risk

Being an entrepreneur – not for low risk takers?

So today, I am going to talk about something that is quite close to my heart.

“Genecia, I don’t think entrepreneurship is for me. I don’t like taking risk.”

 

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Yes, that is one of the statements that I have heard the most over the years of coaching.

Well, today, I’m going to overturn this widespread assumption.

Entrepreneurship is not for just risk-takers alone.

Entrepreneurship is for business owners, for normal people who have a great desire to own their own business, and along the way, as they encounter risk, instead of avoiding it, they embrace it.

They own it, they use it to move themselves and their businesses forward.

So, in the previous few episodes, we discussed the topic of following your dreams and how to deal with unsupportive family members.

One of those dreams might be owning your own small (or big) business, and that is a topic that I will be picking apart today.

I believe many of you must have asked yourself one of the following questions – either “Is entrepreneurship too large a risk for me to take?” or, “Is entrepreneurship really for me?”

According to a new research paper by researchers from the Halle Institute for Economic Research, the long-standing assumptions with regards to studies done on entrepreneurship have been that people’s tolerance for risk doesn’t change in the long run, and that comfort with risk-taking is what causes people to become entrepreneurs.

Instead, the paper proposes that entrepreneurs are not risk-tolerant people that purposefully seek out entrepreneurship. Instead, entrepreneurs learn how to build an appetite for risk as part of managing their own business, and become relatively comfortable with handling risk over time.

People who are uncomfortable with risk can adapt or train themselves to handle it.

Here are some tips on how to train yourself to embrace risk instead of avoiding it.

 

1. Every opportunity comes with risk

There is no such thing as a risk-free opportunity. Just like the saying, “There is no free lunch in this world”, if there is no risk involved, you should be running in the other direction.

2. Discuss risk with those whom it might directly impact

Again, reiterating the previous weeks’ point about communication amongst yourself and family members, if starting a business will impact your family’s finances in a negative way, you should definitely stick to your job while managing a business on the side.

Still, the time might come when you might have to take a leap of faith and concentrate solely on your business. However, if you have discussed this with your family members and they are all in full support of this move, then you are able to better concentrate on growing the business instead of having to worry about family tussles and petty arguments.

3. Have a plan

That is not to say, however, that you simply take the jump off that cliff without an aim or direction, just hoping for the best, floundering along till something comes up. Because that something never will.

So don’t be a prisoner of hope, don’t be someone who hopes that something will happen. Be that someone that will make things happen instead of waiting around.

You need to have a long-term plan, and the opportunity and risk you choose to accept must fit into that plan, which will enable you to move forward.

If the risk you take fails to do just that, if it fails to enable you, your customers, or your company to move forward, then there is no point in taking that risk.

4. Sacrifice good for great

Still, things do not always pan out as planned.

If you see that there could be a chance to make your business even bigger and better, through other streams of income that might not have been in the original master plan, you should risk a successful business to take off in that other direction.

This is, of course, after doing your groundwork, market research and analyzing consumers’ responses, not based on pure gut feel.

5. Be prepared to fail fast

If you’re prepared to embrace risk, you should also be prepared for the possibility that things might not go well.

Handle your emotions and be in control of them. Don’t break into hysterics the minute things do not go your way.

Oprah Winfrey herself, owner of an empire worth $2.9 billion today, was fired from her first anchor job in Baltimore, where she said she faced sexism and harassment.

But she never gave up, never backed down, and became the queen of undisputed television talk shows in America before becoming the woman she is today.

The point is, don’t dwell on your past failures. Assess them, figure out what went wrong, and then move on. Take away lessons, not regrets!

 

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3 things I did wrong in my business

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1) I played small – Starting small and playing small are different. I thought I needed to wait a couple of years before I can start playing big so I waited.

2) Not investing in myself – Yes I've now had 3 different coaches & a mentor and I recently invested in a high level mentor who's already made multiple 7-figure business. But when I started, I thought I knew what I was doing and google can teach me. So I waited.

3) Winging it – I thought strategy was something I could figure out along the way. Boy was I wrong! That left me with confusion, overwhelm and burnout. I thought if I started doing my website and FB, people would come. So I waited.

