A couple months ago my good friend and co-author of The Franchisee Playbook, Britt Schroeter, shared an interesting take on the passage of time. Britt, and her husband Bill, have been traveling around the United States for a couple years now while Britt works from the RV. Britt and Bill are living the life that many people only dream of. This experience has created an interesting insight on the passage of time and why time seems to move faster or slower.
By Britt Schroeter
As we age time seems to go faster and faster. Time becomes a thief in the night. You wake up and ask… how did I get here? It’s a fair question. I don’t fear death, but as the Kenny Chesney crones “everyone wants to go to heaven but no one wants to go now.”
Since my husband and I have started traveling full time, we realize it has slowed time. A week feels like a month. A month feels like a year. Fascinating and something we contemplate. Why is this? We have realized it is monotony that makes days run together and makes time indistinguishable. When you do the same thing day in and day out, your mind can’t distinguish day to day, it blurs time. Like looking out the window of a train barreling through the countryside. Blurred time passes fast.
When you change things up everything slows.
Wake up, travel, learn something new, meet new people, explore, create, take some risks. take the road less traveled. A franchise may just be the vehicle to shake it up and slow it down?! If yes, you know where to find me.
Variety will slow time. If you can create a life which feels novel, meaningful and entertaining in the present, the weeks and years will feel long in retrospect. Time gives you space to love and grow. Time opens room for peace and gratitude
Take back your time before it is too late.
I wish you a wonderful year filled with new adventures, peace and gratitude. With a little luck, we will all be able to slow time down a little
Once a year I am fortunate to be invited to attend the Leadership Florida conference. It is an amazing gathering of leaders from across the State of Florida. As well as reconnecting with a group of amazing people that I feel truly fortunate to be associated with, the event attracts a cadre of amazing speakers. The topics are wide ranging and always thought provoking.
This year one speaker stood out – Don Yaeger. A longtime Associate Editor for Sports Illustrated and 11-time New York Times bestselling author, Don has spent his career interviewing top performing athletes including Michael Jordon and legendary coach, John Wooden. His stories cut to the heart of success. For over an hour he discussed the anatomy of success. It was both enjoyable and eye opening.
Some of the topics he discussed parallel Chapter #3 of The Educated Franchisee, but others take it to the next level. With Don’s permission, I would like to share highlights from his book ‘The 16 Characteristics of True Champions’.
How they Think
How They Prepare
How they Work
How the Live
People say – Practice what you Preach. Well, earlier this month I invested in a franchise. This is not the first time I have been a franchisee. Over the years, while continuing with my coaching practice, I have joined several franchise systems so you think the decision process would be easy, but it’s not. It’s never easy.
At first, it’s all excitement. We do our research and imagine what it could become. We ask the questions, build our spreadsheets, dot our I’s, and cross our T’s. That’s the easy part, the fun part.
It’s the end of the process that slows us down. Self-doubt and fear set in. We begin to question all our assumptions. There are two voices in our head screaming at each other. One voice says ‘We’ve done our research; we know it works and we have the abilities. Stop being a wimp, put on your big boy pants and let’s make this happen!’ The other voice says ‘Are you out of your mind? We don’t need this, we’re safe where we are. No risk is good risk. Don’t walk, run!’
So, how do we decide? Over the years I’ve worked with thousands of people who have faced this challenge. Each person does it differently. For me a few things come into play –
However, even if all these are pointing in the right direction, there is still fear and doubt. That is simply part of being human. So, how do I make my decision?
For me, there is one last question that must be asked. This is the question that unlocks my personal ability to make hard decisions and move forward.
‘How would I feel if I didn’t do this?’
Life occasionally presents us with the opportunity to move the ball forward. I decided many years ago to try my best to say ‘Yes’ when opportunities present themselves. I hate to think back on things and wonder, ‘What if…?’ Personally, avoiding a life of regret is a powerful motivator for me. Assuming all the above-mentioned criteria are in place, it’s this last, powerful, question that helps me personally get over the hump and say ‘Yes’ to a new adventure.
