BizJitsu Techniques for dealing with Fear

Fear, doubt and complacency are the components of the Failure Triangle. In personal life we can afford some time to work through these issues; in business we better grab these problems by the ears and kick them in the ass.

It's perfectly natural to have some genuine fears when you're in business. If you're a business owner, entrepreneur, executive or manager you've chosen a life that involves risk; with risk comes fear.

Fear is a natural human emotion. Fear is designed to protect you from unwarranted dangers; it's a survival mechanism. Fear also keeps you from making stupid mistakes or taking foolish risks.

The fact is too many people think that courage is the absence of fear. The absence of fear is stupidity, not courage. Courage is your ability to face fear and take action despite your fear when necessary and warranted. Of course the line between foolishness and bravery is different for everyone. The entrepreneur is by nature a risk-taker; your risk tolerance may in your mind be calculated when others are telling you that you're nuts!

Fear causes inertia. Inertia left unchecked can deteriorate rapidly into complacency. When I'm talking about inertia I'm talking about letting a particular fear stop you from taking action that's necessary to move you forward.

• You put off making a difficult sales call.
  
• You delay an important decision for fear of making a mistake.
  
• You reschedule a difficult performance review.
  

In each of these situations doing nothing is probably less painful in the short term. The problem is that the longer you allow fear to paralyze you, the more likely the eventual consequence will be magnified.

BizJitsu Technique #1: Grappling!

Sometimes you've just got to get into your fighting stance and engage the enemy. This is close quarters combat. You're got to be willing to go to the ground. Of course this is easier said than done.

In order to be an effective grappler you've got to train. The more you train the more control you'll have over your fear. The fact is that a lot of fears are caused by a lack of preparation. Be honest and ask yourself if you're really ready for combat. If not; is this fear the legitimate result of a lack of preparation and training on your part?

• Have you done all the research you can on a new prospect?
  
• Have you done your due diligence and weighed all the options before you make a big decision?
  

BizJitsu Technique #2: Leverage!

Sometimes you've got to gain an advantage over your opponent. You can't fight strength against strength.

What I mean is that if your opponent is stronger than you; you've got to gain advantage by finding a point of leverage that will increase your power.

You can find leverage by seeking the advice and support of others who have faced similar fears. Leverage your network, peer groups, trade association colleagues and the people on your direct team.

Too many business leaders try to manage fears solo. If you want to motivate your team in difficult situations; share the problem with them and solicit their support as part of the solution. Leverage the power and energy of your entire organization to help you gain advantage over the fear you're facing and move forward.

BizJitsu Technique #3: Be one with the enemy!

Underlying almost all fears is the fear of failure. I'm not going to lay any trite platitudes on you; the fact is that failure is a necessary and inevitable part of the business process. It's just part of life.

You can play semantic games and say that failures are really just lessons; failure still sucks. The fear of failure sucks even worse. The fear of failure can cause a self-perpetuating downward spiral that can become debilitating if left unchecked.

So what do you do?

Accept failure, embrace it! Be one with this enemy!

Failure is just part of the human experience. There's no greater legitimate human fear than that of losing your own life. Can you imagine what was in the minds of the Apollo 13 astronauts when they heard and felt the explosion as they continued to speed away from the earth faster than a bullet? Can you imagine what was felt in the chests of all the engineers, mission control personnel and vendors that worked on the Apollo team?

It would have been perfectly understandable if fear had paralyzed anyone on the Apollo 13 team. Instead they accepted whatever circumstances and conditions they were dealing with and re-focused on overcoming whatever problems they faced. They quickly integrated failure after failure into their collective experience in faster than real time. This experience opened them up to the possibilities and solutions that would bring the astronauts home.

In the middle of the entire mess Flight Director Gene Krantz delivered his now immortal directive, "Failure is not an option!" His friends and colleagues were in that spacecraft. I'm sure we can all appreciate the fear that Krantz and his team faced. Instead of allowing fear to stop them; they worked the problem and transformed every failure into the solution that would prevent ultimate "Failure" with a capital "F."

Fear is a natural and essential part of our human experience. Part of the problem is that so far as we know, we're the only creature on earth that can intellectual consider the outcomes of our actions, or inactions, in the greater scheme of the impact those actions will have on our future and the lives of others. Your thoughts and actions transcend instinctive behavior; we consider the possible consequences of our actions and it makes sense that this process can sometimes cause understandable fear and trepidation.

You can also transcend the paralyzing effects of fear. Of course, this requires discipline and training. If you want to become better at facing and overcoming fear, it starts with small, attainable, actionable steps. Condition yourself by accepting ever increasing challenges and facing greater fears just as you'd add weights to a bar bell to slowly build your biceps.