As a result, after 3 months I was exactly where I started except my desk was messier, I was 10 kg heavier and I looked like I was busy but I wasn't really getting anywhere.

Fast forward now, I'm able to help women across the globe create their dream business with ease and confidence wherever I am in the world because I fixed those 3.

  • If you feel like you need more, you don't. Start before you're ready.
  • If you feel like you can figure it out, may be you can but where will you be in the next 6 months?
  • What have you done wrong in your business so far?

Join my private community http://www.facebook.com/groups/soulrichwomanmastermind

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See you!

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5 Ways To Stop Dreaming (and start doing)

Start Doing and be in charge of your life

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Today, your daily routine can be mundane and stressful. Yet, while living out this part of our life, most of us have a project we dream about, whether it’s to write a bestseller, repaint your room or to start your own business. Charismatic individuals are doers, go-getters and persist to drive towards their dreams. Self-improvement is important on top of your field knowledge. As 2015 come to the final quarter, its time to do something above and beyond. One secret that I have discovered on my journey, is that your success in life will be in direct proportion to what you do after you do what you are expected to do. Rediscover and ignite your innate desires, or even just to fire spices back in your work and life once again.

To get started, I recommend “Daddy’s Logic” by Anthony A. Rose (Publisher: McGraw Hill)

Here are 5 ways how you can enhance yourself at work and in life.

1. Create your personal charisma statement – Mine was simply “With fun-lovingness and dedication, I engage, inspire, excite and excel others to look good and feel good to achieve desired results.”  This meant starting my own business as a coach to help individuals and business owners get what they want out of their life and business.  Formulating this sentence allows us to create a short charisma statement that summarizes exactly what we want from life, which will help to keep it in the forefront of our minds when we’re making important decisions. How do you eat an elephant?  One bite at a time.  The same philosophy holds true for making changes in your life.  Making small, positive changes, creating some small productive habits, for example – is an amazing way to get excited about life. Keeping an open mind, don’t judge, We all have our own unique path.

2. Excel at what you do – People watch what you do more than they listen to what you say.  Be someone worth emulating.  Most people are inspired by GREAT musicians, writers, painters, speakers, entrepreneurs, engineers, mothers, fathers, athletes, etc.  There’s only one thing they all have in common: They excel at what they do.  There’s no point in doing something if you aren’t going to do it right.  Excel at your work and excel at your hobbies.  Develop a reputation for yourself, a reputation for consistent excellence. Besides this, strive to achieve higher consciousness comes from your commitment to personal growth.  You’re a totally different person compared to who you were at this time last year; next year will be no different.  How much you grow and who you become is up to you.  But remember, the acquisition of knowledge doesn’t mean you’re growing; growing happens when what you know changes how you live. And to do that, concentrate your efforts on smaller and smaller areas.  When your efforts are diffused over a wide area they won’t have much of an impact.  So focus on smaller areas and your efforts will be felt more fully.  It could take time for change to happen, but keep that focus narrow.

3. Positivity Rules – Positive thinking is at the forefront of every great success story.  The mind must believe it can do something before it is capable of actually doing it.  So be aware of your mental self-talk.  We all talk silently to ourselves in our heads, but we aren’t always conscious of what we’re saying or how it’s affecting us.  Start listening to your thoughts.  If you hear negative thoughts, stop for a second and replace them with positive thoughts.  As the Dalai Lama once said, “The way to overcome negative thoughts and destructive emotions is to develop opposing, positive emotions that are stronger and more powerful.” Thus, be kind to yourself. If you had a friend who spoke to you in the same way that you sometimes speak to yourself, how long would you allow that person to be your friend?  The way you treat yourself sets the standard for others.  You must love who you are or no one else will. Lastly, Slow down.  Breathe.  Give yourself permission to pause, regroup and move forward with clarity and purpose.  When you’re at your busiest, a brief recess can rejuvenate your mind and increase your productivity.  These short breaks will help you regain your sanity and reflect on your recent actions so you can be sure they’re in line with your goals.