Helen Keller once said ‘Life is either a daring adventure or nothing at all’. I am very excited about my new adventure and will provide periodic updates. Of course, I will also continue in my full time franchise coaching role because I so love it!
From time to time, as a franchise coach, I work with individuals who are perfectly positioned to become business owners. They have lots of money, no debt, great skill sets, likable personalities, and a true desire to break out of the employee mentality.
However, at the end of the coaching process, some still decide to return to their jobs. And, of course, for anyone who is a business owner, this is exceptionally hard to understand. Why would anyone spend his or her life preparing for freedom, yet once that opportunity arose, return to a salaried job?
There is only one reason that I can think of: Salaried jobs are like crack cocaine. Okay, I may sound like I’m a bit off my rocker, but stay with me. What is it like to be addicted to a drug like crack cocaine? Recently, when I read about drug addiction and discussed it with a drug-counselor friend, I learned a few things. And here’s my bottom line: You will be amazed at the similarities between a salaried job and drug addiction.
Each time you do drugs, you get high
This is also true of getting paid. Science has proven that the same part of your brain, the reward center, is stimulated by both drugs and money. So, every time you get paid, you are essentially feeling a similar satisfaction to that of a drug fix.
To feed your reward center, you need the drug on a regular, predictable basis
Not knowing where your next drug high is coming from is nerve-racking; the same can be said of a salary. If you have ever been laid off, fired or unemployed for some other reason, you know well what I am talking about — that intense feeling of worry and uncertainty over when you might receive your next paycheck.
It’s for this same reason that people feel scared to leave their jobs, of their own choosing. The fear of losing that regular paycheck overshadows the desire to break free.
You set up your life around the drug
Addicts allow their addiction to control their life. It affects how they spend their day, every single day. In some cases, the drug even takes priority over family. Sound familiar?
Can you think of any times in your life when you let something control you that much? For many people, this sounds exactly like their job. Salaried work often takes priority over everything else in life, even family time. And it all goes back to the feeling that you need that regular, predictable salary.
If the drug is suddenly removed, you go into withdrawal
You miss it — both physically and mentally. You often feel depressed and lethargic, as though you can’t live without it. This is much the same as what happens when a salary is suddenly taken from someone.
No, you won’t become physically ill, with headaches, nausea and other symptoms of drug withdrawal, but you will feel helpless and anxious, as though you can no longer provide for yourself. You want the salary back, just as you would the drug.
It is hard to build wealth as a drug addict
When you’re addicted, you have hard, fixed expenses built around your drug habit. You know how much you can afford and set up your lifestyle around the supply of drugs. Generally, you spend what you make. Doesn’t this sound a lot like someone with a salary?
With a salary, you probably have weekly, monthly and yearly budgets based on what you make. It’s hard to accrue wealth beyond these amounts because so much of your time and effort are spent making, and then surviving on, the amount of money that your salary allots you each year.
If you don’t have the drug for a while, you may begin to relapse
Your addiction may cause you to panic and become desperate for another hit. And sometimes you’ll find it quickly. But, other times, you’ll suffer, not having that fix to depend on. If a stranger offers you drugs, even for a little while, the reward center in your brain will scream at you, and inevitably you’ll say yes.
The same is true of a job offer after you’ve gone a long time without a salary. You’ll be incredibly tempted to accept, giving up your freedom for that promise of another paycheck.
As a drug addict, your drug habit controls your life
You know you shouldn’t use drugs, but when you’re addicted, you can’t help yourself. Likewise, someone with a dream of business ownership may know he or she should pursue that dream, but cannot help but return to the “security” of a salaried job.
This is how many people end up at retirement with too many “what ifs” instead of the joy and freedom that come from knowing you have lived your best life, free from the control of a salary.
Over the years, I have seen thousands of people try to kick the habit of salaried employment and become masters of their own destiny. Some manage it; others don’t.
