Charlo Greene:
Okay. It’s Shmoney Monday. [inaudible 00:00:06]. Today, we are talking about overcoming the fear of failure in business. I’m Charlo Greene. If you ever need advice, feel free to ask me anything. Alisha from Atlanta wrote me saying, “I watch your Money Monday videos, and they’re super motivating. I have a great idea for a natural skincare line, but I’m afraid of everything that might happen if I fail. I’m a wife and mother of two and feel like I have to choose between going after my business dreams and continuing to support my family. Can you help?”

Charlo Greene:
First, thank you so much for watching, Alisha. I know that change can be a scary thing and when you’re taking the steps toward owning your financial future and becoming your own boss, you find yourself in a position to make all of the important decisions, but along with that comes the weight of knowing that if anything does go wrong, it’s all on you. That fear of failure is what stops most of us from reaching for more, especially when it’s not just us, but we have our kids and partners also relying on us to provide that stability that’s so necessary at home. So how can we overcome our fear of feeling in business? I’m going to break it down in two different parts. The first part we’re going to talk about is mindset. Then we’re going to talk actual strategy. Give you some tips that you can put into play today.

Charlo Greene:
On the mindset front, it starts with understanding the opportunity cost we’ll have to pay if we choose fear over freedom. I’ve done a whole video about opportunity cost before, I will link it in the description. Many women consider shrinking back, not going after their goals and settling into a life they know is less than the one they really want to live, a service or sacrifice they’re making for the greater good of their families, but they’re wrong. Especially, if they have daughters that’ll internalize the idea that it’s not only okay, but expected for a woman to sacrifice her dreams over fear masked as comfortability. That is opportunity cost.

Charlo Greene:
In every situation you have a number of choices including quitting or giving up before you even start. But with each choice you make, you have to understand that you are giving up the opportunities that come with the alternatives. So when you choose fear over pursuing your financial freedom, what are you giving up? The opportunity to show your kids the real role a woman is supposed to play in life. One where she takes ownership over her circumstances and isn’t shrinking back, but is leaning in to ensure the best possible reality for herself and her family.

Charlo Greene:
You’re giving up the chance to push yourself to new heights and really show yourself what you’re made of, which I can promise is so much more than you think. You’re giving up the opportunity to join millions of women around the world that are changing the status quo of workplace politics. Not because a group of men are allowing them to, but because these women empower themselves financially and weren’t beholden to the whims of any men when they decided it was time to change things for the generations to come. Understand sis, when you choose fear over freedom, that is what you’re giving up.

Charlo Greene:
So now onto the strategy part of things. How do you minimize that fear?

Charlo Greene:
Approach business with strategy, solid planning and leave as little up to chance as possible. So a few tips on helping your startup and ensure success.

Charlo Greene:
My biggest piece of advice is don’t approach business like you would have before 2015. What I mean by that is in the olden days, and the ’80s, ’90s, two 2000s, the approach to starting a business included spending months and thousands of dollars drafting an 800-page business plan, locking in tons of capital, securing a brick and mortar, building out an expensive team, paying marketing and branding agencies, both loading and hoping the market would buy enough of your product or service to pay everyone back. Eventually one day you might turn a profit, maybe sell your company, maybe go public. But all until then you are hustling for 18 hours a day, not enjoying the fruits of your labor, and not even having any time or energy for your family or the people that you’re building this new thing for.

Charlo Greene:
As a millennial business startup coach, I don’t allow any of my clients to waste time or resources on any of those things because applying that same approach today would be asinine, and would put you at an incredible disadvantage. With the advent of e-commerce, social media marketing, and globalization, starting a business in 2018 is literally as simple as putting up a webpage, running a few ads to test the viability of your product or service, pivoting and tweaking until your product and offer speak to your target market, which you will know because they are buying. Not promising to buy, but actually buying. And then scaling those efforts by systematizing the process.

Charlo Greene:
All of this can be done in a matter of weeks for less than a few hundred dollars in most cases. So I’ll break that down for you a little further. Start with steps one and two. Build a simple website that offers your product for sale. Then run some ads targeting your ideal customer. If no one buys, it’s either your product or your messaging. Tweak your messaging, maybe try tweaking your target audience, try tweaking your product presentation. If all the tweaking and twerking in the world can get anyone to buy your product, no one wants it, scrap it and try something else. But, you’ve just saved yourself the thousands of dollars and months that would have gone into that business plan. You’ve just saved yourself from… I mean, it’s one thing to fail on this level of things when it’s just you putting a few hundred dollars into ads and getting the site built. But when you have people investing in you and it’s usually family and friends that do at first, when you lose their money, that’s a whole nother level of… I mean, it takes a bit of your spirit away. You get a little beaten down with that.

Charlo Greene:
So this is a way to test the viability of your product while you still have your day job. And can work on this without having to rely on it paying off immediately because business is not easy. If it was, then everyone would be doing it for themselves. Especially first-time entrepreneurs. A lot of the time we see our product or service and we just know that it’s going to hit, but then the world happens and all of our plans are met with the reality of life.

Charlo Greene:
So this is how you ensure your startup sees success. While you still have your day job, dip your toe into this side hustle space by testing your products using the process I just outlined. When you finally have a product that hits, scale it. And when your side hustle income meets or beats your main paycheck, maybe it’s time to consider taking the leap towards full-time entrepreneurship, but don’t just quit out, right?

Charlo Greene:
Do it this way. Don’t follow the effort thing, this way with planning and strategy and learning and rolling with your target audience. And pivoting your product and messaging until you find what actually works, starts making money, and then makes enough so that it isn’t even a question on what I’ll need to sacrifice? What can I cut from our family budget so that I can pursue my dreams? No, you’re pursuing your dreams. It’s just going to take a little more work because you’re going to have to do your day job and now you have another job, possibly part-time, possibly full-time, but work your way up toward that full-time part. And then you’ll have the choice, “Do I want to continue working here or now that this is just… it provides everything that my family needs. Can I go ahead and pursue these dreams?” Absolutely, sis. You got this. You have got this.

Charlo Greene:
Now, this video and the fully written out article are up on my site, charlogreene.com. Again, you have any questions, need some advice, go ahead and ask me anything. I’m going to be doing a lot more female to female women focus content. Things look a little differently. They’re going to stay looking different. I’m really excited about a new direction I’m pivoting to… But that’s enough of that. I’ll announce that when I’m good and ready. But for those of you that are interested in entering the green rush, I’m hosting a free business webinar on Wednesday, October 31st at charlogreene.com/webinar. Just go ahead and enter your email address and register for that. Looking forward to connecting with all of you live. I will be focusing on the hundreds of questions that I’ve been getting from the green rush survey. Just going through and answering all of the questions that you guys have.

Charlo Greene:
I think that’s the best use of my time. Best use of your time. And then we’ll of course talk about the Green Business Masterclass. Green cannabis. Don’t want to say it because then I can… What is it? Boost or advertise with this video and that’s super important.

Charlo Greene:
Okay. But registration for the Green Business Masterclass opens on November 1st. It will be the last time that I open up registration for at least six months. It’s only going to be open for a week. Then the 2018 winter class, it’ll be in session. Instructor Charlo will be in.

Charlo Greene:
Those are my announcements. Like this video if you like this video. Share this video if you care. And again, be sure to subscribe. I’ve got a lot more dope content coming. See you.