Many of my clients join my career change programme with the aspiration to start their own business. It is usually 2 or 3 sessions in that they reveal this little dream they have and how they can see this bigger version of themselves running a small business.
I love it when this happens! It is where my passion lies, in helping people realise their potential, and where I believe a lot of people get fulfilment from. I then gently push my clients into owning their secret desire more and help them believe in it. However, truth is, not everyone is an entrepreneur and some people are just better suited for employment. In this article, I want to share the benefits and things to consider in entrepreneurship as well as a discovery check-list to help you figure out if you have what it takes to be an entrepreneur.
Some of the benefits of being your own boss
In my view, the sense of purpose is one of the most attractive reasons to start your own business. Spending time on something you love and care about leads to great satisfaction and a healthy mindset.
Another attractive benefit of running your own business is that you get to choose when and where you work. The flexibility is huge, and this is equally a trap as it means you need to be really disciplined when things aren’t flowing easily. Entrepreneurs get to be in control of what scope of work they take on, how much they invest (time, energy and money), where their boundaries are and what they focus on. With a bit of practice, this can lead to a very fulfilling work set up as everything is customised to the person who designs the set up.
Entrepreneurs have to wear many hats, meaning their to do’s are across a whole range of areas, including accounting, marketing, sales, productivity, consumer psychology and so on. This is a great learning opportunity and means huge variety in the day-to-day job.
Career progression is unlimited and your own mindset is the only limit within this career path, along with some factors outside your control, which you then will have to work around.
When things go the right way, running a business can have a very positive impact on people’s mental well-being, as they loose a sense of time by doing something that matters to them, which creates confidence and a sense of fulfilment.
Some of the things to carefully consider when starting your own business
The biggest challenge I see with my clients is to get started in the first place. They have great ideas, very in line with their values and interests, and they may even have the financial means to pursue this type of career. But it seems very daunting to take that leap and try the unknown territory.
From own experience, building a business takes time and patience. A lot of people throw in the towel instead of consistent, steady efforts over time. Hanging in there and doing the small tasks over and over again will eventually pay off – or need to be adjusted.
Entrepreneurs need to be on top of their numbers (or get help in this area). Understanding how to raise funds to get started and how to manage cash flow is key to not fail from the outset.
I mentioned the great learning opportunity through the huge number of varied tasks; This can equally lead to overwhelm and failure as you have to be prepared to learn new skills, deal with unknown territory, and take risks.
Another challenge to carefully consider is how to manage your time. As an entrepreneur, there will be times when you have to go above and beyond to makes things work and this can mean sacrificing time with your family and friends.
Discover if you are an entrepreneur with these questions:
– Do you have an idea that you love?
– Are you willing to take risks?
– Are you prepared to loose your financial investment?
– Can you be hard-headed and put your firm believes above social expectations?
– Do you enjoy learning new skills and exercises different tasks?
– Are you ok to work alone?
– Are you well organised and disciplined, even when things are not obvious?
– Can you structure a plan and work towards goals?
– Can you see failure as a learning and move on?
– Do you have a network of people that support your idea?
– Are you good at time management?
– Are you resilient?
Watch the space for related articles on if you are better suited for employment or other work structures.
If this content resonates and you would like support with a similar topic, let’s connect and have a chat.