#272 The right mentor can help vulnerable entrepreneurs get to revenue sooner

I discovered the Bank of Canada Inflation Calculator recently. Check it out, you'll be surprised.

This is what I have discovered.

In 2010, a basket of goods that cost $100.00 will cost you $133.65 today. 

That means that the writing is on the wall - our buying power is decreasing. You don't need to be an economist to see that a decade from now, we're going to be in a world of hurt if we don't do something about increasing our own earning power. I won't rant about the social safety net here but any doubt about it bursting at the seams is proven by our debt to GDP ratio. 

When it comes to tightening your belt - the truth is that many people are at that last hole right now. 

Everyone's dollar is shrinking and lifestyles are being impacted as a result. No one wants to work hard to get ahead only to be faced with an economy like this. Then there are the people who still have working life but they have so many barriers to employment that prospects are lower than ever. In 2008, when I was forced to put my house on the market it was an all time low. Barriers to employment and no more runway is not a great feeling. 

How do we maximize our own capacity? 

Enter the side hustle. 

Sides hustles are great ways to bring in a bit of much needed cash. In a perfect world,  you're working for someone else and you decide to go out on your own. You have to learn how to be a business person but you likely have a product or service that you're good at.

In the situation where you're forced into entrepreneurship, building a business is hard. Entrepreneurs are vulnerable when they have barriers to employment that require that they find something new to monetize. Think new immigrant who can't practice her craft in the new country or the 50 something empoloyee who has been let go because of downsizing. These situations take vulnerability to a new level. 

It also means doubling down on learning. You're learning how to be a business owner as well as learning a new area of expertise. That's a brutal position to find oneself in. You're suddenly "consciously incompetent" about too much and there's nothing that will erode your self esteem quite as fast as not having enough money while also doubling down on learning. 

Question #! is "what can you monetize?" 

The response you don't want to hear as a coach is "I don't know.". 

It's often the case and once  we go through the inventory of possibilities and get them to commit to one product/service, I like to quickly partner these vulnerable entrepreneurs with a mentor. The mentor I want to partner them with is the one who has learned lessons the hard way and who are willing to share "the things I would do if I were starting over". Those hard knocks often extend the runway to revenue. 

That's the goal isn't it - we want to turn on that revenue tap quickly not slow it down.

Want to bring in a speaker for your group? Reach out. 

www.peoplecanbiz.com