Is starting a business right for you
There are huge advantages to starting your own business with the biggest being you are your own boss. Research has shown that people who have control over their own lives are happier and suffer from less stress. Not that you won't have many challenges to overcome and at times you may even think having the security of a job is easier. Maybe at times it will be but ultimately having your own business can be much more fulfilling.
The type of business you choose is a decision that must be made by you. You may see a gap in the market - with the advance of new technology ideas are constantly evolving. You may have a hobby that you want to develop into a business. You may even buy into an established business. The opportunities are endless.
Before you venture head first ask yourself a few questions, such as: "Am I passionate enough about this business to make it work", "Does the values of the business reflect my own personal values", "Am I open to learn new skills", "Am I prepared to put in the hours to make it work", "What is my attitude to risk".
Having the right attitude from the outset is extremely important. Being self-employed means you have to motivate yourself - this is not as easy as you may first think. Motivation is one of the most important aspects of a successful business. How do you keep yourself motivated when you are feeling tired and the ‘problems' are mounting up. It's important to recognise that there will always be obstacles to overcome - that's what makes life interesting. Important drivers for motivation are the values you hold so if you live your life by them then the energy you need to keep you going will come.
At least at the beginning of your business you may be working longer and harder than your contemporaries. However, as long as you are working smartly you will reap the rewards. What is working smartly? Having a support system of people around you is extremely important. To help you discover more about what is really important to you and to support you in achieving your goals you can work with a business coach. You can tap into lots of free advice from government agencies set up especially for entrepreneurs. They will show you how to write a business plan, advice on marketing your business, funding opportunities, etc. There are also lots of other groups that can offer you connections to other people in your position.
Ensure you don't isolate yourself by taking on too much at once. The contact with other entrepreneurs is important to help market and develop your business but it's also inspirational to connect with others of a similar mind-set. You may find yourself talking with someone at a networking event on a topic very different from your own business concerns and end up learning something totally new, different and useful. Keep an open mind and seek to give as well as receive.
Get organised, make sure you manage your time in a way they works for you and your business. Concentrate on what's important, this is not always what is urgent. Look at identifying the difference between the two and you are well on your way.
We all have different ways of working and there are various diagnostic tools out there to help us identify the advantages and disadvantages in each style. If working with a business partner or taking on staff to help, by recognising each others style and the different strengths you bring to the business can be invaluable.
You need to wear many hats as an entrepreneur, however, recognising that you are not superhuman is also necessary. As well the support system of people around you there are other people you could employ on a freelance basis, for example, by hiring a web designer, an accountant, a virtual PA etc. This may sound costly but it could be cost effective in the long-run. As you build your network you could even look to barter your services with others.
Finance can often be a deterrent for many budding entrepreneurs, however, it doesn't have to be. Depending on the type of business you decide to launch there are opportunities to raise capital. This could be through government funding, bank loans or business angels. For some businesses the capital you need may be minimal, for example, you could start an internet business from home.
View every step of the way as an exciting journey rather than a destination that needs to be reached. You may have a vision of what you want your business to be, however, as you start working on it this will change. Be flexible, being rigid and holding onto an idea that is not working does not always serve you in the best way possible. Many successful entrepreneurs have failed at their first venture. They didn't give up, they recognised where they could make improvements and then learnt from their experiences. A business not working does not have to be viewed as a failure and it doesn't mean that as an individual you are a failure. Use the experience as feedback, be resilient and move forward with determination and focus.
If security is important to you it's useful to remember that it's the skills we have that give us that security rather than the job we do. As your business grows it's important that you continue to develop your skills and your personal development. Learning never stops and we are all works in progress. So, start by developing the mindset of an entrepreneur and work on developing this at every stage of the business. Good luck on what can be the most exciting adventure of your life!
Written by Enid Pinder, Business Coach with Striding Out in Croydon, she has a particular interest in the personal development of entrepreneurs.