A friend of mine is thinking of starting her own insurance business, but she can’t leave her full time job until she’s tested the waters and determines if she has what it takes or if there is enough demand for her offering. We talked about the kind of marketing practices she could dabble in that [...]Continue Reading
Archive for “Get Inspired”
Hello. My name is Jessica Eaves Mathews and I am a serial entrepreneur. There. I said it. I am coming clean. It is high time I admitted that not only do I love helping my law clients set up and run their own businesses, but I have a *fond* attachment to setting up my own [...]Continue Reading
I received a press release today that deserves a few minutes of your scanning. It’s the monthly consumer confidence report issued by The Conference Board. It shows that consumer confidence actually trended up this month for the first time this year. Is this a sign that we’re going to start hustling and bustling again? Well, little by [...]Continue Reading
Check out this NYC regional TV show with Brian Lehrer as host (and me silenced in the first few minutes but then unLEASHing my enthusiasm about why now is a great time to start up, once my mic starts working, that is…) I give a five point prescription for steps to take to pursue your startup opportunity [...]Continue Reading
Recalling my earlier post about (FREE being a good price, and FREE love… I’m a big fan of “if you have a gift at something, you share it.” Perhaps it’s all that Catholic school (no lights under a bushell, and such) but I think this journey is a lot easier when people give one another [...]Continue Reading
Let’s face it. The first step is always the hardest. Whether you’re trying to quit smoking, start graduate school, or learn how to play guitar. It’s that first step that leaves us feeling awkward, inadequate, and questioning our conviction. Taking that first step toward entrepreneurship is no different. We question our business skills, product performance, and financial competency. The dreaded, “what if I can’t do it?” question creeps into our daily thoughts. We start reasoning that it might be better to “just wait another year.”
These fears are extremely common and unfortunately well founded. Reports show that as much as 50% of all new start-ups fail within the first year. That is not exactly encouraging odds. However, we all have a choice when it comes to creating our destiny. We can use statistics like these to confirm our business’s certain death, or gain confidence from the fact that you could be part of the 50% that become a success. In the famous words of Zig Ziglar, you just have to eliminate your “Stinkin’ Thinkin’”.
One of the tools I use to overcome my fears is mind mapping. It’s a terrific tool that can help you isolate the source of your fears, bring much needed perspective, and help brainstorm solutions to your sticking points. There are several “mind mapping” tools out there and many are free to use. I prefer to use the tool by Wisemapping since it’s free, allows me to add notes and web links, and I can publish or share the completed map.
To demonstrate my fear mind mapping strategy, I’ve created an example below.
First, I outline my top fears associated with starting the business. I then brainstorm how I can overcome those fears. My final step will be answering those questions. My goal is to find a positive solution to each of the questions I’ve asked. For example, for the question, “Can I reduce my startup costs with outsourcing?” I would research potential manufacturing possibilities until I could answer the question with a “yes.” If I can’t find a way, I then brainstorm ways to overcome the obstacle. A “no” isn’t necessarily bad, it just means you need to tweak your business plan to compensate for this reality. Try to be as thorough and honest as possible with your mind map. The goal is to solve your sticking points on paper before you’ve invested your time and money. I use this tool regularly for many of my business decisions including product launches, partnership agreements, and even potential marketing opportunities.
It’s amazing what this simple exercise can do for your confidence level. You are no longer living in fear of the unknown. Instead, you are on a mission with a powerful road map to your business’s success.
Let’s face it. The first step is always the hardest. Whether you’re trying to quit smoking, start graduate school, or learn how to play guitar. It’s that first step that leaves us feeling awkward, inadequate, and questioning our conviction. Taking that first step toward entrepreneurship is no different. We question our business skills, product performance, [...]Continue Reading