Entrepreneurship – Do you have what it takes?
By Kerry Woodson
Do you sit at your desk day after day and longingly stare out the window (if you have one), wishing you were more in control of your work life? Do you wish you were better rewarded for your efforts than your current salary provides? If so, join the club because most people who have “jobs” experience these feelings at times. Many people link this unrest with an underlying entrepreneurial spirit and desire that is not being fulfilled. While it is possible that the next Steve Jobs or Bill Gates is hidden within you, it takes much more than job dissatisfaction to be a successful entrepreneur. While there is no single description of the person who thrives in the entrepreneurial world, there are some common attributes evident in most ventures. Do you have what it takes to make the leap and “be your own boss?”
End Result Many people see the end result of a successful business venture and mistakenly think it was that way all along. They see the financial rewards and the flexibility afforded the owner and fail to realize what it took to get to that point. The good news is that the rewards can be great. Entrepreneurs/small business owners comprise some 65% of US millionaires and quite often enjoy the time freedom to do other things as well. The bad news is that there is usually sacrifice and uncertainty before the triumph.
Financial Sacrifice The first sacrifice is usually financial. When the business is getting started, it consumes money instead of providing money. This situation can continue for weeks, months, or in some cases, years. It is therefore necessary to have a substantial cash reserve, an alternative source of income, or a reduced lifestyle in order to cover your personal living expenses while the business is being built. Are you willing to lower your standard of living temporarily for the possibility of a greater one later?
Time Commitment Another sacrifice and fallacy revolves around time. Many people think they will start their own business so they can work when they want. Nothing can be further from the truth for most success stories, especially in the beginning. The work doesn’t end at 5:00 and many business owners quickly discover that they traded 8-hour days for 12-hour days or more. Even though the days can be long, there is a certain satisfaction and determination knowing the effort is building your own business instead of someone else’s. Still, the commitment must be there. Are you prepared to work harder than you’ve ever worked with no guarantee of a paycheck?
Uncertainty If you’re looking for guarantees, entrepreneurship is probably not for you because uncertainty is part of the package and the bugaboo that prevents many from leaving the relative security of their jobs. Uncertainty abounds in a number of ways. You don’t know if you’re going to succeed or if you’re even going to get a check from week to week. It’s unknown if you’ll land that big account or major order. Will all the employees show up today? Who knows? Some people look at these situations and say it is what makes things interesting and exciting. Others see it as too frustrating and prefer a routine and knowing what to expect. There is nothing routine about starting and running a business. Can you survive in such an environment where the only certainty is that nothing is guaranteed?
Being your own boss and owning a business can be one of the most rewarding endeavors undertaken if you possess the right attributes. There are many other necessary traits. Things like being creative, flexible, success-driven, and passionate about your product are all characteristics that come into play. Taking an inventory of your inner self can play as important a role as external evaluations when it comes to determining the viability of a proposed venture. If you’ve got a good idea and you are confident you are personally prepared for the challenge, maybe it’s time to stop staring out the window and dreaming about it and take action to make the vision become a reality.
By Kerry Woodson
Do you sit at your desk day after day and longingly stare out the window (if you have one), wishing you were more in control of your work life? Do you wish you were better rewarded for your efforts than your current salary provides? If so, join the club because most people who have “jobs” experience these feelings at times. Many people link this unrest with an underlying entrepreneurial spirit and desire that is not being fulfilled. While it is possible that the next Steve Jobs or Bill Gates is hidden within you, it takes much more than job dissatisfaction to be a successful entrepreneur. While there is no single description of the person who thrives in the entrepreneurial world, there are some common attributes evident in most ventures. Do you have what it takes to make the leap and “be your own boss?”
End Result Many people see the end result of a successful business venture and mistakenly think it was that way all along. They see the financial rewards and the flexibility afforded the owner and fail to realize what it took to get to that point. The good news is that the rewards can be great. Entrepreneurs/small business owners comprise some 65% of US millionaires and quite often enjoy the time freedom to do other things as well. The bad news is that there is usually sacrifice and uncertainty before the triumph.
Financial Sacrifice The first sacrifice is usually financial. When the business is getting started, it consumes money instead of providing money. This situation can continue for weeks, months, or in some cases, years. It is therefore necessary to have a substantial cash reserve, an alternative source of income, or a reduced lifestyle in order to cover your personal living expenses while the business is being built. Are you willing to lower your standard of living temporarily for the possibility of a greater one later?
Time Commitment Another sacrifice and fallacy revolves around time. Many people think they will start their own business so they can work when they want. Nothing can be further from the truth for most success stories, especially in the beginning. The work doesn’t end at 5:00 and many business owners quickly discover that they traded 8-hour days for 12-hour days or more. Even though the days can be long, there is a certain satisfaction and determination knowing the effort is building your own business instead of someone else’s. Still, the commitment must be there. Are you prepared to work harder than you’ve ever worked with no guarantee of a paycheck?
Uncertainty If you’re looking for guarantees, entrepreneurship is probably not for you because uncertainty is part of the package and the bugaboo that prevents many from leaving the relative security of their jobs. Uncertainty abounds in a number of ways. You don’t know if you’re going to succeed or if you’re even going to get a check from week to week. It’s unknown if you’ll land that big account or major order. Will all the employees show up today? Who knows? Some people look at these situations and say it is what makes things interesting and exciting. Others see it as too frustrating and prefer a routine and knowing what to expect. There is nothing routine about starting and running a business. Can you survive in such an environment where the only certainty is that nothing is guaranteed?
Being your own boss and owning a business can be one of the most rewarding endeavors undertaken if you possess the right attributes. There are many other necessary traits. Things like being creative, flexible, success-driven, and passionate about your product are all characteristics that come into play. Taking an inventory of your inner self can play as important a role as external evaluations when it comes to determining the viability of a proposed venture. If you’ve got a good idea and you are confident you are personally prepared for the challenge, maybe it’s time to stop staring out the window and dreaming about it and take action to make the vision become a reality.
RSS Feed