Great Mistakes: Six Great Mistakes To Make Along The Way
by Ty Freyvogel
Coming soon
Spiritual Entrepreneurship? Yes, You Can Make Work Meaningful
by Ty Freyvogel
As an entrepreneur, you hope to bring in a nice chunk of change for your work. But if you’re spiritually oriented at all—and many entrepreneurs are, even if they’re not fervent churchgoers or holistic types that meditate every morning—you may worry that it’s somehow “wrong” to make a lot of money.
Here’s my opinion as a fellow spiritual seeker: there’s nothing inherently immoral about accumulating wealth, as long as it doesn’t become your sole focus in life. Your pursuit of a healthy income doesn’t mean you can’t also stay spiritually grounded and use the money you make—as well as the entire process of bringing your new business to fruition—to do some good in the world. This is what I call spiritual entrepreneurship.
Yes, your business can do much more than serve only you. Below are a few of my thoughts on how your work can, in a small way, change the world.
The creation of anything new can be seen as a spiritual act.
There is something almost sacred about building something from nothing. Many people believe that any kind of creation (whether you’re writing a book, developing a vaccine, or building computer software) is inspired by a Divine source. Have you ever thought of a brilliant idea and later wondered, “Where on earth did that come from?!”? Keep yourself open to the possibility that you are a vessel for the fulfillment of a greater plan. You may be moved and inspired in ways you never thought possible.
Donate a percentage of profits to a good cause.
Countless companies give back money to worthy causes and are the better for it. Ben & Jerry’s—which supports causes like children & families, the environment, and sustainable agriculture on family farms—is an obvious example. If your company is just starting out, donate a small amount. You can always give more later on when you are better established. You can even get creative and give to an unconventional cause, like animal shelters or retirement homes that lack adequate funding. Also remember that as your own net value grows, you can chose to donate personally to any cause of your choosing.
Don’t stray from your ethics.
If you want to practice true spiritual entrepreneurship you must adhere to a code of ethics that allows no cheating, lying or stealing to get ahead. Studies in quantum physics are revealing that you really do get back what you put out into the universe. Your thoughts and actions really do create your reality. Therefore if you treat others, in business, as you would like to be treated, you will be more likely to prosper and grow. But it is also important to be honest and fair in business simply because it is the right thing to do.
Make a positive impact in your
colleagues’ lives.
When you make the decision to hire or partner with
someone new, you consciously and unconsciously impact
their lives in a profound way. You may be providing
a great opportunity to someone who is stuck in a miserable,
dead-end job or you may be helping a person discover
his or her passion. You may inadvertently inspire
someone who is looking for motivation. Or you may
deliberately choose to mentor someone who goes on
to achieve great things, thanks to your guidance.
Learn to be aware of and appreciate the endless chain
of events you begin when you hire and interact with
your work-family. As a business owner, you have a
great opportunity to affect your employees and even
their families in a positive way.
Embrace the joy.
When
you feel the sense of exhilaration and happiness that
comes from doing what you love and giving it your
all, you can rest assured that you are connecting
to something larger. Joy is your birthright. If entrepreneurship
helps you find that wholesome sense of elation, you
know that your work is feeding your spirit. Be thankful
that you’ve found your place in the world.
As an entrepreneur, you are in a position of power because you have employees, colleagues, clients and customers who look to you as a leader. And as we know, with great power comes great responsibility. By unlocking the spiritual aspects of your work, you are helping to impact the world for the better—and what the world needs now is definitely a change for good.