4. Solve problems not avoid them – Part of living and growing up is experiencing unexpected troubles in life.  People lose jobs, get sick, and sometimes die in car accidents.  When you are younger, and things are going pretty well, this harsh reality can be hard to visualize.  The smartest, and oftentimes hardest, thing we can do in these kinds of situations is to be tempered in our reactions.  To want to scream obscenities, but to be wiser and more disciplined than that.  To remember that emotional rage only makes matters worse.  And to remember that tragedies are rarely as bad as they seem, and even when they are, they give us an opportunity to grow stronger. Everything is a life lesson.  Everyone you meet, everything you encounter, etc.  They’re all part of the learning experience we call ‘life.’  Never forget to acknowledge the lesson, especially when things don’t go your way.  If you don’t get a job you wanted or a relationship doesn’t work, it only means something better is out there waiting.  And the lesson you just learned is the first step towards it.

5. Tap & leverage on your resources – It’s not about having access to countless resources; it’s about exploiting the resources you do have access to.  Stevie Wonder couldn’t see, so he exploited his sense of hearing into a passion for music, and he now has 25 Grammy Awards to prove it.  What resources do you have access to that you are not using? Successful people are objective.  They have realistic targets in mind.  They know what they are looking for and why they are fighting for it.  Successful people create and pursue S.M.A.R.T. goals.  S.M.A.R.T. goals are Specific, Measurable, Attainable, Relevant, and Time sensitive.  When you identify S.M.A.R.T. goals that are truly important to you, you become motivated to figure out ways to attain them.  You develop the necessary attitude, abilities, and skills.  You can achieve almost any goal you set if you plan your steps wisely and establish a time frame that allows you to carry out those steps.  Goals that once seemed far away and out of reach eventually move closer and become attainable, not because your goals shrink, but because you grow and expand to match them. Start taking action and making changes.  Action and change are often resisted when they’re needed most.  Get a hold of yourself and have discipline.  Discipline is choosing what you really want over what you want right now.  Putting something off makes it instantly harder and scarier.  What we don’t start today won’t be finished by tomorrow.  And there’s nothing more stressful than the perpetual lingering of an unfinished task.

Conclusion

A dream is a goal with deadline. A dream without a deadline is just building castles in the air. You might fail.  And that’s OK.  Failures are simply stepping stones to success.  No matter how it turns out, it always ends up just the way it should be.  Either you succeed or you learn something.  Win-Win.  The biggest mistake you can make is doing nothing because you’re too scared to make a mistake.  If you can’t handle failure, then you can’t handle success either. Good luck!

 

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Genecia Alluora is a celebrity charisma and personal branding coach who help others look good and feel good to achieve their desired results. She is South East Asia Woman of Excellence 2010, and Miss Singapore Universe. Besides being regularly featured on TV, Genecia is currently hosting a talkshow “Charisma & Leadership” on Youtube, and catch her every Tuesday 4pm on Mediacorp Radio LOVE 972FM sharing on “7 Habits of Charisma Mastery”. She is also the current face of Loreal for their Youth Code Boosting Essence. Her clientele includes Directors, CEOs, Politicians, Artistes and celebrities in Asia.

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3 Ways To Deal With Unsupportive Family Members

So, I'm sure some of you out there have encountered difficulties when you decided to embark on a journey that might be along the road less travelled?

You would face lots of questions that might even make you doubt yourself and the reason why you chose to pursue this passion in the first place.

Be it your parents, spouse, fiance, or even close friends, more often than not, they are discouraging you and questioning you because they feel that they love you and honestly, they just want the best for you!

They think they know better, after all, it is hard for someone who doesn't have the same values, expectations or life goals as you to support you or understand where you're coming from.

For example, for me, when I told my friends in the pageant industry that I was going to be ____________, they all got a shock. They asked me, “You crazy ah?!” “Like that can make money meh?”

See, in this instance, their dream might be to get rich through being an international superstar, by continuing to attend all these glamorous events, but for me, that is not the path that I envisioned for myself at that point of time.

Let's say you choose to pursue your passion, one that ignites your life and makes you feel like you're living again – you might just face relentless questions, pressing demands, and encounter sticky issues.

