What is your vision for your business and how are you preparing for success?
…But first, are you sure you have what it takes to work for yourself as you follow your career passion? If you believe so, the good news is that the rewards of ENTREPRENEURSHIP are worth the effort and discipline it requires to be successful.
- How about you not having to race to get up early, dressed and ready to endure a long commute.
- Or that that boss you can’t stand is no longer going to be telling you what to do or threatening your future?
- You can in fact enjoy the luxury of stopping in the middle of the day to exercise or attend your child’s school conference.
Being an entrepreneur is immensely rewarding and life-changing. Doors get flung open for you to follow your dream and live out your life passion while doing the work you love. You have the freedom to set your own schedule, design your business just as you wish and enjoy the fulfillment of meaningful work.
Surely, working for yourself will require sacrifice, discipline and the willingness to tolerate uncertainty. In the last few years, the number of start-ups in U.S. alone has soared, with reportedly 69% of new businesses being home-based. However, not everyone is apparently cut out for entrepreneurship.
Some people are simply better suited to a corporate or office environment because of their personality type or preferences. If you’re toying with the idea of being an Entrepreneur, be sure you know exactly what you are getting yourself into before you take the leap. Here are 15 signs you MAY be cut out for entrepreneurship: [Download the Printable FREE 15 Keys Infographic HERE.
1. YOU ARE SELF-MOTIVATED AND PASSIONATE ABOUT SOMETHING
Do you have a PASSION for what you want to go into ?…passion is what provides the fuel in your engine to keep you motivated. As an entrepreneur, you don’t have someone standing over your shoulder telling you when to show up for work, what’s expected of you or what will happen if you don’t perform well. Are you must be self-driven by your passion for your work, as well as by your own desire to succeed? You must have a clear VISION, together with your GOALS and a specific PLAN for reaching them. You are not easily distracted or lacking the discipline to stick with your daily tasks, even when you’re bored or discouraged. You are in a position to set up your own system of accountability to stay on track.
2. YOU POSSESS HEALTHY DOSE OF SELF-CONFIDENCE AND TRUST IN YOUR OWN JUDGEMENT
Do you have a healthy level of confidence in your own abilities, as well as an awareness of your strengths and weaknesses? You can’t begin a business when you are full of self-doubt and insecurities. You must be a SELF-STARTER just as you are also willing to seek out counsel and support when you need it. And more importantly you need to trust your own judgement and pay attention to your intuition as you perform the required due diligence for making sound business decisions.
3. YOU ARE OKAY WITH UNCERTAINTY
Are you prepared to deal with building your business; taking charge of all administrative tasks, marketing and even financial planning? When you work for someone else, you know what’s expected of you. You have a regular pay-cheque coming in and can count on a specific amount of money every month. You are fairly clear on your role within the organization and your work is mostly consistent from day to day. As an entrepreneur, you may not know when to expect the next cheque. You may not know where the next client or customer will come from.
4. YOU ARE DRIVEN TO CREATE AND PRODUCE RESULTS
Are you driven by a passion for a product or a service? Not only do entrepreneurs enjoy the freedom and flexibility of working for themselves; they are also deeply committed to what they are doing. Entrepreneurs have a creative spirit and are internally propelled to produce results. They find inspiration easily and can quickly ACT on their ideas. They are DREAMERS — but more importantly, they are DOERS. They know that action turns their ideas into reality.
5. YOU CAN WORK ALONE
Can you make decisions in isolation and feel comfortable with your own company and the lack of daily interaction with others? In an office environment, you’re surrounded by other people. You draw from the creative energy of the group, enjoy camaraderie and get input from those around you. You might also source support from colleagues in other departments within your organization. As an entrepreneur, you’ll have long stretches of you working alone.
6. YOU’RE BEGINNING TO HATE YOUR 9 TO 5 JOB
Do you know that when you work for yourself, you’re never completely off the clock? As an employee, you generally have set work hours. Although you might work beyond those hours, you know you’ll still get paid if you don’t. As you start up a new business, you’ll need to put in many long hours to gain some traction. And even as you build your business, you know the buck stops with you as you remain available to your clients or customers; often at short notices.
7. YOU’RE COMFORTABLE WITH TAKING RISKS
Are you ready to invest YOUR OWN money, time and energy into something that isn’t a sure thing? As an employee, you aren’t personally responsible for the success or failure of the business. You may be required to make difficult decisions, but you generally have access to support and input from others. And any decision you make isn’t likely to determine the future of the entire organization. But as an entrepreneur, you are constantly required to step out on a limb. Every decision you make will either lead to your personal success or contribute to the eventual failure of your dream. You need to be comfortable with that tension and personal responsibility.
