Jason D. Barr

Everyone approaches this issue from a different angle, really, so there’s probably not one true answer.  Personally, there are a few reasons that I can think of that motivated me to seriously pressing forward with starting my own company.

First of all, I wanted a little bit of diversification.  Everyone is familiar (I assume) with this concept; don’t put all your eggs in one basket.  Even Warren Buffett (he of the statement, “put all your eggs in one basket and watch that basket very closely”) admits that diversification is the best strategy for 99% of investors out there today.  If you have two sources of income (or more), and you lose one, it doesn’t hurt as much as if you lost your only source.  I have a job for a company in an industry that’s facing some serious downward pressure from the market.  Things may not go well at some point, and I may be out of that position.  If I have alternate sources of income (like the teaching I do on the side, or this business that I’m creating), then the impact of losing one stream of income is lessened.  It doesn’t hurt my family as much and it provides me additional time to find a way to replace it.

Secondly, I wanted to do this because it’s something I’m interested in.  I did the exercises I mentioned in my last post and I determined that I have this area where my interests and skills intersect (and that meets a need in the marketplace).  This is not true at my day job.  I may be moderately capable at being a financial analyst, but I’m no longer remotely interested in it.  It causes me physical pain to wake up and make the trip into the office on some mornings.  So, for the sake of my sanity, I really had to find a creative outlet; something that challenged me and I found enjoyable.  If there were no market for my services, it’d be a hobby.  However, since I believe that people will pay me for it, it will become a business.

Thirdly, the diversification and having multiple streams of income will allow me to have control over my own schedule and practice some creative lifestyle design.  By not having one place I have to be, day in and day out for nine, 10, 11 hours a day (or more for some people), you can be flexible in your schedule and in your committments.  If you have one position that pays all the bills, you have to be devoted to that one position.  However, if you have two or three or more, you can do a little of this and a little of that.  To me, that’s appealing.  I can change what I’m doing when one thing becomes too tedious, focus on something else for awhile, and come back to the original challenge refreshed and renewed.

Those are all I can think of right off the top of my head (I don’t really plan these posts out much, and don’t revise them hardly at all).  However, those strike me as three fairly good reasons to start doing something new.

So, the end result of my ruminations on this site (working through some exercises from What Color is Your Parachute? and then thinking hard about what came out of it) is that I’ve determined that I’m not really going to find a job that I truly enjoy.  There’s just too much baggage that comes with a job that doesn’t really work for me.  I don’t like taking orders, I hate having a set schedule, I don’t like “face time”, I’m not really interested in corporate ladder climbing for ladder-climbing’s sake, etc. etc.  For instance, if I had the job I have now, but didn’t have to go to a cubicle every day and punch the clock (even though I’m a salaried employee, I’m expected to be around from 8-5), it’d be bearable.  It wouldn’t be interesting by any stretch of the imagination, but I could live with it.

The thing is, I could totally do the job that I do right now from home.  I’d even be willing to pay for internet access, a cell phone and a computer out of my own pocket to be able to telecommute.  My boss and I talk face to face at least once a week, but it’s rarely ever more than twice a week, tops.  And, the things we cover could just as easily be handled via email or a phone call (or video Skype).  It’s simply the culture of the company that I work at that requires me to be in my cubicle for eight or nine hours a day.  I can see needing to come in to work one day a week and accomplishing all that I have on my plate that requires a physical presence.  Everything else is totally superfluous.

So, I’ve decided to start a business on the side in the hopes that it will quickly replace my current income and allow me some freedom to engage in creative lifestyle design (living life and earning a living on my own terms and in my own way).  If you’ve not heard the term “lifestyle design” before, google it.  You’ll find some pretty interesting things to read that will, if nothing else, provide some fodder for keeping you occupied on this slow week prior to Independence Day.

