If you think you would like to start your own business you must first ask yourself some serious questions.
It doesn’t matter how capable or ambitious you are, you need to listen carefully.
You should never take these decisions lightly and you should not jeopardise another income stream until you have a well thought out start up business plan and sufficient capital around you to enable you to support your lifestyle… and fund the business start up costs you will inevitably encounter.
“Everything that can go wrong, will go wrong”
So you need to be prepared for all those eventualities and, rest assured, whatever sum of money you have estimated that you will need to start your own business, you will need to double that, or even triple it, to make sure that you have sufficient working capital to see you through the early days.
“Murphy’s Law” is irrefutable, it is a Law! In exactly the same way as the Law of Gravity dictates that when we jump off a skyscraper we are going down and not up…
…Murphy’s Law guarantees that everything that can go wrong will, that everything will cost more than you expect and everything takes longer than your own downside best estimate!
There’s no getting away from Murphy, so build him into every business decision you make, including the decision as to whether you really should start your own business.
You should have guessed by now that I am fully supportive of creative entrepreneurial ideas and the concept of being successful in life is something I am passionate about.
However it hurts me to see families ruined as a result of bad decision making that impacts not only on the business owners, but on their children, their families and their friends…
Start Your Own Business v Start A New Job
There is a huge difference between the attitude of mind of a successful entrepreneur and someone who is successful in the work place.
When you are working for someone else, you are typically receiving a fixed income. If you are good at what you do, then quite rightly you would expect a pay rise…
…although I know that is often not the case!
However you are not taking the risks. You put in your working day… and the evenings, weekends and vacation times are yours to do with as you please.
…especially in the early stages, your business will be on your mind every waking moment and you will take your worries to bed with you at night.
You will put your relationships under stress, you will likely be short tempered and the worry will become all embracing.
You will now see what it’s like having people working for you that do not care about your business as much as you do, and you will find that you are the last person to get paid each month… and then only if there is enough money left in the pot after all expenses have been paid.
Are you prepared for all of this?
If you are going to start your own business you need to think about all of this really, really carefully.
Being successful takes application, dedication, sacrifice, determination and persistence and a massive amount of focused hard work. There are no short cuts when you start your own business.
You cannot allow any distractions whatsoever when you get started in business. In the words of Andrew Carnegie, you need to put all of your eggs in one basket and then watch over that basket tenaciously if they are ever going to hatch.
There’s many questions you need to ask of yourself before you take the leap into entrepreneurship and consider carefully before you make any life changing decisions.
Get it right and the rewards are there waiting for you.
Get it wrong and the implications could be calamitous!
Entrepreneurship is not for everybody. There is a price to pay…
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