Entrepreneurship! This 16 letter word has so considerably energy and however projects so considerably worry. It is a dreaded word for some and a liberating journey for other people. For me it is a liberating journey. Yes, it is difficult. It unquestionably gets challenging often. There are days when you are going to really feel like you are on your final leg of hope and then there are days when you are gliding on the clouds. It is certainly a roller coaster of feelings. But these varying cycles of emotion I would not trade for the planet. In some cases I do have to remind myself of my faith, my hope and who I belong to, but even these days are counted as joy.
My entrepreneurship journey began a small additional than two years ago. I had enjoyed additional than 13 years in corporate America in the hospitality market and nine plus years in academia. When I decided it was time to plunge into the deep waters of entrepreneurship I was finishing my 1st year as an associate dean of on line studying for a neighborhood university. It was a dream job. I was speedily progressing toward my dream of becoming a university president. And just like that my heart started to transform. And though I surely felt like I was creating a distinction in the planet of education. My heritage, my legacy, my footprints in the sand had been calling me. I knew I was born to do additional, to be additional, and to influence the planet in a distinctive way. I was by no means fantastic with the status quo. I was by no means a single to blindly accept what a person stated. I was a born leader. This leadership capacity had been established in just about every administrative and management position I’d held up to that point. Seeking back, if there was only a single issue that I want I had carried out a small differently, it would be preparing financially a small additional. But then once more, I never know if I would have ever felt definitely ready for the leap.
This is what I do know. Anything occurs the way it must. There is a goal for all factors beneath the sun. Even my becoming not financially ready occurred completely.
What is entrepreneurship?
So here’s how I define entrepreneurship. Entrepreneurship is when you step out on your personal, absolutely trusting in your faith and your personal skills to bring in an earnings. It does not necessarily imply you are not operating for a person, due to the fact we are usually going to perform for a person. Probably, not in the traditional 9 to five sense, but a person will usually be demanding a thing. You might be a contractor. For instance, a single of my jobs, is as an on line professor for a couple of schools. I perform on contract. But there are timelines and schedules that I have to maintain up with. And maintain in thoughts you are usually operating for your clients, clients are incredibly demanding and rightly so. As a customer myself when I commit my funds I anticipate to acquire the worth of that funds. I also personal an on line style boutique for females. I am also a profession coach. The point is you are usually operating for a person, even if its your clients.
But here’s the kicker. Entrepreneurship implies that you are the creator, marketer and promoter of your small business or enterprises. Irrespective of whether you succeed or fail is really in your hands. When we perform for an organization, we leave the overarching duty of profitability and achievement to the CEO, the owners, and the corporate workplace. They make the choices that will influence the bottom line of the corporation.
When you are an entrepreneur, you are all of these factors. The CEO, owner and corporate workplace. Your each day selection impacts your bottom line. I guess that is possibly why it could be a bit scary.
So why do we do it? Why do some of us take that leap?
Why must you take that leap?
It is unquestionably an person selection. It is not a thing that must be carried out lightly and on a whim, but I nonetheless say it is worth attempting. The practical experience and lessons discovered on this journey are additional potent than you can think about. If you are a student of life this is a single of the greatest lessons to be discovered. By way of this journey I discovered so considerably about myself. I’ve identified strengths and weaknesses that had not been found. I’ve identified lost courage and determination like no other. I’ve even identified a hidden stubbornness that has evolved and continues to develop.
There are unquestionably pros and cons to taking the plunge. I consider it might be a small distinctive for some, but for most, the similar simple pros and cons apply. Here’s my list:
I am self-employed
My earnings depends on how considerably work is place into the small business
My time is my personal. It does not belong to everyone else. No a single dictates my time to me. I never have to clock in or clock out or report to everyone. I can perform till 3am in the morning and have my days free of charge or I can perform all day and all evening. It definitely depends on how productive I want to be.
My achievement is absolutely dependent upon my actions.
- I perform for myself. No a single to inform me what to do or guide me or give me a job description.
- My earnings depends on how considerably work I place into my small business.
- Lengthy days and lengthy nights
- At 1st vacations are challenging to come by
- It can be a lonely journey
- May well drop fickle friendships and relationships
I consider the pros and cons are fairly self-explanatory. Numerous terrific factors about entrepreneurship are also the factors that make it not so terrific. It is surely not a cake stroll. I’ve identified that if you have the guts to step out into this planet you currently know that.
Some of my customers ask me how do you know if you are prepared or what are the qualities and traits of an entrepreneur? I am certain these qualities and traits will evolve more than time, but I consider these are unquestionably the incredibly fundamentals.
Qualifications and traits of entrepreneurs
Self-assurance in your skills
Determination to win and not let failure deter you
Willingness to attempt till you succeed
I consider these foundational traits will take you far. If I had to supply any recommendations for budding entrepreneurs I would recommend the following:
Prepare oneself mentally, spiritually, emotionally and financially
Take some time to prepare oneself for this journey. Do your investigation in the industry you are interested in pursuing. Do your investigation on entrepreneurs who are productive as effectively as these who have failed. Most instances they are a single and the similar. Ask queries. Prepare oneself mentally for the journey and never anticipate an simple payday. As considerably as doable, save funds for the 1st year. Picture you will be out of perform for the 1st year and save adequate to cover you. Having said that, this can also backfire. I consider not possessing adequate kicks you into third gear.
Do not procrastinate
Prepare oneself, but never procrastinate. Worry is operating when you are just waiting for that great time. There is no great time. Entrepreneurship is risky. If there was a great time it would be known as a thing else. Realize you will by no means really feel absolutely ready. It is that emotion, that uncertainty that will maintain you grinning.
Be prepared to ask queries
Do not reinvent the wheel. Know that somebody someplace has currently attempted what you are attempting. Google is a terrific resource, use it generally. Men and women are a terrific resource. In no way underestimate their experiences. Preserve in thoughts that you can truly find out the most from these who failed. They can surely inform you what not to do.
In no way envy your seemingly productive colleagues
Taking the time to watch other people stops your progress. Normally help and assistance as numerous as you can. You by no means know when that hand will be coming back to you.