Remember, though, that the first step to recovery is to admit you have a problem. If you are seriously interested in becoming a business owner, maybe these words will help: Start each morning with the following mantra — I am a salary addict. From there, you will eventually gain strength and, maybe, one day, kick the habit.
Lately I’ve been thinking about victories and successes. If you go on social media, visit with a friend, or watch your favorite sport, it’s all about victory and success. On social media everyone talks about their kids getting ‘A’s, or, here in Florida, winning at Pickleball. Go to a cocktail party and folks will brag about their successful new idea. Even in the case of sports, the media will often interview the winning team while the team that loses prefers to avoid answering questions.
Successes are desirable and losses are not. This ‘fact’ is so endemic in our society that nobody even questions it. But what if we turned the entire concept on its head. What if we give away our victories, while owning our failures?
A Different Way to Think.
I know it sounds like a strange idea but stick with me. While victories make us feel good, they teach us nothing. If you do something well, you will simply repeat that action expecting to get the same result. You are no longer learning. In addition, victories are hollow because there’s no place to go from victory. You’re at the top. You will try to stay there but really, there is only one direction you can go, down. On the other hand, failures offer opportunity for growth. You don’t want to repeat a failure. As a result, failures make you think about what could be improved and allow you the opportunity to improve in the future. It’s only through failure that we grow and improve.
Learning and Growing.
What if we made a habit of giving away our victories? What would happen if, every time you win, you give credit to somebody else? Let then feel the pride of success. Victories do little more than provide us with temporary satisfaction. An injection of Dopamine. At the same time, what if we owned our failures. If something doesn’t work out as planned, take full responsibility for the results. Absorb the failure and seek to find the lesson that will allow you to become a better business owner, person, spouse, or parent. There is value and opportunity in failure, find it.
I realize this is unconventional, but I believe that giving away your victories and owning your failures is the only real path to improvement and, overtime, greater success.
Wishing you enough defeats to create the exceptional success you deserve.
The following has been attributed to The Dalai Lama. I have not been able to verify the source but I like the message. As you embark on on your journey into 2022, here are a few things to remember.
Over the past 20 years as a franchise coach I’ve worked with thousands of individuals. When I ask about objectives one term appears more often and any other. That term is ‘Financial Freedom’. It seems that everyone is pursuing financial freedom but when I ask individuals, ‘What does financial freedom mean to you?’, there is a lack of clarity. Many people define financial freedom as being ‘Rich’ or ‘Wealthy’. But are these terms the same? If you’re ‘Rich’ does that mean you’re ‘Wealthy’? If you’re ‘Wealthy’ does that guarantee ‘Financial Freedom’?
Are You Rich or Wealthy?
Let’s begin with the term ‘Rich’. What does it mean to be rich? In it’s simplest form, rich simply means you have a large income, big bank account and own lots of things. Being rich is a statement of a person’s current state of being. It lacks permanence. Just because you are rich today, does not ensure that you will be rich tomorrow.
So how does a ‘Rich’ differ from ‘Wealthy’? In many ways being wealthy is more encompassing than simply being rich. Being wealthy can include material possessions, but it can also include knowledge, relationships, connections, and purpose. I think we all know people who have led wealthy lives full of purpose but were never monetarily rich.
What About ‘Financial Freedom’?
First, I’d like to change the term from ‘Financial Freedom’ to ‘Financial Independence’. In so many ways financial independence is a better term in that it is more specific. Financial independence is the point in time where ‘earned income’ (income from work) is no longer required. It is the point in time when your annual passive income from your existing assets exceeds your annual expenses. Once you reach financial independence, working to earn money is no longer required – although you may continue to work because you enjoy it or the work provides purpose.
Interestingly, you don’t need to be rich or wealthy to be financially independent. I know many rich people who must continue to work to pay the bills. If they lose their job, they will quickly face financial hardship. These people are not financial independent. I also know individuals who are not rich but, due to their modest lifestyle and wise investments, are both wealthy and financially independent.
