Being your own boss is something many of us dream about. Everyone who has ever worked for anyone else has fantasized at least once about how it would be to be the one in charge. This notion is not something unusual. We humans have always been beings that strive towards success, and being in charge of the way you make a living is one of the biggest successes there is.
So, why is it that taking the step towards being an entrepreneur is thought of as being something scary and dangerous? If it’s normal for us to think about being in charge of all aspects of our lives, then why does it comes across as something extraordinary? The answer to this question is very complex and consists of many different factors that play a role in this kind of decision.
The biggest concern of becoming an entrepreneur is safety. If you have a steady job in a firm, you have some kind of stability in your life. Statistical researchers suggest that people with family members who depend on their steady income have far less interest in taking the risk of becoming their own boss. On the other hand, the same researchers also suggest that people with families have a greater desire to become entrepreneurs in order to spend more time with their families.
This conundrum is inherent in the human experience and has no easy answer. Is it better to have security and spend less time with your family, or is it better to sacrifice some of the luxurious things money can give you in order to be with the people you care about? There are many factors in play here. Safety we already mentioned, but a lack of confidence and insecurity regarding your skills as a worker are also very prominent among anyone who has at least once considered taking the step to becoming an entrepreneur.
This step towards entrepreneurship is not easy. There are many moves you have to make in order to take the leap from being a “worker bee” towards becoming the boss of the “beehive”. We will take a look at some of the main things to consider, hoping to prepare you as much as possible for the road ahead.
Interview yourself and decide if you’re ready to hire that person
Job interviews always seem easier for those doing the interviewing than for those answering the questions. As an entrepreneur, you have to do both in the beginning. You have to have a clear vision about yourself. What are your skills, your strengths, your weaknesses? Test yourself with some experiments and see how you’ll do.
Of course, you’re not going to decline your own job application, but this interview will determine whether you have the necessary skills and attributes needed for the kind of work you want to do. Later, once you come to the point of hiring other people, you’ll have a better understanding of how the whole process works and what you need from the workforce you’re assembling. Many managers put themselves above the workers. That’s because they didn’t have the experience this kind of self-interviewing brings to the table.
Come up with an idea for your business and then find reasons why it’s a bad one
An idea is the thing that will be the cornerstone of your business. So why is it important to find the one or two reasons that will prove this same idea to be a bad one? Well, better safe than sorry. You are going to be the boss, and as such you can’t just throw ideas on the wall and see what sticks. There’s nobody you have to justify any of your decisions to. And while this may be liberating in some ways, there are many who make this kind of decision making very stressful.
As an employee, you have the liberty to stay out of big-picture decision making for the firm; as an entrepreneur you have no other choice. Come up with a few ideas for your business and pick the one that is most difficult to prove as being bad.
Know the market you’re going to place your business in
Research is a key thing you have to do after picking your idea. Realizing what customer base you have for your business is the first step. After establishing your key demographic, analyze what drives them, what motivates them, what inspires them. This will help you find out the public image your firm needs to adopt to be successful. If you do this step early on and stick to the results, you’ll have no problem promoting your business for years to come.
Establish a starting budget you’re ready to lose
This may sound pessimistic, but it’s very important to keep in mind. In the worst-case scenario, you’ll be thankful for this advice. Every business endeavor is a risk you take and there’s no way around it. Once you have your budget, you are ready to create a business plan suited for your needs and possibilities. Don’t get overboard with your plans in the beginning, so that if it doesn’t work out, you won’t be too devastated financially to try again at another time in your life.
Register your company and get the word out
The legal work that needs to be done may seem overwhelming in the beginning, but it’s something you just have to do. Once you’ve done that, it’s time to think about promotion. Social media and the Internet in general is a great place to start your campaign. If you’re selling a product, a web shop may be the way to go; if you’re offering a service, a website with your contact info is essential. In any case, there’s no way around the Internet and you should include the finances for web development in your initial business plan, as it has become essential for every business in the world. The rest is up to you and the way you handle your own new business. Good luck!