Have you been job hunting but, haven’t found an ideal job that showcases your talents, education and interests? or Have you been thinking about starting your own business?
I have to warn you though, making the leap from employee to entrepreneur means changing not only your lifestyle, but also your mindset. Before spending time, money and energy starting a new business, you should ask yourself: Do I have what it takes to own a business or, am I better suited to being an employee?
they all have their advantages and disadvantages, and please know this ; what most people show you on social media is what they want you to see, during those difficult times, you will not see them on face book. its always wonderful to show people that you have the best job, the best team, or the best business in the whole universe, DONT LET ANY BODY FOOL YOU.
Those wonderful and exciting things they show you is not always the case, in fact in most jobs and businesses, the bad times are more than the good times, most people that lose their jobs see it coming months before it happens, owners of businesses that close up see it coming months before it finally happens, but they will never tell you about it.
Having said that, i was once an employee before i started my own business, looking back, i don’t regret quitting my job and starting my own business to the point of having staff. it was not easy, but i can tell you it was worth it.
I was able to succeed because i followed a strategy which am going to share with you here today. and i believe that anybody who follows the strategy and plan in starting their business will definitely succeed
The mistake most people make is jumping into a business because their friend is doing it and its moving well, or they attended a seminar, and the speakers turned their head with their motivational talks, without researching on the business to know the skills or money involved , they jump in , only to jump out when they see what it takes to start and run a successful business.
Before i give you the strategies that i have used in starting businesses which you can use in 2018 and succeed,
Here are questions according to Sharon Michaels that will help you determine if you are ready to start you own business or keep on hunting for jobs
- Can you start and finish tasks independently?
Employee Mindset: The boss or manager gives you a task to be completed within a certain time period and you’re expected to complete the assigned task.
Business Owner Mindset: Business owners know how to, and even like to, work independently. They are willing to take full responsibility for creating and completing their own work schedules. To take this one step farther, if you are thinking about starting a home-based business, you must also consider that there will be times when you’ll be spending hours working alone, without the company and support of others.
- Can you set and achieve short and long term goals?
Employee Mindset: As an employee, you are working to achieve someone else’s goals.
Business Owner Mindset: A business owner takes on the responsibility for planning, marketing and overseeing the success of their business. Running a successful business means taking the time to formulate and implement a well thought out business plan. You will need to write a concise mission statement, an innovative vision for your company, short and long-term financial goals and a feasible and effective plan of action.
- Do you have the self-discipline and self-motivation to work for yourself?
Employee Mindset: A boss or manager sets and oversees your tasks and hours.
Business Owner Mindset: Successful entrepreneurs are masters of time management and multi-tasking. Self-discipline is a vital factor to growing a successful business. A business owner must be consistently self-directed and self-motivated to do those things that will keep his/her business moving forward. Self-discipline is about doing what you say you’re going to do when you say you’re going to do it.
- Can you manage money wisely?
Employee Mindset: Someone else takes all the financial risks for building a successful and profitable business.
Business Owner Mindset: If you decide to start a business, how do you intend to finance your business? A key factor to starting a business is being prepared to handle the financial ups and downs of opening and growing a new business. Are you willing to take business classes, learn new money management skills and even hire professionals who can help handle your finances?
- Do you know how to measure success?
Employee Mindset: Your boss sets the standard by which they measure and reward your successes – pay raises, awards, recognition, etc.
Business Owner Mindset: A successful business owner knows, almost instinctively, how to set his or her own internal and external “barometers of success.” As an entrepreneur you are responsible for setting your own standard of excellence. It is important, even before beginning your business, to be fully aware and understand your “barometers of success” and how you professionally measure success. Do you measure success by money earned, recognition received, etc.?
- Are you comfortable creating your own paycheck?
Employee Mindset: Your employer is responsible for your paycheck, benefits and other job related expenses. You can plan on getting paid regularly.
Business Owners Mindset: Business owners are responsible for creating their own paycheck, retirement plan, taxes, insurance, vacation pay, etc. There will probably be times when you won’t receive a regular paycheck. Being your own boss means taking risks and living with the financial uncertainty that often comes with owning a business. Are you willing to take financial and professional risks? Are you willing to live with the stress that often accompanies an uncertain paycheck?
- Do you know your professional worth?
Employee Mindset: An employer tells and shows you how much you are worth by the amount they are willing to pay you.
Business Owners Mindset: As an entrepreneur, you determine your own worth!
After answering these seven questions, what have you decided – are you going out job hunting or starting a business?
If you really want to start a business, then here are the strategies that will help you succeed
- before you start, know the business you want to go into, ask questions, go to those already doing it, PLEASE do your research.
- Even if you see that those doing it are successful, don’t jump into the conclusion that the business is automatically going to be successful, many people use money from another area to make their business appear successful, it does not mean the business is successful . the cash flow may be negative
- try not to borrow money to start a business, start with the little you have , from my experience, the first few years , you will be doing a lot of experiment and gathering experiences , please don’t use borrowed money to do experiment .
- Decide not to quit, you are going to encounter obstacles when you start newly, at times you will lose money , it’s called school of hard knocks, just know you will learn and graduate one day only if you persist, but your problem would be multiplied if you borrow money and the business encounters issues.
- Don’t just set up business and employ people to run it while you answer CEO and manager . What are you managing , you have to learn how the business is done, learn the skills required in your business, be ready to work in every area of your business. i had this experience when i started biZmarrow technologies limited newly . At the end of a particular months, i paid salaries and the next day by 8:35 am, one of my trainers called and told me he won’t be coming to work again. I tried all i can to get him to come to the office that day to take his classes why i make arrangement for a replacement but it never worked. i had to move down to the office and took some of the classes.
- Don’t entrust your marketing in the hands of marketers. In all that you will be , be the marketing manager because if anything happens to this department, you are gone
- Learn how to get the best from the internet and ICT, learn Digital marketing and know how to appear on Google searches in your local area. Having a website and knowing how to use it will be added advantage.
- Finally, learn to face challenges because they will surely come; when they do, solve them and move on. its only in business i have come to realize that failure is only an opportunity to grow bigger and better
Don’t just read this article , start implementing what you have learnt if you want to start your own business. with all the challenges you will face, it is really fun doing what you love to do. JUST BELIEVE ONE THING, YOU CAN MAKE IT HAPPEN, YOU CAN DO IT
IKECHUKWU EROWELE IS THE CEO OF BiZmarrow technologies limited, managing partner, www.theenterprisemind.com.ng, founder www.clicknspreadsms.com