Most of all remember that you're not alone! Fear seems to be the most isolating emotion; yet it's difficult to imagine any fear that hasn't been faced by someone else, and likely someone you know.

As a leader you may eventually have to act alone; and you're likely to bear sole responsibility for the consequences of that action. Never be afraid to call on others to help you prepare to take that action.

Jim Bouchard will train you and your team in BizJitsu: The Art of the Business Warrior! Call 800-786-8502 and visit JimBouchard.org for more information on BizJitsu and all of Jim's speaking, coaching and training services.




Note: Anxiety can be a debilitating mental illness that should be distinguished from the ordinary, albeit serious issue of fear discussed in this article. If you feel you may be dealing with authentic anxiety issues you should consult a qualified medical psychological professional.

Power is not Control…

But I never said control isn't important!

The second chapter in Dynamic Components of Personal POWER is titled "Top 5 Lies About Power." In that chapter I talk about the lies we've been told by people who either attempted to keep power and control for themselves, or those who with best intentions were trying to protect us from the pain and suffering of failure.

One of the lies is: "Power is Control."

Power is not, in and of itself control. Power is your ability or capacity to act or perform effectively. Control is your capacity to restrain, command, dominate or regulate. You may be a very effective and powerful person, yet there may be circumstances, conditions and dare I say people you simply can't control! In the case of people, I'd argue that outside of logical restrictions that keep us from killing and harming one another, control is usually either an illusion or best left to dictators.

There are things we can control and things we can't; it's that simple. By yourself you probably can't control the global economy, regulate energy prices or keep your three year old from throwing food. What you can do at any time and given any conditions is to increase your power. You can at any point in life increase your ability to perform or act more effectively.

How? Here are steps one through a thousand:

1. Embrace the never-ending process of self-perfection.
   


2. Repeat…
   

You don't need money to increase power; take that excuse off the table now. If you're reading this you have access to a computer. How do you want to improve right now? Reduce your answer to a word or short phrase and type it into your Google search. I just did a search for self-confidence; Google returned 13 million links. 13 million links to articles, studies, advice, products and services all to help me improve my self-confidence. That would keep me busy for a while!

The words "personal power" returned over 54 million links! I'm very happy to report that a video of one of my television appearances popped up on the first page of the search right next to a video by Jack Canfield! Within seconds you can have access to over 54 million potential resources to help you become more powerful and effective.

At any point along the way you have two choices: quit or keep going. Only quitting assures a predictable outcome; once you decide to take action everything is at risk. You may fail; you'll probably encounter some degree of frustration, self-doubt and fear along the way. You can also be assured that with every drop of blood, sweat and tear you'll get a little closer to your ultimate vision of success and happiness.

You can choose to worry about circumstances, conditions and people outside your control; or you can choose to control your own destiny.

• You can wait for a lay-off; or you can learn a new skill or trade.
• You can wait for your sales manager to buy you new contact software; or you can buy your own and start getting ahead.
• You can wait for the government to save the economy; or you can find a way to expand your market on the internet.
• You can wait for the winning lottery ticket; or you can start your own business.

You're the only person responsible for your own success & happiness. Take a chance; go for it!

More powerful Google searches:

• Sales Training: 30.6 million results
• Language Study: 41.9 million
• Job Training: 43.1 million
• Leadership Training: 19.4 million
• Personal Coaching: 1.2 million
• Individuals affecting world economy: ZERO! (OK, I searched the exact phrase!)

Jim Bouchard is America's Black Belt Powervator; speaker, coach & author of Dynamic Components of Personal POWER. Get the power you want for personal and professional success NOW! Visit JimBouchard.org!

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Resolutions…Bullshit!

Resolutions don't work; period. Statistics show that only 12% of the people who set resolutions will keep them past the first month. Why is this figure so pathetic?

• Goals are not specific enough.
  
• Don't have the material, emotional or spiritual resources needed to see the goals to a successful conclusion.
  
• Goals lack rational, sustainable motivators.
  
• Resolutions are simply too big.
  
• Small set-backs become major failures.
  

Big ideas are great and emotion can be a fantastic motivator, but to finish the job you need a rational inventory of your current resources and a manageable series of goals that lead to your greater success.

This year replace your resolutions with a New Year REVOLUTIONtm. Completely change the way you think about goals for the next year.

First step: Take an inventory!

Whatever you're going to do in the coming year is dependent upon the resources you have at hand right here and right now. Of course, a valid goal can be to expand those resources, but you've got to start somewhere and you can't simply invent resources. You're going to need material, emotional and spiritual resources to activate and sustain your plans for the next year. What do you have in all three areas right now?

