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Book Review: Small Business Answer Book

Book Review: Small Business Answer Book

    A book review by Reg Adkins. Small Business Answer Book (John Wiley & Sons, Inc. 2003), by Courtney Price.

    Since 1997 Courtney Price has written at least 5 books. Most of the books deal with business and management.

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    If you are well established and profitable in your business this book probably is not for you. But, if you have yet to make the leap to join the growing number of entrepreneurs or you are a fledgling business owner this is a good place to start.

    I particularly liked the third chapter of the book which examines the advantages and pitfalls of buying and existing business. This chapter breaks out a list of what danger signals to look for when buying a business.

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    1. Inadequate market potential.
    2. Serious competitive problems.
    3. Technological problems (for example a company that makes 78 rpm records would be technologically obsolete in all but the most narrow niche markets).
    4. Disadvantageous cost characteristics (an example would be if a competitor has a distinct cost advantage over you, like he not only sells the item but manufactures it as well).
    5. Seller backing out (this is particularly the case when you are negotiating to buy a family owned business that the owner has significant emotional investment in).

    Price also does a fair job of pointing you in the right direction to look if you are interested in buying a business. There is nothing earth shattering or particularly creative about it. It is just a list of sources you may have considered anyway. The benefit being the list is already compiled in one place for you.

    My favorite part of the book is the 12 page appendix. It does a good job of compiling a list of many of the small business resources you may need.

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    All in all, if you have just started, or are getting ready to start a new business this book is worth the $15.00. If you are well established and already profitable, buy your spouse a box of chocolates instead.

    Reg Adkins writes on behavior and the human experience at (elementaltruths.blogspot.com).

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    Last Updated on January 21, 2020

    5 Steps To Move Out Of Stagnancy In Life

    5 Steps To Move Out Of Stagnancy In Life

    In the journey of growth, there are times when we grow and excel. We are endlessly driven and hyped up, motivated to get our goals.

    Then there are times when we stagnate. We feel uninspired and unmotivated. We keep procrastinating on our plans. More often than not, we get out of a rut only to get back into another one.

    How do you know if you are stagnating? Here are some tell-tale signs:

    • If you have been experiencing chronic procrastination on your goals
    • If you don’t ever feel like doing anything
    • If you keep turning to sleep, eating, games, mindless activities and entertainment for comfort
    • If you know you should be doing something, but yet you keep avoiding it
    • If you have not achieved anything new or significant now relative to 1 month, 2 months or 3 months ago
    • If you have a deep sense of feeling that you are living under your potential

    When we face stagnation in life, it’s a sign of deeper issues. Stagnancy in life, just like procrastination, is a symptom of a problem. It’s easy to beat ourselves over it, but this approach is not going to help.

    Here, I will share 5 steps to help you move out of this stagnation. They won’t magically transform your life in 1 night (such changes are never permanent because the foundations are not built), but they will help you get the momentum going and help you get back on track.

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    1. Realize You’re Not Alone

    Everyone stagnates at some point or another. You are not alone in this and more importantly, it’s normal. In fact, it’s amazing how many of my clients actually face the same predicament, even though all of them come from different walks of life, are of different ages, and have never crossed paths.

    Realizing you are not alone in this will make it much easier to deal with this period. By trying to “fight it”, you’re only fighting yourself. Accept this situation, acknowledge it, and tell yourself it’s okay. That way, you can then focus on the constructive steps that will really help you.

    2. Find What Inspires You

    Stagnation comes because there isn’t anything that excites you enough to take action. If you don’t have a habit of setting goals, and instead just leave yourself to daily mundanes, it’s not surprising you are experiencing stagnation.

    What do you want to do if there are no limitations? If you can have whatever you want, what will it be? The answers to these questions will provide the fuel that will drive you forward.

    On the other hand, even if you are an experienced goal setter, there are times when the goals you set in the past lose their appeal now. It’s normal and it happens to me too. Sometimes we lose touch with our goals, since we are in a different emotional state compared to when we first set them. Sometimes our priorities change and we no longer want to work on those goals anymore. However, we don’t consciously realize this, and what happens is we procrastinate on our goals until it compounds into a serious problem.

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    If that’s the case for you, it’s time to relook into your goals. There’s no point in pursuing goals that no longer inspire you. Trash away your old goals (or just put them aside) and ask yourself what you really want now. Then go for them.

    3. Give Yourself a Break

    When’s the last time you took a real break for yourself? 3 months? 6 months? 1 year? Never? Perhaps it’s time to take a time-out. Prolonged working can cause someone to become disillusioned as they lose sight of who they are and what they want.

    Go take some extended leave from work. A few days at bare minimum; a few weeks or months will be great. Some of my ex-colleagues have quit their jobs and took months out to do some self-reflection. Of course, some of us might not have that luxury, so we can stick to a few weeks of leave.

    Go on a trip elsewhere and get away from your work and your life. Use this chance to get a renewed perspective of life. Think about your life purpose, what you want and what you want to create for your life in the future.

    These are big questions that require deep thinking over them. It’s not about finding the answers at one go, but about taking the first step to finding the answers.

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    4. Shake up Your Routines

    Being in the same environment, doing the same things over and over again and meeting the same people can make us stagnant. This is especially if the people you spend the most time with are stagnant themselves.

    Change things around. Start with simple things, like taking a different route to work and eating something different for breakfast. Have your lunch with different colleagues, colleagues you never talked much with. Work in a different cubicle if your work has free and easy seating. Do something different than your usual for weekday evenings and weekends. Cultivate different habits, like exercising every day, listening to a new series of podcasts every morning to work, reading a book, etc (here’re 6 Proven Ways To Make New Habits Stick). The different contexts will give you different stimulus, which will trigger off different thoughts and actions in you.

    When I’m in a state of stagnancy, I’ll get a sense of what’s making me stagnate. Sometimes it’s the environment I’m in, sometimes it’s the people I’ve been hanging out with, sometimes it’s my lifestyle. Most of the times it’s a combination of all these. Changing them up helps to stir myself out of the stagnant mode.

    5. Start with a Small Step

    Stagnation also comes from being frozen in fear. Maybe you do want this certain goal, but you aren’t taking action. Are you overwhelmed by the amount of work needed? Are you afraid you will make mistakes? Is the perfectionist in you taking over and paralyzing you?

    Let go of the belief that it has to be perfect. Such a belief is a bane, not a boon. It’s precisely from being open to mistakes and errors that you move forward.

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    Break down what’s before you into very very small steps, then take those small steps, a little step at a time. I had a client who had been stagnating for a long period because he was afraid of failing. He didn’t want to make another move where he would make a mistake. However, not wanting to make a mistake has led him to do absolutely nothing for 2-3 years.

    On the other hand, by doing just something, you would already be making progress, whether it’s a mistake or not. Even if you make a supposed “mistake”,  you get feedback to do things differently in the next step. That’s something you would never have known if you never made a move.

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    Featured photo credit: Anubhav Saxena via unsplash.com

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