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10 Things You Realize When You Start Your Own Business

10 Things You Realize When You Start Your Own Business

If, like me, you have been an employee your whole life, and your immediate family have all been employees, jumping off of the employee treadmill and starting a small business is going to turn your mind inside-out in some pretty profound ways.

In fact, you might spend the first year or so of your new career spinning your wheels with a deer-in-the-headlights look, and therefore not getting a whole heck of a lot done. That’s okay; it’s why God created unemployment benefits and temp jobs. And don’t worry; you’ll get the hang of it.

Here are some of the things that have melted my mind:

1. When you start your own business, you’ll never, ever have to go job hunting again. Ever.

Sure, there may be times when you’re tight on cash and have to work at a café or take on some freelance projects for a little while just so you can eat, but this is totally different from thinking of a job as being a long-term “career”. You know that this job a tactical move to tie you over until your REAL career – your business – picks up again.

(Of course, you probably won’t want to tell that to your temporary boss.)

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2. When you start your own business, you’ll never waste your time and energy making someone else rich again.

You’re working for one person: YOU. And you’re working to make YOU rich. Not Wal-Mart, not the neighborhood repair shop – YOU. Nobody else.

(Okay, maybe the “rich” part hasn’t happened yet, but the potential is there.)

3. When you start your own business, you’ll never have to put up with awful bosses or office politics again.

You may one day BE a crappy boss; and if you are, your business will suffer, so you’ll either learn to stop scaring off your staff or go belly-up. But you can control you. You can’t control your boss or your coworkers.

4. When you start your own business, you’re going to work harder than you ever have in your life … and you’ll love every minute of it.

Why? Because you’re figuring out how to make yourself rich. It’s hard to have that kind of motivation when you’re working for someone else.

5. When you start your own business, other business owners and CEOs become your peers, not your employers.

When you call up technical support, you’ll realize that the CEO of the company who made the product you’re using isn’t just some faceless goon who might show up in the media now and then if they’re famous enough. No, they’re ordinary, flesh-and-blood people, just like you … who started out small, just like you. In fact, if it’s a small company you’re dealing with – say, an iPhone app developer – when you make that technical support call, you might even end up talking to the CEO herself.

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Suddenly, the playing field just got even.

6. When you start your own business, you, and you alone, are responsible for your income.

This means that you’re going to become obsessed with two things: marketing yourself, and keeping your customers happy. No marketing or doing a lousy job means no customers, which means that you don’t eat. You get direct feedback from your efforts.

It’s your butt on the line. Nobody else is going to do it for you.

7. When you start your own business, you’ll find out who your real friends are.

As much as your friends and family may love you, and as much as you may love them back, the ones who are employees are simply not going to “get” what you’re doing. Their butts aren’t on the line like yours is. So while they may offer lip service to supporting you, you can’t rely on them to help you out in meaningful ways.  It’s not their fault; they mean well, but ya gotta actually walk in someone else’s shoes to really understand them.

(Don’t be surprised if you start hanging out with other business owners more than you do your old friends.)

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8. When you start your own business, you’ll realize that you have the potential to be paid what YOU’RE worth, not what the job is worth.

Even if the money part doesn’t happen overnight, it’s hard to describe the feeling when you realize that your income isn’t, by default, limited by the arbitrary amount set by the company you work for.

That “glass ceiling” everybody’s always talking about? Gone!

9. When you start your own business, you’ll learn how to manage your money really, really well.

Forget buying $300 sunglasses or blinging out your pickup with fancy chrome wheels. Since you’re not always going to be able to count on a set amount of money coming in each month, you’re going to think twice before spending your hard-earned cash on anything you don’t need.

At first, expect 99% of your income to go toward paying bills, buying food, or covering business expenses. Anything left over, you’ll probably want to sock away for the next lean month.

10. When you start your own business, you’ll feel freer, smarter, more independent, more resourceful, more in control, and more powerful than you have ever felt in your life.

Economies and governments may collapse, financial systems may fail, but if you’re working for yourself, you know you’ll survive.

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Why?

Because nothing can ever take away your mind, your talents, or your skills, and there will always be someone who wants them.

Your turn: How has starting your own business changed YOUR thinking?

Featured photo credit: Steve Jobs painted portrait / Thierry Ehrmann via flickr.com

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Last Updated on May 20, 2020

What Are Analytical Skills (And How to Strengthen Them For Success)

What Are Analytical Skills (And How to Strengthen Them For Success)

Everybody makes bad decisions. Some people, however, are more capable of making better decisions that inch them closer to success.

These individuals are not ruled by emotions, desires, or hunches. Rather, they depend on their analytical skills to overcome challenges regardless of urgency or complexity.

What Are Analytical Skills?

According to Richards J. Heuer Jr., a former veteran of the CIA,[1]

“Thinking analytically is a skill like carpentry or driving a car. It can be taught, it can be learned, and it can improve with practice. But unlike other skills, it is not learned by sitting in a classroom and being told how to do it. Analysts learn by doing.”

Analytical skills can be considered as one of the critical life skills that are not taught in schools. It comprises of visualization, critical thinking, and abilities for gathering and processing information.

