Have you al![entrepreneurship[1].jpg](https://ahhamoments.files.wordpress.com/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
Have you ever licked a 9-volt battery? (I’m not suggesting that you do – I’m just asking if you have). When adults do something that makes them feel good – that gets them excited – what are they more apt to do? If you licked a 9-volt battery and you liked that sensation – then more than likely you’d lick it again. I believe the key to motivating someone is to figure out what turns their crank – figure out what they are looking to get out of the deal. People do things for their own reason – not yours. All you have to do is figure out what’s in it for them and use that to get them to do what you need to get done.
Yes, I admit it. I was once a control freak! I was an “old school” micro-manager. Trust me – in my 40+ year career as an award-winning entrepreneur and general manager for a major corporation, I’ve made my fair share of mistakes. I’m here to confess my number one sin in the hope that first-time supervisors, managers and business leaders will learn what not to do. I also think there’s a lesson here for seasoned veterans who developed their management style in the late 1960’s like I did. Social psychologist Douglas McGregor referred to it as a “Theory X” style of management. Managers who adopted this style believed that workers were inherently lazy and needed to be bullied or brow-beaten into performing their work. Employees were never to question authority. “Do as I say – not as I do. When I tell you to jump – the only thing you can ask is how high”. There are still a number of managers and business leaders out there who continue to manage and lead that way. They manage and lead by intimidation. I’m here to tell you the days of the “Bully Boss” are over.
Why women make better leaders can be summed up in just one word – “Empathy”. (The ability to see it from another person’s point of view). Women seem to come by it naturally, while most men have to work at it. Dee Dee Myers – author of “Why Women Should Rule The World” believes that women are more successful at managing small businesses because women can make people accountable for their actions but, they are also there to support them. “Females have the trait, where maybe most males do not”. Mary Matalin, former counsellor to President George W. Bush and Vice President Cheney was quoted as saying – “Women around the world are rewriting history at a ferocious pace with or without mans permission”. It’s easy to argue that men haven’t been doing such a good job lately of managing things. That’s not a political statement – I’m just stating the facts. In the words of Bob Dylan – “The times they are a changing”.
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