There are many advantages of having your own business that far outweigh working for someone else. The security of having a regular paycheck is outwardly attractive, but there are concessions to be made.
If you are a young person, getting out of college, armed with an MBA, the idea that you will suddenly be thrust into your dream job is a complete pipe dream. Most kids who land a job are under paid, not appreciated, and have little or no chance of significant advancement. Job security is a thing of the past. You can be at the top one moment and kicked out the door the next. The sad thing is; all the big goals and dreams you have in your head will get stomped on before you can ever get them started.
Does this sound harsh? It’s simply a reality right now and some of us baby boomers need to get over it. School is still important but we need to start encouraging our young people to become entrepreneurial and most schools are not equipped to teach it.
The worst part about being an employee, as opposed to owning your own business, is that you only make a fraction of the profit your employers take in. If you are willing to seek comfort and nothing more, that’s okay, but the chances of living up to your full potential are slim.
For those brave enough to start a business you have to be real to succeed. We are bombarded with endless hype promising that we will become millionaires in a day and the truth is, for most of us, it isn’t going to happen. However, the rewards of starting a business will pay off if we follow a few simple rules.
Tips to avoid going down in a sinking ship:
It is easy to get excited about an idea and make it bigger than we can handle. Sure, you have a million dollar idea, but if it’s overwhelming, you are heading for disaster.
Keep It Simple Sweetie. Start with ideas that will give you immediate cash flow. As an entrepreneur you may go for months without a substantial income. The faster you get cash moving in your business, the less stressed out you will be.
Getting funded is not always the smart choice. First of all, an investor is not going to hand you a wad of money simply because you have a great idea. They don’t want you to lose their money. You have to be credible and put some skin into the game first. If they see that you have invested in yourself with success, they will be more likely to respond.
Be realistic about your finances. This goes for any type of business whether you are starting off with a business in a box, or a brand new idea. How much money are you capable of burning to get your business off the ground? Simplify your lifestyle first. Don’t waste money on renting out space, purchasing massive inventory, or creating expensive business plans, etc., when you can start making a profit without the overhead. Cut back on unnecessary expenses such as eating out, a fancy car, too much rent, etc. Use the bus if you have to. Sell your car. Work from home. Only invest in things that will create a profit, no matter how enticing they are.
Find trusted advisors. With the Internet, we are overwhelmed by marketers who want to take over our PayPal accounts. Narrow your advisors down to a select few and make sure they have had significant success in their field.
Your idea has to have a market. The idea of living your passion is over rated. Yes, we want to love what we do, but if there is no market for it, it will become your nightmare. Don’t reinvent the wheel. Instead find an idea that has been proven to work and differentiate yourself from your competition. A Pet Rock was a fast track to someone’s success at one time, but who has a Pet Rock now?
Will your business be a moneymaker or will it go bankrupt? It is easy to get caught up in a big idea. You may be thinking about incorporating multiple products or services. But can you handle it? Most likely you cannot. Eat the elephant one step at a time. Start small. Create cash flow. As you get bigger, add on to your business. A perfect example is Google. They started off as a simple search engine. As they grew they turned into a huge conglomerate. Start with customers to get working capital.
Determine if your project is viable before you launch it, rather than wait for it to plunge into the deep. If it looks like it will drown, cut your losses and build a better ship.
Manage your money. If you are young, you are lucky. You must start managing money right now. Do not start doing it when you are 40. Keep your overhead low and your activity level high. Work your buns off. It will pay off and be much more rewarding than getting stuck in an uncertain cubicle. If you are older, and have made many mistakes, like me, forgive yourself. You too can make it without being a greeter at Wal-Mart. Just keep it simple. Create systems to bring in passive income, especially if your retirement account is nonexistent.
Don’t try to do it all alone You need a network to collaborate with and to get the word out. Find like minded and success conscious people to surround yourself with. Stop hanging out with losers. Don’t let anyone take the focus away from your planned outcome. This may mean putting blinders on, even if others, who want to protect you, attempt squash your dreams.
Have I got a network for you! Top mentors, cooperative spirit. Faster results. Less mistakes. Teen Entrepreneur Program. Ask me about it. Call Rebecca at 818-515-7880
About Rebecca Olkowski
I'm a 30 + year voice over actor, blogger, WordPress Blog Consultant and a gal who loves to have fun. I'm on a mission to travel the world in style. Can you give me a lift?
