Thinking about quitting your 9-5 and switching to the high-paced life of a full-time entrepreneur?
Before you send in your 2-weeks notice, I think you should read this first…
So you want to become an entrepreneur?
My #1 advice to individuals pursuing to start their own business is to think before you start.
Starting the business may be the easiest part of your whole process. It is the running and management of that business that determines if you will make it or not.
So what’s my story?
Well, my background is in corporate America. I have a B.S. in mechanical engineering where I worked in engineering, business management and operations management for fortune 500 companies and small businesses. So I know exactly how you may be feeling right now, and how often you may think about quitting your day job.
But before you plan out your new life as a jet setter, let me caution you by stating that entrepreneurship is not for everyone.
I know – not the popular opinion.
Now, do I believe that with hard work, dedication and the right knowledge you can make it as an entrepreneur – Absolutely!
But unlike most professionals in my field, entrepreneurship is not something that I force down people’s throats. If you do not have the mindset to work hard —> harder than you’ve ever worked on your day job – then you simply may not be ready to be an entrepreneur. If you can barely show up to your job on time – then you simply may not be ready to be an entrepreneur. If the hardest job you’ve ever worked in your life ends at 5pm with 2 days off each week – then you simply may not be ready to be an entrepreneur.
Now for me and my launch into entrepreneurship, I kind of got thrown into it at the age of 24.
Even though I had just been offered a high raise at my job and had the potential to work my way through the company into upper management, I didn’t have peace of mind, and I knew I wasn’t fully living in my purpose.
I don’t believe that my path into full-time entrepreneurship happened by chance or by mistake. I believe that God had a specific plan for my life (that I just didn’t know anything about lol).
4 years later, I’m the CEO and Founder of a 501 (c)(3) nonprofit organization that operates in multiple cities in the state of Texas, an owner of 2 small businesses, and I get to speak into the lives of 11K+ people on my social media page each and everyday (I know, crazy).
So my hope in writing this post for you is not to scare you, or to deter you from going after what God has placed in your heart. It is instead to PREPARE you.
The life of an entrepreneur is not easy! I don’t think enough people say that, so I will be the one to tell you what they don’t tell you..
No one tells you how hard it actually is..
You heard it here folks, being an entrepreneur is hard work! Why is it so hard?
Because no one person knows everything there is to know about starting, running and operating a business in the very beginning of their process.
You can prepare for years, have the best mentors, read all the business books in the world and still face unexpected obstacles that come along your journey. Some things you just won’t learn until you face them.
This is why you will hear a lot of successful people tell you to “just start!” And yes, I would agree with this, but ONLY if you are a hard worker. If you are not self-motivated, you may want to re-assess your intentions of becoming an entrepreneur. If you’re just looking at the benefits you will reap and not the work you MUST put in in order to even be a candidate to receive anything, this may not be the career path for you at this moment. And why is that? Well, because it may take you years before you see any fruits of your labor.
Don’t put yourself into a risky situation simply because you saw someone on social media do it.
I would never encourage someone to quit their job and go out on a risk UNLESS I saw potential in them to be successful based on their mindset and willingness to learn, grind and go after their dreams. It is those who get hit, get back up, and keep pushing, that make it to the heights of “success” (whatever your idea of success is).
Entrepreneurship is not for the weak; it is for those who see the risk, and go for it anyway.
Know the business to win the business..
I harp about knowing the business you are going into many, many times .. so I will not spend much time on this section. You can instead read my previous blog posts about branding, starting a business, etc., here:
I talk so much about doing your own research about the industry you are going into because for some reason, people skip this step.
Please, DO NOT SKIP THIS STEP!
Trust me, the more you know about your industry, the better you will perform in the market and the quicker you will reach your financial goals.
Got it?! Great! Let’s Continue..
Beat statistics, don’t become one..
Statistics don’t mean anything to you unless you become one of them.
What do I mean by this:
According to an article on Investopedia,
“It’s often said that more than half of new businesses fail during the first year. According to the Small Business Association (SBA), this isn’t necessarily true. The SBA states that only 30% of new businesses fail during the first two years of being open, 50% during the first five years and 66% during the first 10. The SBA goes on to state that only 25% make it to 15 years or more. However, not all of these businesses need to fail. With the right planning, funding and flexibility, businesses have a better chance of succeeding.”
So what does this mean for you?
It means that you have potential to fail or succeed as an entrepreneur. Your mindset, not statistics, will determine and dictate where you as a business owner will fall in your industry.
Learners always win, and winners always learn..
I always encourage my clients to become ACTIVE learners.
The more you learn, the more you know – the more you know, the more you know WHAT to do and HOW to do it.
Pretty simple right?
Unfortunately, we live in a generation where the art of researching and taking your time to curate a well planned, and well thought out business plan is fading away.
Do not get discouraged. I promise you that the people you idolize on social media don’t all have it figured out. As long as you are alive and living, you will ALWAYS have an opportunity to learn something new.
So TAKE YOUR TIME.
You do not have to rush into starting a business just because your favorite influencer started one. Do your own research, read a lot of books, take some online courses, and set yourself up in the very beginning.
Don’t bite off more than you can chew, and always use what God puts in front of you.
Blessed is the one who surrounds him/herself with winners..
Ahh.. this I believe is my favorite section of the whole post.
In my years of experience as a leader, a manager, and now a business owner, I can honestly tell you that a winner’s mind set is hard to come by.
Some people may tell you that winner’s are taught.. I believe winner’s are born.
What helps me stay afloat as a young minority female entrepreneur is my faith AND my ability to only allow people who have the right mindset to speak into my life.
I do not allow family and friends who do not understand my purpose speak into my life. They may give me their personal opinion about what I do or what they think I should do with my life, but it is simply that – an opinion.
Do not allow someone else’s opinion to dictate your actions.
You have the POWER to CHOOSE what you allow to take root into your heart and mind. Stop allowing people who don’t understand your gifts and talents to tell you what you CAN and CAN’T do. Humbly listen, and omit =). Trust what God tells you about yourself and you will pass the test.
If you are blessed to find people in your area who have a winner’s mentality, great! Just remember, people with winner mentalities only hang around other individuals who have the same mindset. So be sure to be a contributor to the friendship and not a leacher!
Become that which you want to attract, and you will have a higher chance of getting through the mental tests you will face as an entrepreneur.
Still contemplating quitting that day job?
Ask yourself this very important question,
If the business you start today takes longer to become successful than you originally planned, would you still start it?
If your answer is NO, then you my friend may not be ready yet. Not because you’re being honest with yourself, but because the reality might be that your business may take longer to make the earnings you’re looking for than you originally planned.
Continue to do your research, create the business plan, speak to knowledgeable professionals, and take that leap of faith as God leads … or, as He often pushes you into.
For anyone who has business-related questions, reach out to me —> HERE.
I always make time to be available to you guys.
Subscribe to my blog for more blog posts on businesses and branding, and leave me a comment if you are someone who has contemplated going in the entrepreneurial direction.