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  • #964426
    toddo
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    In the past week I have had an epiphany (i haven’t looked it up so any english teachers please correct me) about myself and the business I’m in.

    This may seem such a basic thought process to many of you, but obviously I’m a slow learner…..so here it is.

    For the past 20 years I’ve been involved with banking and finance. I know the industry, I know how to ‘do it’ – business loans that is, and I also know that I’m good at it….BUT

    I’ve realised what I love.

    • I love teaching business owners about finance.
    • I love showing new and existing business owners how to structure deals.
    • I love seeing and hearing them ‘get it’.
    • I love the conversations we have about business potential.
    • I love giving my clients the tips and tricks to get around the problems they are having with banks, valuers, vendors and others.
    • I love solving the issues they have with starting a business or buying a business with limited resources.
    • I don’t like trying to negotiate with bankers that have never owned a business.
    • I don’t like dealing with valuers that are trying to cover their ass in downturns.
    • I don’t like the lack of control I have over a deal once its submitted.
    • I don’t like the negativity that every new business owner gets thrown at them when they want to get started.
    • I don’t like the lack of real world information amongst the thousands of texts and other material available.
    • I don’t like trying to convince credit departments that they are in the business of risk and you can’t get away from it.

    I’ve realised that everything I love is about helping, teaching, educating and everything I don’t like is about ‘getting the money’ for the bank and myself.

    I know that there are plenty of bankers who will say ‘if the deal is good enough it will get approved’ and I’ve personally seen plenty that do and plenty that don’t. That isn’t the issue. I just don’t like everything after the education, showing, teaching, structuring etc. that’s all.

    And… I identify very closely with business people because I’ve been through the process of raising capital for a new venture, I’ve been through the process of start-up and ultimate business failure, albeit in an industry I knew nothing about. I’ve been through the process of employing people and then the heartache of having to ask them to leave because the business was failing and wondering if their families would be okay.

    What I’m doing about it:

    I’ve written a book for business owners on how to get finance. I’m writing a training workshop for residential mortgage brokers on how to get finance for their clients. I’m writing a workshop seminar for people that want to buy a business and don’t know how to go about it, or how to structure offers, or how to finance it cost effectively.

    I’m still going to pursue my existing business because it’s a niche in a market full of people that don’t know what they are doing. I’m still writing loans for people in business because it’s business people that I love.

    But, I’m intent on getting the education out there and creating enough money to employ someone else to ‘do the running around’ with the banks. (In case you haven’t got it, I don’t like this bit)

    I’ve realised that everything I procrastinate on, everything that gives me pain or that I force myself to do are the parts I don’t like. It’s why I have schedule time in my diary to complete those tasks, but I can sit up until 3.00am writing a workshop, or answering a client question on a problem they are having.

    My epiphany happened when a very dear friend said ‘why do you think it’s hard work to do what you do? After a bit of reflection I said, “the clients, the deals, the structuring, the conversations are not hard work”. So, that’s the bit I’m concentrating on. Will there still be hard work, of course, but working hard with passion and energy and enthusiasm is very different to the feeling that you get when you are forcing an action.

    I know this is long, and it’s a bit of a confessional in some ways, but its also exciting and making this realisation has made me the happiest I’ve been for a long time. I’m enjoying every day because I’m looking at it through a passionate educators eyes, not a ‘finance broker’s’ eyes.

    I have to wonder if there are business people out there that also find it ‘hard work’. Not because the work is hard, but because how they feel about it makes it so. I hope you aren’t one of them, but if you are I can highly recommend going back through your life and thinking about what it is in your business that makes you passionate, happy and excited. I guarantee you, it’s not the money.

    Cheers

    #1005601
    Burgo
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    Todd,
    Welcome to the wonderful world of realisation, and congratulations for expressing it so eloquently.

    It’s definately NOT about the money, the money ( profit) mearly reflects how successful you are at providing a service to your customers.
    The satisfaction will always out weigh any amount of money you recieve, and isnt it great when work no longer becomes work but an enjoyable hobby.

    So welcome tto the forum and Im sure your knowledge will be eagerly sort after
    Patrick

    #1005602
    KoB
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    Nicely put and I enjoyed reading it. Thank you!

    Someone (can’t remember who) told me do something you love and the money will come eventually. I am not sure, let’s hope the money comes before I starve to death.

    #1005603
    peppie
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    I once heard a speaker talking about his work, say that he felt guilty accepting a wage for doing what he did,,,, because he enjoyed it so much. I reckoned then that such a state of thinking/being sounded like it was worth aiming for.

    Is that why so many people would rather work for themselves instead of someone else???????

    #1005604
    LeelaCosgrove
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    I know what you mean Todd – I had the EXACT same epiphany about my business 6 months ago.

    I love teaching, I love strategising – the bit I don’t love is sitting down and doing the hard slog of the writing.

    So I got in 20 writers to do it for me.

