Each week as SmallBizLady, I conduct interviews with small business experts that could benefit my audience. This is excerpted from my #smallbizchat interview on Twitter with @MarcWarnke. He’s the author of ONO, Options Not Obligations Family First Enterpreneur. Marc has had some incredible life experiences as a result of his entrepreneurial successes. He was able to semi-retire for three years as his first son grew, but he is now back at it, with his first book. Marc decided he wanted to teach others about entrepreneurism, and ONO is the result of that decision. For more info www.marcwarnke.com
Smallbizlady: What is ONO about?
Marc Warnke: ONO is the acronym for Options Not Obligations. It challenges readers to enrich their personal lives by rethinking their financial lives. ONO teaches a wealth creation lifestyle that focuses on making a difference first and creating profit second.
Smallbizlady: Why did you write ONO?
Marc Warnke: Sharing my knowledge and teaching the concept of family first entrepreneurism is part of my self-defined higher purpose in life. I wanted everyone to have the opportunity I have of being able to spend less time in the pursuit of wealth and more time with the people they love.
Smallbizlady: You call yourself a family first entrepreneur. What does that mean?
Marc Warnke: A Family First Entrepreneur is simply someone with an entrepreneurial mindset who keeps his or her family first. Family First Entrepreneurs make business choices based on the potential impact they will have on their families first, and on business profitability second.
Smallbizlady: What is the first step to creating options, not obligations?
Marc Warnke: The first step is envisioning what you would want to be doing with your life if money had no bearing on your decisions. That is your higher purpose. Write your own eulogy. What would you want said about you at your funeral? (Hint: there would be no mention of your net worth) Create a financial plan through entrepreneurism that will allow you to accomplish your higher purpose. Begin with the end in mind.
Smallbizlady: Talk about a few other main points in your book.
Marc Warnke: ONO teaches readers how to preserve and create their number one asset, Time. Kids spell love, T-I-M-E. We only have 936 weeks with our children in the home. Don’t sacrifice your time in pursuit of wealth. You don’t have to have a ton of money to have options. It breaks down to the simple principle of saving and investing.
Smallbizlady: Where should you start if you are interested in entrepreneurism?
Marc Warnke: Find something that you enjoy doing and find a way to make money at it. Good transitions start with good decisions based on an intended outcome. Evaluate your goals with the “Ready, Aim, Fire!” decision making process that I talk about extensively in my book. Don’t be afraid to ask for guidance. Find mentors, ask questions, never stop learning. Don’t reinvent the wheel. Find a system that is working and imitate it. Like I say in ONO, “Imitation, Not Innovation.”
Smallbizlady: Is it harder to become an entrepreneur in this struggling economy?
Marc Warnke: Entrepreneurism is actually growing as a whole across America. People are seeing the need to take their financial future into their own hands. When people are struggling, their instinctual will to survive kicks in. For many, entrepreneurism has become the solution to their survival.
Smallbizlady: How do I keep family first when I am crazy busy?
Marc Warnke: It takes work. Start by keeping certain parts of every day and week sacred with your family. I eat 3 meals a day with my wife and kids. I also shut off from my business, no matter what, from 5 to the kids’ bedtime. Weekends are family time as well. Time with your family will not only show the love that every child needs to see, it will also rejuvenate you as well.
Smallbizlady: You talk a lot about spirituality. Why do you feel that it is important in business?
Marc Warnke: A misunderstanding of what one is in control of leads to stagnation because it locks you into shame of the past or fear of the future. Clean and clear spirituality in your business life lends serenity to your family life. Spiritually in business allows for a clear sense that the only two things you can control are your choices and behaviors. Please be clear that I’m endorsing a spiritual life and have no agenda with your religious life.
Smallbizlady: Which is more important when building net worth, income or spending habits?
Marc Warnke: Spending. It’s not about how much you make, it’s about how much you save and invest. American families are threatened, not by an income problem, but by a spending problem. The key is to understand your needs vs wants and to have a powerful reason to stick to a spending strategy, like time with your family.
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