“Do what you have to do, so you can do what you want to do”
QUESTION: I have a degree in nutrition science, but for the last 10 years I’ve worked as the food service manager in a hospital. I’m really burned out in this job, but I still want to help people. Ideally, I’d like to pursue an internship that would allow me to become a registered dietician, then open my own practice. However, the idea of having my own business terrifies me. My mom and dad run a small business, and they barely break even. Can you help me with these feelings?
ANSWER: It’s normal to have a certain amount of trepidation about opening a small business. But don’t let fear alone – whether it’s the fear of failure, or the fear of being more successful than your parents – overwhelm you and dictate your decisions.
There are two things you need to consider when thinking about your dream job. One is how much it will cost in terms of dollars and cents. The other is how much time it will take. I would encourage you not to take on debt to make this happen, but some thorough research in these two areas might go a long way in making you a little less fearful. Knowledge is power, and a detailed plan is essential for success.
Think about this, too. I’m sure you have connections in your current job that would be very beneficial in your dream job. Talk to some of the doctors at the hospital. Tell them your dream. Some of them may be willing to refer patients or offer advice in other areas.
Once you’ve crunched some numbers, and your dream has progressed to the point where you have a practical plan, start your business slowly on the side. Then, be patient while it grows to the point where you can make the jump to full-time!
“Attitude is often a choice”
QUESTION: I’m a dentist, and I own a successful practice that is debt-free. I have a great office manager and staff, and I love what I do, but I can’t stop thinking about losing team members to other practices and keeping the business successful. I feel stressed out all the time, and I’m starting to develop health issues as a result. Recently, I received an offer with another practice. It pays less than I make now, but it offers more benefits and much more time off. What do you think I should do?
ANSWER: I’m not a doctor, but it sounds like you’re suffering from two things — comparison and worry. You just told me you have a great office manager and staff, you’re doing work you love, and you have no debt on your business. Outside forces should not be dragging you down, man. Life is good!
I think it’s your mindset, not your business or career, that needs a change. And this kind of thing starts with gratitude. Stop comparing yourself to everyone else. What does winning look like in your reality? What makes you feel happy and satisfied? What is your definition of success?
Perhaps you could sit down and talk to a close friend or even a professional counselor. Often, an unbiased opinion can make us realize things that had gotten lost in the hectic, day-to-day grind. Sometimes those opinions, especially coming from people we respect and care about, can open our eyes!
* Ken Coleman is host of The Ken Coleman Show and the top-rated EntreLeadership Podcast, and author of One Question: Life-Changing Answers from Today’s Leading Voices. An acclaimed interviewer and broadcaster, Coleman equips, encourages and entertains listeners through thought-provoking interviews, helping them grow their businesses, pursue their passions, and move toward a fulfilled purpose. You can follow him on Twitter at @KenColeman, on Instagram at @ KenColemanShow, and online at kencolemanshow.com or facebook.com
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Dear Dave,
I’ve been following your plan, and I’d like to find a way to make a little more money on the side. Do you have any ideas for generating some passive income?
Taiwan
Dear Taiwan,
First, I want to make sure you’re not getting involved with some get-rich-quick scheme, like a nothing-down real estate seminar. “Passive income” is a term that’s sometimes attached to those sorts of things.
Passive income is pretty simple; it’s income off of investments. In other words, it’s money you set aside that makes you money. There’s not any other income that is real passive income.
If you wrote a book and got royalties from the sales, some people would call that passive income. I get royalties from the books I’ve written over the years, but the people who would call that “passive income” didn’t follow me around while I was working my tail off to write and sell those things. To me, it wasn’t passive income at all; it was a business. Technically, the government would call it passive income. But they don’t have anything to do with reality.
When it comes to passive income, I only invest in two things — real estate, for which I pay cash, and good growth stock mutual funds. Active income usually takes the form of a small business idea or your career. That’s income that you, yourself, are literally creating.
