5 Things you should be aware of about being an Entrepreneur
So you are ready to get started and open up shop ... so to speak. Entrepreneurship is an endeavor that can be described in an oversimplified manner at times. So my goal isn't to complicate it, but to just make you aware of a few things:
1. Seek wise, and mostly free counsel, and/or seek low-cost business classes through your local SBA, SCORE, Small Business Development Center. Some classes like:
Quickbooks, Taxes, Legal, Marketing, Social Media, and so much more.
2. Research, Research, Research!!! Look up as much information on those who already provide the service or product that you want to dive into — and figure out how you offer that, and more. Also let such information help you to carve out your specific niche in the industry of your choice. Don't fall into the common trap of: I-don't-want-to-do-X-Y-and-Z-because-the-market-is-oversaturated way of thinking or counting yourself, out. That's just a mind-game trick to boot you out the game or further away from purpose.
SOMETHING TO THINK ABOUT: When you go to the grocery store, except for Aldi's ... (because they only seem to carry one brand), and peruse the condiment aisle, you'll find 20 different brands of ketchup! None of those Ketchup Creators said, "Let me not fulfill my purpose to produce ketchup because somebody else already did it."
3. How are you going to pay your bills? Entrepreneurship is not this magical being, espousing, if you build it they will find it. You are going to have to invest in the tools, training, furniture, marketing, etc. And on top of all that, you have to pay your bills. So you need to plan just how you're going to tangibly accomplish that — be it a personal or business loan, family-and-friend investors, community investors, etc. How will you grow your ability to stay the course? My point is that it doesn't happen by osmosis. And unless you have a fantastic profit margin and/or a lot of sales, know that you are not necessarily going to be able to pull a salary from your business, immediately. If you do make an income, it's likely that you'll need to reinvest in the business. But do have faith that things will change for the better, if you keep at it.
4. What are your multiple streams of income? Hopefully, you have multiple streams of income from the same industry or relative industry to make it easier to present yourself as an SME (subject matter expert). Working in your industry also helps to keep your skills sharp, and produce industry opportunities upon which you can build. But even if that is not the case, and say you are a visual artist, but you love to bake. You just might stumble of a way to merge the two, and create an interesting niche and cash cow, i.e., additional income stream.
5. Get yourself a mentor, friend, dog, or a person that you can laugh, bounce ideas off of, and even reveal your ugly cry. (Tito, give me some tissue!)
Entrepreneurship can be a lonely road, at least for a minute, because even when you're not operating in your gift/purpose, your mind and soul still is. Yes, because there is always so much to do. And there is not a business or an idea that falls in the lane of having prefabricated options or one-size-fits-all solutions. That's why when you are “Off” of work, you need a “person” who will be 100 percent honest with about you, your life and your business. And remember such a relationship must reside in the No Judgement Zone. Because he or she will need to be good at talking you off the ledge of giving up —every once in a while.