Ask yourself, how would you survive without “working”? The most common answer would be the all important savings account. So move to the next step. After the savings account, after the severance pay, after the support from friends and loved ones, how do you survive financially? So they key to knowing your wealth becomes figuring out how many days could you survive without working. Adding up your monthly living expenses, calculate the amount plus ten percent. That is the number you need to “survive” every month. Remember, you have no salary, no business income and this is based on your current standard of living. Let’s say your monthly living expenses were calculated at $3000 and you have $7500 in available cash. Your wealth would be 2.5 months. You could survive for 2.5 months without working. Knowing your level of wealth is good news. It is the first step in toward financial independence because your total monthly number now becomes your financial freedom number. Being financial free is not about becoming a millionaire and knowing this lessens the pressure and increases your chance of success. Being financially free, knowing your financial freedom number is about the amount of passive income you’ll need to get there. It is the system of paying yourself first, tracking your expenses and understanding money and behavior.

Paying yourself is an often used and overused cliché. We all know it, so now it is time to expand the concept. Make yourself uncomfortable. Yes, in this case discomfort is good so whatever percentage you are saving, triple number. Now, how do you feel? You save 10% and now you moved to 30%. This is stretching your financial outlook. Knowing we can do more creates an atmosphere for us to do more. Remember, being wealthy starts off with a mindset.

We all have money habits, good, bad, and indifferent. After all, finances involve powerful emotions. Think back to when you had a job that never paid you on time or when you lost a large sum of money. Emotional responses to spending drive us to clearer explanations and expectations. Our foundational exposure to money starts in childhood. Theses transgenerational behavior patterns toward money will interpret how you spend and why. Keep in mind that every day we make decisions about money. Not just planning for the “big purchases” but our daily transactions. Did you stop at a newsstand to buy a newspaper? How about that bag of pretzels and gum you quickly grabbed for the corner store? These are one of the many financial transactions we make on a daily basis. Now stop and ask yourself, are those transactions determining your wealth? It’s always better to know than not know.

The numbers don’t add up. There seems to be a hole in your budget. You know your monthly expenses, have a balanced check book and you examine your bank statements with a magnifying glass. What else can you do? What would happen if you carried around a small notebook and wrote down every amount you spent? These means magazines you bought checks you wrote or the 50 cents you gave to the kid down the block. Do this for 30 days and if you miss a day, start all over. Your money consciousness would become extremely detailed very quickly. This is exactly what you want. You are building a habit of action, discipline and thought. You have now planted the seed of financial freedom and the space to let it grow. Remember, fortune favors the bold.

One way to adapt the company’s concept to fit the market needs is by paying attention to trends in the chosen industry.  How does the concept of the company correlate to industry happenings?  Does the trend indicate the company needs more technology or less?  Do you have a “brick and mortar” shop and the industry trend indicates that most sales occur online?  Carefully monitoring the trends gives your start-up and concept an edge on strategic opportunities.  Consider the industry you are in and how adapting the concept to a market shift could avail the company to new strategic opportunities.  The best way to do this is to examine the Strengths, Weaknesses, Opportunities and Threats.  This is called a “SWOT Analysis.”  Ask the questions, “How does it stand up in the current industry environment?”  

 Once that is done, update the SWOT Analysis and see what other area of the industry the company could thrive in.

Using this planning tool tells you how obtainable the “new concept” and also consider the following:

1) What do could you do to develop more strengths?

2) What could you do to guard against weaknesses?

3) How could you capitalize on each opportunity?

4) How could you protect against threats?

Answering these questions will help you consider how “scalable” is for the market shift.  To give an example of this, in 2000 Morgan Spurlock started a web production company called “The Interactive Consortium.”  He then shortened the name to “The Consortium” and realizing that there were too many companies using that name, he shortened once again to its current name “The Con.”  Then to his and everyone else’s surprise, the dotcom industry, at that time imploded.  So he went from a web production company to a documentary film company where he created the award winning film “Super-Size Me.”  The key point is the concept of the start-up company was adapted to fit the market change.

Changes in the market will always occur.  What will be favorable for one industry and some companies will be unfavorable for others.  A start-up company must commit to tracking trends in the industry therefore making change an adaptable opportunity rather than a downfall.  It is always easier to maneuver when you know what shifts are on the horizon.

-Brian Tracy

Every individual begins life with two fears: the fear of loud noises and the fear of falling. As children we play “grown up.” Who we are, who we want to become and how we are going to do it, the possibilities are endless. We are open to achieving everything our heart desires. Then we become “grown ups” and the “realities” of what we believe we can achieve and will achieve set in.

In actuality, our adult dreams are fueled by our childhood passions and our realities are the skills and desire we possess and contribute to make it happen. How many times have you wanted to achieve a goal and it doesn’t happen? Yes, there are circumstances beyond our control and often that is indication of finding another path not another dream. When we wish for something and we don’t know how to make it happen, it remains at a perpetual distance. The important issue becomes bridging the distance between a dream and a reality.

Bridging the gap becomes the continuous “how to” question. There are steps that can take you from dream to reality. Whether you have a business goal or personal goal, as you read the steps think big and be outrageous. It’s liberating.

Step One

The Goal: You have a dream; turn it into a goal by bringing it into the present moment. Write it down clearly and specifically. Be a kid again and don’t judge the possibilities. Give your dream a date and a deadline. Now you have a goal.

