In our IEM class on entrepreneurship (personal entrepreneurship where we cover the Company of One concept) we provide a straight-up challenge.
Increase your income by $6000 over the semester.
Why? We know the whole point of education is to improve the bottom line. People do not show up to graduate programs because they have a ton of time and money to waste – they want a return. Our program is about $24,000 over 2 years – so that is about $6000 per semester. Yet, most people think education pays later. But we think – why not now?
Does this sound like a tall order? Many of them did it!
Excuses
Of course on day one when I assigned this, I thought I was about to be skinned alive. Excuses abounded about how they were in a corporate structure, pay raises once per year if at all etc, etc, etc. Yet, once they realized we were not kidding, they embraced it. Instead of making up reasons they could not do it, they looked for how to do it.
Sometimes it is all about how you look at the problem. Wording it as “How can I make this work?” instead of “I cannot make this work.”
Questions:
How about you? Can you take the $6000 challenge? You have 4 months. Are you willing to ask yourself how?
As an IEM client (class of 2013), I took this challenge seriously and while it took some time to put things together, I have embraced (for the most part) the notion of reaching out of my comfort zone and becoming more entrepreneurial. As part of my IEM metamorphosis (or as some would call it-a shift in thinking and doing), I have had the opportunity to see a notable increase in revenue.
1. After entering IEM, I shared many of the class discussions and readings with my wife. We both were in a lull in our careers and wondering what/where to direct our efforts in the coming years.
2. We set goals, spoke with others (simple networking), performed reverse interviews, attended conferences out of pocket and generally took the advice given to “do something”.
3. As a result, things have improved markedly across the board. While there have been many challenges of relocating, buying an investment property, and each of us changing career paths-the resulting pay-off should be nice once we complete the transition.
4. From April 2012, we generated enough income from our investment property to cover the note for 2012. We planned to keep our payments within our budget/income means; so essentially, this money has been untouched and available for re-investment in the near future.
5. My wife worked very diligently to shift career focus and entered a field which we knew would challenge her, but in doing so, she has a more flexible schedule and a 20% increase in income.
6. I negotiated a position in which the first few years involve an income plateau, with marked increases in income thereafter. Also, my new company has paid the remainder of IEM tuition…great benefit there! And yes, I am counting that.
I am currently keeping my eyes and ears open for the next fruitful venture. I continue to network in and out of my field and consider each lunch conversation a worthwhile investment. I feel strongly about the mantra “do something”. I have been surprised to learn how effective many of the seemingly simple suggestions from this IEM experience have proved.