“Entrepreneur’ just denotes that you recognize that you’re doing things across disciplines and that you’re blazing your own path.” ~ Pharrell WilliamsHaving your own business is still one of the most dreamed about career goals most people have, but one of the hardest to sustain.
Just the idea of it sounds rewarding and fulfilling and it is. But, don’t get lulled into romanticizing it. If you are going to start a business, you just have to make sure you are doing everything that you need to do to professionalize it.
The entrepreneurial mindset is characterized by initiative, adventure, risk and perseverance. Not everyone is cut out for this going it solo – ownership experience. We are responsible for taking ownership of being the best at who we are and what we do. We all “own” our process which greatly impacts the outcome of how things turn out.
My colleague JT O’Donnell, Founder of Careerealism, says:
“It should come as no surprise much of what is written about launching a startup or being an entrepreneur can be applied to ourselves as we lead our respective business of ones to greatness.”Taking leadership of your company if you do own it and ownership of your career if you run it are “musts” in today’s competitive business world.
Take it from me, after 7 years it is not for the faint of heart, but it is fulfilling. As I continue celebrating this milestone as an entrepreneur, I am also musing and thinking about what it took to get here and what it will take to stay.
Small Business Delivers Big Opportunity For ManyThe SBA considers firms with fewer than 500 employees small, placing nearly every business in the country (99.7 percent of firms that have employees) under that umbrella term — thus, it is no surprise they employ the most workers.
Forbes uncovered some impressive current statistics about small business from it’s 38 million members, which gives us a good picture of the current small business landscape which is encouraging:
- Twenty eight million small business in the US.
- Over 50% of workers work in small businesses.
- Sixty five percent of new jobs are generated by small business.
- Fifty two percent of small businesses are home based.
The US Small Business Association definition of small business:
- Is organized for profit.
- Has a place of business in the US.
- Operates primarily within the U.S. or makes a significant contribution to the U.S. economy through payment of taxes or use of American products, materials or labor.
- Is independently owned and operated.
- Is not dominant in its field on a national basis.
Carefully Consider the Benefits and Liabilities of Being a “Business of One”The key benefits to being your own boss include financial freedom, flexibility, decision making power, creativity, innovation and a viable solution to being unemployed or underemployed. Imagine taking your talents or hobbies and applying them to a viable niche or maybe taking on a franchise.
I have sadly witnessed the negative outcome of people who jumped in without the proper assessment, evaluation, product, plan, capital and skills. They were wiped out financially, emotionally and had a hard time recovering.
This endeavor can be a dream maker or dream killer. Going into it with the right skills, plan, motivation and professionalism and not a fantasy is the preparation that can make it or break it.
If you are thinking about starting a business or just have, here are some resources from the SBA.gov that are invaluable. Twenty questions and 10 steps that can help you make good decisions, be better prepared for the challenges and improve your success.
Make Sure Are You The Right Fit for The JobThe question of whether successful entrepreneurs are born or developed is an ongoing discussion. I will say, and do believe, that entrepreneurs share some important qualities. They take initiative, seize opportunity and have a higher risk tolerance. They are good decision makers, more focused and have stamina.
Take advantage of Score, the SBA, Small Business Development Centers and free workshops in your county or city and get some counseling. Most of this is free or a nominal fee.
Find a Need and Niche and Fill itWhat can you do? Can you turn a hobby into a side or main business? What do people need? What trends open up opportunity? These are the questions to ask yourself.
I love the show Shark Tank because it presents real people creating and inventing things that they hope make people’s lives better. Most of the products and services are born out of finding a solution for something they needed that they couldn’t find.
Talk to people you network with, and watch what hot social media topics are getting the most action to track what people are talking about.