8. YOU CAN HANDLE LACK OF STRUCTURE
Do you know that when you work for yourself, there is no proper structure; at least in the beginning? Most organizations have a well-defined structure and culture. There’s an organizational hierarchy in place and you know where you fit within it. Your path along the ladder of success is well-defined. Or if it’s not, you probably know your next career move in order to be increasingly successful. You must create your own structure as you define the VISION and MISSION for your enterprise. You are responsible for building a BUSINESS PLAN and creating GOALS that move your business forward.
9. YOU LOVE LEARNING NEW TECHNOLOGIES AND STRATEGIES
As an employee, you’re required to be proficient with the technology associated with your particular job. But as an entrepreneur, you need to be proficient with a wide variety of technology and software to support your efforts in Administration, Marketing, Sales, Communication, Production, Operations and Financial Planning. You’ll also well-advised to get familiar with social media.
10. YOU ARE ORGANIZED
Do you know that at least initially, you may not have the luxury of an Assistant or other staff to help you stay on top of all of the details of your business? Because you are responsible for so many different aspects of your business, it’s important to be highly organized when you work for yourself. So you need SYSTEMS, SOFTWARE and SELF-DISCIPLINE to make sure you are keeping track of expenses, being on top of important communication and managing the details of your business. If you aren’t organized and mindful enough, you will waste valuable time and could jeopardize the success of your business.
11. YOU’RE COMFORTABLE WITH CREATING AND FOSTERING NETWORKS
Even though you work independently as an entrepreneur, are you well-equipped to build networks of people who support your business goals, serve as COACHES and MENTORS or work with you in PARTNERSHIPS or JOINT VENTURES? You don’t have to be an extrovert, but you do need to feel comfortable enough with other people to make you reach out proactively. You also need connections to build REFERRALS, to improve your skills or knowledge base and to find new customers. As an added bonus, when it’s time to hire staff, these connections may be helpful in finding suitable personnel for your business.
12. YOU ARE FINANCIALLY DISCIPLINED
Are you aware that when you first get started as an entrepreneur, you expectedly won’t bring in a steady income for a while? You need serious self-discipline to have enough money saved to support yourself during the start-up phase. You likely will be required to cut back on spending and manage cash flow mindfully so you have enough available for times when you aren’t generating income. And you must also be aware of the tax requirements for being self-employed. Regular paying of taxes will save you from needless stress and embarrassment.
13. YOU ARE PATIENT AND PREPARED FOR DELAYED GRATIFICATION
Do you know that working for yourself requires TENACITY and PATIENCE? Success doesn’t happen overnight. In fact, it could be years before you turn a profit or feel your business is really operating successfully. Without a guaranteed pay-cheque, it’s easy to feel insecure and nervous about your future. But successful entrepreneurs understand the need to keep their eyes on the prize while remaining focused on the task at hand. They don’t get impatient or easily frustrated when they aren’t seeing quick results.
14. MISTAKES OR FAILURES DON’T HOLD YOU DOWN
Do you know that those who work for themselves often encounter FAILURES, make BAD DECISIONS and experience DIFFICULTIES along the way? The nature of the terrain requires RISK-TAKING — some of which will not yield positive outcomes. But every failure and mistake affords valuable information that can be used for the next decision or venture. You anticipate these failures and will not allow them to deter you from your vision or hold you down for long. Moreover, you won’t have them define you or your potential success.
15. YOU ARE WILLING TO STEP OUT
Entrepreneurs are self-promoters. This doesn’t mean that you are expected to be obnoxious or self-absorbed. What it does mean is that you must put yourself out there to ask for the SALE, PROMOTE your services, and DIFFERENTIATE yourself from competition. If you are passionate about what you’re doing and believe in the value of your product or service, the “hard selling” won’t be necessary. Your passion will aid the ease of communicating the real benefits of what you’re offering. Holding back or hiding behind your computer won’t bring in the business.
If these 15 keys energize you enough, maybe it’s time for you to consider stepping out there and sharing your awesome gifts with the world of business. These keys have been summarized in a beautiful, FREE INFOGRAPHIC. It’s HERE, you can download it right away – no opt-in required. Right behind me in my office is a printed copy on my notice board that is generating considerable level of interest. Why don’t you go ahead and print yours right away.
To your ENTREPRENEURIAL SUCCESS
Your Strategic Coach
ps DOWNLOAD your free 15 keys Infographic now. What did you feel? Please share your thoughts on this article.