900 Main Street South Building 2, Southbury, CT 06488.

blog@theesource.com

The Entrepreneur’s Source Breaks Down the Essentials for Success: Possibilities, Options and Dreams

The Entrepreneur’s Source® explains why looking into your Possibilities, Options and Dreams (POD) is a crucial first step in realizing what your future can look like. Understanding what possibilities and options are out there combined with analyzing one’s ultimate dreams can help you paint a better picture of your route to self-sufficiency.

If you haven’t examined your Possibilities, Options, and Dreams, then now’s the perfect time to start. Here The Entrepreneur’s Source breaks down each component of POD and how to examine each element.

The Entrepreneur’s Source® Helps You Examine Your POD. When examining your personal POD, it’s important to go through and define each component separately and asking yourself a list of related questions. Here is just an example of how you might go about defining POD and a few of the many questions you can ask yourself.

Possibilities: The key to effectively exploring one’s possibilities is to survey in detail every conceivable avenue that exists.  Often people only explore familiar possibilities, which can hinder them from reaching their true potential. Often, the most dubious possibilities are the ones that turn into a reality.

  • What possibilities do you see yourself having in your current position of employment? Try comparing your current possibilities to the possibilities that business ownership can offer you.
  • What areas of business or industry sectors are you disinterested in and why? Explore these avenues in greater detail. You never know if you may suddenly become interested once you learn about them in greater detail.
  • Dream like when you were a kid and the possibilities were endless and failure was not an option.
  • What would you be doing, if you knew you could not fail?

Options: Think of your options like potential vehicles that could lead you or help you accomplish your goals. When you think about the different modes of transportations like a car, a ship, a plane, neither of them are inherently good or bad modes of transportations. Depending on where you want to go and what you want to experience will likely be what you consider in order to pick a vehicle to best meet your needs.  Looking at your options to meet your goals needs and expectations should be no different. What are the typical options? The job market, business ownership, including independent and franchise concepts and Investments are the common ones. Fully analyzing and considering each of these is the key to finding what will work best for you.  But it all starts with where you want to go and what you want to accomplish.

  • What makes up your Income, Lifestyle, Wealth and Equity (I.L.W.E.) Goals? Examining these can help you establish what options can help you reach these short-term and long-term goals.
  • What options are you most interested in and most disinterred in? Compare these to one another to see if there are trends that you see among the two groups to conclude what excites you and what deters you.

Dreams: When you envision your ideal future in which you are completely happy, what do you see? Well, the components that make up this dream self-are your dreams. For a moment forget about all the “Yes, but’….” Set yourself free and dream

  • What are the three key things that you would like to see in your future? After you determine these, try establishing goals for how you can foresee yourself reaching them.
  • What is your biggest dream that seems the most unattainable? Break down why you feel this goal is unreachable. This can help you to visualize the barriers that may stand in the way of you and your dreams, hopefully helping you see that your ultimate dream may be easier to achieve that you imagined.

Contact an Alternative Career Coach at The Entrepreneur’s Source®

Becoming self-sufficient and possibly a franchise owner is a great route to autonomy for potential entrepreneurs who are looking to realize their Possibilities, Options and Dreams. For individuals who are serious about becoming self-sufficient and are open to learning more about an entrepreneurial future and want more guidance on how to establish one’s POD, contact an alternative career Coach at The Entrepreneur’s Source today. Talking with an E-Source Coach can help prospective entrepreneurs examine their POD accurately and in greater detail, helping them paint a clear picture of what their future can look like through franchise ownership. But we have one condition, keep an open mind. 95% of the people we coached ended up discovering something they admittedly would have never looked at or would have prematurely dismissed.

Back

The Entrepreneur’s Source: Presents 10 Tips from Women in Business


The Entrepreneur’s Source® Presents 10 Entrepreneurship Tips from Successful Women in Business

Over the past 30 years that The Entrepreneur’s Source® has been in business, women have come a long way as entrepreneurs and are becoming a force to be reckoned with in the business world. As of 2015, it is estimated that there are just over 9.4 million women-owned businesses in the United States, generating nearly $1.5 trillion in revenues and employing over 7.9million people, according to the State Of Women–Owned Businesses In 2015 Report Commissioned by American Express.

Between 1997 and 2015, when the number of businesses in the United States increased by 51%, the number of women-owned firms increased by 74% – a rate of  1-­ 1/2 times the national average.

Source:  American Express OPEN/Womenable.

These women possess many traits that make them great business owners, such as a willingness to take initiative and deploy effective communication. Similarly, several studies have even found that women in leadership positions tend to deliver a higher return on sale, invested capital and equity when at the head of a business. All in all, women in business are thriving, and this is something to be celebrated.

The growth in the number of women-­‐owned firms over the past 18 years exceeds the growth rates of all but the largest, publicly-­traded firms – topping growth rates among all other privately-held businesses over this period.

Another bright spot of privately-held women owned firms is they have added an estimated 340,000 jobs since 2007. While men-owned and equally-owned firms, employment has declined over the past eight years.

Source: American Express’ OPEN/Womenable.

