Entrepreneurship is often marketed as a fancy lifestyle that tempts the everyday employee to ditch the rat race. Videos, books, seminars sell you the idea so well that many imbibe it without understanding its reality. Read on to find out what being your own boss actually calls for.
by Leonnel Dsouza
The fascination with resigning from your job to being your own boss is infectious. There are claims made on social media almost every day without the faintest idea that some might take the advice literally, without a plan, to discover that it is not so alluring as it looks.
It is tough to see meaning in your present job. The manager is retarding your growth, your potential is lurking in the darkness while the only way to take control of your life is to ditch this job and begin your business. Your business is going to bring boundless fortune, popularity, millions of followers and be the next big thing.
I used to feel the same when I left my high paying corporate job, to pursue a business that I was sure would change my life. I went through the same thoughts as you, watched similar motivational videos, read self-help books, attended seminars, and dreamt of a life on my terms.
I was not ready for the surprises and lessons that came in my journey. Valuable lessons that would have helped me assess my thoughts and equipped me with tools before taking the plunge into entrepreneurship. Below I share these gems of wisdom that can help you in your journey of being your own boss.
Know thy self first
It might be the most cliché statement out there however, it is crucial to understand yourself first. Ask yourself questions such as- have I independently started and followed a project to completion? How was my experience?
The project should be one that required your absolute focus, a necessity to work with people, demanded persuasion skills, resources, compiled goals, and a timeline. It should not be a company project where you have the comfort of company resources, colleagues, and administration to back you.
This evaluation will tell you if you can start something on your own and work towards its completion, with internal motivation. Such steps will give you data about yourself, which you may have overlooked.
Network blues
This is an important area to assess yourself. Are you someone who happens to be an introvert or shuns interaction with people? Do you enjoy working in teams? Do you procrastinate goals that require persuasion? Yes, you can debate with me on the many entrepreneurs who coded tech work in isolation and developed multi-million businesses.
In that case, it is vital to be clear about the type of business you would like to undertake, and the skills required to manage it. Eventually, you will have to make cold calls, seek mentors to get inputs and present your idea for funding. And these tasks need networking and people skills. Fortunately, these are skills that can be developed but require your will power and time.
What is your plan for being your own boss
I understand you have read every book on entrepreneurship, followed a great self- help guru, and vividly imagined your future. Please note, it is crucial to put your plan on paper or a word file with vision, goals, tasks, outcomes, and timeline to understand its practicality.
As clear as your plan is, you will have more chances to succeed and build your business. You could even plan a mini project to test your idea and note down your outcomes plus results. This data gives your idea more legitimacy and a boost to your confidence.
Financial Standing
Money will be a concern from the day you begin working for yourself. Expenses such as paying for raw materials, tax services, web hosting, domain name, employees, packaging, running security checks, workplace rent will eat a substantial chunk of your savings.
Take time to write down all your assets; immovable and movable with any liabilities, to derive your net worth. The liabilities could be loans, credit card bills, and other payments.
Next, compile a budget of all the monthly payments, such as groceries, school fees for children, car insurance, internet fees, house rent that are recurring. Divide this amount from your net worth to assess the period you can go without getting paid from your business.
Chances are that you will lose more money in the initial years than you make. If you do not like the number, maybe it is time to build a strong financial foundation before you call it quits, with your present job.
The truth is not glamorous!
Entrepreneurship is often marketed as this fancy lifestyle that tempts the everyday employee to ditch the rat race. Videos, books, seminars sell you the idea so well that many imbibe it without understanding its reality. Being your boss calls for tough decisions, sacrifices, and sleepless stressful nights.
Also, not everyone is going to understand your journey that will push you to feel lonely. It is the truth every entrepreneur knows.
In the movies, you see mentors being the instrument of hope as they help the hero to find his or her success. In real life, this could not be further from the truth as few have such time and are busy facing their own challenges. But keep trying because there will always be one or two who would come out of nowhere to guide you. Yet, do not excessively depend on them to help you through. In the end, it is your idea where you need to put in the work.
In conclusion, this article is not meant to negate your aspirations for being your own boss but to equip you with an awareness, that you must use to assess your position and contest the glamorous idea created by mass media. Remember, your life is your responsibility, and it is your duty not to be influenced by flimsy reasons out there.
Most of it is fantasy but what is real is that when life makes an unexpected turn, you need to be prepared to take the hits and keep moving on, till you reach your preferred yet realistic destination and discover the potential already inside you.
Leonnel Dsouza, is an entrepreneur (failed once and at it again), amateur stock investor (he loves it), ultramarathoner (100km finisher), trained social work professional (yes), avid writer, and thinker. He takes life as what he makes of it each day, through mistakes, tribulations, accomplishments, luck, and lots of love from dear ones.
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Hi! My name is Rubitah. I’m a Content Writer certified Life Coach, Counselor, Social Work professional and the Founder of Being Rubitah. Over the years through my professional and personal life, I have realized that prayers and love can do wonders to family life once you come to terms with yourself and surrender to God. Do you relate to me? Then you may like what I post here! Read more about me
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