So, in much the same way that the Parachute series of articles wasn’t meant to be illuminating to anyone but me, the next few articles are mainly going to be a journal.  I’m planning on using this space to document the process that I go through to create this business entity, from initial conception to operations planning to the minutiae involved in getting a small business off the ground (accounting, setting up logistics, determining the right legal entity for the business, and so on).  If you don’t get a whole lot out of this, I’m sorry.  Please don’t take this the wrong way, but I’m not really doing this for you.  I only get about 1 hit a day or every other day on this website, so I’m sure I don’t have a big audience to disappoint.  Just for posterity’s sake, I wanted to clarify why I’m blabbing on.  It’s not that I’ve got knowledge to impart; it’s that I want to keep a record of what I do, so that I can look back and laugh at my mistakes.

So, just as an introduction to what’s going to happen on this blog after its hiatus (I graduate from b-school in two weeks), I’m going to be running through the exercises in the book What Color is Your Parachute ?. I bought the book a little over a year ago, but didn’t really go through the exercises. I’m seriously thinking about how to go into business for myself, but I’m not entirely sure what I want to do, you know? I’m just to the point where I can’t hardly stand working for someone else anymore. I don’t like the 9-5, I don’t like having to show up at the office, I don’t like being in a place where I don’t want to be. Honestly, if I didn’t have to do that, I wouldn’t be too upset about having a job. It’s just all the other stuff that goes with it, you know?

Anyway, there will some serious introspection going on around this joint for the next little bit. Don’t be concerned. By the way, as another caveat, I’ve recently gotten my first teaching job. I’m an online instructor for non-degree executive education certificate programs (talk about some qualifiers, huh?) at Thunderbird, my alma mater. I’m currently working on two certificates (Global Management and Doing Business in China), but have the potential to move into more. I’m hoping to leverage this into some other, more responsible adjunct or assistant professorships at community colleges and such. So, I have some idea of what I may want to do, but I think I could do more than just teach. Hopefully, I’ll find this out through these exercises.

“Physician, heal thyself” is a quote you may have heard before.  It refers to dealing with your own issues and difficulties before you go about trying to solve the world’s problems.  No one wants to take advice from someone who hasn’t done what they’re teaching.  Entreprenuership professors who’ve never owned a business, coaches who never played the sport, etc.  What’s the point, right?

Granted, I can’t be expected to teach something I’ve never done myself.  But, what if I’ve done something poorly, infrequently, or only once?  Can I teach then?  It seems to me that, in my experience, I’ve learned an awful lot by teaching other people.  You only need to read one chapter ahead in order to know more than your students, right?

If both you and the person you’re teaching approach the relationship with eyes wide open, I think that teaching something that you know very little about can be a good thing.  First of all, you as the teacher need to be willing to go the extra mile to make sure you’re studying relevant sources and gaining expertise from credible experiences.  Once that’s assured, however, you’ll reinforce what you yourself are learning much more thoroughly by sharing your newfound knowledge with someone else.

Of course, if given the opportunity, it’s always best to learn from someone who’s done what you’re trying to learn how to do.  Who would you rather learn how to throw a football from:  Joe Montana, or your grandma?  But, in the absence of opportunity to get close to a true subject matter expert, and concerted effort to learn all you can, and then impart it to someone else, will get you far down the road toward becoming a true authority in your new field of study.

Here is a transcript of Steve Jobs’ commencement address at Stanford University in 2005. I’m not a Mac person, per se (although I am using one to type this), and I’m not big on a lot of stuff Jobs says, but this is an incredible address.

When I was 17 years old, I read a quote that said something like: “Live each day as if it were your last. Someday you’ll most certainly be right.” It made an impression on me, and since then, for the past 33 years, I have looked in the mirror every morning and asked myself: “If today were the last day of my life, would I want to do what I am about to do today?” And whenever the answer has been “No” for too many days in a row, I know I need to change something.

This is the crux of the issue I was speaking about yesterday. Find your vision and chase it down. Otherwise, you’re not doing what you’ve been put here to do. There’s no purpose, no meaning, and you’ll drift through life day after day. Eventually, you won’t be able to meet your own eyes staring back at you from the mirror in the morning.

