What is your definition of prosperity? Is it based upon the size of your paycheck, your bank account, or your house? I have interviewed nearly 100 bold talented individuals who made the big leap successfully into their dreams (aka Passioneers (sm)) and have investigated their views on prosperity. Our Passioneers included entrepreneurs, artists, performers, writers, and athletes. Bottom line? Regardless of their prior jobs, incomes, or social status, these Passioneers unanimously indicated that their prosperity is much greater now than before their leap. Most importantly, their definition of prosperity expanded beyond materiality to encompass the five quality of life factors shown below.

1) “Prosperity = Having More Time for Me.” All of the interviewed Passioneers stated that they now have more time for themselves and others after making their leap. While some old-school entrepreneurs still believe in the myth of struggle, strife, and 70-hour work weeks, true Passioneers know that balance is critical, so they tend to be healthier and happier than their workaholic counterparts. Why? Because they spend more time in play, relaxation, working out, and self-care.

2) “Prosperity = More Time for Family and Friends.” In addition to making time for themselves, Passioneers make more time for their families, friends, and social activities. The most important reason for doing so is to “feel connected.” As one man put it, “That’s why we’re here.”

3) “Prosperity = Being My Own Boss.” Passioneers love being their own boss, which is a big impetus for many of them to leave their regular day jobs. Studies have shown that who you report to is one of the major factors in job satisfaction. Passioneers also recognize that there’s no such thing as a secure job anymore, regardless of how big your company is. Having been laid off twice from Corporate America, I can personally attest to the lack of job security, and the joy of being my own boss.

4) “Prosperity = Creating My Own Work Environment.” Passioneers adore being able to create their own work environments, wherever that may be. Passioneer Ken shares how much he loves hearing his 3-year old son wake up in the morning and the pitter-patter of his slippers as he wanders into this father’s office to kiss him good morning. Ken left a successful graphic arts career with a leading firm to become a solopreneur, and hasn’t looked back since.

5) “Prosperity = Making a Difference in the World MY WAY.” The real reason behind our Passioneers’ increased feeling of prosperity is their opportunity to express their passions in the world on their own terms. “A Passion is doing what you love every day,” said one Passioneer, adding, “It’s following your purpose and serving in your own unique way”. Another Passioneer, Shonika Proctor (http://www.teenentrepreneurblog.com/) describes a passion as being “what is good for you…it fulfills you, fascinates you, and intrigues you.”

So even if you end up making less income as you make the leap into your passions, the benefits are huge from doing what you love, having more time for yourself and others, and creating the work environment of your dreams. What are you waiting for?

Even during a recession, there are many opportunities to take your new ideas to market quickly and profitably.  Most entrepreneurs are overflowing with great ideas for new products and services.  So how do you screen these ideas so that they generate big profits in a relatively short time?  …Get started by answering these 5 questions.

1)  Who are my target customers, and what are their biggest needs? 

As you consider your new offering, do a brain dump on your target market, including demographics (e.g., age, income) and psychographics (e.g., attitudes, behaviors). Also consider the size of your target market, its growth rate, and current trends.  Fill in any big holes by conducting research online (e.g., FactFinder) at your local library’s business center, or by surveying current and potential customers.  You can deliver a short, user-friendly survey in person, by phone, or by using an online survey tool such as Survey Monkey.

2)  What benefits does my offering provide that meets these needs? 

There’s a big difference between “features” and “benefits”. A benefit is what your customers value about your offering and how it meets their needs.  In contrast, a feature is a fact-based aspect of your offering or what it does.  For example, you might provide the feature of 24/7 technical support for your new product.  However, the real benefit or WIIFM (What’s in it for me?) to your customers is comfort and convenience.  Make a list of your offering’s possible benefits and get feedback on it from a formal or informal group of customers. (See Entrepreneur.com’s distinction between features and benefits:  http://tinyurl.com/6k5w22 .)

3)  Who are my competitors and how do their offerings compare?

Take the time to assess your key competitors and any viable substitutes/alternatives to your offering.  Study their strengths, weaknesses, and how they meet the needs of your target market.  Try mystery shopping at your competitors’ websites, stores, phone lines, and by purchasing some of their offerings.  Obtaining customer feedback on your competition, via surveys or user groups, is essential.  Check out Wikipedia’s simple, powerful competitor framework. 

4)  What are my initial and ongoing costs?

Take into account what your new offering will cost from development through launch (i.e., your start-up costs), including research, development, testing, supplies, marketing & advertising, inventory, office/warehouse space, and training. Then consider your annual costs for ongoing sales and servicing.  Write these costs down, and discuss them with your business advisors, area experts, or colleagues to better understand your investment. 

5)  What are my expected annual sales? 

Write down your estimated annual sales from your new offering, including best, worst, and most-likely scenarios.  For example, if your estimated Year 1 sales are $25,000, you might add 50% for a best case scenario and subtract 50% for a worst case scenario.  Then, for a rough break-even analysis, calculate the number of product units or service hours to cover your start-up costs. You can also calculate the annual sales required to cover ongoing distribution, marketing, servicing and other costs.

