why I am saying it is incredibly important to be engaged in continuous learning.

To stay on the loop of the ever coming development in these fields, I would recommend that you make it a habit to read books, listen to podcasts, read blog posts and follow the smart people in the market because they will share things in a method that we did not have 10 years ago. Continuous reading puts value in and I am able to put value in I can definitely give value out. Always be on the lookout for those new thing that can change and improve your business.

[Full Transcript Follows]

Hey there folks, this is Thom Rigsby from thomrigsby.com. This week we’re talking about mindset. Today we’re talking about continuous learning, which you probably already know since you’re listening to the podcast, but I bet you don’t know some of the points I’m going to bring up so stay tuned, 7 Minutes in the morning is coming right up.

Hey there folks, good morning and welcome. This is 7 Minutes in the Morning; it’s your daily dose from me, your business coach. My name is Thom Rigsby. This week we’re talking about mindset and some specific things that you can do, mindset wise, to pursue and come closer to achieving your definition of success. Yesterday, we talked about change, today I want to talk about continuous learning. It’s a boring topic. It can be a boring topic but, it’s a necessary topic. As I record this we’re in June of 2014, so my stuff from last year, from 2013 I read 43 books last year. I was having this conversation with somebody this week, I listen when I say “I read.” I may have listened to it, I may have read it on the Kindle, I’ve – maybe one of two – I actually turned the pages to read. I listen to a lot of them and I probably listened to close to a hundred books last year, because I’d just have the ear bugs in, it’s constantly going but I’m not necessarily listening to it for comprehension. When I say 43, those are 43 that I read in full comprehension, that I took something away from.

The point is, this continuous learning thing from a mindset perspective, a lot of people believe I went to school, I got my degree, put that on a stick and wave it around and everybody should say “Ho look, Thom knows what he is talking about.” The reality is that by the time a text book is written on a topic its best case scenario three or four years old, best case, more likely scenario, six to ten years old. Our economy, our technology, our business methods are moving so fast now. So fast, that it’s incredibly difficult to capture that and teach that. Then you have to graduate to put to use. I do believe that college is not for everybody but that’s another topic. I’m not saying that it’s a waste of time. I am saying that you have to be engaged in continuous learning. That’s why I read so much, that’s why I read books, listens to podcast just like you’re doing right now. I read blog posts. I follow smart people in the market because they write things and share things in a method now that we didn’t have 10 years ago.

Many of you know I’m a big fan of Seth Godin, one of the greatest marketing minds maybe ever. I can read something that he wrote or just a little blurb every day. Every day if I read the two or three paragraphs that he produces, and I do that every day, 365 days a year, you think that I’ll pick something up about marketing that I didn’t know last year? Probably, maybe a couple of things, maybe you could pick up a couple of things also. I don’t read a lot of books to be able to say that I read a lot of books. I read a lot of books to put value in. When I’m able to put value in, then I’m able to put value out. If I put garbage in then garbage is all I can put out.

A lot of you know, and maybe you’ve heard me say, I don’t really watch TV. There are a couple of shows I like and I think that fiction has its place, it stimulates the different parts of our brain and so it is valuable. But there is a lot of garbage on TV, in fact most of it I call “Bubble gum for your brain.” It’s something to sit there and chew on and when you’re done with it, you can throw it away. If you watch, don’t watch it, really doesn’t matter. Those things don’t really help us out. There are some things that I enjoy watching but I would rather read a book. If you think about the volume of information that has been created, just over time in all of history up to the point where we stand today, there are some pretty smart people that have written some things down. I doubt if I read a book a day, that I can consume all of them. The point is, the more I put in the more I’ll be able to put out. I’ll get some good ideas; I’ll get some bad ideas. I’ll get a lot of ideas that applies and a lot of ideas that don’t, but I won’t get any of them if I don’t try.

They used to tell our daughter playing softball, the only way you’re guaranteed to not hit the ball, don’t swing the bat. The only way you’re guaranteed not to learn something new, is to not expose yourself to anything new. I’m kind of down on TV, there are good things on TV, there are things on blogs, on podcasts and in books, and there’s trash in all those venues also. You have to bring your individual discernment to the venue to make sure that you’re getting what you need out of it. My encouragement for you today, the mindset of the successful person, is that you have to be a continual learner. You have to be looking for new ideas; new ways to do things, different ways to do things. Maybe they’re old and well established, you just didn’t know them. Always be on the lookout for those new things that can change and prove your business.

Tell me what you think, how many books you read a year. Is it important to read, is watching TV ok? Tell me what you think; I’d love to hear your opinion. Shoot me an e-mail thom@thomrigsby.com or hit me up on Twitter at Thom Rigsby and follow me there too. I will love for you to do that, I’d really appreciate it. We’ll be back again tomorrow with another topic on mindset. Until then, my name is Thom Rigsby, I’m your business coach.

Improving Your Business Through Daily Focus

focus

In today’s continuation of this week’s focus on mindset, let’s talk about focus and how you can use it to improve your business.

We’ve touched on this a little on Monday, but I really want to peel this part of the onion. Focus has a tremendous amount of power. The things we consistently think about day in and day out tend to manifest themselves. If I’m employed, but every day I’m so worried about getting laid off, then my work will begin to suffer until I really am laid off. However, if you know something like might happen but you instead think about what you can do to improve, then when the time comes to hand out layoffs, it’s all the more likely your boss will look at your improved performance and realize you’re something they want to keep.

The only difference is the way you thought about it. But what you focused on manifested itself.

You can think about it in a relationship perspective. If you get into a new romantic relationship and you’ve been in some bad ones before, you might think, “This guy’s gonna hurt me” and not open up, not deepen the relationship, and break up as a result. You created this self-fulfilling prophecy because of what you focused on.