The best technique for taking an accurate inventory of material, emotional and spiritual resources is to take some time for gratitude. This doesn't need to be formal; simply take some time and think about everything you have right now. Include your friends, family and business connections; this support system is part of your emotional resources. Include your skills, talents and abilities. Include your positive traits and values like courage, work-ethic and character; these are your spiritual resources.

Next step: Big Ideas!

Take a little more time and just blast out some of the things you'd like to do if you knew this was your last year on earth! Don't worry about whether or not they're realistic yet, just organize your big ideas.

Now: Let's get real!

Finally, take a good look at your list of big ideas and decide which goals really motivate you physically, emotionally and spiritually. Then take these goals and decide which one best matches your current material, emotional and physical resources. Break that goal into a series of two or three small steps you know you can accomplish given your current resources and motivation. Now you have a set of realistic, attainable goals to start your New Year.

The best thing about your New Year REVOLUTION as opposed to resolutions is that you can start this process anytime, and revisit these steps at any time to adjust and accomplish your goals.

CAUTION: Too many people fail to achieve their goals because they allow minor set-backs to become major defeats. You may as well accept the fact that you'll face challenges and maybe even failures as you try to succeed; that's part of the deal. Rather than accepting failure, simply repeat this process, re-assess your goals, adjust and move on. You may have set a goal to lose 20 pounds before spring; losing 5 is a victory, not a defeat. Adjust your goal, your timeframe and keep going.

Best thoughts for success & happiness in the New Year!

Jim Bouchard is America's Black Belt Powervator; speaker, coach & author of Dynamic Components of Personal POWER. Jim returns to Maine for a special appearance at Borders in the Shaw's Plaza, Brunswick for New Year POWER: Creating Your New Year REVOLUTION! This event is Saturday, December 13^th at 4 pm; free and open to the public courtesy of Borders and Northern Chi Martial Arts Center!

Click here for more information on this and other coming events!

Turn Economic Disaster into Profits

Every disaster is an opportunity; that's an old martial arts saying that works as well on the field of business combat. In the Art of War, Sun Tzu says:

"Speed is of the essence in war. What is valued in war is quick victory, not prolonged operations."

Entrepreneurs who are willing to be responsive and nimble are best suited to make adjustments necessary to profit in an economic downturn. Moving quickly doesn't mean you should make rash decisions; it means to prepare yourself to make meaningful decisions without hesitation and without regret. This means embracing continual development as an individual and as a company. When you're constantly engaged in research, training and development you're best prepared to respond quickly and efficiently when an opportunity is available; particularly in the middle of a disaster!

Here are some ideas you can implement quickly to turn disaster into profit:

• Reposition your message; emphasize the essential quality of your product or service…
  When the economy tightens discretionary spending becomes a real problem to those who provide otherwise "non-essential" goods and services. Remember that when it comes down to it, anything above and beyond food, shelter, acute medical care and basic transportation is non-essential. Find essential qualities that people will not want to do without under any circumstances and promote that message vigorously. Of course I'm assuming you deliver quality goods and services!
  
  If you operate a restaurant emphasize the need for an occasional night out to reduce stress and keep your sanity during tough times. If you run a gym make sure people know that health is not a luxury but a necessity, particularly compared to the cost of medical problems related to a lack of exercise. If you sell financial advice, what better time to impress prospects with the need for sound guidance during confusing and fearful times?
  
  
  
• Give it away…
  There is no better time to give than when there is genuine need. Giving during tough times earns greater appreciation and builds loyalty with current customers and prospects. You still need to stay in business, but decide what you can afford to give and do it today. Can you do a seminar offering substantive advice? A restaurant might give a free cooking class highlighting how to prepare great meals on a budget. A doctor's office can give away a free exam to new patients. Membership businesses could offer a trial period, even if you haven't had to in the past. Give bonuses with premium purchases.
  
  Look for ways to contribute to your community; non-profits are hurting during these times as well and the goodwill and networking you'll develop with a gift of time or other resources is extremely valuable.
  
  
• Coopertate! Embrace the competition…
  "Coopertition" is a word I coined to describe my willingness to look at competitors as allies. Leverage trade associations, Chambers and networking groups to develop strategic alliances with competitors. Together you can create co-operative marketing campaigns, develop buying pools and share resources. Compete fairly and work cooperatively.
  
  
• Increase marketing; reduce advertising…
  I define marketing as what you're willing to do to promote your business. Advertising is when you pay someone else to do this work for you. Make decisions quickly to leverage your resources and go guerilla in your marketing efforts. Put some feet on the street and get back to good old fashioned relationship building and community networking in your market.
  