    I’ve created products (you should send me a PM about how to repurpose your book into a continuity product that will set you up to be able to employ people in an ongoing fashion … this is my area of expertise), I’m doing seminars …

    I’ve just been invited to speak in Perth and in LA!

    And I am SO much more excited about my business than I was before …

    All of the procrastination has gone out the window. I work from 9am – 11pm most days and love every second of it … I spend my time doing what I really care about, what REALLY excites me and the outcome for EVERYONE – me, the clients, the writers – is better!

    Welcome to being an entrepreneur instead of being self-employed. It’s a great feeling, isn’t it?

    #1005605
    peppie
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    Leela, I am glad that YOU are happy to work form 9 to 11!!!!!

    At my time of life,,, I am quite happy to have a productive and satisfying day doing the sort of thing I enjoy doing most – a la, the things that are my passion. As you get a tad older you tend to refine where (and for how long) you put your effort most.

    But I agree, it is where your passion is, where you feel more comfortable and that you are going to be much less stressed out about the doing of.

    Welcome toddo, welcome to the world of working the way you want to work and you are most comfortable working. Rather than the way someone else wants you to!

    #1005606
    LeelaCosgrove
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    Paul,

    It’s a choice I make … a sacrifice I’m making NOW to set up my business and achieve what I want …

    It’s not a ‘naive age thing’ – it’s a knowing where my outcome is (financial independence so that I can do whatever I like whenever I like) and knowing the steps I need to take to get there.

    Damned if I’m still going to be slaving away for a wage at 45, 50 or 60. I’m making sacrifices now – while I’m young and I’ve got the energy – so that at 45 I’ll be working a few hours a day, when I want, from where ever I like. I’ll have the absolute freedom that I KNOW a lot of business owners that age don’t have.

    That means doing the hours right now.

    This is the technical difference between being an entrepreneur and being self-employed.

    We’ve really lost the concept in our modern society of making short term sacrifices for long term gain … everyone is on about ‘quality of life’ – and I’m like … right – but if you don’t make SOME sacrifices right now (time wise, financially, etc) you’ll have a WORSE quality of life as you get older. Just go and ask my parents and their friends who are suffering, unable to retire because all of their super has gone done the drain because of the economy … don’t they wish they had put in a few more hours at 30 or 40 so that at 60 they weren’t worrying about how many years PAST 65 they were going to have to work in order to be able to AFFORD to live.

    I won’t be in that position – because I’m making the decisions I need to make NOW that will set me up for life.

    A few excess hours a night is a small price to pay for financial freedom. IF you have the long-term thinking and the discipline it takes to do it.

    #1005607
    Burgo
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    That bloke Michael Gerber talks about working ON your business and not IN your business and that is what Leela is doing his latest E- book is interesting once you get rid of all the wasted words he uses obviously pays someone to write for him by the word, and he loves the word Entrepreneur.

    Ill let you know what I think of the book when I eventually get through it.

    Epiphany I always thought that was the 6th of January?

    #1005608
    competitions
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    Well said Leela.

    So many people expect and want it all NOW, obviously you’re putting in the effort to gain what you want in the longer term.

    This topic reminds me of when KRudd appeared on some current affairs show with a live audience. The subject was the global economic crisis and there was a young couple who said they were really concerned because they may no longer be able to get their “dream home”. Immediately I thought, what happened to working hard, obtaining assets (such as a house) that you can actually afford, then building towards upgrading those assets when you really can afford to. Seems the “image” was the over-riding factor for that couple, they had to have the best and have it now, irrespective of whether they could really afford it. No real long term plan.

    #1005609
    LeelaCosgrove
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    I know what you mean …

    When we decided to buy our first place, we bought a crappy little two bedroom apartment in the Western Suburbs … it was NOT our dream home … but it allowed us to get into the market at a reasonable price that didn’t kill our bank account … in the last 5 years the apartment has doubled in value and has managed to hold it’s value despite the sliding economy (we bought in an area we knew would boom).

    By NOT going with our ‘dream home’ straight up, we’ve been able to build some excellent equity, develop a great asset and with the falling interest rates, the apartment (now rented out) is making us a profit on a monthly basis.

    We STILL haven’t bought our dream home … step by step, I say. But we KNOW what we’re working towards – we’re building our property portfolio as part of our plan for financial freedom – so we deal with living in imperfect places …

    And it will ALL be worth it in a few years time when we can not only afford to buy our dream home, but also can afford to enjoy it, without the stress of whether we can afford the repayments when the economy bounces back …

    #1005610
    peppie
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    e·piph·a·ny (-pf-n)
    n. pl. e·piph·a·nies
    1. Epiphany
    a. A Christian feast celebrating the manifestation of the divine nature of Jesus to the Gentiles as represented by the Magi.
    b. January 6, on which this feast is traditionally observed.
    2. A revelatory manifestation of a divine being.
    3.
    a. A sudden manifestation of the essence or meaning of something.
    b. A comprehension or perception of reality by means of a sudden intuitive realization: “I experienced an epiphany, a spiritual flash that would change the way I viewed myself” Frank Maier.