Be it your parents, or your spouse, or probably even your adult children, more often than not, the lack of support and the endless stream of questions, for example, “Why now?” or accusations like, “You're being completely responsible” – are brought about by a lack of understanding and communication.

After all, it is hard for someone who doesn't have the same values, expectations or life goals as you to support you or understand where you're coming from, suddenly springing upon them the idea of you running off into the sunset to chase your dream.

Should you encounter these problems, here are factors you might want to consider.

1. Don't argue.

You are likely to cause a lot of confusion when you decide to go on a not-so-conventional path – you might face judgement, plain rudeness, or even condescending attitudes from those around you.

As much as you would like to shoot their questions down and give them a piece of your mind, resist!

They will have a hard time seeing things from your point of view, and may even refuse to do so even when faced with cold, hard facts. No matter how much energy and convincing you do, you might not be able to change their minds.

Arguing automatically makes the other person go on the defense and nothing you say will go in.

2. Articulate yourself, speak their language.

Explain to them in words and terms that they can relate to.

For example, tell them that if you do not chase this dream, you might live to regret it in 10 years' time. This is definitely a feeling that most people can relate to.

Your family will be waiting for you to fail – for you to give up after a specific time if you do not see the results that you might be expecting.

Arrows might be shot your way, but this process will test your ability to not let your emotions run wild and take control of your mind, and test your commitment to stay true to seeing your dream through.

For them, as outsiders, it will be easy to criticize you and mock you.

Just remember, you do not have to prove anything to anyone but yourself. Hold true and fast to the vision you have for yourself and your life. Your conviction might slowly start to win them over.

3. Involve them.

Give your family members simple (or challenging) things to do to help you chase your dream.

When they feel like they are part of this new journey that you are embarking on, it is likely that they will challenge you as much.

Make sure they are doing tasks that they enjoy and in an area where they can truly contribute, and see things from your perspective.

Working as a team ensures that all parties are standing on the same side, and this will bring about not just understanding, but will help you get to your goal faster.

As the saying goes – two heads are better than one!

Conclusion

Having family support while running your own business always has the best outlook. For you
who don't, its okay, come on over to my facebook group, hangout with like-minded women will get you support, masterminding to your success!

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Hope this helps!

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Should you borrow from your savings to start a business?

Starting a business takes a lot of planning and consideration – it's really not as simple as waking up in the morning one day, and deciding that you are going to start a business!

For most, money is a deterrent to their dream of owning their own business.

“Should I borrow from my savings to start a business?” Definitely.

Investing some of your own money in the business gives you a sense of ownership, and motivation to work harder and keep going at it.

However, if that sum of money from your savings isn't half getting you anywhere, you might want to consider the following options.

1. Start off part-time
Starting a business doesn't necessarily mean that you have to quit your job immediately and focus completely on your business. Having a job will ensure that you'll still have a steady stream of income, all whilst building up the foundations of your business. This will keep the pressure off you for the first few months, or even years.

Furthermore, your health insurance, vacation and sick days will all be covered by your company, which will no longer be the case if you decide to quit your job entirely. Alternatively, you can focus on your business full-time, yet have a part-time job on the side to bring in the extra income.

2. Reinvest your profits back into your business
Instead of taking out the money you made from the first sale at your start-up to celebrate, leave it in there as capital, which will help the company to grow. Whether you invest in new technology, products, marketing, or employees, your goal is to grow your business by attracting new and more customers.

This may seem like a tough decision at the time, but remember that having a side business is not the long-term plan. You want your business to grow into something that will flourish and bring you gains to live the life you love.
3. Keep your overheads low
Especially if you decide to make the decision of doing a business on the side, it should not require you to dig deep into your coffers to get the operations going.

If you can work from home, do it.

Make use of government grants to subsidise any costs that you might run into whilst setting up your business. Ask people who have “been there, done that”, for advise on getting these grants. Going back to the point on reinvesting your profits back into your business, if you can keep these overheads low, then more profits will go back into helping you grow your business organically.

Conclusion
Don’t take the profits out to celebrate! Keep it in the business and keep rolling it over. Alas, you can consider starting off part-time for your online business, instead of being a sitting duck. Opportunities never knock on your door twice.

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