The Ten Cardinal Sins: Entrepreneurial Errors You Must Never, Never Commit
by Ty Freyvogel
I’ve never known an entrepreneur who started a business without making a few mistakes. Certainly, you’ll be no exception. You’ll make them, try to fix them, and then move on. However, some entrepreneurs fall into traps that are bigger than mistakes. They are, in effect, entrepreneurial sins. Some of these sins will harm your personal life; others may irreparably damage your business, and still others will do both. Many entrepreneurs who came before you have committed these acts and, predictably, suffered their consequences. In the interest of saving your entrepreneurial soul, here are the ten cardinal sins that you must never commit:
Not learning from your own mistakes. Talk to any entrepreneur and he or she will tell you
about crazy, ridiculous mistakes that will have you
shaking your head and saying, “I just can’t
believe someone could be that stupid.” Well,
they can, I can, and so can you. I don’t
think it’s stupidity at all, by the way. Entrepreneurs
have so many irons in the fire that it’s all
too easy to get distracted, to let things fall through
the cracks, to overlook what might seem obvious to
an outsider.
No matter how brilliant a mind
you have, no matter how sharply honed a business sense,
you don’t have a crystal ball. And
that’s okay. No one ever learned anything meaningful
from success, but failure–well, failure is chock-full
of lessons on business and life. Accept that you will
make mistakes–just make sure that you learn
from them, and work hard to never commit the same
mistake twice.
 Trashing
your personal life. Balancing “work”
and “home” can be a challenge for anyone,
but for entrepreneurs, it seems to be especially daunting.
It’s not hard to understand why. Entrepreneurs
tend to work longer hours than paycheck earners. Because
they are so passionate about what they do, they are
always thinking about the business, the problem du
jour, the next venture waiting in the wings.
The entrepreneurial mind is hard to turn off. It’s
hard to take a vacation. It’s hard to put aside
your worries about making payroll so you can help
your son with his algebra homework, or connect emotionally
with your spouse, or spend meaningful time with your
friends.
Too often, the result is a strained parent/child connection, or a bitter divorce, or a roster of business relationships and casual acquaintances in place of real friendships. Please don’t let this happen to you. Work can and should be a richly fulfilling thing, but it is no substitute for meaningful relationships with people you love. No one wants to neglect the people that matter, but unless you are constantly vigilant, it does happen. You have to find a balance.
Expecting customers to come
to you. It’s opening day. Your new
business is up and running, your OPEN sign is in the
window, and you are ready to serve your new customers.
Only no one is lining up at the door and the phone
isn’t ringing. Know why? Because you didn’t
do any marketing to get the word out about your business.
Unless you get tons of foot traffic in the area where
you are opening the business—and even if you
do—you will need to get the word out about your
product. You don’t have to buy a lot of expensive
advertising. When I opened a Nutri-System in Altoona,
PA, I was having trouble getting any foot traffic
because it was such a small area. My primary target
was 22,000 people, but no one was responding to the
print ads I placed in the local newspaper because
no one was reading the local newspaper (except for
the sports section!). To drive business, I decided
to give local deejays free memberships in order to
get them excited about the program and in turn they
gave me free plugs on the air. There are lots of ways
to get the word out. It doesn’t really matter
how you do it, just that you do it. A bit
of well-planned-out marketing will help you turn that
empty store into a bustling, customer-filled business.
Losing your soul. Financial
success can do awful things to people when they aren’t
spiritually and emotionally equipped to handle it.
Too much money too fast can make you suspicious, callous,
greedy, and prideful. Think of the Seven Deadly Sins
and you’ll get the picture. It’s not a
pretty one. Success can change people, and not necessarily
for the good. When you become successful, people will
start to treat you like you know something. If you
start giving in to that attention, you are in big
trouble. I am not here to preach to you a sermon,
but I truly believe that no amount of money makes
up for losing sight of the things that really matter
in life–friends, family, humility, compassion,
faith, and love. Strive always to be the kind of person
who, if you lost every cent you had, could still find
happiness.
Maxing out credit cards. It’s never a good idea in any situation. Maxing
out your credit cards while trying to get a business
off the ground could be disastrous. You’ll find
that charging item after item for your new business
will be the most expensive money you’ve ever
spent. I think credit cards are the most accessible
and easy way for small businesses to get in trouble.
(After all, they are much easier to get than start
up loans!) There will be times when you will want
to use a credit card rather than take cash out of
the business, and that’s okay. Credit isn’t
inherently bad. Just make sure you have enough money
to keep making payments on your cards.