  
• Downsize…
  This is always a tough pill to swallow, but sometimes a quick reduction in staff, facilities or overhead can keep you running in the black rather than digging a deeper hole just to stay in business. Smaller companies and "soloprenuers" may lack the resources to weather a bad economic storm; don't be afraid to cut quickly when necessary and utilize newly available resources to build back your strength.
  
  
• Lower prices…
  Maybe the last resort, but usually a viable alternative compared to closing your doors. Can you operate for a time on smaller margins? If so, change prices quickly and make a big hairy deal about it! Make sure your customers know you're walking the walk with them. Times are tough, we're all in this together. Turn a price reduction into an opportunity to develop good will with current customers and a marketing opportunity to generate new business.
  

It's most effective to combine several strategies. Make decisions quickly and implement them immediately. Never look at any of these adjustments as a failure. You're doing what it takes to survive and prosper during difficult times. At the same time you're developing skills, knowledge and resources that will position you as a leader when the economy recovers.

No matter what you're facing; continually develop yourself personally and as an organization. Use down-time as a new found opportunity for training, research and planning. Position yourself to make more effective and efficient decisions now and in the future, in good times and bad.

Jim Bouchard is America's Black Belt Powervator; speaker, coach & author of Dynamic Components of Personal POWER. Watch for upcoming programs on how to prosper during an economic downturn. Stay up to date on this and other program, and receive thousands of dollars worth of bonus resources by joining our "NO SPAM" mailing list! Register at JimBouchard.org!

Get Back to Work!

Martial artists like to throw around Asian words and phrases from time to time. One of my favorites is "Kung Fu."

Kung Fu literally means an achievement as a product of great effort. A more direct translation for the Western ear would be "work." To achieve you've got to practice positivity and you've got to open your mind, body & spirit to possibility. To increase probability for success you've got to take action; you've got to get to work.

Today we're facing enormous challenges in business. Whether you're an employee or an employer there are conditions and circumstances beyond your control that are impacting everyone. More important, no matter what the current conditions and circumstances there are actions you can take here and now to take control of your success.

1. Ignore circumstances and conditions beyond your control. That may be a tough pill to swallow, but until you let go of what you can't do anything about and start focusing on what you can do you'll be stuck in a vacuum of negativity. Decide exactly what you can and can't control and start focusing on actions that will produce direct results.
   
   
2. Always prepare for the day you're obsolete. If you're in business, prepare yourself for the day when your goods or services are no longer marketable. Explore how you might transfer your skill sets to a new sector, look for new & receptive markets, and investigate new marketing angles or repackaging & repurposing your product or service lines.
   
   If you work for someone else make sure you're networking with people in your field outside of your workplace. Join associations and trade groups and know who is looking for good people. Take advantage of every training and educational opportunity available at your place of employment.
   
   
3. Make yourself more valuable. In business or employment, there is always opportunity to make yourself more valuable. You do this by making yourself more effective; by increasing your ability or capacity to perform or act effectively. You make yourself more powerful.
   

You probably have no control over the global or even local economy. You probably don't decide which military bases will be closed, which manufacturers decide to go overseas or which retailers file for bankruptcy. You can always control the process of continual self-improvement.

With the access to training and education we have today there is no excuse for complacency. You may face tough decisions including moving, changing careers or delaying retirement. Some of these decisions may be made for you. There is no reason to face these decisions unprepared.

1. Take full advantage of every training opportunity available at your place of employment. Don't wait for these opportunities; seek them. If they're not available, find them on your own.
   
   
2. Network; get to know the people who can help you find your next opportunity. As you increase your value and others know your value; there will be people in your network waiting for you to become available. Networking is not just for entrepreneurs, sales reps and CEOs; it's for everybody.
   
   
3. Learn: Always! Take courses at your local adult ed or community college…Can't afford that? Get to your local bookstore or get on-line…still out of reach? Get to the library; they still have plenty of books and most of them now have computers.
   

Power is your ability or capacity to perform or act effectively. Power increases value; the greater your capacity to act effectively the more valuable you are. When the axe comes down, the more valuable you are the less likely your head will be the one on the block. If it is, the more likely you'll quickly find your next opportunity.

There is much you can't control; you can always increase your power. The way to generate power is to get to work: Kung Fu!

Jim Bouchard is America's Black Belt Powervator; speaker, coach & author of Dynamic Components of Personal Power. You want a kick to get you started, become more powerful and develop more options in your life and career? Visit JimBouchard.org and click on the PersonalPOWER, EntrepreneurPOWER or Life Coach button!

How to Make a Million, without Spending MORE…

A few years ago I sat at my computer performing the excruciating but necessary year-end bookkeeping review for my martial arts business. I was fully immersed in the tedium of correcting account assignments, reconciling bank statements and trying to remember what the heck I spent $49.95 on that ended up somehow in unassigned expenses.

