Take the leap from business to entrepreneurship
At the end of June 2003, I decided to leave a very secure job on the bench to start over as an executive coach. Although I had worked for myself before joining the bank, it had been almost five years. During my time there, I had the privilege of working with a great team that cared deeply about their clients and believed in the direction in which we were heading.
But it wasn’t enough for me, and I knew it was time to become a full-time executive coach. I jumped from the safety of a regular paycheck, days dictated by a strict culture with high stress and expectations, back into the unknown and a new business.
As I told my team, it’s not that I wanted to go; is that I could not stay. I had to try my hand at entrepreneurship and the opportunity to work with people who wanted more success, ease, greatness, and control in their own lives. Now, I am delighted to help my clients find exactly that, whether they are in the corporate world or working alone.
Here are some tips and action items to help you focus and stay focused on your new role as an entrepreneur.
Entrepreneurship: is it for you?
Are you the type of person who enjoys being an entrepreneur? Do you love the thrill of victory? Can you bear the agony of defeat? And in any case: Will you try again?
There are tons of businesses, but yours needs to reflect that to be truly successful. Can you connect with your ideal customer and tell your business story in a way that is powerful for both you and the listener?
Who is part of your team of experts to help you in your role as an entrepreneur? Who is your coach? It’s about people, and “people” is also about you, those you help, and those who make you successful.
ACTION ITEM: What will I do today to be more successful? What people will I connect with to advance my goals? Do I need a coach to play my best business game?
Profitability: Definition of the business of your business.
As an entrepreneur, you are full of great ideas and you know how to implement them. However, it is easy to lose sight of the daily need to stay profitable. Leaving a paycheck is never easy; However, the idea of owning your own business can be very tempting. It is important to know what your business model looks like and how long it will take to be profitable. Do you have financial reserves while building your business? Can you afford to be a professional entrepreneur (i.e. website, business cards, marketing and advertising, office space, etc.)? It will attract business as it grows into a business!
And please don’t underestimate the importance of desire and the need to be profitable. This is not magic, it is a well planned strategy to turn your passion into a career. Don’t give away your products or services, because good intentions don’t pay the bills! (One book on this topic that I highly recommend is Think and Grow Rich by Napoleon Hill.)
So what pays the bills? Good work that is honored with income. So, start with a desire to make a living through your passion and the work you do, and get paid to do it. If you’re really tapping into your passion, that’s the foundation of great business, and great businesses fail less. However, if the stress of making money is so great that you cannot survive in slower times and a tough economy, proceed with caution. Remember: Profitability is about running a business that is self-sustaining and profitable for you.
ACTION ITEM: What will I do today to be more profitable, both personally and professionally? What do I believe about being profitable and what model am I working with or creating? What people will I connect with to advance my goals? Do I need a coach to play my best business game?
Strategy: What does your business guide include?
The overall strategy for building your business is something you need to think about every day. The key components of a good strategy are not magic or secret, it is simply hard work, concentration, effort, discipline, and a burning desire to create something that you can see clearly.
With strategy comes the question of your transition from business to entrepreneurship. When is the right time? The answer: when you are willing to live with the consequences of your decision. If you are considering transitioning while working at your current job, remember: part time is tough! How much can you work in your business if you also work for someone else? And if you work after hours, finding a convenient time for both you and your clients can be a real problem. If you have a product, will you be available to talk to your customers and ship items in a timely manner?
Being an effective and successful entrepreneur requires that you be fully present and listen and respond on multiple levels. If you stretch too much, you may not be successful. The strategy is to have a plan that you are ready to implement and then live with the result.
ACTION ITEM: What will I do today to develop my strategy to succeed in my existing business or build a new one? What people will I connect with to advance my goals? Do I need a coach to play my best business game?
Jump when you’re ready to jump, but when you do, jump with joy and abandon. Business is risky, but success comes from calculated and well-planned risk. Be prepared for success by knowing what it takes to be successful.