Clarity Is Important.
As you lay out your plans for 2022 and beyond, separate your thoughts regarding being ‘Rich’, ‘Wealthy’ and/or achieving ‘Financially Independence’. Each term is unique and deserves individual attention. The more clearly you know what you want, the more likely you will be able to attain it.
A couple weeks ago I was speaking with an old friend of mine, Peter. During the conversation he reminded me of a blog that I wrote almost 10 years ago. A blog that was relevant at the time, and even more relevant today for anyone investigating business ownership.
I have a couple of friends that like to share their opinion. They generally do this by forwarding emails that show the opposing side (the side they do not agree with) in a compromising position. However, when I do my due diligence, I often find the ‘facts’ they are sharing to be false. Occasionally I bring this issue to their attention. They are almost always disinterested, preferring instead to cling on to the false information because it molds to their own set of beliefs.
As I contemplated this, I realized that the same thing is happening all around us as we try to make decisions. Should I use sugar or sweetener? Or – Should I start a business or get a job? Ask your friends and they will have an opinion. Some might say, ‘I once had a friend that started a business and people say it did not go very well.’ Another might say, ‘My uncle is an entrepreneur and I think he is really wealthy.’ So, what do these statements have in common with the false junk mail that is constantly being passed around? Well the most obvious similarity is that they are both completely devoid of fact. Neither one should have any value in regard to establishing your own opinion.
Now, more than ever, the world is full of opinions. False information is not created by accident. It is purposefully created by people who want to sway your thinking. It is your job to determine the difference between opinion and fact. Successful people do not cling to false information because it fits their preconceived ideas. The only way to make great decisions is to be open to learning. The only way to be open to learning is to accept the fact that you might be wrong.
Learning is not accomplished by talking to your friends, family and neighbors and asking them, ‘What do you think?’ Learning occurs by putting in the hard work that is required to separate fact from fiction. It is not easy. It requires a game plan. It requires stick-with-it-ness. It requires vigilance. It is called due diligence. Once you have the facts, then you will know what the right course of action is. By doing this you will separate yourself from the average person and stack the deck in your favor.
Often, I hear the question, ‘When is the best time to start a business?’
When you are Young!
Is the best time to start a business when you’re young? Advantages of youth include energy, passion, self-confidence, and a can-do attitude. When you’re young you think you can accomplish anything. The disadvantages of course include a lack of capital, a lack of experience, and a lack of perspective that can only come with age.
The natural alternative is middle age. Advantages of middle age include increased financial strength, experience, and a long enough run away to create a significant business. These are strong advantages; however, disadvantages include increased responsibilities related to mortgages and children. Often it is the middle-aged individual who is the most time starved making it challenging to prioritize a business.
Later In Life?
So maybe later in life is the best alternative. Once your children have moved away and your house is paid for. At this point in life you have fewer distractions and greater resources. In addition, you have greater life experience. It might be the perfect time; however, later in life you have a shorter runway to learn skills required as a business owner. In addition, you have less time to reap the rewards of business well built.
So, What’s the Answer?
All of this leads me back to the question I asked at the beginning. ‘When is the best time to start a business?’ The fact is there is no best time in life to start a business. There is always a reason to start a business and a reason not to.
In many ways starting a business is like planting a tree. The best time was yesterday. The second-best time is today. Tomorrow is nothing more than unfulfilled promise.
Over the last twenty years I have had the pleasure to work with thousands of individuals who were looking to change the trajectory of their life. Every one of them begins the process with the desire to create a better future. However, at the end of the process only a portion are able to execute on their dream. The question is ‘Why’? What is the difference between ‘Those Who Do’ and ‘Those Who Don’t?’.
Those who do –
Those who don’t –
Who are you?
As you know, ‘Life will only change when you’re more committed to your dreams than you are your comfort zone’. If you believe business ownership is for you then it’s time to get out of your comfort zone and commit.