Building a Business in a Recession


This post is in: Business
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On Friday, November 4, 2009, I had the rare opportunity to hang out with a true power couple. They’ve been on Celebrity Apprentice with their ultra successful business. They’re very happy clients (saved them a boatload of money this year, plus did an amendment for 2007 taxes to get them a no hassle refund of $16,000) and so they set up a day for us in LA to meet some of their peers.

Plus, Richard and I had the opportunity to meet some of the people that they are mentoring in business. They’re in a place in their lives where they want to give back. So for a select few, they are rolling up their sleeves and mentoring them in their businesses. They don’t charge a dime for that. But, there is one deal breaker agreement that the mentee (the fledgling business owner) has to sign on for. Don’t do this, and there is no deal.

I’ll tell you what that is in a second. But I want to tell you about another long-time friend of mine. It dawned on me last night that there is something very similar with her success (although completely different businesses and business models) and the power couple.

In this case, my friend started in real estate in about 2002- 2003. She was right at the right time, but was doing everything wrong. Luckily, she found some people who had experience who were willing to let her tag along. Within 3 years, she had gone from zero to hero! She was a multi-millionaire with real estate. Then, we all know the rest of that story. Real estate tanked.

But, my friend’s fortune didn’t. Sure, her real estate isn’t worth what it was, but she still will make close to 3/4 of a million this year. She did it with a new business that she started just as her real estate had given her the time to do something new. So,the business hit that golden time right when the real estate declined.

The only change in her lifestyle this year is upwards!

You probably can’t wait to find out what businesses these people are in. After all, who doesn’t want to make a bunch of money in a business in a downtime like this?

I’m not going to tell you.

That’s because WHAT the business is, isn’t important. If you have a product or idea, but can’t sell it or reach the market, it doesn’t matter.

Ideas without action are worthless.

So, is the secret taking action? Well, kindof. It’s important to take the right kind of action. And, you can do that with a headstart.

You are your most important ingredient in your successful business.

YOU and your mindset, approach and values will determine who far you rise and how far you stay there. Plus, it’ll also determine how much you enjoy the journey.

The question that the power couple asks is, “Are you coachable?”

If you can’t be coachable, if you can’t listen and take action (even if you dont’ fully understand it) without complaining, without excuses and without second guessing, then they aren’t interested. You must be coachable or they won’t work with you. After all, who wants to waste their time arguing with someone who doesn’t understand the system (if they did, they’d already be doing it) or who can’t be motivated to do it.

And in the case of my friend, the secret to her real estate wealth was simply in listening to what successful people did and then doing the same. She didn’t second guess them. She didn’t question them or annoy them. She just did what they did. She was coachable.

And then when she started her business she sought out others that she could emulate. She did what they told her, with gratitude and without excuses, and her business bloomed.

The secret is simply coachability.

Are you coachable?

Do you trust yourself to find a good advisor or mentor? And once you do, do you trust yourself and believe in yourself enough to do what they say without questioning?

The best decision is the right decision. The second best decision is the wrong decision. The worst decision is no decision.

And that’s where many people get stuck – questioning, second-guessing, inaction and arguments. They find excuses to not take action, to make no decision. It’s the worst decision you can make.

Are you coachable?

Do you trust yourself enough to make the right decision with your advisors and mentors? If you don’t have the right ones, then cut the cord quick and move on.

There are fortunes to be made out there. And when you do, we’re here to help you keep more of that money with legal tax strategies that protect assets and build wealth in the best tax-leveraged ways possible.

Are you coachable?



7 Comments

  1. I am SOOOOO coachable and I my intention is keep myself open to that AND always remember I and I alone am the guru.

    So great to have you standing up, speaking out and saying what has to be said.

  2. Diane, this was a great article. Yep, in order for someone like me who is new to owning a business, I must be coachable and open to trying new ways to move forward in my business.

    I love what I am doing and look forward to great success. I listen and read and learn something new everyday. Coaches and mentors are great opportunities to become even more successful.

    Thanks for sharing this with us.

    Marie

  3. Wow, Diane, thanks for the shot of good feelings. My two favorite quotes from your post are:

    “YOU and your mindset, approach and values will determine who far you rise and how far you stay there. Plus, it’ll also determine how much you enjoy the journey.”

    and…

    “The secret to her real estate wealth was simply in listening to what successful people did and then doing the same.”

    It’s great to read an article from you like this, because it re-affirms to me that I am on the right track. I’ve got “action” and “commitment” down pat, it’s just the navigation of new waters that keeps me on my toes. But like you said, the joy is in the journey, and each and every day I am growing and learning something new.

    Sheila

  4. Thanks Annie! You’re also prompt. 🙂

    Drop me an email anytime and let me know what you’re up to.

    Diane@USTaxAid.com

  5. Annie says:

    I am coachable.

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