Just for fun I punched up a profit & loss statement and entered “ALL” in the date range. I thought; let’s take a quick look at the big picture. To my surprise and I must say, with a tinge of pride the gross income total was just a whisker over one million dollars. I had made my first million!

It didn’t seem to make sense. I still hadn’t drawn a real paycheck on any consistent basis. I had no cash reserves and the only profits I’d made existed only on paper. Thankfully before I put a deposit on my Learjet, I took a good look at my gross expenses, debt service and balance sheet. I had indeed made my first million; but it had taken a million and a quarter to do it!

Here are a few tips from my How to Make Your First Million as an Entrepreneur without Spending More than a Million to Do It seminar, whew! I share my experiences and offer some advice with the hope that you’re your day of becoming a millionaire will be a little more satisfying than mine!

1) Ever hear the scalded frog story? Debt works the same damn way!
Borrowing a large sum at once may be a challenge to a new entrepreneur, but it’s all too easy to borrow small sums and those small sums can add up to big debt. It’s very easy to use unsecured credit, lines of credit and credit cards to dig a big credit hole.

If you dropped a frog into a pan of boiling water he’d jump right out. Put him in a pan of cool water and slowly turn up the heat and he won’t notice the gradual change; despite becoming a par-boiled frog! In the same way short borrowing can turn you into a par-boiled entrepreneur.

Part of the problem is that debt service on your principal doesn’t show up on your profit & loss statement. It does reduce the liability on your balance sheet, but only interest is an expense. Be sure to create full cash flow reports with all debt service, principal and interest included, to see where your money is going. This is how you can inadvertently create “paper profits.”

2) Family business is above all, business.
You’ve no doubt had someone tell you never to do business with family or friends. From personal experience I may be inclined to offer the same advice; but for many of you involving family and friends may be a great way to get started or expand your business. Before accepting help from family and friends there is some business you should take care of.

In matters of business treat family like strangers. That means above all get everything in writing. Nothing can destroy a business or a family faster than leaving business matters to trust. Blood may be thicker than water, but ink is thicker than blood.

In writing establish how the business relationship will start and how it will operate. Clearly define rolls, responsibilities and distribution of revenues. At the beginning, establish in writing how the business will end. Provide clear exist plans for each person involved or investing in your business.

3) Contrary to popular belief, your passion does not always make a great business and you need more than passion to succeed.
There are a lot of books, seminars and speakers that teach that the key to success is to find your passion and pursue it relentlessly. Well, not exactly bullshit but not exactly true every time. Your customers don’t necessarily have to care about your passion as much as you do; but they have to care enough to want to buy it! If there aren’t enough customers who want what you love and you still want to pursue your passion; you better be prepared to move.

The next problem with this line of thinking is that there are people who are extremely passionate about something, but just plain suck at it! An essential part of creating your vision of success is to identify your talents and abilities. You’ll also need a good inventory of your material, emotional and spiritual resources to make sure you’ve got what it takes to get where you want to go. If you find you lack the talents and abilities to make a living at your passion, make it hobby and enjoy it! Hobbies are an important component of emotional and spiritual wealth. Chasing off creditors and worrying about keeping your home while you try to save your business of passion is stressful, unhealthy and just plain sucks.

I’ll support the theory that passion is an important part of success. Rationally assessing your passion in relation to your talents, abilities, resources and market is just as important.

I’m not throwing water on your entrepreneurial fire. If your talents and abilities are raw, your first step may be to develop those talents. If you’re lacking in resources, you may set short-term goals to increase these resources. If you truly believe in your ambition and you have the courage to risk failure, you’ve got most of what it takes to make it as an entrepreneur. You can learn the rest.

Passion without balance becomes obsession. With focus, timing and some planning your passion can fuel your greatest success.

Join Jim Bouchard, America's Black Belt Powervator for a special webinar on Business Expert Webinars:
How to Make Your First Million as an Entrepreneur…Without Spending More than a Million to Do It!

Click here for details and to register!

Are You Sick of it Now?

Here’s how today’s headlines should read: “Congress Devolves into Name-Calling, Hair-Pulling Clutch of Petulant Children.” Of course, that might not be too far off the mark on any day in Congress.

I’m not picking sides; they’re all making me completely sick. We’ve got to try to figure out what the impact of the banking meltdown is going to have on our own businesses and on our neighbors. As someone who prides myself on being a student of politics and current events I have to admit painfully that I throw up my arms in frustration and disgust.

