Entrepreneurship: 5 things you should know if you decide to fly solo
According to Gallup, unhappy workers worldwide outnumber happy workers 2 to 1. The world over, employees too often dread Mondays and count the hours and minutes when they can be "free" and go home. And this is not just true for low income workers. Despite security, retirement plans, and reliable, decent salaries, many people yearn to be part of that entrepreneurial club who make their own hours and control their own lives - even on Mondays.
But is entrepreneurship really for you? If it were so easy wouldn't everyone do it? Well, truth is we're all different, and working for yourself is definitely not for everyone, but if you have the itch to take the plunge, check out these 5 points first.
1. Know yourself. All cliche jokes aside, Shakespeare had this one right. You'd be surprised that when presented with questions designed to promote self reflection, how many folks have no definable sense of self. So what does all of this philosophical mumbo jumbo have to do with the nuts and bolts of opening up my own widget shop you might ask. The answer is EVERYTHING. When deciding to leave the security of your employer's nest to work for your self, you know you are taking a financial risk. So, when trying to decide where to focus your endeavors, (i.e. do I open the widget shop, the Coffee Bean franchise, or do I design and sell T shirts on the strand in Catalina), add serious soul searching into your due diligence. Being your own boss can be fun - after all you call the shots, make your own decisions, create your own hours - but it's the hardest job you'll ever love, or not. Starting your own business takes serious time and serious work, people, so you'd best love it. Chances are if you love it, your enthusiasm will spill over and your customers will love it too. If you are monetizing your passion, there is also less chance of burn out when you realize that your secure 40 hours per week schedule just doubled in required man hours.
2. Check your fear at the door. If someone told you to walk across a 2inch beam bridging a seriously deep canyon without a safety net, few of us would jump at the chance. But if the offer included the fact that on the other side, waiting for you, were stacks of cash and a key to doors labeled "Financial Freedom", "Time Independence", "Philanthropic Freedom to Help Others", "Fun and Satisfying Challenges" and "Living the Life of Your Dreams", you just might be inclined to take the risk. Does this mean that your heart wouldn't beat faster than hummingbird wings as you took that first step away from the safety of solid ground? Of course not. You'd still be terrified! But you'd have so much incentive that, with the proper mindset, you might just find yourself strongly propelled forward despite the known risks. Remember, courage is not a lack of fear, but it's action in spite of fear. Deciding to break with your traditional corporate position for a chance at gaining total control of your life, time, and finances, is analogous. It's a total risk of falling into the abyss, but with courage, appropriate and adequate planning, and definite forward action, so much lies ahead. So recognize your normal, healthy apprehension, but don't wear it like a smothering cloak lest you be paralyzed into inactivity.
3. Know your "why". Number 1 above, knowing yourself, is about knowing your "what." What do you enjoy, what makes you tick, what are you good at, etc. But this is not enough. You also need to know your "why." What does this mean? It means stepping out of the forest and looking at the broader landscape of your life. (Yes, more philosophical "mumbo jumbo" for you to chew on.) It means understanding, or at least wanting to understand, the purpose of your existence. It means taking the time to ask yourself what mark you want to leave on this world when your train reaches the last stop on the line. So, again you might wonder, what does this have to do with opening my widget shop? Inasmuch as your widget shop's success correlates to the time you will spend planning, designing, starting and operating it, and inasmuch as your time equals your life, I'd say it's pretty important. When you decide to check your fear at the door and step out onto that beam, you are risking everything, so shouldn't there be a greater vision than just paying your bills? I'm not saying here that everyone feels called to save the world so to speak, however part of the human condition is recognizing the awesome and unique characteristics which make us human in the first place. And self reflection, hope and aspirations are some of those qualities. If you're going to risk it all, risk it for your genuine "why."
4. Build your team. Make no mistake about it, many people who decide to take the entrepreneurial path and "fly solo" often stay solo for quite awhile. So when I say "build your team" it doesn't mean necessarily that you have to start your business with a full staff. On the contrary, staff or not, you will find that as the business owner you will wear more hats than ever before. I used to literally make myself laugh out loud when I first started my last company. I'd have to switch between product development, marketing, shipping, and IT several times a day, and when one of the kids would spill something on my inventory or, God forbid, throw up on the office floor, I'd have to call in the sanitation engineering department. I'm sure you can guess who that was. So, why do I say "build your team"? Because the truth of the matter is that you can do it all, (well, sort of), but you can't do it all well. And if you think you can't afford to hire anyone or to outsource anything, you better take a hard look at every single task you do throughout the day and see which ones are making you money. You need to focus on doing what you do best and on what actually brings in your most revenue. By not spending your precious hours doing what you do best, you are actually losing money. So do what only you can do, and learn to delegate the rest - whether it be to an employee, an independent contractor, a partner, an intern, or maybe just a willing family member. A couple of hats are enough for anyone. While as a business owner you will always have to oversee, focus and do what you do best - and do it well.
5. Smell the roses. Ok, so you've finally stepped off the ledge. You have a vision, and a concrete plan for transforming it into reality. You're taking a risk, but it's a calculated one. You've checked your fear at the door and are boldly prepared to work harder than you've ever worked before in exchange for the chance to reap abundant rewards. You are motivated by the promising future which might be yours, and you are fully aware of the fact that you must oversee everything as the owner. You also realize, however, that you are still human and the number of hours in a day are limited, so you'll need your team. So what is left? Smell the roses. (That's right, another cliche.) When you're in the midst of getting your baby off the ground it's easy to feel overwhelmed at times, to get lost in the minutia, buried in the work, (yes, it's still work), or to become discouraged from mere exhaustion. At those times, take a moment, in fact take several, to pause, reflect, and remember why you made this choice in the first place. Breathe in the freedom of being able to take that coffee break when you choose, not when it's scheduled, or the freedom to work at night after the kids are in bed so that you might carve some time for yourself in the morning. The point is, you chose this lifestyle for a reason, and while you'll need total dedication to make a go of it, remind yourself to enjoy the perks along the way. Don't burn out before you've reached your goals.
So with all of this in mind, is entrepreneurship for you? Only you can answer that. There are no right or wrong answers. But take it from one gripping that two inch beam with both feet, it's just as hard to go back as it is to move forward, so keep your eyes forward and your feet moving.
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