So you want to be an Entrepreneur – How exciting is that!
How many times have you seen an Entrepreneur do something and you thought to yourself “Why didn’t I do that?” or “I could have done that better if I was the boss”. Yes, being your own boss certainly has its advantages and many time those things that are advantages are also drawbacks to being your own boss, but the most important advantage of being your being able to say “I own my own company” is that you have the opportunity to do what you love.
Before you actually set out to chase your dreams, there are several things to take account of to decide if the time is right for getting out there and start off on your own because as any business owner will tell you, being an entrepreneur is more work that actually having a job. It is more work, more time consuming, more stressful and often, at least for the short term, less lucrative than working for another company.
Here is a list of some important things to take into consideration before your resign from your current job.
- Do you consider yourself to be an Independent thinker? Do you always seek approval from your peers, friends and family before you make a decision? This is not a trait of an Independent thinker. If you are intimidated easily and cringe at the thought of rejection from those around you, you may be better off keeping your job.
On the other hand, if you like “Going out on a Limb” with your ideas and are not afraid of the “Nay-Sayers” because you believe in your convictions and you are confident in yourself, you may have the makings of an Entrepreneur.
- Do people find you Persuasive and Charismatic? Being a great salesperson is key in being an Entrepreneur because there are plenty of great ideas sitting on the desks and workshops of people around the world but there is no one there to take these ideas to market. No matter how amazing the product, if the presenter of the idea cannot make create audience and convince that audience that your idea will work, you will likely have a very hard time to be a successful Entrepreneur.
- Are you comfortable taking Risks? If you are a person who gets anxious and breaks into a cold sweat when there are tough decisions to be made in which those decisions have a high impact on your company and your life in general, you may not be an Entrepreneur.
Being an Entrepreneur involves daily risk taking and while positive risks can be great, the negative one can destroy your company and your life. If you think I am trying to scare you here, you are right. I am! One wrong move can have repercussions which are far worse that simply losing a job. On the other hand, if you are unaffected by the potential doomsday possibility…you may be an Entrepreneur so do read on.
- Do you like to Haggle? When you have your own company, every day you will need to negotiate with customers, staff as well as all other business contacts. You cannot be afraid to negotiate and what’s more, if you are not a good negotiator now, you better learn or else you will spend a lot more than you need to and you will lose many opportunities presented to you. In short, your business will run smoother if are able to tactfully negotiate.
- Are you a Creative and Quick Thinker? Being able to come up with a creative and useful idea quickly is so important in order to be able to solve problems which will present themselves. Do you often say “Oh, I should have done this” once the opportunity has passed? If the answer is yes, that this will help you to recognize what you should have done the next time that opportunity presents itself. Coming up with a quick solution often means you have seen the scenario before and now you have the solution in your pocket and ready for when you need it. If you are able to do this, being an Entrepreneur may appeal to you.
- Do you surround yourself with Support Figures? When going out on your own, you are rarely alone. Those that are around you should support your efforts and be willing to listen to you when things are difficult.
It is also important to have someone that you can go to as a mentor who does not have a vested interest in your business. This is critical because you, as the businesses owner, have a clouded perspective on matters. Someone who is truly a third party and has business experience can give advice from a truly impartial perspective. If you do not have a mentor, you had best find one so that you can draw on their experience.
If you have made it this far, you likely have an idea whether or not you should keep your job or dig further into how to proceed as an Entrepreneur but let me be clear. This series of articles is not going to give you a step-by-step map on how to be a successful Entrepreneur. This series will however give an insight of what information you should have in hand as you set up your businesses to give you best chance of succeeding. No one can tell you how to succeed, but the more prepared you are to deal with what life hands you, the better chance you will have.
There will be further articles coming to expand on the topic of Starting a Business, so stay tuned and perhaps one day you will be able to say “I have my Own Company”!
Sub-topics covered or yet to come will discuss:
Being an entrepreneur.| Understanding who your customers are and what they want. | Why you should start small. | Types of business organizations. | Finding your mentor. | Writing your business plan and your plan to succeed. | Setting your business up online. | Teaching Children About Looking For A Small Business Loan | Business licensing. | Financial reporting. | Starting your own business vs working someone else. | Top business entrepreneurs and much more.