Are you in love or just in love with the feeling of being in love?
Starting a business is much like falling in love – you finally get to do what you love doing, earn a living from it and get the chance to actually contribute to the betterment of the market you are targeting. But like falling in love, one has to do an honest self-assessment prior to starting a business to make sure, for one’s own sake and sanity, that the urge is indeed genuine and will thus be sturdy enough to withstand the tests surely to come.
Self-Assessment 1: Uncover the Real Objectives Why You Wish to Work for Yourself
If you are currently employed, what is moving you to drop your position for a business of your own? Determine if it is simply frustration from your current work. Is it the colleagues around you, the superiors handling you, the company culture misaligned from your own or the present compensation package? If it is the pay, is it the dream to earn a better living the motivating force that is driving you to start your own enterprise? Is it independence that you wish? Or is it all because of your gut feel that you have a head for business so you think you’ll be good at it?
Take heed in these guide questions because they form the very thin line between victory and downfall.
One blogger once shared that her friend and neighbor, who goes by the name of Brian, knew she worked at home and had been doing it for quite some time by then. Because Brian had had enough of his then boss, he called it quits and decided to make it on his own. Having experienced human relations management for some years then, Brian thought he’d try his hand on real estate selling using the skills he has acquired. Passing qualifications and becoming an agent was easy. But as Brian realized, it did not end there.
It became a chore for Brian to have to wake up each day to get property listings because without those leads, one will not be able to make a sale. Because it is only after work that potential clients have free time to actually discuss business, Brian’s phone rang nonstop most evenings which caught him unawares and horrified.
Last she saw him, he was a wreck, ready to place himself back in the employment market again to find another job. Brian realized there is more to self-employment than not having to undergo daily travelling to and from your office.
Self-Assessment 2: Instill Self Discipline to Work for Yourself
Understand that being your own boss does not immediately spell freedom to do whatever you want and when you want it. Throwing all caution in the wind will only lead to disaster. If you dream of success for your own business, you must understand that with it comes self discipline. Prepare yourself to spend long hours especially at the onset of your start-up company. Excite yourself with opportunities every day such as gaining new skills like marketing or developing improving habits like waking up early every morning to make things work.
Your support system must also be brought up to speed on your new venture. They must understand that although you will be more or less handling your own time, this does not necessarily mean they can simply butt in any second and expect you to drop everything just to focus on them.
Self-Assessment 3: Cash Management
Once started, keep in mind that there are two types of capital in business: your start-up and your working capital. Once the first few deals are sealed and paid, be cautious not to feel like a one-day millionaire and surprise the town on a spending spree thus draining you of cash needed to keep your business operations going from day to day. If at the moment money for you feels like an exhilarating opportunity to spend for something – no matter what it is, it is recommended you take a quick course on money management.
Self-Assessment 4: The Importance of Perseverance
When you start a business, ensure that what you invest into is really your passion. There will come a time when things will turn rough and stormy, that is a fact. If you are not passionate of your business, you will not have the will to continue and simply give up. Perseverance is one of the best traits of successful entrepreneurs. Just like a flower seed newly planted in your garden, you cannot expect to sow it today, water it later and enjoy its bloom the next day. Remember, easy come, easy go. Once you start your trade, invest time and patience in it long enough to see it grow to eventually give you the rewards you’ve been dreaming of.