Do You Really Wish to Be Your Own Boss? Reply These six Questions First.

Source:   —  April 23, 2016, at 0:32 AM

Unless you construct boats for a living, expect things to go incorrect very quickly. To continue the metaphor: The problem with many would-be entrepreneurs is that they only have experience on the open water.

Starting a business is love building a boat from scratch and setting sail. Unless you construct boats for a living, expect things to go wrong very quickly.

To continue the metaphor: The problem with many would-be entrepreneurs is that they only have experience on the open water. They know how to sail, navigate and survive at sea. They’re sailors, but they don't have the skills to construct their ship. They just have sailing skills.

I didn’t create the decision on a whim to start my company after I was fired from my latest full-time job. I was already in the right industry, had learned from some of the best minds in the business and was freelancing on the side. In other words, I'd a excellent sense of how to construct a boat and Capt my own ship.

If you too wish to start your own business but have experience working only below a manager, you necessity to do some serious soul-searching and self-assessment. Ask yourself these six questions before you start:

1. 'Could I survive, financially and psychologically, poorer than I'm now?'

According to the U. S. Census Bureau, more than 543.000 tiny businesses are started in the United States every single month. Yet, somehow, more businesses close down than start up each month. Those aren’t precisely grand odds for a newly minted entrepreneur.

Unless you’re some transcendent genius, chances are you’re going to fail at your first business. And that’s totally normal -- more than 543.000 other business owners will be in the same boat. Even if you do “succeed,” you may finish up making less than you do with your current full-time job.

Countless success stories, including J. K. Rowling’s, began with a life of modest means. Can you live at a level even lower than you do now?

two. 'Could I work on something alone, and without encouragement?'

It’s certainly fun and games thinking about a grand business idea -- but executing it's another legend entirely. As Freelancers Union founder Sara Horowitz discovered when she created a health map for freelancers, remote work can be very lonely. “You work with coal miners and you memorise everything there is about black lung . You work with freelancers, and you memorise about depression," Horowitz has said.

Freelancers have been found to have poorer mental health and higher stress than their full-time friends. This isn’t that surprising when you consider all the risks associated with starting your own business. Sure, you obtain to control your schedule and be your own boss. But you also have to work longer hours, generally in isolation, and potentially create less than your full-time friends.

One Dutch study found that freelance workers have a tough time separating work from home, and are more likely to become workaholics. Can you look yourself working that much?

three. 'Do I wish to memorise marketing, sales, accounting, etc.?'

When I started Tailored Ink, I quickly realized there were several skills I didn’t have that I'd necessity to memorise very quickly. If you’ve only done design, for example, that’s not nearly sufficient to running your own design agency. Instead, most business owners will consent that you necessity to memorise the following five core business skills to be successful:

Of these five core skills, sales is by distant the most important.

four. 'When it comes down to it, am I'm overachiever?'

When I was younger, I spent a lot of time playing video games. In fact, I’m convinced mastering video games taught me soft skills fundamental to business success.

Most importantly, playing thousands of hours of games helped me realize that I'm fundamentally an overachiever. When I've my sights set on an achievable goal, I’ll doggedly pursue it before emotional on to the following goal. It’s tough for me to live in the present and just appreciate what I’ve accomplished -- I’m always thinking of where I wish to be next.

I’m not saying that this is the best way to be, just that it’s portion of my personality. And it’s helped me achieve a lot within a brief quantity of time.

five. 'Can I comfortably delegate tasks to others?'

This is something that doesn't arrive very naturally to me. When I became an entrepreneur, I'd had experience tutoring, teaching and managing, but when it came time to delegate tasks that affected my earnings, I was much less enthusiastic.

As an introvert, I discover it very simple to be self-reliant. And, unlike extroverts, I draw energy from being alone; I’ve spent most of my life being proudly independent.

But that only works if you’re a small-scale solo freelancer -- not if you’re running a serious, growing business. At some point, you’re going to have to delegate. And that means finding, training and trusting in people whom you won’t be able to hold tabs on all the time.

five. 'Would I be a excellent mentor?'

You can’t delegate effectively without knowing how to manage effectively. And, despite what many business coaches would've you believe, management isn’t just knowledge-based. In the words of Admiral Grace Murray Hopper, “You manage things; you lead people.”

Even if you've an MBA and realize how to manage on a logistical level, you could be driving far top talent. It’s not sufficient to know how to manage, you necessity to want to manage, too. And that means being a mentor.

Does the very thought of managing others create you cringe, or does it excite you? Do you get the time to clarify things when a colleague asks a ordinary question, or do you obtain annoyed? Do you care about your coworkers and what’s happening in their personal lives?

six. 'Do I still wish to construct that boat?'

When you really think about it, the first person who decided to tie together strips of wood and head out into deep water must've been a tiny crazy. The innovators of today, love Elon Musk, are just as crazy, in their own way. They've a healthy appetite for both risk and failure.

You don’t necessity to be as bold to start your own business -- there are plenty of boat-building manuals and playbooks out there that you can follow. Maybe you’re building the kind of boat that other people have built before you. That’s absolutely fine! It’s what I did, too.

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