Welcome to Highly Sensitive Money. For this episode, I had the privilege of sitting down with Franklin Taggart, someone whose voice and ideas have profoundly impacted my own journey as an entrepreneur. Over the course of our conversation, we delved into the intricacies of finding balance as a highly sensitive business owner, the challenging yet rewarding path of entrepreneurship, and the crucial role of financial resilience.
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The Meeting of Minds: Franklin’s Journey to Spiritual Entrepreneurship
Franklin’s story is a tapestry of diverse experiences, intricately woven with threads of creativity, social service, and relentless pursuit of knowledge. Starting with a deep passion for music, Franklin navigated the uncertainties of a creative career to ultimately discover a second vocation in coaching.
Franklin shared, “Spirituality, in my experience, is a process of knowing yourself and the universe and whatever relationship there might be within you and the universe. Entrepreneurship, naturally, leads people to self-exploration—a very spiritual quest.”
Handling Burnout and Finding Balance in Entrepreneurship
Our discussion naturally evolved into the more complex aspects of being a highly sensitive entrepreneur. We talked about burnout—a common struggle—and how to manage it effectively. “When you’re on the brink of burnout, just giving yourself permission to take small steps toward your new direction can be incredibly empowering. It can temper the burnout and provide a clearer path forward,” Franklin advised.
The Financial Background that Shaped Franklin’s Career Choices
Franklin’s financial journey began in a modest household where money was often tight, but there were always means to make money through hard work. These early lessons on the value of work and money deeply impacted his career choices and entrepreneurial ventures.
He reminisced, “Anytime you go into a creative field like music, there’s a risk involved. Your success depends on whether other people find value in what you do. Learning to weather that insecurity is crucial for any creative entrepreneur.”
Overcoming Obstacles: Medical Debt and Financial Resilience
Franklin faced immense challenges, including severe health issues that led to debilitating medical debt. Yet, he used these experiences to cultivate a deeper understanding of financial resilience and the importance of overcoming financial stigma.
“The hardest part was getting over the stigma of poverty and bankruptcy. I had to learn to manage my finances responsibly and address my magical thinking about money,” shared Franklin.
Shifting Mindsets and 10x Vision
A particularly impactful part of our conversation revolved around the idea of 10x thinking—envisioning revenue or opportunity growth ten times what it currently is, instead of just doubling it. He stated, “When you think about 10x revenue, your behavior starts to align with that vision. New habits and strategies emerge, enabling real growth.”
Practical Advice for Aspiring Entrepreneurs
For those considering a shift from a stable career to a more uncertain entrepreneurial path, Franklin had some golden advice: “I’m not a part of the school that says you need to just jump in with both feet. Find ways to experiment with your desired direction first and create revenue streams gradually as you transition.”
The Intersection of Passion and Balance
Finally, we touched upon the vital need for balance in one’s passion-driven pursuits. As both of us have experienced, loving your work can sometimes lead to workaholism. “Finding balance is a pipe dream. It often takes reaching the point of exhaustion before we realize something needs to change. It’s crucial to allow ourselves breaks and other enriching activities,” Franklin emphasized.
The Ongoing Journey
Franklin’s journey, filled with both highs and lows, offers a valuable roadmap for any creative entrepreneur striving to find their path. As he eloquently put it, “There’s a distinction between gifts, talents, and skills. Your gift isn’t limited to one talent; it can be delivered through many channels.”
For those inspired by Franklin’s outlook and seeking guidance in their own entrepreneurial journeys, he offers a free one-hour coaching session called the “Your Best Next Step Call.” Visit his website franklintaggart.com for more details.
Thank you, Franklin, for illuminating this path. Your insights on balancing the creative and practical aspects of entrepreneurship continue to inspire and guide many, including myself. Here’s to embracing the journey with hope, resilience, and vision.
Resources
Franklin’s website: franklintaggart.com for a free coaching session “Your Best Next Step Call”
Book: “It’s Not Your Money” by Tosha Silver
Dan Sullivan at Strategic Coach
allthecolors.net for the Money Archetypes Quiz