Edmonton Business Consultant | Family & Friends Won’t Understand Entrepreneurship
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And they don’t understand the steps that it’s going to take to actually build a business. You should expect them to react poorly on almost, uh, you know, uh, a violet type reaction, uh, on their opinions. Yeah, I can see why with these two I can be f cause it’s not. Hi, thanks for joining us for another episode of ask Spiro CPA. Today is the Edmonton business consult. We’re talking about how family and friends won’t understand entrepreneurship. So again, as the m and a business consultant, we’re talking about how family and friends won’t understand your entrepreneurial journey. And we have may here with me today. So May, do a lot of your family and friends understand that CPA journey? No, they do not. They think that it’s just module or reading. You can pass them no problem. They don’t understand that there’s so many chapters you have to read and not only read it but understand it. So when real situations, when someone asks you for or tips you don’t give them the wrong advice, you want to give them the best advice to help them with their business and regulations. They just, it’s a long journey that I wish they did under that Edmonton Business Consultant is here for you.
It’s hard for people to conceptualize some things. They haven’t gone through it. Right? So, and the court that we have here today, we’re talking about how fat and your family and friends often we’ll understand the entrepreneurial journey to Gary Vaynerchuk quote. He’s very outspoken on this issue. And he says, you can’t live your life based on other people’s point of view. I’m tired of people not starting and living their life on on one very simple thing, which is they’re worried about what other people think. And you’ll industry Canada, they tell us the answer on this. You know, for every hundred people in Canada, there was only 3.9 businesses. So a hundred people in Canada’s every 3.9 businesses, only 50% of those businesses will ever figure out how will last beyond five years. And only 46% of those businesses will ever figure out how to get to five or more people.
So we’re talking less than 1% of the population has any idea of what entrepreneurship is. And you know, what it takes to succeed in entrepreneurship and the types of decisions you’re gonna make and you know, what situations you’re going to encounter and what’s the normal. Um, you know, the story that we have here, there’s a, there’s very few people that know what they’re talking about, but most of business owners, they end up making bad decisions based on the opinions of people that they care about. You know, people that they love. Um, but the problem is that most of these people, they’re not one of the 1% of the population who has any idea what the talking about. They’re trying to make decisions in your best interest, but they can’t just, they can’t possibly comprehend it because they never done it before. And a lot of it is counter intuitive. So mate, what are the questions that these business owners should be asking most of your family members work for free? Most of your family members work on a by hour basis and they have never been in some sort of, you know, even an intern check, let alone a business where they’ve had to offer some services for free or reduced market rate. And, and most, any time, you know, anyone has ever suggested it, they’ve thought about calling employment standards and hiring a lawyer if someone even thought about, you know, uh, mentioning that sort of strategy does, building a business often involves working on task for less than market rate as as Edmonton Business Consultant.
Almost every time customers do not pay you for the development of your business. They don’t pay you for putting together the letterhead. They don’t pay you for putting together the checklists and templates to scale your business. They don’t pay you for putting the content on your website. Um, the, the, almost all the time, the steps that you need to build your business beyond just the job. So beyond just a solopreneur, you’re not gonna get paid for upfront. How long should you expect your family to react to you working long hours for low pay. So you got to remember they’ve never experienced that in any experience. You know, they have with working for nothing is, you know, they think someone is cheating you. Um, and they don’t understand the steps that it’s going to take to actually build a business. You should expect them to react poorly on almost, uh, you know, uh, a violet type reaction, uh, on their opinions, uh, uh, of how they’re going to react. Um, they won’t react well just because they’ve been trained that that is wrong, but it’s wrong in the context of employment. It’s not wrong in the context of building a business that will have future value. Do your family members like to be ignored? The family members don’t like to be ignored. They don’t like when you know, someone, uh, calls them, uh, you know, and they don’t call back, right. Family numbers, they like to know it and they, they sing out to you from another room or they call you on the phone or send you a text message and they think, oh yeah, that person that’s going to get back to me right away. Um, that’s just the way it is. And that’s what their expectation.
In order to be successful, successful at business, do you need to engage in uninterrupted work? 100%. So in order to be successful in business, you’ve got to remember business is a contact sport. Um, people, your competitor is trying to take your customers. Um, they’re trying to take dinner off your table and if you’re continually running your business on a perpetual level of distraction, you’re checking your phone and talking to people and then diving in and out of task. You’re not going to be as smart as your competitors or your, you know, 23 minutes it takes to reach your peak level, intellectual capacity once you’ve been distracted. Um, so in order to be a successful business owner, we’ve seen it time and time again. Please call us now for the best Edmonton Business Consultant today! You have to have that, you know, blocks of uninterrupted work. You want to execute projects at a higher level and to develop systems that are no more well thought out than your competitors. Be sure to check out spurrell.ca or give a call to 780-665-4949 as soon as you can!
