Entrepreneurs are an optimistic lot. Naysayers might say â€œnaÃ¯ve.â€ But they have to be. Odds are against their success, but those who do succeed will provide for their families, solve customersâ€™ problems, and possibly change the world in a big way.The best entrepreneur, therefore, has a healthy confidence that â€œIâ€™ll be the one person in a thousand who makes it big.â€
Still, even the most optimistic of entrepreneurs can have a bad day. Maybe the customers arenâ€™t coming fast enough, or investors remain uninterested. Or maybe youâ€™ve just been working for 24 hours straight and need to sleep. Whatever the reason, itâ€™s important for entrepreneurs to get back on the positive side quickly, especially if they have employees looking to them to set the tone.
Over the next 12Â years, I learned the hard way that having a job and a business can be detrimental. The income wasn’t as good as it seemed, considering how little time or energy was left to operate my own business. My boundaries were blurry. When I was honest with myself answering these five questions, I began to rebuild a healthier, more satisfying business.
1. Can I make money in my business faster than on a job?
Jobs are not readily available to be chosen from the market. It takes time and effort to find, apply, interview and be invited to a new job that will meet your needs. This is time away from revenue-generating activity within your business. Once employed, it will take another two to six weeks before you receive your first paycheck.
2. Which is my priority, getting and holding a new job, or growing my business?
Invariably, you will have to make sacrifices while concurrently employed and running your business. Decide in advance and periodically review which of the two is your higher priority.
3. Is what I’m doing in my business really what I want to do?
Like most entrepreneurs in transition, I quickly started my business out of financial necessity. It revolved around harvesting low-hanging fruit, not around my passion and long-term goals.
If the current version of your business is not really what you want to do , revise your business plan. Likely, the business you truly desire has some relationship to the original idea. With a little more planning you’ll be able to transition to it.
4. How long do I anticipate working the new job?
If you’ve decided you do want or need to get a job, have a clear plan to help you stay on track with your business. It will also come in handy when answering related questions in a job interview: Why should they invest in hiring you if only for the short term? Your plan should also include an exit strategy and timetable for leaving the job.
5. Will this job get me closer to or farther from my business goals?
Be sure employment elsewhere does not interfere with essential business operations. Block time on your schedule to reach people and businesses with fixed hours. Consider what time of the day you have your highest energy and productivity. Block this time for your business.
There are opportunity costs in every decision made. Carefully consider what you could be doing with your business if you were not spending time on the job. We trade time for money in most jobs, seldom with opportunities for residual income or equity. If you take on a job, be sure the total compensation package and social benefits far outweigh the opportunity costs your business will incur.
With that in mind, itâ€™s helpful to have an arsenal of optimistic thoughts handy for those pessimistic moments.
Affirmations for the Entrepreneur
1.Â Go for it. Having something half done is worse than not having it all. Commit to doing everything you can to make it work.
2.Â Thereâ€™s always a lag between doing something new and seeing results. Donâ€™t be discouraged if things donâ€™t look up right away.
3.Â If Plan A doesnâ€™t work, there are 25 more letters in the alphabet.
4. Ambition is good, but donâ€™t always live for the ending. Enjoy the process of building something from nothing, meeting customersâ€™ needs, and providing jobs for your employees.
5.Â Do you need to look at the situation from a new perspective to find the solution? A coach, a friend, or a walk in the park can sometimes help you see new options.
6.Â When you fail, youâ€™re one step closer to success.
7.Â If youâ€™re not failing, youâ€™re not trying hard enough or pushing yourself enough. What would you do if you had no fear? Go do that.
8.Â Believe in yourself and your vision. Some days, that will be all you have.
9.Â Related to that, trust your gut. Your instinct can be more instructive than a million books on entrepreneurship. Donâ€™t ignore the small, nagging voice when it wants your attention.
10.Â Donâ€™t rely only on yourself, though. You canâ€™t do everything. Find a great team and do whatever is necessary to keep them close. The road to success â€” or failure â€” is more fun with people who believe and trust one another.
11.Â Listen to the naysayers just long enough to hear what you need to refine your business. Then, tune them out. It can be helpful to hear criticism, but you should surround yourself with people who want to help fulfill your vision.
12.Â Be in love with the problem more than you are with the solution. In other words, care more about solving the problem than solving it the way you think it should work. Sometimes, your first hypothesis is simply wrong, and you need to be open to trying new things.
Final views :Â
Itâ€™s a challenge to start and run your own business. You wonâ€™t even imagine most of the obstacles youâ€™ll face until you see them. But, success is 50 percent attitude, and if you give yourself a little pep talk when youâ€™re struggling, you can keep your attitude in check. Growing a business is hard enough, let alone while also working a job. If you are financially frustrated, be honest about answering these five questions before you take on employment. They are key to avoiding the major negative consequences I experienced, and will help you move toward a happier, more fulfilling life.