Hourly I’ve listened to partisan pundits blame the other side for current conditions, or brag about the heroic efforts their side is making to bring this wildfire under control. For the record, I’m a registered Independent and this is why. I’m absolutely sick to death of the constant petty partisan bickering, name-calling and accusation that is in fact the root cause of this entire debacle.

I’m sorry to shatter any illusions, but in legislative bodies legislation is not created in a spirit of bi-partisan interest in the American public. Articulate arguments and well-crafted oratory are not what seduces members of one side of the isle to the other. The fact is that on a national and state level, our laws and regulations are the result of a vestigial and wasteful quagmire of constant deal brokering, vote exchanges, earmarking and pork trading. Let’s throw in a healthy dose of nepotism and insider favoritism and we’ve got the system that has devolved to our current state of affairs.

The greater fact is that nearly everyone we’ve elected to office is complicit in this criminal abuse of our trust. There are some who claim they didn’t create the regulation or de-regulation that led to this crisis or those who did or didn’t carve out personal deals on loans, under the table compensation and favors and campaign contributions. Shame on you for not keeping your eyes on the ball; shame on you for keeping quiet when you smelled the leaking gas and didn’t warn those of us who put you in office and most of all, shame on you for not trusting us to understand this problem. Stop your selfish squabbling, stop your foolish CYA maneuvering and tell us what the hell happened, in plain English with names and addresses attached.

I have one more finger to point: To everyone of you who has said at one time or another that your vote doesn’t count, that the government is going to do whatever it wants anyway, that you don’t have time to get involved, that you don’t read the papers or watch the news; shame on every single one of you.

A single vote is not statistically significant when dealing with the vast numbers associated with a national election. When you do not exercise this responsibility the lack of your single vote resonates across the country. Your single vote may not decide an election; however by refusing to participate you surrender the one power guaranteed to you that makes you different than the citizens of most of the world. You surrender your voice; the voice that gave birth to our nation.

America is facing pressing problems. There are many issues on your state and local ballots that can make the difference between prosperity or bust in your communities; and in these elections a single vote just might be the difference. Vote your conscious; I don’t care if you agree or disagree with me. If you responsibly vote your conscious and your position is different than mine so be it; I respect your point of view and we have a basis for discussion. If you don’t vote, I don’t want to hear it!

I have faith that we will persevere and we will prosper, but only if you participate. It’s your responsibility to vote. It’s your obligation to learn as much as you can so you can vote responsibly. I know that’s difficult, but let’s do the best we can.

This November if nothing else let’s take back what’s rightfully ours: government by the people.

Jim Bouchard is America's Black Belt Powervator: speaker, coach and author of Dynamic Components of Personal POWER. Learn more about Dynamic Components and Jim at JimBouchard.org!

Two Filthy Words Again!

I’ve been watching very little television lately. Quite by accident I happened upon a panel discussion on one of the early morning newsertainment shows featuring a group of college students and someone who was offering advice for managing finances during and after college; it got my attention!

Then I nearly threw up! I had just eaten breakfast as these words, as nearly as I can remember them actually came out of the mouth of one of these babes: “I thought that when I started cutting back on my Starbucks frappacinos it would really make a difference; I really didn’t realize how hard it would be!”

About two years ago I decided to investigate the cries that college costs were out of control. From the perspective of my all too often squandered youth: I can remember feeling the world was unfair, costs were too high and college was indeed very expensive. Point of fact: college was expensive for me because I wasted the opportunity. I skipped classes, partied too much and never graduated. I post a zero return on investment from my college degree because I don’t have one.

At any rate; the crying about high college expenses was beginning to severely impact my martial arts business. Parents were telling me that they had to make a decision between continuing their children’s martial arts programs or saving for college. For the record; investing in a quality martial arts program is one of the best ways to assure maximizing your investment in college tuition; but more on that in another article.

I had to find out if college expenses were really that out of control and if I could make sensible adjustments to keep my students while honoring those parents who were at least recognizing, and here come the two filthy words, PERSONAL RESPONSIBILITY for educating their children. There’s no way I could argue with a parent prioritizing the assumption of financial responsibility for higher education, particularly in this age of entitlement.

FACT: Post-secondary education is a privilege, not a right!

Before I completely piss you off; at no level is education a right. Historically you’ll find many examples of education being denied to Americans because of gender, ethnicity and race. In part to correct these injustices we enacted policies to not only guarantee, but in most cases to require education to at least a high school level. Still, this is not a fundamental right as spelled out by our Constitution and Bill of Rights. I only labor this point for one reason: If we could somehow restore the appreciation of education as a privilege we could go a long way toward helping students appreciate and take full advantage of the great opportunity of education at any level.