It is vital that you have good credit in case you need to make a big purchase or decide to open a new business down the road. You don’t want to run up tons of credit card debt that you will have to pay off if the company doesn’t survive. Or if the company is successful, you don’t want to be paying off creditors instead of putting your first profits back into the business. Wracking up massive credit card debt will only cause you more worries and pains, and when you are developing a business you already have plenty of both. You don’t need more!
Keeping your idea a secret. At first glance, this may not seem like a sin. In
fact, it may seem like a good business decision. Many
entrepreneurs don’t want to reveal their new
idea for fear that someone else in the market will
beat you to the punch. But take a little advice from
an entrepreneur turned investor. When I am looking
at a potential investing opportunity and the entrepreneur
I am working with is holding his cards to his vest,
I know he is hiding something, and I immediately don’t
want to work with him. Lack of investors won’t
be your only problem. Launch a business banking on
a product or service that, it turns out, no one wants
and you will see why too much secrecy is a sin. In
the early phases there is no need to reveal all the
details of your product or service, but you must put
some feelers out there to determine whether it’s
likely to succeed or flop. Do a lot of research in
the market before you launch. Revealing a little bit
of your secret and finding out who your customers
will be provides peace of mind.
Thinking you don’t need
written contracts. There is so much excitement
at the start of a new business that entrepreneurs
are often afraid to get certain things down on paper.
Allow me to make this as clear as I possibly can:
When you are starting a new business, you need contracts
for everything! Verbal agreements just won’t
cut it, especially when it comes to partnerships.
You can’t predict the future, and when money
is involved you never know what will happen within
a relationship. To ensure that you avoid unnecessary
costly (and gut-wrenching) legal battles, always write
out a contract when making business deals. It’s
the only smart way to do business.
Starting a business without
the passion factor. Here are a few questions
to ask yourself before embarking on an entrepreneurial
venture. Am I truly interested in this field?
Do I daydream about doing the work (instead of just
spending the money)? Does this product, service, or
activity feel meaningful? Does it benefit humanity? What I’m getting at is passion.
If you don’t have it, you are far less likely
to be successful. Being an entrepreneur is hard work,
so you’d better want to jump out of bed bright-eyed
and bushy-tailed every morning, anxious to get to
it. If you answer “no” to any of the questions
above, your likelihood of success is greatly reduced.
Chances are you will get the company going, and after
your initial excitement wears off you will stop caring
about the company, which will cause you to make mistakes.
Carefully consider every angle of the venture before
you get going. If you find that you lack a passion
for it, stop before you get started and figure out
the best business for you to pursue.
 Choosing
a bad location. We’ve all heard the
mantra “location, location, location.”
If you are starting a company—especially a consumer
oriented one—location may be vital to its success.
Carefully consider how important foot traffic will
be to your business. If you will be relying on passersby
to bring business to the store, you will want to make
sure it is very visible. Just like you should research
the market in the area you are looking to open your
business, you should also research the actual location.
Choosing a bad location could make it difficult to
create a successful business.
Trying to go it alone. While I’ve never been one for traditional business
partnerships, I think it is absolutely necessary that
you have a business “partner” when starting
a business. Allow me to explain: You won’t be
able to make the business successful all by yourself.
When you start your new business, think about your
strengths and weaknesses. And then find someone willing
to help you who complements those strengths and weaknesses.
You may choose to make that person your business partner
or you may just hire him on as your employee. Either
way, use him to help you cover all of the bases. There
are simply too many details to deal with to be a lone
wolf. Relying solely on yourself is simply too much
pressure. I think you’ll find that nurturing
great relationships is a much better way to do business
than to try to go it alone.
Of course, committing one or two of these sins may not kill your business, but it will certainly make things more difficult. Remember this list as you start to develop your business and pay careful attention to each sin. You, your family, friends, and business partners will be much happier if you avoid committing these sins. It will mean the difference between being a happy businessman (or woman) or being one who is wracked with worry and unnecessary pressures caused by bad decisions.
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