Be honest with yourself. Are you really doing what you want to be doing? Or, are you just doing it for a paycheck, or because it provides security, or status, or some other “benefit”? There’s nothing wrong with those reasons; you need to provide for your family, and security and status are very important to some people. However, are these things the most important to you? Is it worth 45-55 hours a week or more, 50 weeks a year for 40-45 years, just for some cash and a Mercedes? I don’t know about you, but those just don’t cut it for me. I’m not willing to trade time with my wife and son, and making a contribution to the welfare of others for those things.

I want to make an impact. I want to feel like I’m a part of something bigger than myself that’s helping other people, that’s adding value to the world around me. I want to leave this world a better place for my son, and I want to have people say when I’m gone, “Man, what would my life be like if it wasn’t for the things that Jason started? Where would I be without that?”. That’s the goal. The stuff we accumulate is fine, but it’s really a byproduct.

So, what’s the big deal?  Why should I worry about other people; shouldn’t I be looking out for number one (especially early in my career)?

These are questions that used to cross my mind quite often. Having grown up in these United States, I was thoroughly indoctrinated with the “John Wayne” mindset; I could do it on my own. Independence is valued very highly in our society (and rightly so). However, in asserting our independence, we often slide too far in the other direction and totally miss all the benefits we receive as members of society.

There are many things to be gained from our social circles, it’s true. However, if one approaches “networking” in the manner in which it is often conducted, that person will totally miss the point. Relationships aren’t something to be milked for all they’re worth. You cannot use other people to get ahead for very long before they quit allowing themselves to be used. Each relationship has to be approached from the standpoint of giving. What benefit can I provide for this person? How can I help him or her out with the challenge they are facing? What value am I bringing to the table? If we as individuals approach our relationships from a service standpoint, we will never lack for opportunities.

This mindset applies everywhere. In order to get a raise, you first need to demonstrate that you’re willing to put in the time and effort necessary to generate value for your organization. To be placed in a position of authority, one first must be willing to become a good follower; working hard to ensure the success of the team. In order to make friends, you need to be a friend first. An extremely wise Man once said, “the first shall be last, and the last shall be first”. Take a subordinate position, humble yourself, and be willing to learn. You cannot demand respect (well, you can, but you’re most likely not going to get it), it must be earned.

So, in order to build a network of friends and associates that you can draw upon for assistance, you first need to be a person who offers his or her assistance to those around you, without question and with no thought for being repaid. Don’t keep track of the favors you do for other people. It’s not worth the mental effort. If you give of yourself to others, be it financially, with time and expertise, or just as a friend who listens, you will always receive back more than you give.

Re-reading through one of my all-time favorite books of any genre (let alone self-improvement), The Magic of Thinking Big, by Dr. David Schwartz. I’d like to highlight a little of what he’s talking about in Chap. 2, just to give you a taste of some of the topics he covers. Though this is an older book (first published in 1959), the principles are timeless.

He mentions four reasons that people allow themselves to be defeated in the pursuit of their dreams, terming them different forms of the killer disease excusitis. These four are:

1. Health

2. Intelligence

3. Age

4. Luck

We’ve all met someone who’s constantly bemoaning the state of their ingrown toenails, the air quality, the pollen count, their fair skin that’s subject to burning, etc. etc. These people are probably in generally good health, but they allow themselves to think their way into every imaginable ailment known to human kind. What’s worse, these are the same people who will pass on this habit to their unfortunate, impressionable children. The kids don’t have a chance; they’ll grow up to be as big, if not bigger, hypochondriacs than their parents were. I realize that there are genuine health challenges that certain people face. However, there are those individuals (such as Mark Zupan, the inspiring paralympian from the documentary film, Murderball) who conversely face greater limitations to their ability to function in society than most of us will ever dream. These people don’t waste time pitying themselves; they go out and find ways to circumvent their challenges and thrive and achieve at the highest levels of society. Helen Keller, anyone?

There are very few people willing to publicly admit that they feel intellectually inferior to their peers. However, there are many who harbor these thoughts privately. The truth is, a few points on an IQ test matter very little (and can often be a hindrance). What’s crucial to success is not having all the answers, but the commitment to success itself. As long as one is willing to never give up, you can encounter as many learning opportunities as you can stomach.  Very often, those with a high IQ (and are aware of it) suffer from analysis paralysis or the habit of waiting for the “perfect time” to begin a new endeavor. Sadly, that time never comes.