A few tips:
*  Answering these questions may seem daunting, yet if you carve out focused time, you could do it in 1-2 weeks.  You’ll avoid costly mistakes and greatly increase your chances of a successful, profitable launch.

*  Write down the questions, answers, and your assumptions, as you work through them.  Documentation makes them more tangible and holds you accountable for follow-through.

* Create a dialogue with others about these questions.  Invite input and different perspectives, because the more open are your eyes, the less likely that you’ll be blindsided.

* Be trusting and smart with your new ideas. Carefully select with whom you’ll share them.  When in doubt, use confidentiality agreements.  Better safe than sorry!

* Try a mastermind group or other forum where you can share your new ideas and receive support, and accountability.  Look for our monthly Putting Passions into Action groups in Seattle (second Mondays of the month).

Happy Passioneering!

During a recent coaching session, a very successful massage therapist shared that she was unclear, anxious, and in a flux about her next steps in her business. She had just returned from a quiet retreat in the South American jungles and was reentering her daily routine in Seattle. Her retreat time in self-reflection now had her re-evaluating her direction and goals. Messy, murky, and uncomfortable…ugh!

As a business growth coach, I highly recommend that my clients start with the end in mind, when it comes to taking their next big leap. That is, that they clarify VIVIDLY what they want to create in their lives, both professionally and personally. Face it, if you don’t have this level of clarity, it’s like telling the ticket counter clerk “I’ll take a ticket to destination Anywhere, please”. And, you’ll be lucky to reach your destination, if at all! Napoleon Hill tells us that, as we conceive and believe, we achieve. So, what does your dream business look like in one year? How does it feel, sound, and even smell or taste? If you don’t yet know, it’s a great time to MAKE the time to figure it out.

Several studies have shown that simply visualizing success (e.g., seeing yourself making a free throw with a basketball) will create tangible, successful results. That’s why journaling and vision boards are so popular for goal-setting. Engaging all of your five senses is a powerful tool for conceiving your dreams and realizing them. Unfortunately, most of us do not dream big enough. If you want to create something bigger in your life, you must dream bigger dreams. Below are 4 steps to BIG visioning for your next big leap.

Step 1: Make Time to Reflect on Your Dreams. It’s easy to get pulled away to urgent, non-important tasks such as errands, while your important, non-urgent tasks (e.g., dreams, goal-setting) take back seat. I highly recommend that you literally block out regular time for self-reflection in your calendar. Hint: Create a color-coded category in your schedule using Microsoft Outlook’s categories functionality. I use bright orange for mine!

Step 2: Let ‘Em Come Freely without Censoring. When ideas/intuitions arise about your dreams, refrain from censoring them. Don’t worry about the “how” at this stage, but simply allow the “what” to come forward. We often choke our dreams by head-tripping how to make them come true. Bottom line? A dream that you are passionate about cannot NOT be fulfilled – you simply have to get out of the way.  The HOW will arrive, in its own sweet time. Focus on the WHAT for now.  

Step 3: Don’t Just Talk About Them. Write Them Down! Talk is cheap in dream-town. So many passionate entrepreneurs talk about their dreams, but when I ask them if they’ve written them down (let alone shared them with others), what do you think their answer is? You got it: a big fat NO! The written and spoken word carries great power. Somehow when you capture your dreams in a written format, you create accountability with yourself, and, to the extent that you choose, accountabilty with others. If you don’t like to write, then sing, paint, draw, or otherwise express your dreams somewhere, somehow!

Step 4: Make them Part of Your Life. Dreams that collect dust will never happen, at least not intentionally. If you want to create the business and life of your dreams, you must take your vision and have it FRONT AND CENTER in your life. What does this mean? It means seeing, hearing, talking, and walking your Dream Talk. Tell those know and trust about your dreams (extra credit for telling others!). Keep a regular diary of your dreams, and print and post an affirmation, symbol, or words/phrase about your dream where you can see them at least every day. You literally want to carve a new Dream groove to bypass the old patterns and crap that hold you down.

The key is the make your dreams a reality. Take them off of the shelf and breathe life into them. No one is going to do this for you. Someone once told me: if you don’t live the life of your dreams, someone else will for you. Not a pretty picture, and definitely not my choice!! Happy Passioneering!

Often I ask individuals who have successfully leaped into their dreams if they have any regrets.  Without exception, they have responded with a resounding “No”!   Their most common tip for individuals who are considering the leap is to stop procrastinating and to just do it.  Below are some easy, powerful steps to move forward today.