Back to our TV show: The next young genius was belaboring the impending burdens of student loans he was apparently forced into as the only option he had to finance his college tuition. I apologize for any lack of clarity in relaying this young man’s obviously well considered opinions as my thinking was clouded in this moment by a searing pain I was genuinely concerned may be a brain hemorrhage. At the word “unfair” it felt as if a stick was driven into my skull! “Exploitive loans, unfair interest rates, it’s not fair,” the words ripped at the back of my eyes. Once I knew for sure I was still conscious I did my best to maintain focus and follow the flow of this conversation when Frappacino Girl chimed in again!

I remember thinking that beer and a weekend ski trip were higher priorities than books and my next tuition payment. I also remember how easy “they” all made for me to dive into the deep end of college loan debt. What I don’t remember is anyone holding a gun to my head and forcing me to make these choices. I also clearly remember that when I complained about not having money for a ski trip because tuition was due; I was just as clearly told that it was up to me to decide which was more important in my life; of course I chose skiing! My fault, not theirs!
Sorry to be jumping around so much; this is a complicated subject, isn’t it?

Back to the parents of my martial arts students: is college really that expensive? Enter Michelle Obama; she claims that college expenses place an unfair burden on many families. Now don’t get me wrong, I’m all for providing assistance to help level the playing field and to make sure talented kids get the opportunity to share their talents with the world. This argument is not political; I’ve frankly gotten to the point where even I can’t tell the players without a scorecard. It seems any candidate that wants young voters is using some form of this platitude. Let’s just look at Mrs. Obama’s words and what they mean in this context.

Mrs. Obama attended Princeton and Harvard Law School. Her father, who worked at a city utilities job despite having MS should be held up as a model for trying to make life better for his children. Still, Mrs. Obama could have decided to attend less expensive institutions; attending Princeton and later Harvard were choices, not mandates.

Michelle herself should be held up as an example of how hard work pays off in school. She even skipped second grade based on performance. This early dedication to her work ethic no doubt served her well at university and later in professional life. She succeeded at two Ivy League colleges despite discouraging advice from her counselors and lingering prejudices.

I don’t know if she got financial aid to help her attend these schools; I’ll assume from her story that she did and she openly talks about taking student loans. Wonderful! These are both great tools to help finance a college education.

But…expensive? We can’t argue the fact that both Princeton and Harvard cost a lot of money to attend. I won’t even bother to lower the cost of Mrs. Obama’s education by adjusting for tuition in the 1980’s; let’s just assume she’s attending today at a cost of around $50,000 a year. Even if fully self-funded, let’s estimate the total cost of her post-secondary education at around $200,000. Given her last reported salary as Director of the University of Chicago Medical Center in excess of $320,000 a year. Isn’t that about a 65% return on investment for just one year in that position? I’d take that in business every day of the week!

College can cost a lot; considering the return on investment it may be considered cheap. The average return on a college degree is one million dollars over the course of a lifetime compared to people with only a high school diploma. Expensive?

Back to the TV show: no offense to Starbucks their reputation for a quality luxury product is beyond reproach. It just seems interesting that these young people don’t have a problem spending $6.00 on a cup of coffee, yet consider their college tuition expensive.

And…we haven’t even considered the average cost of a college education or less expensive alternatives. My research found a list of the top 20 business schools offering MBA degrees for $15,000 or less. Here are some sobering, and in my humble opinion, very encouraging figures:

• 56% of 4 year college students attend schools charging less than $9,000 a year.
• 43% of students attending public colleges & universities pay between $3,000 & $6,000 a year.
• Even at the high end, only 6% of students attend schools that charge more than $33,000 a year.
• Public 2 year programs charge an average of $2,300/year; less than 2% of average family income.
• More than $130 billion dollar in financial aid is awarded to students EVERY YEAR!
  2/3 of all undergrad students receive financial aid averaging $2,000 at public 2-year colleges, $3,600 at public 4 year schools and here’s the shocker: $9,300 for private 4 year colleges!

Is my math way off, or are we doing a tremendous job at making college affordable? Where’s the disconnect? Of course, this information has to come from some slanted source with an agenda for wasting money on anything but education, right? Actually, this data is readily available for your own scrutiny at CollegeBoard.com, a website designed to help you find and finance a quality college education.

Now for the “unfair” loans cited by our frappacino drinking friends:

• The average loan burden of a needs based student according to CNN is $13,800. Compare that to around $10,000 in average credit card debt for Americans.
• These “unfair” loan rates have just been reduced by Congress from 6.8% to 6.12%, and you don’t start paying on these loans until after graduation. Kind of like “no payments until fill-in-the-blank” loans for furniture? Compare again to average unsecured debt interest rates at 22% to 25% and it really looks like a rip-off, eh?