Age is viewed as a hindrance not only by the old, but by the young. Our more mature readers must always remind themselves of the story of Ray Kroc (founder of McDonalds), who didn’t buy the restaurant from the McDonald brothers until well into his 50’s. One should consider this: a typical college graduate enters the workforce at 22, and the most successful leaders of companies and organizations will typically work well into their 70’s. This leaves a span of over 50 years to accomplish something in the business world truly worthy of the word success. A person really doesn’t even hit the midpoint of his or her effective working life until they’re around 50 years of age! Maybe this causes some of you to shudder, but it’s true. If you are one of the ones who shudders at that thought, we’ll discuss later how to find a calling that will excite you when viewed in conjunction with that last statistic.

Finally, luck; the most bogus of all nouns. Much like Santa Claus and the Easter Bunny, only the very young or the sorely misinformed believe in it. I’ve heard, as I’m sure you have, that luck is where opportunity and preparedness meet. If you’re ready for the opportunities that come your way, you’ll be one of the luckiest people around, and people will envy how you always seem to land on your feet. Be always ready through constant application of your current skills and the never-ending effort to gain new ones, and luck will find you.

So, these are the four strains of excusitis. Take note of the way you speak for the next week, and see if you catch yourself making excuses for why you can’t accomplish what others seem to do easily. Then, if you do see it, replace your excuses with affirmations. Much like Stuart Smally, you are good enough, smart enough, and, dog gone it, people like you!

So, as I mentioned previously, I was raised by a financial advisor. My dad made me save 50% of everything I ever earned, and I didn’t get to decide what I was saving for. It was just gone. I didn’t get an allowance; I had to do work. Not household chores, mind you, but mowing lawns or paper routes. Nothing was given to me. I didn’t appreciate it at the time (boy, did I hate handing over 50 cents on every dollar), but, when I cashed out a mutual fund to pay for my first year of college, I discovered my dad was pretty smart after all.

Will I make JD Jr. save 50%? Probably not. I felt it was restrictive, and it really didn’t give me a lot of money to learn how to spend wisely. It took too long to save up for anything, so I just frittered it away on nothing. My money problems came when I started college. I got a credit card (heard this story before?) and ended up running up a pretty big bill that I didn’t have any way to pay for. Due to some other choices I made, not related to the credit card at all, I ended up having to drop out of college and get a job half way through my junior year. Not having a degree meant I wasn’t qualified for much except manual labor or factory work. I chose the latter, because I could work nights and earn shift differential.

Let me tell you, $9 an hour does not go very far when you have to pay for rent, food, student loan bills (those showed up after I had exhausted my savings mid-way through my sophomore year), a car payment for a crappy used car, and credit card debt. I distinctly remember depositing a $600 and some odd check at my two week pay day and still being overdrawn at my bank by over $100. Those were not fun days.

When I was 25, I joined the Army (it was just after 9/11, and I wanted to do my part). I met my soon-to-be wife in basic training, and we were married 9 months later. She had debt, too, but we resolved that we were going to get out of it as soon as we could. We got married five years ago next week, and combined, we had over $40,000 in consumer debt. Today, I am proud to say that it’s less than $10,000, and that is on one car payment. We carry no credit card debt and live very frugally in an attempt to pay that off as quickly as possible.

So, I believe it can be done. For us, it came down to understanding that we really were in control of our lives. Both of us want to travel, work in foreign countries where we’re considered the outsiders, and give back to the world. We realize that those types of jobs don’t typically pay very much, so we know that we have to develop a lifestyle that’s rather spartan in order to be able to subsist on substantially less than what we currently make. It all comes down to crystallizing in one’s mind what is truly important to that particular person. Not everyone has to have my dreams, but everyone needs some dream. Once you decide what’s so important to you that you can’t live without it, then you’ll start doing what you need to do to make it happen, no matter how (temporarily) painful the process.