SlideShare a Scribd company logo
Now? Is this
your time?
By: Madelaine Cohen
www.lipsticklearning.com
So often I am asked how do you know if the time is right to leave
employment and start your own business? I wish I had the answer to this.
It may have prevented me from literally living off the top ups on my credit
card in the early 1990’s, something I will never do again. So after a few
decades of deciding whether I timed the move to free enterprise right I have
some criteria that may assist.
What we do know is that the vast majority of small businesses fail. And the
reasons for this vary. Cash flow is obvious. To me a successful business in
the first six years needs planning, personality, life cycle structure, trust and
cash flow.
A number of years ago I attended a Tony Robbins event in Melbourne called,
“Business Mastery.” One of the highlights for me was looking at the
processes of developing a business. Starting with the infant, toddler, child,
teenager, mature adult and old age as a parallel to the life cycles of a
business. Yes, the teenager was out of control! It’s good to look at a
business plan in this way and develop it in line with an evolution.
Knowing how many people I talk to about the concept of free enterprise I
have discovered that owning your own business takes hard work.
I have seen a number of people develop their business plans around
retaining their current income or employment at the same level until their
new business has replaced their income. Had I known this in the early
1990’s I would have rethought the blinding dive straight out of employment
and into business.
What I have also observed is that the people who are most successful in free
enterprise are prepared to do tasks that many people would not do. In
business and especially start ups there can be lots of negative feedback from
well meaning friends and colleagues. It’s important to look at this from
where it comes and assess the validity of the advice in your circumstances.
There’s no right or wrong, and it’s different for every individual. Well
meaning advice can be right and just not right for your circumstances.
The trusted network is showing some incredible promise in start-ups today.
How we run and build our businesses has evolved considerably over the
years and taking the time to ethically support your business with a trust
based approach is critical in this process. I have always been inspired by
the work of Sales Trainer Ari Galper in his timely lessons about selling goods
and services and building a successful business.
Some people will never have the planning, personality, life cycle structure,
trust and cash flow to pull off a successful start up, and so the timing is
never going to be right. It’s just 2% really who will go the distance. Before
you start, decide if that’s you or not.
Madelaine Cohen
Lipstick Learning is an initiative of Sydney based business
leader & entrepreneur Madelaine Cohen. Sharing information
to increase the success of people who choose to lead. With
more than two decades in her own businesses in consumer
products, sports marketing and healthcare Madelaine takes a leading role in
helping people transition from employment to their own business in the
health, beauty and anti-aging sector. She works on a 100%, 10 x 10, $100K
model leading people to success and an income of $100K per year or more
in their own business.
Follow @madelainecohen
Visit http://lipsticklearning.com/enough-abuse/ to know more information.
Author

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Now? Is this your time?

  • 1. Now? Is this your time? By: Madelaine Cohen www.lipsticklearning.com
  • 2. So often I am asked how do you know if the time is right to leave employment and start your own business? I wish I had the answer to this. It may have prevented me from literally living off the top ups on my credit card in the early 1990’s, something I will never do again. So after a few decades of deciding whether I timed the move to free enterprise right I have some criteria that may assist. What we do know is that the vast majority of small businesses fail. And the reasons for this vary. Cash flow is obvious. To me a successful business in the first six years needs planning, personality, life cycle structure, trust and cash flow. A number of years ago I attended a Tony Robbins event in Melbourne called, “Business Mastery.” One of the highlights for me was looking at the processes of developing a business. Starting with the infant, toddler, child, teenager, mature adult and old age as a parallel to the life cycles of a business. Yes, the teenager was out of control! It’s good to look at a business plan in this way and develop it in line with an evolution. Knowing how many people I talk to about the concept of free enterprise I have discovered that owning your own business takes hard work.
  • 3. I have seen a number of people develop their business plans around retaining their current income or employment at the same level until their new business has replaced their income. Had I known this in the early 1990’s I would have rethought the blinding dive straight out of employment and into business. What I have also observed is that the people who are most successful in free enterprise are prepared to do tasks that many people would not do. In business and especially start ups there can be lots of negative feedback from well meaning friends and colleagues. It’s important to look at this from where it comes and assess the validity of the advice in your circumstances. There’s no right or wrong, and it’s different for every individual. Well meaning advice can be right and just not right for your circumstances. The trusted network is showing some incredible promise in start-ups today. How we run and build our businesses has evolved considerably over the years and taking the time to ethically support your business with a trust based approach is critical in this process. I have always been inspired by the work of Sales Trainer Ari Galper in his timely lessons about selling goods and services and building a successful business. Some people will never have the planning, personality, life cycle structure, trust and cash flow to pull off a successful start up, and so the timing is never going to be right. It’s just 2% really who will go the distance. Before you start, decide if that’s you or not. Madelaine Cohen Lipstick Learning is an initiative of Sydney based business leader & entrepreneur Madelaine Cohen. Sharing information to increase the success of people who choose to lead. With more than two decades in her own businesses in consumer products, sports marketing and healthcare Madelaine takes a leading role in helping people transition from employment to their own business in the health, beauty and anti-aging sector. She works on a 100%, 10 x 10, $100K model leading people to success and an income of $100K per year or more in their own business. Follow @madelainecohen Visit http://lipsticklearning.com/enough-abuse/ to know more information. Author