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Overcoming Stumbling Blocks

Discussion in 'General Entrepreneur Discussion' started by bigmako, Jan 26, 2008.

  1. bigmako
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    bigmako New Contributor

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    After reading several success stories online here from people who have actually made their 1stmm (and then some), I am even more inspired than I was before!

    I must have missed an answer to a question that was possibly not asked, so I will ask it.

    On your road to making that 1stmm, obviously you encountered some stumbling blocks, possibly "near-destruction" blocks, if you will.

    What steps did you take to not only overcome these various blocks, but prevent them in the future from ever happening again?

    :thankyousign:
     
  2. PEERless
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    PEERless Bronze Contributor

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    I may not be a millionaire yet, but I can tell you one stumbling block that might be universal: fear!

    My first real estate deal took over six months from offer-acceptance to closing. I was putting in ALL the money I had and committing to what seemed (at the time) like a huge payment. I was scared as hell, and I admit to losing some sleep. Some days I honestly thought I'd rather lose my earnest money than go through with it.

    But I have some very encouraging mentors, and they made all those feelings much easier to bear. I closed. I couldn't be happier.

    Now I have a new problem!

    The point is: don't give in to your fears. Trust the advice of the ones who have made it.
     
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  3. Runum
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    Runum Platinum Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass Summit Attendee

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    I am beginning to use the word challenges rather than problems to describe what you're talking about. If you are true to you convictions you will persevere and find a way. You have to find it within you to pick yourself up after stumbling and find a better way.
     
  4. Runum
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    Runum Platinum Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass Summit Attendee

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    One other thing about this... If you come to one of those stumbling blocks, the only way you fail is if you quit. You may not get the result you want, but you learned something. In that case you are not a failure unless you don't get up and try again. Don't ever quit, don't ever give up. Good luck.:cheers:

    Greg
     
  5. bigmako
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    bigmako New Contributor

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    Words to live by Runum!

    Thanks for the advice. It's encouragement like this (and from others) that will help keep me focused on the path to financial freedom.

    Thanks again!
     
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  6. Runum
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    Runum Platinum Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass Summit Attendee

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    Thanks bigmako. I've got to say that you have had a great attitude throughout all of this. I'm not sure what you were expecting when you first posted but you seem to have received what you got very well. I do hope things turn around for you but I also hope that you learn a lot during the process. If you do learn something, pass it on. If you have some success, let us hear about it. That's how we all grow. Thanks again and good luck. :cheers:

    Oh yeah +++ speed for a great attitude.

    Greg
     
  7. WestCoast
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    WestCoast Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    a great question. I hope this doesn't sound 'preachy' because...frankly...who am I to tell you what to do. But that said, I think there are two area to understand and overcome: Real and Mental.


    Real Stumbling Blocks

    Cash Flow - If you are operating a business that is growing, it is hard to grow from operating cash. So, you usually have to capitalize (fancy word for getting more cash!) with Debt, or giving Equity.

    I hate giving away ownership, and I hate debt.
    It's a very thin line to tread. Some debt is very reasonable, but where is too much... Maybe it is good to give away equity for cash...
    Cash flow management is a very finicky thing, and even as the business grows....the issue is ALWAYS there. Tackle it way before it's a problem area.

    Management
    I might think of myself as a great manager....BUT....there are many situations I have never been in, and there are things that I don't have experience with! I'm not the best person to make critical decisions in these areas, but I just don't know!

    A good manager has to be honest and upfront about this. They find the people to get it done, or they get right to working figuring it out. Never think you can do it all.


    Mental Stumbling Blocks

    Facing Problems
    Others have said it here way more eloquently than I, but you have to face them head on.
    By nature, I avoid conflicts. But, if I can start to thing of them not as problems, but as opportunities to really impress a customers, or really go out of way to show the market that am reliable, trustworthy, etc....then it's not so bad. This will never ever go away, I try not to put it off, or hide from it, but it's darn hard sometimes.

    Happiness
    I work hard, for money, yes, but because I think business is a ton of fun. It's just something I like to do.

    Never loose track of your goals. If you start to pile up the money, but are always burnt out, ignoring your social circle...then....it's all sort of for naught.

    It's easy to get in a circle of working hard, to acquire stuff....working hard to move up the ladder.

    Keep your eyes on what works for YOU. Have fun, it's your life, and you should enjoy it!
    I bet we all make more money and better decisions when we are de-stressed, focused and feeling good. It's just business, don't let it rule your life. Enjoy the journey and the fruits of your hard work.
     
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  8. PEERless
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    PEERless Bronze Contributor

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    Speed+, WestCoast. Good list of things to watch out for.
     

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