Should you start your own business?
The decision to start your own business can be one of the most critical decisions of your lifetime. You are risking your current livelihood in exchange for being able to control your own destiny. As defined by Oxford, “Entrepreneurship is the activity of setting up a business or businesses, taking on financial risks in the hopes of profit.” In other words, you are taking a huge risk on yourself, and possibly your family in order to live the dream of owning your own business and having the financial and personal freedom that you are looking for (and deserve).
However, before you start this journey, you need to keep in mind that starting a business is a daunting task and there are no guarantees that you will be successful. There are many twists and turns that you as a business owner will experience during the life cycle of your business. Many will be beyond your control. Accept the fact that you will sometimes face adversity during your tenure as a business owner. It’s how you handle the adversity and the twists and turns along the way that will determine the success of your business.
Do you have what it takes to be an entrepreneur?
However, before you make the decision to invest in your own business, I would recommend to first take a step back and determine if you have what it takes to be an entrepreneur. You need to dig deep inside your soul and understand your true strengths and weaknesses.
- Do you have that level of commitment that will push yourself to understand your business more than anyone else?
- Are you determined NOT to fail?
- Do you have the tenacity to do what it takes to make your business successful?
- Have you been successful up to this point in your career where you believe in yourself and your business acumen?
It is extremely important when you embark on your new business that you believe in yourself. You are going to mentor people. You will be the role model of your employees and customers. In the early stages of your company you wear many hats. In the beginning you will be the CEO, Director of Sales and Marketing, Director of Operations, Human Resources, Finance, and all the duties it takes to get your business off the ground.
The Leadership Phase
As you start to generate revenue, you will need to develop a team to help you continue to grow your business. This is what I call the “Leadership Phase” of your business. This is where you become the leader of your company. Make sure you lead by example. It is critical at this juncture for you to surround yourself with the best team possible to help lead you to your success. Take your time to vet the right candidates to bring into your company. Lean on your applicants’ strengths and make sure that they will truly be an asset to your company. You need to like and respect the employees that you hire. Remember, you now need to delegate and empower your employees to buy into your vision of your company. It is up to you to be the leader and mentor that your employees expect and deserve.
Once you have your employees in place, you are now at the critical and in my opinion the most important part of a company’s success, “Creating Culture.” As I have mentioned in a previous post, having the right culture in place is imperative to a company’s success. This is the vibe of your company. It is your responsibility to create a culture that will allow your employees to grow professionally. Treat your employees with the highest level of respect and integrity. Keep things positive, keep your employees up to date on the health of your business, and rely on them to help you make critical decisions pertaining to your company. Make them part of the process and listen to their opinions. As an entrepreneur, it is critical to stay positive and never let your employees see you vulnerable. Lead by example. Reward your employees based on the company’s success.
Finally, as an entrepreneur you owe it to yourself and to your employees to create a work environment that is both productive and rewarding. If you can get your employees to buy into your vision and lead them down the path of success, then your chances of building a great company just got better.