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How should you expect your family to react when you shut off your phone? So your family, when you want to do these uninterrupted, you know, a stints, they’re not going to like it. Um, they’re going to think that you’re ignoring them. And then why are you ignoring me? You’re the boss. You can answer the phone whenever you want. Believe it or not, they’re probably more likely to be accepting of you, turning off your phone when you’re working for someone else. Then you, when you’re working for yourself, um, they just think it’s like a personal slight. Why would you now I understood when you were working for someone else and your wage was guaranteed that you ignore me, but now, why? When you could only put dinner on your table if you execute to a high level, why are you ignoring my phone call? Um, they just, they don’t get it. So they’re not, you know, they’re not going to react well and that’s okay. It’s, it’s unnatural. You have to make allowances for how unnatural that’s going to be, uh, and expect it, cause then you’re prepared for it. And then we’ll throw you off, you know, off track. So what can you do to minimize these concerns? Um, what you should do is just be more scheduled in your approach. You know, so these are the people who want to spend time with you. They want to see that you’re reliable, they want to see that you’re making good decisions. Be the person who always shows up for an event on time. If you’re going to call them, call them at the same time every day. Don’t miss the phone calls. Don’t show up late for Edmonton Business Consultant. Do what you’re say you’re going to do and you’ll just be able to build some trust on that over time. You’re not going to be able to shift their perceptions overnight.
In fact, you’ll never be able to, a lot of times you won’t be able to fully shift their perceptions over a long period of time. Um, but if you can start being more reliable, more trustworthy, uh, almost to the extreme, uh, you might’ve been an eight before the reliability, uh, scale, you know, dial it up to 11. All right? And then they’ll start realizing that, oh, okay. They’ll just give you a little bit more of the benefit of the doubt. Even though they don’t quite understand it. They’ll cut you a little slack on it. Do most people believe the phrase a penny saved is a penny? Yeah, absolutely. We’ve been said that when you’re a kid you can go and say that phrase in multiple countries, two different cultures, and you start the phrase, you know, a penny saved is, and people will finish your sentence from country to country on that phrase. So it is just like ingrained in our heads of you. You want to get ahead, you have a job and you want to save and you know, if you can save that money, it’s like earning another penny. Call these guys now if you need Edmonton Business Consultant. Cause now I can save it and it can be invested in, it can start working for me. Do this, this, this who spend more on marketing tend to outperform their competitors. Yes. So now we look at the world of business and you think that, okay, well, um, you know that by that rationale I should spend less on things like marketing. Maybe I should spend less on my staff. Um, but that’s not how it works. So when you look at marketing, the companies that when the top level companies, when you compare them, the mid level companies or the lower level companies, let’s pop companies are always spending more on marketing, on average.
They’re spending more of their revenue on it. They’re not trying to minimize their marketing spend. They’re trying to make sure that they’re top of mind for all their ideal and likely buyers all the time. Um, so it goes that against that grain of, of what we are taught, how should you expect your family to react if you explain your marketing costs? Um, when you start explaining your marketing costs to the family members, it might blow their mind. Can you just start spinning, um, a couple of hundred dollars a month or a couple of thousands of dollars a month? They’re thinking you’re spending a couple of thousand dollars a month. That’s someone’s full time wage. But they don’t realize that those people wouldn’t have that wage working in that business if you weren’t bringing in new customers. Right. Um, so a lot of times it’s a lot of the business expenditures, not just the marketing spinners are going to start to blow your friends and families minds. Um, and a lot of times the numbers involved are just, you know, different enough to give them anxiety. Not even just the, you know, what, what the purpose of it is, right. When you start spending more on marketing then most of your family members make in a year. Hmm. Of course when you tell them that number they’re going to think it’s outrageous. They just can’t wrap their heads around it. But they don’t realize that that’s spread amongst, you know, how many different employees who are working in that business. It’s not, you know, you’re not spending that number to keep one yourself working. You’re spending that number to keep 10 people working and to grow a business that you’re going to set sell for more than a million bucks and, and capture market share. Um, so when you start explaining those marketing costs and the other costs of their business, it’s going to completely blow their mind cause it’s going to look, you know, some of the rationale that you’re going to have to use is the complete opposite of that penny saved, a penny earned. Sometimes it’s about, you know, investing in your business and, you know, developing scalable systems and getting the right team on board.
Um, so they’re just, they’re there. They’re probably going to think that they, you lost your mind. Uh, and it gets worse when that person is, you know, mom or dad or older brother or older sister. I seen her Auntie, your uncle because they’re older and you’re still the, you know, the child in the relationship. Even though you’re, you know, you’re 20 or 30, or 40 or 50 years old at this point, they still think that they know better. Um, even though, but you have to just always make that allowance that less than 1% of the population has any idea because they’ve never built a business that has five or more employees. That’s the last more than five years. Also check out spurrell.ca as soon as your able to! So, uh, you know, cut them some slack. Uh, don’t take it personally. Do not wait for Edmonton Business Consultant. Uh, just be reliable and, and you know, it realize that it’ll take some time to change some minds on it. Um, so I think that’s what we have here today as always, no piece of the liken subscribe button so we can continue to deliver you tips on how to beat the odds at business. And as always, you know, please do some comments so we can respond back and use your input for future videos. Thanks very much and give us a call at 780-665-4949 anytime!