Have you al![entrepreneurship[1].jpg](https://briansmithpld.com/wp-content/uploads/2013/03/entrepreneurship1-1.jpg?w=270&h=190)
ways dreamed of being the one that makes all the decisions – the one that calls all the shots? Are you tired of working for someone else? Before you take the plunge and jump into the deep end of the pool have you done the market research – put a business plan together – and really thought it through? Have you thought about the impact it will have on your family and your personal life?
Before you quit your job and strike out on your own you might be interested in my answers to a series of questions I was asked by a former business student of mine. I hope my answers provide you with some valuable insight into what it takes to be successful.
What made you decide to get into business for yourself? Timing – it really boiled down to timing. I knew I wanted to make a career change. I was beginning to feel stuck and unfulfilled. For me – it’s never been about how much money I made. Now don’t get me wrong – money is important – but if it’s your only reason for getting into business for yourself – then you’re going to be disappointed – especially in your first few years. Make sure you have enough money saved up to pay your bills, put food on the table and keep a roof over your head for at least a year.
What are some of the challenges you faced in starting your own small business? I faced – and continue to face some of the same challenges everyone entrepreneur faces. Self-employed persons don’t have the luxury of a steady pay-cheque coming in. That puts a great deal of strain on your personal and family life. Everyone must give up something to get something. You need to decide what you and your family are willing to give up so that you can live your dream. Everybody needs to be on board. You need to be committed to doing whatever you need to do to be successful. If you and or your family aren’t willing to pay that price – then it’s best you stay where you are.
Any lessons learned that you can pass on to anyone wanting to start their own business? You need to be really passionate about what you are doing. You need to be prepared to work 80 hours a week for very little money. Have a budget and stick to it. Don’t spend money you haven’t generated yet. Find your niche Become an expert in something not a generalist in everything. What do you know or what product are you selling that someone else will pay you money to learn or have?
Food for thought: The two major reasons businesses fail are (1) Lack of management skills – and (2) Lack of financing. Most businesses fail within the first three years of start-up. (When I say most I mean over 90% fail) We have a tendency to overestimate revenue so divide your sales projections by half and run it by those numbers. You need to live and die by the numbers. Make business decisions – keep your emotions out of it. Always think worst-case scenario. That will help keep you grounded.
If I haven’t talked you out of getting into business for yourself after reading this article – then maybe – just maybe you have what it takes. Maybe you’ll make it to year five. I’ve been self-employed since 1998 and I’m still having fun. I wish you all the best.
Copyright (c) 2019. Brian Smith. Not to be reproduced without permission. To find out more about Brian and what he can do for you visit: https://briansmithpld.com
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I’m old enough to remember working in the 1960s. (Yes – I’m that old.) Back in those days, you didn’t question authority. When management told you to jump – the only question you were allowed to ask was how high. Social Psychologist Douglas McGregor branded that style of management as Theory X. Management believed that people were inherently lazy and needed to be bullied or brow-beaten into performing their work. Unfortunately, there are still managers out there who use that style in an attempt to motivate their workforce. Times have certainly changed. What you need to decide now is – will the management style that got you here – be the same style that will get you to where you need to go? Would you work for you?
Trust and respect do not come automatically just because you’ve been given a title or own the business. You must earn both – one person at a time. Establishing trust with the people you work with and interact with is a 3-step process that you must go through when meeting someone for the very first time. Some will go through this process easier than others, while others will have to work at it. Why establish trust? Because sometimes you need others to take you at your word. They will be more inclined to do that if they trust you. They will trust you if they believe that you have their best interest in mind. Walter Winston may have given us the best reason why establishing trust is so important when he said – “In organizations where people trust and believe in each other, they don’t get into regulating and coercing behaviours. They don’t need a policy for every mistake … people in these trusting environments respond with enormous commitment and creativity”.
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