Now, let’s talk about how this applies to you and your business. Some people have adopted the acronym FOCUS: Follow One Course Until Successful. Essentially, if you’ve got a task to do, instead of letting it stress you out, set aside some time where you can give it your undivided attention.

Suppose you decide you need 10 new customers this month. You can spend 10 minutes every day thinking, “What can I do to get those 10 new customers?” Say you do that 6 days a week, to keep the math easy. By the end of the month you will have thought about that problem for four hours. Don’t you think that if you think about a problem for 4 hours, you might be able to work out a solution, come up with some new ideas?

Now combine that with some of the other things we’ve talked about this week. Take the first 10 minutes to think of ideas. Use the next 20 to get advice from a book. So on and so forth. Then get up and create some change, in the life of your customer or how you do business. Create some change and set yourself apart from your competitors. Remember, it’s that change that creates margin and profit for you.

So to recap: this is just one way in how mindset can be so powerful for you and your business. Just by focusing on solving a problem for 10 minutes a day, you can build a better business!

[Full Transcript Follows]

Hey there folks, Thom Rigsby here from thomrigsby.com. We’re wrapping up a week, talking about mindsets. Today, it’s about focus. How can you use your focus to improve your business? Stay tuned, 7Minutes in the Morning is coming right up.

Hey there folks, good morning and welcome. This is 7 Minutes in the Morning, it’s your daily dose from me, your business coach, my name is Thom Rigsby. This week we’ve been talking about the power of mindset and how it can create success for you in your life and in your business. Today I want to talk to you about focus and we touched on this a little bit on Monday but I really want to kind of peel this part of the onion [back?] today.

Focus is one of those things that has a tremendous amount of power. The things that we think about on a consistent basis, day in and day out, tend to manifest themselves. If I think about … let’s just say I’m employed and I think about getting laid off and every day I worry that I’m going to get laid off and I’m so worried about getting laid off that my work begins to suffer. Then when the time comes to let people go, guess who’s on the list? The alternative, if you know that something like that is coming up and instead of worrying “Oh, am I going to be on the list? Am I going to get laid off? Start thinking about the opportunities that that change will create and some of the things that you will be able to do as a result, then start doing them. Then when the day comes, instead of looking at you and thinking “Well, you know, Thom’s work has kind of suffered so maybe he’s a good candidate,” they’ll look at you and think “Wow, he’s really been putting out lately. He’s the one we need to keep around.”

And the only difference is the way that you thought about it. The ‘what’ you focused on manifested itself; some people call this a self fulfilling prophesying. Think about it a relationship perspective. If you get in to a new romantic relationship and you have been in some bad ones before, and because of that you think “Well, this guy is just going to hurt me,” So you don’t open up and you don’t create a deep relationship and then because the relationship doesn’t get very deep, it’s very brittle and can break. Then it does break and then you break up and you say “See? I told you this one wasn’t going to work out. You created the self fulfilling prophesy because of what you focused on.

Let’s talk about how this applies to you in your business. Every day, you have to come in and do certain tasks. You focus on those, you need to focus on them to get them done, I understand that and I agree. We’ve talked about this before. Once you have mastered a particular set of tasks that you need to do, then it’s time to give them to somebody else for them to master so that you can work on a different part of the business. While you’re doing that, focus on that one thing. Some people say, and I kind of adopted this too, focus is an acronym. Follow one course until successful. Sometimes that course leads you over the cliff, so you do need to turn left or right every once in a while, but it is true that what you think about, what you focus on, those things tend to manifest themselves.

Let’s look at your business, if you think about what it takes to be successful, “I need 10 new customers this month” and every day you get up and you think “This month I need to get 10 new customers and you spend just 10 minutes a day from not talking about an hour, I’m not talking about a whole work out, I’m not talking about a whole walk, I’m talking about 10 minutes every day. Get up, have your glass of water, maybe pour yourself a cup of coffee, go sit in a nice quiet place and for 10 minutes you think, “What can I do to get 10 new customers this month?” Every day you do that – and really every day. Let’s just say six days in a week that keeps the month easier. At the end of the month you would have thought about how to get 10 new customers for four hours.

You think if you think about a problem for four hours you might be able to work out a solution, come up with some new ideas? I think so. Combine that with some of the other things we talked about this week. Take the first 10 minutes to think about “How can I get some new customers?” Take the next 20 minutes to listen to a book. While you spent 30 minutes you’ve been a continuous learner, you’ve focused on a problem. Now get up and create change. For the 30 minutes create some change, create some differentiation between you and your competition. Create some change in the life of your customer or how you do business, because remember it’s that change that creates margin and profits for you. This is just one way how mindset can be so powerful for you and your business. Just by focusing on a problem for 10 minutes, that’s 10 minutes a day, that gives you four hours a month, and you will build a better business by doing them.

I’d love to hear back from you, what you thought about this week’s series on mindset. It’s something that’s a little more [tatty feely?] it’s less tactical information what we usually talk about here. What is very important is the kind of thing that can have a huge impact for zero cost. Most of you are looking for that zero cost toward success. If you create … let’s go back and talk last week, about last week’s vision. If we create a vision and I think about how to achieve that vision for just 10 minutes a day, that’s four hours a month. You think you can come up with some great ideas in four hours a month? I’ll bet you can.

Send me that e-mail, thom@thomrigsby.com. I’d love to hear what you think about it. If it’s been to [inaudible 06:21], or this is real affective, actionable information for you. It is Friday also and, so as I say on every Friday, I’d like to remind you if you are not working this weekend, please be sure to get some rest and spend some time in those important relationships that you have. If you are working, I hope it’s profitable for you and worth the time that invest in it. I’ll be back on Monday with a brand new series. Until then, my name is Thom Rigsby, I’m your business coach.