Step Two

Your Intention: On Dec. 31st, we bring in the New Year with new resolutions. How many of these resolutions are realized? The key is to link a strong emotional desire to the goal. This desire, a driving force, becomes our intention. The magnetism that opens up pathways for thoughts, ideas and opportunities to join together

Step Three

The Plan: Break your goal down into smaller goals and outline the how you are going to achieve your major goal. Keep your plan short. The shorter the plan, the easier it is to focus on the major points and you risk less of a chance of dispersing your efforts.

Step Four

Action: Do something to make it happen. You have your goal, your intention is strong with a written plan, make a move. Acting in spite of fear; in spite of doubts and in spite of what family and friends might tell you is the best reward in life we can give ourselves. This is how a dream goes from the non-physical, in your mind to the physical, where you can see it.

Step Five

Stay focused on what you want and what you are doing. Knowing what we pay attention to expands is crucial to our mental focus. Tell yourself you will not be distracted by people, places or things.

Always remember these are your dreams and your life. The only permission you need is your own. Go further, create new experiences, and grasp greater ideas even if you feel uncomfortable because soon you won’t. Be all you can be.

-Francis Bacon

Throughout global history, people have created innovative solutions to social issues. Not only improving the lives of individuals but possibly changing the way a social system operates forever. The disciplines of the business world are being used to remedy social problems, unifying business principle with social ventures and purposes. This creates enormous benefits and these people, the change-makers are you and I.

Having a business with a social purpose can exist within several forms. It can be the sole objective of a company, collaboration with an existing venture or being a part of a large communal collective. The main goals are the purpose itself, understanding the level of sustainability you intend to generate and knowing a “social purpose” can be non-profit or for profit.

When a business has a social purpose it becomes involved in addressing societal values and social needs for a collective benefit. Most often companies create a mission to change or sustain a social value and not just a private sector value, although the two can intersect. For instance, on a large scale, real estate development companies create “80/20 buildings.” This is when 80% of the rental is market rate and the remaining 20% is allocated to affordable housing. On a smaller scale, a company could join an existing recycling venture in a local community. Depending on the goals, the benefits can be a cleaner neighborhood, strengthening local responsibility and adding an economic base.

Defining the social purpose itself is the key. What are you going to do and why? A company or individual can achieve this by asking, “What needs to be done?” Once you know the aim, look at sustainability. Simply ask, “For how long and how large?” Will these initiatives continue for years or a short term contribution that will create lasting effects. One example could be making a collective contribution to an organization that provides micro-financing to entrepreneurs in developing countries. This maybe a one time contribution but it is guaranteed to have a lifetime effect.

Whether a “social purpose” is formed around a for profit or a non-profit, as a business owner, you will always consider the economic viability. This includes demands on time and the delivery of the service.

These are a few considerations to keep in mind for economic viability:

1. Incorporating the success of the business along with the social purpose.
2. Initiating and maintaining a social support system
3. Level of commitment to the goal

Having a social purpose is being a change-maker. What do you stand for and what do you want your company to stand for? We’ve all heard of “giving back.” Now determine what it means to you.

By the middle of the week I was in the emergency room at a hospital in lower Manhattan. When I left the hospital I knew my left leg was injured but the hospital couldn’t provide details. I needed to see a specialist. I was still calm. By the following week, I was in an orthopaedic surgeon’s office listening to what was to come. I needed two surgeries with a 12 to 18 month rehabilitation period for the second surgery. Walking would be regulated to the distant future. My calmness exchanged itself for sheer shock. It’s not what I wanted to hear. I had plans. I’m directing a film, I own a company, my work requires me to stand 14 hours a day, I have investors…I just stared because I couldn’t make any of this go away.

This was definitely as unforeseen as events come. The impact it was going to have on the growth of the company was totally up to me. As a business owner one of the key things you will begin to ask yourself is “how do I find a way to keep going?”

1) Give yourself some space.

This will allow you to do a self- assessment of the business and of you the individual. After finding out I was going to be non-ambulatory for a period, my priority was to figure out what my needs were going to be. This way, I could assess the needs of the company.

2) Don’t beat up on yourself.

Life happens to all of us. One of the best preparations for a business owner and entrepreneur is to have your insurance in place. This includes health, disability and life insurance.

3) Who/What is your support system?

Having a business support system is just as important as a personal support system. Can you call on a mentor? A colleague? Another business?

4) Create around all the things you can do?

In my case, my injury caused a physical limitation so the type of work I focused on changed. I could not be on the film set or even walk down the block. I transferred my focus to creating content. This was something I could do with a pen and piece of paper.

5) What are the areas in the business that need strengthening?

Take a look at your marketing, sales, development and production. Is there any area that you need to gain more knowledge in? Reading can give you an edge. This is also a perfect time to do a SWOT analysis based on the current situation.

6) What type of business do you have? What can you delegate?

Look at the size of your company, your staff and how it functions. What tasks can be handed over to someone else? In the first few weeks of my injury, I brought an assistant on board to handle phone calls, meetings and coordinate the space I needed. If you’re a one person business, can you recruit an intern?

7) Take stock of your business and your resources.

What do you have access to? Whether its books, a laptop or a home office, these are all resources which can keep you motivated. One of the things I did was build a digital production system with donated computer parts.

Write, Write, Write!

The ideas you have, your feelings, your views, they all need expression. Journaling brings clarity. Once we transfer our thoughts down on paper, a cathartic process happens.

Understand where you are at and what you can do now. When an unforeseen event happens, there are no losses, it’s all about learning. Learning how to handle the new circumstances and growing with them. My focus on content began with writing. I outlined screenplays and wrote them. Now I have product that I can sell, market or produce. I took my company from being production oriented to research and development oriented.