    Leela, I have no problem with you choosing to view your working present and future in the way you so eloquently present it (and please don’t think I am having a go at you for putting it in that manner). We all mold our businesses to suit ourselves and our own life choices/passions etc. etc.

    It’s something of a lifestyle choice, even when I got to working age it was pretty much expected that you “get a job” and to suggest you wanted to work for yourself was being very brave. To “get ahead” though did require one to work VERY hard and long hours. But I have also heard of many who did that and regretted never seeing their kids grow up.

    But,,,, I would hate to think that you might end up trapped into slaving away when you are young and energetic only to wonder one day whether it was really worth it. There is something in the Bible that puts it very succinctly, “what does it gain someone if he gains the whole world, but looses his own soul?”. Now, I don’t mean to preach to you, but rather just to show you where I am coming from. Money helps, but it is’nt everything and when you get a bit older you start to rethink your priorities, thus the idea behind a “seachange”.

    Just my thoughts, call it a bit of hard won experience if you like.

    #1005611
    LeelaCosgrove
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    peppie, post: 4811 wrote:
    But I have also heard of many who did that and regretted never seeing their kids grow up.

    But,,,, I would hate to think that you might end up trapped into slaving away when you are young and energetic only to wonder one day whether it was really worth it. There is something in the Bible that puts it very succinctly, “what does it gain someone if he gains the whole world, but looses his own soul?”. Now, I don’t mean to preach to you, but rather just to show you where I am coming from. Money helps, but it is’nt everything and when you get a bit older you start to rethink your priorities, thus the idea behind a “seachange”.

    Just my thoughts, call it a bit of hard won experience if you like.

    I don’t have any kids … I have a husband who works the same hours next to me – we see a lot more of each other than most other couples do – and because we help each other with our businesses we have this awesome rapport where we can be each others business colleague as well as friends and partners …

    We also have a fur child that we get to spend all of our time with …

    I don’t like the attitude that you have to have one or the other … just because you are making money and working hard, it doesn’t mean that I’m going to “lose my soul”. Quite the opposite.

    I love what I do.

    I spend more time with my family than most people do.

    I work hard.

    I make good money.

    And I’m developing a business that will run without me and continue to pay me well …

    I don’t have to rethink my priorities because they’re straight.

    I find it a strange head-space for a business person to be in to think that if I’m working hard, I must be giving up stuff …

    My ‘sacrifice’ is that I haven’t turned on the TV in 4 weeks (literally!). So I’m ‘sacrificing’ watching the Biggest Loser and So You Think You Can Dance … I know, I know … I’ll totally look back on this on my death bed and think …

    “Gee. If only I’d spent less time working and developing my financial independence I would have known who was the Biggest Loser in 2009 … “

    #1005612
    peppie
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    As I said Leela, I have no problem with you making your own choice, I am not necessarily trying to argue for you to see this differently, just that I can just as adamantly say that I have found a different way of looking at the same question. One which has been the result of a longer life and experience,,, very hard experience.

    Now, we do have some differences obviously – plus I have 3 young children (rather late comers that we didn’t expect to have at all), but apart from that essentially not much different. I guess it’s just that my wife and I have made some fundamental choices of life and everything. We possibly won’t retire rich, but we will have enough.

    By the way, and please don’t think this as being pointed, my use of the idea of loosing ones soul was meant to be a touch different than the Biblical meaning. But it is the punch line of a story Jesus told and was meant as an illustration of the futility of striving for something if it was to all to come crashing down before you even got to enjoy it. The story is in Luke 12:16-21, if you don’t have a Bible just google that reference.

    PS Here ends my sermon, if anyone would like to take this sub thread up further it might be better to PM me, or maybe we will need to start a Religious Group!?

    #1005613
    Burgo
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    Sitting back in my uncomfortable chair reading the posts it is interesting to see differences mearly by an age factor.

    When I was young, much younger than i am today i would throw myself into my work, because I loved it, it wasnt for the money it was to satisfy a desire to create something worthwhile and to have a lifestyle that we would enjoy.

    Fortunately work didnt kill me and we have been able to enjoy our retirement by doing what gives us satisfaction and enjoyment.

    We are by no means wealthy, nor are we poor ( ha after looking at my shares Im beyond poor). We enjoy those things we sacrificed in our younger days, however TV has never been a necessity for me, nor have the movies. So i feel I really havent missed that much.
    I have always been there for the kids when they were growing up possible more than most dads because I was self employed a soloist which allowed flexibility into my life.

    When your young you have the energy and the enthusiasm to work long hours, work hard and play hard but then there come a time in your life when it all starts to change. Until that time, enjoy what you do. Unfortunately life is all too short and there is so much to do with little time to do it, and if your are doing what you really love doing, just ENJOY it.
    Amen

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