As October marked the U.S. Small Business Administration (SBA)’s 27th annual National Women in Business Month, The Entrepreneur’s Source® deemed it appropriate to highlight words of wisdom from ten successful women in business to hopefully inspire prospective women entrepreneurs into action. Business Ownership Advice and Wisdom from Women Entrepreneurs:  

On Hiring

  • “You have to be willing to do as much as possible by yourself up until you simply have no choice but to hire someone; and even then, you will have to stay intimately involved in the day-to-day operations, because even the best employee will never be as vigilant as you will. Hire prudently, go slow and don’t go overboard.” – Lori Greiner, Shark Tank investor and entrepreneur
  • “Have people around you that believe in you.” – Tracy Anderson, fitness entrepreneur
  • “Hire based on culture and core values fit — the intangibles not shown on their resume — then be very clear about your expectations and leadership weaknesses up front.” Kelsey Ramsden, founder of Sparkplay

On the Business Grind

  • “You kind of have to be irrationally optimistic or naively positive to keep on the hustle.” – Whitney Komor, founder of The Best Day
  • “Balance is a long-term game…It’s easy to get distracted by the details; you need to prioritize.” – Katia Beauchamp, Co-Founder of Birchbox
  • “Ignore everyone who says you’re crazy and it will never work. Adopt the stance, “oh yeah, just watch me.” –Debra Gould, President of Six Elements Inc

On Finding the Right Fit

  • “I often use the example that I love donuts, but I do not think it is a good idea to eat them for breakfast, lunch and dinner; however, if a donut business were to be a feasible business model for me, I would need to put my emotion to the side and look at the return on investment. It is important to do the same with any kind of business model. Thinking that people need to enjoy or love a product to capitalize on it is a limiting belief.” – Tamara Loring, Brand Lead at The Entrepreneur’s Source®
  • “Research, research, research… You want to look at all the different options and don’t limit yourself because you think, oh that’s something for men to do, or that’s something that only married people do together.” – Barbara Moran-Goodrich, President and CEO of Moran Family Brands

On Being a Woman in Business

  • “I don’t put any energy into wondering if I have different challenges than any other leader or business owner because I am female. I think at the end of the day, if you are good at what you do, that’s all that matters.” – Andi Atteberry, founder ofBlingsting, writes
  • “Women have an innate ability to empower others—their staff, their employees, their co-workers and in many cases, their customers.” – Judy Stoleson, The Entrepreneur’s Source® coach and Co-Founder of Women Empowered by Business (WEBB)

Take the First Step: If this article inspired you to take the leap into franchise business ownership, then contact a career coach at The Entrepreneur’s Source® today. Consulting with an E-Source Coach is a great resource to help you define your I.L.W.E. Goals and begin to explore business opportunities, helping you to become a successful woman in business.

Back

The Entrepreneur’s Source Helps You Focus on the Big Picture: Are you achieving your I.L.W.E?

The Entrepreneur’s Source Helps You Focus on the Big Picture::  Do you know your I.L.W.E.?

I.L.W.E. – What is it? It stands for income, lifestyle, wealth and equity—each of these components plays a vital role in achieving overall happiness and satisfaction in your life.

 

Setting the Big Picture through Goals, Needs & Expectations. One of the tactics The Entrepreneur’s Source employs to aid you in defining your Goals, Needs & Expectations is the determination of your I.L.W.E.:

  • Income is defined as: Your re-occurring short term earnings through employment and investments. What do you envision your income to be in the next 3 to 5 years?
  • Lifestyle is defined as: a manner of living that reflects your values and attitudes. What do you envision your lifestyle to be in the next 3 to 5 years?
  • Wealth is defined as: the state of being rich and affluent; having a plentiful supply of material goods and money. How do you envision your wealth portfolio in the next 15 to 20 years?
  • Equity is defined as: the interest in assets you have built up. What assets will you own that will provide you and your family with long-term equity over the next 10 to 20 years? 

“When we ask our clients why they want to start a business, the number one response isn’t money: it’s lifestyle. Being your own boss and earning unlimited income potential is all great, but the priceless possibility of being able to have the life balance you can’t achieve in corporate America is often more important to aspiring entrepreneurs”.  Terry Powell, Founder of The Entrepreneur’s Source

 

From Employment to Empowerment® – The Coaching Advantage 

A coach will help identify your transferable skills by learning about your professional background, including previous roles you’ve had, what you enjoyed and what you didn’t enjoy, to begin painting a picture about your profile and skillset. If in fact self-employment is a viable option, a coach will help to establish your specific goals for business ownership based on your I.L.W.E. Some questions a coach will help you to answer might include:

  • What’s your income target that you would like to have as a result of being involved in the business?
  • What are your lifestyle goals? Do you want to work Monday to Friday, nine to five?
  • Do you want to create and invest in a business that will allow you to build wealth and start to create a positive financial situation for you and your family?
  • How much equity do you want to be able to build up in a business, so to that point it’s going to be worth something to someone else?

Each of these components is a vitally important piece in defining your overall goals, needs and expectations in order to find the best business opportunity fit.

So ask yourself: Are you currently hitting or exceeding your income expectations? Are you living the lifestyle of your dreams? What about your wealth or equity: Is it growing or declining? How much control do you have over your destiny?  An Entrepreneur’s Source Coach can help you paint the “big picture” of your life through a discovery and education based process.

Take a moment to check out a few of The Entrepreneur’s Source’s complimentary resources:

Back