It’s Entrepreneurship Week, so I thought it would be fun to share my story and hopefully support those who aren’t sure whether they are ready to take the leap.
24 years ago, I decided to start my own business. I didn’t have any big, new ideas, and I had no idea what I was doing. My background was in retail, and I had no desire to climb the corporate ladder. Perfect reasons to start a business, right? But alas, in June 1998, Web Strategies was born as a one-woman web design agency.
While there have been prosperous times and trying times, I have never regretted becoming an entrepreneur. I’ve met amazing people. I’ve had many satisfying experiences. And I’ve worked with fantastic employees that have taught me how to be a better leader. I’ve learned a lot and I’ve encountered many successes and an equal number of disappointments. Hopefully, you can learn from my experience.
So you want to be an entrepreneur?
The Pros
- You make the decisions. There is no “boss” to answer to or board to appease.
- You can steer the company in the direction you choose, provided customers need what you are offering.
- You are putting something new and valuable into your community, and that’s exciting.
- You can enjoy the fulfillment of supporting the growth of others and watching their success.
- Time is finite and arguably the most valuable asset we have. Managing your own time is a huge perk.
The Cons
- You make the decisions. The consequences are yours to manage.
- If you have employees, you are now responsible for securing enough money to pay them.
- You spend a tremendous amount of time on and at your business, especially in the beginning.
- At times, you will wear many hats – owner, HR manager, accountant, salesman, etc.
- There is always the risk of failure. Despite your best efforts, you may go out of business.
If the life of an entrepreneur is still what you want, here are a few helpful tips to make your landing a little softer.
- Talk to other entrepreneurs in your field to better understand the marketplace. Is this what you really want to do?
- If the answer is yes, find an experienced mentor to help you avoid pitfalls.
- Create a solid, achievable business plan before taking the leap.
- In the beginning, try to decrease your risks as much as possible (i.e., keep your overhead low, ensure you are adequately insured, keep revenue and payables balanced, etc.)
- Keep your head up. It’s a tough job but well worth it in the long run.
Good luck and Happy Entrepreneurship Week!