I’ve been talking to people, and I don’t know if it’s because we’re in the first quarter of a new year or if there’s more confidence in the economy, but I’ve noticed a lot more people are looking to start. their own businesses. As a business owner and social entrepreneur, I think that’s a great thing.
I am often asked about my thoughts on starting a new company and I honestly love the adrenaline rush, vision driving and strategizing of a new business opportunity. If you’ve been thinking about starting a new business, there’s no better time than the present to start getting into the entrepreneurial mindset and consider if it makes sense for you.
If you were talking to someone right now starting out as a first-time business owner, there are three essential things I’d suggest they keep in mind:
- Do you really want to be an entrepreneur?
The first question is the hardest, but you have to sit with it for a while. I’ve talked to many people along the way who have started a business, then fallen flat on their face and returned to the safe embrace of a 9 to 5 job. Owning a business isn’t as “glamorous” as it may seem. look.
Sure, you’ll have a flexible schedule (sometimes) and you’ll call the shots on big and small decisions, but being an entrepreneur isn’t for everyone. The truth is, you will never work as hard as when you own a business, particularly in the early years. Days longer than twelve hours, including weekends, are not uncommon.
Owning a business means that everything depends on you. Other people may work with you. You can be one of those leaders who allows your team of professionals to be the professionals they are, but as an entrepreneur, your responsibility is to understand each area of your business: sales, marketing, legal, finance and accounting, administrative, marketing, research and development. , product development, etc It takes a lot of time to get to know all the areas of your business and make sure they are running smoothly. It is an endless process.
- Do you really want to do business with your friends and family?
Many times, especially in the case of small businesses, you will have friends or family who decide to start a business together. It makes sense to want to do business with people you know and trust, but do you want to do that? If something comes up, your relationships may be affected.
A great scenario is this: you are working 12 hours a day and doing very well in your areas of responsibility. Your business partner, and good friend, may not be as hard-working and disciplined as you are, and then resentment begins to build. That’s a recipe for conflict, and the likelihood of your business surviving with internal friction decreases exponentially with increasing tension.
Another is that you don’t do business with a friend or family member as your partner, but you may decide to hire that same good friend to be one of your first hires because you trust them. Again, what if you don’t put in the hours or work that you think is essential to business success? There have been countless examples of business owners who partnered with or hired friends or family members only to find themselves in a situation where the business (as well as the relationship) suffered due to anything from work styles to fraud. It is very difficult to separate your business from your relationships without potentially ruining them.
- Decide if you are the pastry chef or the owner of the business
Lots of people are passionate about something in their lives, and that’s great. Maybe they love to make cupcakes, or they love music and want to sell instruments. Whatever your passion or interest, if you have one, you won’t just be doing that job. As a business owner, the most crucial part of your business is vision, sales, etc. and the history of the company as set out in its business plan.
If you love to paint and decide to open a paint shop, you will not spend the day painting. You will spend the day selling paint, dealing with customers and managing the books. The same goes for cupcakes or even widgets. A business owner who wants to grow their business will not only bake cupcakes, but also run the business.
If you’re looking to grow, you need to focus on the total “business.” As a business owner, cupcake making, painting, music, or gadget making will be just one item, but it’s certainly not the “business.” Business is the promotion of your product, price, finances, customers, cash register, accounts receivable and payable, payroll, etc.
In conclusion, don’t get me wrong. For me, I would not change anything in the world for my life as an entrepreneur. I love being a business owner and delving into all elements of my companies and brands. It’s invigorating, exciting and no day is the same. However, any business owner will tell you that the points mentioned above are essential to see if the entrepreneurial path is really what you want.