But that’s how I look at that stuff. Some people may have a different view on it, but I like to keep things simple.
—Dave
(It’s a smart buy!)
Word count: 258
Dear Dave,
I’m following your plan and trying to find different ways to save money. What’s a good way to decide whether or not you need full-coverage insurance on an automobile?
Barbara
Dear Barbara,
I think you should look at a couple of things. First, you need full-coverage or collision if you don’t have a lot of money, because you’ll end up walking if the car gets totaled. You need this coverage even if it’s a $2,000 car. You might keep the deductible a little high to save on premiums and then, if something unexpected happens, you can cover the out-of-pocket expense with your emergency fund.
Let’s say you have $50,000 in savings. You’re driving a $5,000 car, and you decide to drop collision coverage because you’re thinking if you total it you can just write a check and replace the car. You can, but then you have to look at the other side of the coin. What does this collision coverage cost per year versus the $5,000 risk you’re taking?
I’ve run those numbers a few times, and generally I find collision insurance to be a pretty smart buy!
—Dave
* Dave Ramsey is America’s trusted voice on money and business. He has authored five New York Times best-selling books: Financial Peace, More Than Enough, The Total Money Makeover, EntreLeadership and Smart Money Smart Kids. The Dave Ramsey Show is heard by more than 8.5 million listeners each week on more than 550 radio stations. Follow Dave on Twitter at @DaveRamsey and on the web at daveramsey.com
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Busting the Myths of Leadership – without web links Word count: 481
The great statesman Benjamin Franklin once said, “When you are finished changing, you’re finished.” And even though it’s been 200-plus years since he uttered those famous words, they still hold true — especially in today’s business world.
Long standing ideas about how to lead a team are no longer viable. Workers won’t stick around for a bad boss these days, no matter how much they’re paid. They want to be motivated and inspired. So, how can you ensure that you’re functioning as an awesome leader? Start by avoiding these common, but mistaken, leadership beliefs.
The Myth: They’re inspired by their paycheck. As the owner of your company, you have the power to change lives. After all, you’re the person signing the paychecks. Everyone should be happy, and even grateful, to do their jobs with no questions asked.
The Truth: Great leaders know that power comes from persuasion, not position. Simply offering a paycheck, or intimidating workers by holding their jobs over their heads will not make them more productive or creative. Leaders who take the time to communicate, support and encourage earn loyalty and respect from their teams.
The Myth: No news is good news. Your team doesn’t need to know when something bad happens. If sales are down, they’re going to become scared and maybe even leave. As a matter of fact, they can’t be trusted with any sensitive news — good or bad.
The Truth: Winning organizations have a culture of communication. Your team wants to know what’s happening and why. Sure, there’s some information you can’t share. But when you have the right team members on board, you can trust them with almost anything. Make a habit of over-communicating. Your team will respect you for it even more.
The Myth: You can’t find good workers anymore. Today’s generation doesn’t listen. They lack initiative, and they never show up on time. They want the world handed to them.
The Truth: You’re probably not good at finding and recognizing talented, responsible workers. Think there are no young people who are willing to do an awesome job? Look at Chick-fil-A. The company has thousands of them. Part of being a good leader is knowing how to hire. You have to be willing to wait for the perfect person — one who shares your values and work ethic. At Dave Ramsey’s company, team members are interviewed four to six times, and the process can take three or four months.
Becoming a great leader is not easy. It’s a skill that needs to be developed, and it’s one that takes time, patience and a willingness to learn and improve one’s self. But if you’re willing to put in the hard work, you’ll find yourself with a team full of talented, passionate people — a team willing and able to slay dragons right alongside you, and do whatever it takes to win.
It’s definitely worth the wait!
*Dave Ramsey is America’s trusted voice on business and money. He has authored five New York Times best-selling books, including EntreLeadership. The Dave Ramsey Show is heard by more than 8 million listeners each week on more than 500 radio stations. Follow Dave on the web at www.entreleadership.com.
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