What’s the story? Time to get back to our 2 filthy words: PERSONAL RESPONSIBILITY!

The fact is that college is still a great investment. My message is POWER: Your ability or capacity to perform or act effectively. Can you perform or act effectively without college? Can you be successful without a college education? Certainly! I consider myself successful on many levels and I absolutely squandered my college opportunity. However…

…I wouldn’t advise anyone to do it the way I did.

I learned the hard way; with the gift of hindsight I can honestly say I wish I had completed my degree and entered the real world with a college diploma. A college education is a wonderful opportunity for expanding your effectiveness for the rest of your life. A college degree can be an incredible resource in developing Power for personal and professional success and happiness.

If you or your family have the resources to finance a college education; then do it. Quit bitching and whining, make the sacrifices you need to make and invest in yourself and your future.

If you genuinely need assistance to pursue a college education; here’s some useful advice:

• The best thing you can do to access merit scholarships is to perform well in high school. Pay attention, get good grades and take full advantage of your high school education privilege.
• There are circumstances and conditions beyond your control. If you’re attending a high school in an underprivileged area, focus on what you can control. Same advice: study hard, develop good work habit and earn good grades. You may have to work harder than some to get where you’re going, but that’s much more effective than waiting for conditions to change. Later, when you’re successful you can go back and change those conditions for others.
• Investigate all your options including:
  a) 2 year programs…at least to start!
  b) State and public colleges and universities. Many of these institutions provide top-quality educational programs at bargain rates!
  c) If you are targeting the most prestigious or expensive programs, consider starting at a less expensive college and earning the grades that will support a higher financial aid package at your target school.
  d) Consider a smaller course load that will allow you to work during your studies to support your tuition and living expenses.
• Most of all, start saving early and prioritize your spending during high school years.

Did you know that according to the Indiana Business Review the average American under age 25 spends over $1,500 a year dining out and $1,000 a year on entertainment? Cutting dining & entertainment expenses in half just during high school could pay for a full associate’s degree or cut the need for college loans in half for a four-year program.

Ultimately Power is about freedom. When you make yourself more effective, you become more valuable to others. Your opportunity for material, emotional and spiritual abundance increases. You have more choices; you enjoy greater freedom to live the life you choose. The foundation is Personal Responsibility.

I did not learn this lesson early. It took me over 30 years of living a life of cyclical scarcity to learn my lessons. My fault; I will not place blame anywhere but squarely on my own shoulders. With just a few years of focused effort you can save yourself from the cycle it took me my entire adult life to transcend.

You can apply a college degree to generate enormous Power in your life. Take Personal Responsibility and start creating your opportunities for a college degree now. Can you live without your frappacino today?

Check out Jim's CampusPOWER program for college & university students! How to get the most out of your tremendous opportunity, your talents and your abilities!

The Bull by the Balls…Literally!

Walking up Broadway in the Financial District of New York City I happened upon a crowd of tourists posing with one of the huge bronze bull statues that represent the power of Wall Street. Of course the bull represents a profitable, charging marketplace.

At this particular monument, the bull’s horns are pointing up the hill toward the heart of the District while those of us walking up the grade are treated to the rear end of the bull revealing a bowling ball size set of, well, bull balls! That’s not the funny part. Something a little unusual caught my eye as an Asian woman who looked to be about 60 years old crawled under the hind end of the bull.

As soon as she got underneath the bull’s bottom, she turned around, smiling grandly at her husband who was ready with his camera. Grinning ear to ear she cupped her hands and pretended to support the bull’s massive family jewels!

That’s when it hit me! I wish I had my camera; I would’ve snapped this picture and made a deal with this woman to produce a complete line of motivational posters & t-shirts. In one spontaneous moment of fun she summed up exactly what we’ve all got to do when the bull is turning his backside to us: We’ve simply got to take the bull by the balls!

We can waste time bemoaning the high-price of energy and the struggling economy, but haven’t we been through this before? We’ve faced hard times as a country and most of us have faced hard times as individuals. What should we do? It’s certainly our right as Americans to bitch and moan; but I don’t remember that tactic doing me any good in the past. I’ve done my share of complaining but this time I’m simply not going to do it.

I’m going to take the bull by the balls and focus on what I can do. I can make myself better. I can make myself more valuable. I can market myself better. I can look for opportunities where others see disaster.

This time around I’m not looking back; I’m going to be the bull.

For more thoughts on dealing with difficult financial times and, gack, reccession, listen to recent PowerPOD episodes with William R. Patterson, Joan Sotkin, George & Mary-Lynn of BiggSuccess.com and Marsha Petrie Sue.