These days there are more people starting their own businesses. Some people are doing it because of a job loss, while others have been planning for quite some time.
When it comes to business ownership, usually you’ll hear about business plans and funding. What about your mindset? Are you ready to make the personal transitions required to step out into business ownership?
Here are some important points that I’ve discovered in my transition to entrepreneur.
1. Failure is not a bad word in the entrepreneurial world. A high tolerance for risk and the ability to reinvent yourself is required for long-term success.
2. If you’re used to regular nine-to-five hours, you can kiss that goodbye. Working in your own business will require a different schedule and probably involve working weekends and holidays as well.
3. Accept that you may lose some friends. Some of them may not understand why you’ve made this choice or believe that you’re crazy to give up a full-time job.
4. When you work for yourself there are no managers setting deadlines and asking you when the work will be done. If you have trouble being proactive, you’re going to find it difficult to be able to generate your own income on a regular basis.
5. You have to trust your judgment. Even if you hire a coach or get a mentor, you’ll have the last word regarding business decisions.
6. Learning to set fees can be a major challenge. If you come from an “hours for dollars” environment it’s hard to figure out what your work is worth. Rates and fees should be based on the value you’re delivering, not on the hours it takes to do something.
7. If you’re not comfortable promoting yourself, it will be almost impossible to effectively market your business. You can’t fade into the background then wonder why potential clients don’t know you exist.
For the small business owner, your business will be tied in with your beliefs and feelings about yourself. Be honest when weighing the pros and cons. Before you take the leap gather as much information so that you can determine if you’re ready to step out as an entrepreneur.
Copyright © 2009 – 2010 Deborah A. Bailey