• Clarify Your Dream.  By tomorrow, spend at least 30 minutes exploring the life of your dreams.  Write it.  Paint it.  Sing it.  Create a vision board.  Let it out!
•  Hang Out with Passionate People.  When two or more individuals discuss together their passions, magic unfolds.  So over the next week, find at least one social or professional group that shares your passion.  Attend one of their events.
•  Explore a Career Change.  Your dream life may require a career change.  Write down at least five alternative ventures that would allow you to more fully express your passions.  Consider hiring a career specialist.
•  Face Your Fears.  Write down your ten biggest fears about fully leaping into your dreams.  Then examine which of the fears are facts and which are really your interpretations.
•  Stake Your Claim.  This week, when others ask you what you do, create a new sound track.  Instead of describing an old role or job, declare your passion as your new occupation.  “I now am a ___________________” (fill in the blank).
•  Create a 30-Second Elevator Speech.   Know what target market you want to serve with your passions.  Then use a simple, conversational approach to describe who you are.  Here’s my blurb:  “As a passions and possibilities coach, I support talented, driven, and successful individuals in taking the next big leap into their dreams”.
• Order New Business Cards.   You could have polished calling cards for your new venture by the end of the week.  Several online vendors offer very low-cost choices, so order them today.  There’s no excuse not to!
•  Spread the News.  Tell at least ten people that you are pursuing the life of your dreams now.  Ask them to tell at least ten people.  Leverage new and existing venues, especially social networks on the internet.
•  Build a Cheerleading Team.  Make a list of ten individuals who could be strong supporters of your dream.  Meet with all of them over the next month, and make a specific request for their support.
• Find a Mentor.   Learn from the mistakes of others, to avoid unnecessary pitfalls along your journey.  Use your connections to find five successful individuals who are already expressing a similar passion.
•  Hire a Professional Life Coach.   A great coach will help you organize countless baby steps into a powerful game plan for your dream.   Seek out someone who has solid experience, a successful track record, and with whom you have a strong connection.
• Assess Your Finances.  As you leap into your passions, take your financial pulse.  Have you already saved at least one year’s worth of your expected expenses?  If not, you will need additional income until your new venture is profitable.  So don’t quit your day job right away!
• Hire a Financial Expert.  If you are facing major debt challenges or complicated finances, spend the time and money to hire an expert.   You will avoid many headaches and be much more likely to prosper.
• Take It Slow and Steady.    Your progress towards your dreams, after taking many baby steps like these, will simply astound you.  Consider Dick Miller, the man who ate a 2,800 pound car. How did he do it?  One mouthful at a time.
• Start Today.   Take at least one step into your passions today, even if it’s a small one.  Words without action are meaningless, so what do YOU commit to?

My big leap from mediocrity into my passions has been simple but not easy at all: I was recently let go from a high-paying corporate banking job, left with an evaporated company stock fund and meager rainy day savings. Before exiting this job, I had already decided to pursue my dream of becoming a life coach. As a life coach, I wanted to support others in making their own big leap from mediocrity into magnificence. My past included two other entrepreneurial stints: One in the ’90s as a partner in a high-tech start-up; then another in 2003 as an interfaith minister. These ventures were both successful for me, even though I didn’t get rich or famous. Instead I created prosperity on my own terms: being and doing what I love, having a fabulous support network, and structuring my “ideal” day and week. Being an interfaith minister and pioneering a new church was the closest to nirvana that I’d yet found. Unfortunately, the financial prosperity to feed myself and keep the lights on was not forthcoming!

So, the siren call of a large, steady paycheck lured me back one more time to a large Northwest bank. Not that I haven’t enjoyed my work in corporate America: I got to work for very successful companies with smart, driven, inspiring groups and colleagues. Yet, the massive layoffs that I and others underwent this past year, coupled with the current economic recession, made me realize that nothing “steady and secure” really remains in corporate America. So rather than leap back to my comfort zone of doing the work I’ve always done, I chose to focus on creating my own dream career.

The entrepreneurial bug has penetrated me so deeply now that I’m absolutely committed to being my own boss forever; to never again return to an average, mediocre work-life. I’ve finally created my ideal week; one that blends and balances work, play, and self-care. I have intentionally chosen to coach only those individuals, who, like myself, are truly ready to stop playing small and to start living large. My clients are highly self-motivated, driven, talented and courageous enough to shift fully into their passions & possibilities. After my client sessions, I feel energized, uplifted and confident that I’m making a difference in their lives, so they can make an even greater difference in the world.

As part of my passions & possibilities journey, I have begun interviewing hundreds of individuals who are already fully pursuing their dreams – “passioneers,” as I call them. In 35 minutes, I capture powerful stories of souls who are simply and boldly going for it, full out. My intention is to share these tales, told in each interviewee’s unique, colorful way, with those who are ready to make their own big leap (“pre-passioneers”). These stories will also inspire those who have already made the leap, but are feeling discouraged or disillusioned.

Note: These are not “rags to riches” stories. Instead, they describe everyday Johns and Janes who have finally decided to take charge and live large. My hope is that their lessons and insights will help my clients and others avoid major pitfalls or landmines along their entrepreneurial travels. It’s also a great way for passioneers to bootstrap others who are just a few steps behind them, in the vein of the movie Pay It Forward. So far, the wisdom emerging from the interviews is precious, and I’ll share nuggets of it in this blog and beyond.

Guidepost #1 (for those making the leap): Stick with it regardless of the trials. You can do it and be it!

Special request: Consider the most passionate people in your life, including yourself, who are following their dreams and experiencing prosperity fully on their own terms. Invite them to share their story via a 35-minute telephone interview with me, and send me their contact information for scheduling purposes. I’m also inviting interviewees to be guests on my internet blog radio show later in January. “There’s gold in them there hills!” Help us find it. Thank you.