In this troubled economy and job market, as the once-secure world of corporate employment is disappearing, many turn to entrepreneurship to open new opportunities. Might having your own business be the right career move for you?
5 realities of entrepreneurial responsibility
If having your own business—becoming an entrepreneur—has crossed your mind, I’d like you to think about rigid demands you’ll need to carefully consider:
· You need money for the business
You should have money or be able to get some. Starting a business costs money; sometimes, quite a lot. You’ll either have your own resources or be able to get the resources elsewhere (e.g., private investor, bank loan, venture capital funding, etc.). I won’t sugar coat it. This can be a very tough and time-consuming effort, even if your idea is the best thing since indoor plumbing!
· You need money to live on
It may seem like a no-brainer; but you’re going to need funds to live on while getting started. Not only do you have to finance your new business, you need the resources to sustain you and your family through the early stages of your new business until the cash flow kicks in (and be prepared; sometimes it does and sometimes it doesn’t).
· You need a vision and a plan
You must have a good business concept and a rock-solid business plan. It’s hard work and takes concentrated reflection and analysis to decide if your vision or idea can work. You’re going to get a taste of wearing lots of hats when you plunge into this phase. You’ll be the operations manager, salesperson, economist, financial analyst, accountant, public relations expert, and much more. I suggest you devour as much as you can from online, book and other resources out there. Talk to other entrepreneurs and experts; educate yourself about what has to happen.
· You must be an smart marketer
I don’t care what your business is; you have to sell it. You have nothing without customers. So if business development, sales and marketing are not your cup of tea, you had better figure out how to do them—or be prepared to pay for that kind of talent.
· Be prepared for bumps
If you are going to be self-employed, you should prepare yourself for an-often wild ride. In a nutshell, there’s risk. One week you’re flying high; the next feels like the bottom’s falling out. You’ll face a myriad of problems—from uneven cash flow, to unanticipated expenses, to having great business and not being able to meet the demands. If you’ve hired talent, your best person could quit. Your computers may crash. Ask yourself if you can live on the emotional roller coaster and handle the stress. It’s a biggie.
The typical entrepreneur is not Steve Jobs or Bill Gates or Donald Trump. It’s the lady in the country selling fresh produce. Or the man in town who just bought his first bagel shop. Or the recent college graduate launching a web business.
If after reading this post, you’re still serious about starting your own business, read my next post. I’ll pose some questions that will help you do some soul searching to further flesh out whether being an entrepreneur is right for you!
Photo: stevendepolo
