TES 011 - Blow Through the Obstacles in Your Path - a podcast by Mel Abraham

In this episode, Mel Abraham continue our journey down the three phases of business life by digging further into Stage 1 of Phase 1 which is the Decide stage. We talk about the obstacles and challenges that may come up and the ways to navigate them:

1. Are you in the right business?

The right business is the one that is driven by your passion and vision. It serves at a greater level helping people shift their lives, and get solutions for their problems.

2. Financing: "I don't have the money to start a business".

There are different ways to access funds like debt, bootstrapping, crowdfunding and angel funding. We need to think about our capital requirements, costs as well as the legal costs.

3. I have a hard time finding customers.

To find the right customers you have to create loyalty, connection and relationships. Deliver customer promise by connecting with them at an emotional level. Know where your customers hang out, communicate and understand what they are looking for.

 4. When do I quit my day job?

Before you quit your day job, you have to have a sensible plan and the financial foundation to back you and your family during lean times. Make sure that the cash flowing in from your part-time endeavor is at least 30% of what you're making.

5. Should I be an entrepreneur?

Being an entrepreneur means being comfortable with psychological obstacles. Every day an entrepreneur needs to stand with one foot in the bank deposit line and the other in the unemployment line.

6. Obstacles with respect to legal, tax and money management.

Always make sure that you have proper legal advice. Get your taxes paid up front with a system in-place and get educated about book keeping.

7. Imposter syndrome

You get this fear that you're going to be found out, you're not good enough, and maybe you shouldn't be doing this. Don't suppress this self-doubt but deal with it and overpower it.

8. How do we deal with staffing? Who do we hire? How do we hire?

Do value based hiring, coaching and if necessary, firing. Make sure you hire people who have the same or similar values.

9. What is your competitive positioning?

Turn around and stand out in the world while avoiding being just another widget. Think about your competitive positioning and remember your customer and brand promise.

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ABOUT MEL ABRAHAM

Mel is the founder of Business Breakthrough Academy and Thoughtpreneur Academy where he helps entrepreneurs bring their businesses to the world and build the lifestyle that they want. Mel is one the most sought after entrepreneurial mentor and strategic thinkers of our time. Unlike many other so called “business coaches”, Mel has lived everything he teaches and continues to do so. Mel has built, bought and sold numerous multimillion-dollar businesses for himself as well as his clients. As the author of The Entrepreneur’s Solution: The Modern Millionaire’s Path to More Profit, Fans & Freedom Entrepreneur, Mel’s strategies have helped build thousands of businesses and have generated hundreds of millions of dollars for his clients, ranging from large corporations to startups and small family-owned businesses.

Mel is a true believer in the entrepreneurial way of life and says that this “new frontier” is the paradigm that will shift society from simply existing to living life bigger, bolder and on their own terms.

Meet Mel at http://melabraham.com/

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THE ENTREPRENEUR'S SOLUTION

The Entrepreneur's Solution is a weekly entrepreneur, business, wealth and lifestyle show where entrepreneur, speaker and author Mel Abraham reveals all of his business and entrepreneur building strategies. Mel is one of our time's most sought after mentors and speakers that not only teaches but also lives what he teaches. Discover how to design, create and build your business so it gives you the life and lifestyle you want.

Subscribe to the free entrepreneurial podcast here: http://melabraham.com/podcast

The Entrepreneur's Solution Blog on Tumblr: http://melabraham.tumblr.com/

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