Have you ever asked yourself. “Do I have what it takes to be an entrepreneur?” If so, here are a few questions to ask so you can delve deeper into that question and see if entrepreneurship might be right for you:
You come from a family of entrepreneurs. Many individuals find that if they come from a family who pursues its passion and turns it into a living, they are more likely to have the entrepreneurial drive themselves.
You simply cannot work for a “boss.”
You have the self confidence to strike out on your own, work hard and deal with the ups and downs that come from owning a business.
You never take no for an answer. That’s a good trait as an entrepreneur, to be successful, never gives up.
You relish a commute that extends from your bedroom to the home office.
You believe that job security comes from what you make for yourself, not from an employer.
You have a finely honed competitive nature and are willing to compete with others to make your business the best.
What can you do to make the leap from unemployed or underemployed to business owner? You need to have a roadmap in place and a mentor or coach in your corner. Questions? Send me a message.
I may not be able to offer definitive proof, but I’ll bet that a business owner who has a business plan is thriving at a higher level than a business owner who is just “winging it.” You don’t have to look at a business plan as a document that will take you months and months to write. Look at your plan as a road map to your future success. Start it small, then build on it. The most important aspect is to “start it.”
Why do you need a business plan?
To make certain your idea is a good one. A business plan will help you put numbers to paper on whether your idea is feasible. Who will pay for what you’re selling. Who your competition is? What your profit margins should be, and even more. Getting this information down on paper is crucial to truly being able to determine if your idea can take flight – and earn you a living.
To give you a road map to follow. Developing a business means you need to have a plan in place to serve as your start up compass. Map out the first year before you take the leap. Know where to go for financing. If you need financing, you will need a business plan. Write down your particular skills and make note of those skills you will need to hire for.
A business plan will help you manage business growth. It would be a happy problem to have to have your business grow beyond your means to handle it on your own, right? If that growth happens and you’re not prepared you could make hiring mistakes or other mistakes that could kill the momentum.
The type of business plan you have will likely vary on the industry you’re in but at its most basic you need to have the items mentioned above written down to serve as your road map toward success!
There are myriad reasons that owning your own business might be right for you. There are also reasons, other than making money, that might make entrepreneurship something you should pursue.
Here are some of the many reasons I went into business for myself:
I’m the boss. Plain and simple. Sure, I have to answer to clients, but at the end of the day, I am growing my own empire and am in charge of my destiny.
You get to take credit, and sometimes blame, for what you’re doing. If you’re building a successful enterprise it’s all because of you, your hard work and diligence. You aren’t riding on someone’s coattails nor are they riding on yours. Embrace your successes!
Depending on the industry you’re in, you’re helping people. As a matter of fact, whether you’re offering goods or services, you’re helping people. Your clients look to you for their widgets or your advice and you give them your best. That is gratifying.
Your schedule is essentially your own. Owning a business means you can set your own hours. You may have the flexibility you never had when you were an employee.
Your bank account may grow. Some entrepreneurs make boatloads of money, others make enough to pay the mortgage and pay for family vacations. As an entrepreneur you have the ability to be the master of your own bank account rather than waiting for your employer to offer you an annual raise or a bonus.
What are some of the other advantages you’ve found from being self-employed?
You’ve either made a conscious decision to leave your current employment or you were downsized; either way, you are on the path toward entrepreneurship. What do you do now? We have some tips that can help your first year be as enjoyable and profitable as possible:
Write down your long and short term goals and work toward the short term ones immediately. Your vision will be quickly realized through your short term goals and that can give you the momentum to propel you forward.
Get a mentor or someone to be your “cheerleader.” This person may hold you to task as well as help you celebrate your successes. A mentor or coach can also help you get back on track if you veer off. It’s best to have someone who is not your spouse or significant other as your “cheerleader.”
Lack of organization can kill a dream. Operating in chaos is a sure-fire way to not realize your business dream. Implement an organizational system from day one. Find a system that works for you and stick with it. Don’t get overwhelmed by the choices. There is no right or wrong answer, other than the “right” answer is a system that works for you and that you will stick with.
Don’t wait until you’re operating in the red for months before you ask for help. If you see your profit margins closing and your bank balance depleting you need to ask for assistance before you have to shutter the doors. This “asking for help” could also mean bringing in team members to help you with tasks at which you’re not well-versed. For example if social media or accounting is not in your wheelhouse, hire a pro. Concentrate on your core strengths.
Have a plan in place to take a different path if you need to. Don’t get so married to a particular path on your business road map that you refuse to switch or change with the tides. Being an entrepreneur means you need to learn to make adjustments mid-stream.