From Richard Branson Entrepreneur Magazine Article December 27, 2010:
Q: I don’t have enough confidence to give up my career in banking and follow my dream of starting a business as a personal trainer. Should I continue with banking since I am still somewhat enjoying it? ~ Leon Belobrov, Australia
A: When you decide to pursue an entrepreneurial venture, you have to confront your doubts and fears; sometimes you just have to go for it. Many times I have hesitated before launching a new venture or investment, even after my team and I have vetted it and we’re ready to go ahead. I’m lucky that I have a great network of friends and advisers to take soundings from.
If you believe that your personal training business can succeed, draw up a short plan describing how it would be different from other such businesses, how you would build it up and attract customers. Discuss this plan with trusted friends or advisers (make sure you ask people individually, and not as a group). Collecting and acting on this feedback is a crucial step before launching any business.
I can’t help you make this decision without knowing more about your situation. However, I can tell you that when I have to decide whether or not to go ahead with a new venture, I have often found that intuition is my best guide. What does your intuition tell you? If you decide to go ahead, be prepared for a bumpy ride. Most entrepreneurs fail the first time they enter a market – or at the very least have to recover from a tricky scrape.
Bill’s Answer: So often the people we coach over complicate things in their mind and then get stuck in the paralysis of “anal-ysis” or “what if’s” or the worst > listening to the “they says” that haven’t done it!! Yes of course there are many common-sense considerations like putting food on the table yadda yadda yadda. They are important considerations and possibly not the most important. Human beings pay a huge price financially, emotionally, physically and spiritually when they stay in a job they hate, dislike, feel they “have to” do so for any number of reasons. So most business advisors, coaches, mentors will recommend that you purseu your passion on a part time basis until your income from that is appx half what your full time income is. That way you gain experience, wisdom, track record and can still put food on the table.
Having said that; is that what I did? No I followed my intuition and took a big leap of faith. I went for it 100%. Did I struggle – yes absolutely. It was the hardest thing I’ve ever done and it’s been the most rewarding on every level. I’ve made many mistakes and have learned to combine down to earth values with a unique ability to distill complex concepts into simple, powerful strategies which can be immediately applied to produce measurable results. In short;
“I’ve traveled the territory, drawn a few maps and I’m happy to share them”
Link to full Branson article
About Dr Bill Toth
Bill’s Background
I’m just an average guy who’s learned a few things about Life, Success and Personal Development – thanks to some incredibly good and bad experiences during the past 25+ years. I’ve made many mistakes and have learned to combine down to earth values with a unique ability to distill complex concepts into simple powerful strategies which can be immediately applied to produce measurable results. In short;
“I’ve traveled the territory, drawn a few maps and I’m happy to share them”
I do not consider myself to be an “expert” and my work is never presented as the definitive doctrine on how you should live your life or what it takes to be successful in your business. I am a work in progress and if you were to you join me on life’s journey by hiring me as your coach or partnering with us in business – our learning will very likely be a two way street. In fact, I expect it to be.
“What you know dies with you – what you DO leaves a legacy”
I was raised in upstate New York and eastern Pennsylvania. This rural upbringing is strongly reflected in my personal value hierarchy: Faith > Family > Friends > Fitness and Finance.
Education and a commitment to continuous improvement are next on the list. All these and more are strongly reflected in my coaching, teaching, writing and speaking.
While growing my private practice I also taught Orthopedics and Neurology at both the undergraduate and graduate level, produced a TV show on fitness, appeared on numerous radio and TV programs, authored numerous journal articles, chapters for medical texts, served as vice-president of my state medical association, and started a family. I have had the honor and privilege of consulting with and coaching a diverse population of people from royalty to prisoners, from children to CEO’s, from amateur to professional athletes from 41 countries and people of almost every race, creed, religious belief and nationality.
I am passionately committed to contribution and Living With Intention. Part of my philosophy is to think globally while acting locally. I am a very active member of my church, as well as several community organizations. After church, my favorite philanthropy is the Nourish the Children. I have also performed extensive volunteer work for both the Anthony Robbins Foundation, and the Make a Wish Foundation.
Why become an Entrepreneur?
I became an entrepreneur because after 5 years of Health Care Reform I found I was merely an employee of the various insurance company’s I was interacting with. I became painfully aware I was working more hours for less money and that what I was doing wasn’t working!
At the same time my beautiful daughter, Casey, was born. This was the first time in my life I started to think about my future, and of course hers. When children come into your life, your perspective changes from Firebirds and Ferrari’s to Gymnastics, music lessons, horseback riding and so forth. Suddenly, I had to think longterm – was what I was doing going to provide all the things that a father wants for his children?
In October of 1998 I started my entrepreneurial endeavors on a very part time basis. Less than 3 months later my New Year’s Resolution was to put my practices up for sale. In May of 1999 I sold them and began to work on my dreams and my fortune on a full time basis. From there, it took me a full five years to get to the point where I could do whatever I wanted to do. Along the way I wrote my first book: “Morning Moments”…as well as learning a few things about money, transitioning careers and happiness. I am happy to share what I know, in short again;
“I’ve traveled the territory, drawn a few maps and I’m happy to share them”
In summary; Transitioning careers was the hardest challenge I’ve ever taken up and it’s been the most rewarding! In so many ways, this is the very best personal development seminar I’ve ever taken because I met mySelf and my wife in the process…and every perceived adversity was worth it.
Today, with my wife Julie, we “get to” pay the gift forward by coaching, mentoring others through the same process. There is no greater pleasure than showing others how to earn their freedom and then observing what good they do with it.
Life Will Never Be The Same
