Our podcast - Working For Yourself - dives into the world of what some career success-minded people call entrepreneurial bliss!
Are you one of those people who think that working for yourself could be a great change to make? Do you think you have what it takes to make the switch from intrapreneur to entrepreneur?
Well, there are some statistics, here in the US from the BLS, (Bureau of Labor Statistics) that say only about 20% of new businesses fail within the first 24 months.
Those are pretty good odds - but the report also says that eventually 75% of new businesses will fail, so … those are pretty bad odds.
But early on, in the first one to two years, businesses usually don’t fail for the reasons you may think - like, lack of funding, bad location, or poor management. Yes, those are reasons for failure, and they are real, but it’s usually not the first thing that gets you.
"The first and most important reason for a new business failing is – that YOU went into the journey - half-assed. Yes, in other words, you went in not fully committed, not fully prepared."
Please listen to the My Job Here Is Done podcast episode “Working For Yourself.” Besides giving you a boat-load of good reasons to start your own business, we also give you a little test - an assessment - at the end which could help you decide:
Are You Ready to be an Entrepreneur?
In the podcast we don’t explain the questions and answers we ask due to time constraints, so we have illustrated them here, on our BLOG, for your reference.
Have a comment? Please let us know, we love hearing from you.
Here are the five questions we asked on the podcast, along with some of the reasoning behind them.
Are You Ready to be an Entrepreneur? You are if you can answer YES to all five questions.
We asked these questions on the podcast:
Question 1: More than others you know, do people ask you a lot of questions?
Why YES is the best answer: When people - work colleagues, family members, friends - come to you with questions about solving problems or asking for your advice, this should tell you something. These individuals obviously value your opinion, feel you have the knowledge to share and trust you to provide honest relevant information. They look to you as an informed resource, an important characteristic of entrepreneurs. This is likely a natural thing for you because you are well versed in many topics and are approachable and willing to give back. Entrepreneurs do that!
Question 2: Financially, have you ever been frightened more than once in your life?
Why YES is the best answer: If you have experienced - firsthand - the terror of not having enough money to live on, you gain an appreciation and understanding of what struggling really means. If you have bottomed out more than once, and you’ve pulled out of it, you now know both your limits and how to recover. Entrepreneurs frequently manage to burn through their money right down to their last cent, and then some, when they are starting up a business. This is not always a good idea, but they’re not afraid because they are confident that their product or service is solid and worth the investment. Are they scared or intimidated? Nope - they know they have something and are willing to put their money on the line to make it happen, but because they have hit bottom before, they know just how far to take a risk.
Question 3: Occasionally, do you bet at a casino, wager on horse races, or play poker for money?
Why YES is the best answer: We’re not talking about having a gambling problem here, we’re talking about risk tolerance and hedging bets to let your money make more money. Entrepreneurs are risk-takers, it’s part of their DNA. They don’t have any guarantees that the new venture they’re pouring their money into will be profitable, but they are willing to take the gamble (risk) to find out because they are confident in their ability to identify a need, differentiate themselves from the competition and go for it! If that means taking a risk, which it always does, then so be it. Someone who carefully bets on hunches can get pretty good at spotting an opportunity.
Question 4: With consequences, have you ever made the same mistake, twice?
Why YES is the best answer: Entrepreneurs are confident in their ability to create a new product or service AND turn that into a profitable business. They are also not afraid to follow their gut - if the business is not successful initially, they are willing to make changes where appropriate and give it another shot. They live by the rule, “if at first, you don’t succeed, try, try again.” That said, at times it appears to outsiders that they are repeating their mistakes when in reality, they are confident in their business acumen and are not quick to give up on what they know can be a successful business. If you have ever made the same mistake twice, but you did so under different circumstances, you have seeded your brain with a magnitude of important data and show a willingness to try, try again - a very important attribute for success.
Question 5: Are you giving your current job 100% of your effort? (attitude)
Why YES is the best answer: No one works harder than an entrepreneur - no one! They work tirelessly at any task or job that their name will be connected with - even if they hate it! It’s inborn and even if they wanted to, they could not change that work ethic. Before they venture out to start their own businesses, they hear things at work like, “why don’t you just cruise, nobody even notices” and “nobody appreciates all the work you’re doing, chill!” They don’t need incentives, bonuses, extra days off, trips to win or even appreciation to incent them to give 100% every day. If you want to work for yourself, and you're not giving someone else all you got, then why would you expect to change? Especially when times get tough when YOU are the boss!
We hope you enjoy this episode of My Job Here Is Done!
