21 Jan Business or Job? Employed or employer?
How did I get from my 15-years corporate career to starting my own business?
Losing Michael turned my life around
In Spring 2010 I was sitting at my desk when I received an e-mail. It read something like this… ‘I am sorry to tell you that our friend Michael passed away last night unexpectedly after an urgent brain surgery’.
I was shocked. For days my mind was blurred by grief and sorrow. I remembered Michael as someone who had turned every day of his life into magical moments. He never rested content for anything less than fantastic. And now he was gone! Slowly I started to ask myself the big questions of life again. What would I still want to do if I had to go in a few years? What legacy would I want to leave behind? A few months later I left my job and launched my first business.
Most people that take the plunge into the entrepreneurial world are somehow pushed by destiny. Some lose their job or a loved one. Others are so frustrated with their work that they are afraid of losing their mind. Do you want to wait until you get there? Or do you want to be the master of your own life?
You say, starting a business is a major risk for your career, your money and your family? You are right! Not everyone should be or can be an entrepreneur.
How can you make the right decision whether to start your own business or to stay in your job?
If you are seriously considering to quit your job and to start your own business you better make the right decision. As per a research of a US university in 2012, more than 50% of all startups fail within the first 5 years! You know it … Starting your own business is a major risk for your career, your money and your family.
The 3 most important questions to ask yourself are…
1) WHY do you want to build your own business? Most people launch their own business because either they want to turn their passion into profit. Or they want to change the world with their new creation. Some people simply want to be more flexible, are keen to become their own boss, or do want to become millionaires.
ACTION: Get your personal WHY clear. Take a blank piece of paper and write all reasons down why you want to build your own business. What pushes you out of your current job? What are is pulling you into starting your own business? Is money your only driver? Do you see a strong need for a product or service that you want to offer the world? Is it that you want to chose yourself what to do, where and when? Write everything down that comes to your mind. Once you completed your list, pick the top 3. Which one of those resonates with you most?
There are as many reasons as there are founders. The question is: What is YOUR # ONE WHY? What personal goal makes you welcome the risk of starting your own business? You will have to answer this very clearly for yourself! Write Your Why down and put it up on the wall, right in front of you. Look at it whenever you feel tired or demotivated. Your Why makes you take action. It helps you make the right decisions and pulls you through when times are tough.
If Your WHY is clear, you are ready for question 2!
2) WHAT are possible consequences of starting your business?
Do you have a clear picture of how your life will look like when you launch your own business? Do you have a realistic view of all possible and impossible Pros and Cons? Have you considered every aspect of your life, including your career, finances, family and others?
ACTION: Make an extensive list of all Pros and Cons. Draw on a blank paper a vertical line in the middle. On the top of the left side you write ‘Pros’ and on top of the right you write ‘Cons’. In the Pros-column write down all positive aspects you hope to achieve with starting your own business, and on the Cons-column you write down all potential risks and negative aspects.
Complete this list for yourself first. Then ask people around you. Include your most important family members and close friends. Do not forget to include the views of some business owners you know.
To get started with your own list, find a list of most prominent Pros and Cons <HERE>
Once you have your most realistic startup consequences described, what side feels havier? Are you still ready to go further? If so, check out question number 3!
3) Do you have what it takes to build and run your own business?
There are many wrong perceptions that prevent people from launching their own business. What is yours? Do you believe you don’t have what it takes to become an entrepreneur?
There are certain qualities great entrepreneurs share. But most people have some of them.What about you?
ACTION: Test yourself! Click HERE. Do you have what it takes to run a successful business? Is this the best path for you? Are you ready to step out on your own? This quick and simple test will give you an idea of where you are right now and if you are truly ready to start your own business.
And? What are your results? Do you have what it takes? No matter what the results say, it is up to you to decide… ARE YOU READY TO START YOUR OWN BUSINESS?
Almost all entrepreneurs I speak to are happy that they took the plunge. Whether they have been successful or not, very few regret their journey. When YOU know why you want to launch your own business, when YOU are clear on possible consequences and trust that YOU have what it takes to be an entrepreneur – Take the first step and get started!