Here’s a closer look at some of these abilities:

Visualization

Also tied to a person’s creativity, visualization is the ability to predict the possible outcomes of strategies and actions. In a professional setting, visualization involves the analysis of data – often through illustrations like charts, graphs, and detailed lists.

Critical Thinking

Simply put, a person’s ability to think critically can be measured by his or her consistency in creating reasonable decisions. It pertains to the ability to evaluate information, siphon what’s useful, and draw conclusions without being swayed by emotions.

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As a critical thinker, you’ll find yourself challenging assertions and finding loopholes in proposed solutions.

Computing

Whether you like it or not, you need to be comfortable with numbers if you want to sharpen your analytical skills. Bear in mind that computing encompasses other skills like cost analysis, budgeting, and performing general calculations.

In business, you need to use computations when weighing the risks and benefits of any given strategy.

Problem-Solving

Remember that analytical skills are used not just to understand problems, but also to develop the most suitable course or courses of action. This relates to your goal-setting skills, which involve breaking down and prioritizing between objectives.

Resource Management

Lastly, analytical skills involve some degree of resource management depending on the task at hand.

For example, professionals with a tight schedule must know how to effectively manage their own time – also known as one of the most important resources in the world.

Business leaders, on the other hand, must know how to manage company resources, including cash and manpower. Take note that the definition of analytical skills may change to match the requirements of a specific situation.

For example, upon hiring a web developer, analytical skills may refer to the ability to determine the needs of online users, understand web analytics for optimization, and identify visual elements that can match a company’s brand.

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The skillset above, however, should be applicable in most if not all scenarios.

Develop Your Analytical Skills for More Growth Opportunities

There’s no question that the right decisions lead to positive results. It doesn’t matter if you’re running a business or simply trying to climb the corporate ladder. By training your analytical skills, you position yourself for more growth opportunities while staying away from negligible actions you will regret.

For example, you plan to launch a new startup in your local community – but struggle to decide the niche you want to enter. Since you’ve been a technophile your whole life, part of you desires to invest in a gadget store. If you’re passionate about your business, success will come – right?

If you have sharp analytical skills, you begin to see your plans in whole new dimensions.

What are the possible outcomes of this venture? Does the local market have a need for a new gadget store? How much do I need to get started – and how much should I sell to make a profit?

Depending on your findings, you can determine the feasibility of your business idea without letting your emotions get in the way.

6 Ways to Strengthen Your Analytical Skills

There are several approaches when it comes to developing an individual’s analytical skills. For instance, psychologists agree that reading fantasy stories as a child can help sharpen critical thinking.[2]

Research also suggests that undergoing traditional education has a positive effect on a person’s IQ and analytical skills.[3]

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But as an adult, such opportunities to hone your analytical skills no longer apply. That’s why you need to devise a more deliberate, active approach yourself.

Below are a few strategies to get you started:

1. Ideate Business Ideas

Developing a profitable business idea, whether you pursue them or not, involves numerous challenges. You need a ton of research, computations, and problem-solving to create a tangible business plan.

You can organize your ideas with a note-taking tool like Microsoft OneNote or Evernote. Doing so will allow you to delve deeper into your analysis, organize your findings, and stay focused on roadblocks as well as how to solve them.

2. Leverage Analytical Tools

Aside from note-taking tools, you can also leverage other software that can help with analytical tasks. A money management app like Mint, for example, makes it easy to track your spending habits as well as manage your budget with visual tools. When it comes to prioritizing goals, you can use simple task management apps like Trello or Wunderlist.

3. Have a Personal Learning Library

Thanks to the internet, there’s a colossal amount of resources you can utilize to learn new skills, expand your vocabulary, and train your visualization muscles.

Social media networks like SlideShare and YouTube, for example, offer mountains of tutorials you can access to your heart’s content.

For a personalized learning library, you can download Instagram videos or GIFs from educational accounts like NASA Goddard and the American Mathematical Society. But if you prefer specific, technical skills, then a good place to start would be online learning platforms like Coursera, edX, and Alison.

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4. Participate in Online Communities

The internet is a great place to share experiences, opinions, and sometimes intellectual discussions with like-minded individuals. Reddit, for example, has a place or “subreddit” dedicated for every topic imaginable – from technology to entrepreneurship.

For structured debates, you can head to websites like Debate.org and let other users choose the winner via votes.

5. Seek Mental Stimulation

To keep your mind sharp, make it a habit to engage in mentally stimulating activities, such as chess, puzzles, and brain training apps. A great resource would be Lumosity, which contains dozens of cognitive games designed by teams of scientists and game designers.

6. Keep a Personal Journal

Finally, keeping a personal journal allows you to take a second look at everything that happened in your day.

Remember that writing about learning experiences lets you focus on the lesson rather than the emotion. It will help you analyze how you made your decisions, why you came to certain conclusions, and what you can do to improve in the future.

Here’s How to Create a Habit of Writing in a Journal.

Bottom Line

As an adult, you are required to face a myriad of challenges on a daily basis. Work, school, business, relationships – the list goes on when it comes to the sources of life’s problems. With analytical skills, you can confront and overcome any obstacle standing between you and your goals.

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Featured photo credit: Campaign Creators via unsplash.com

Reference

[1] M. S. Ramaiah University of Applied Sciences: Analytical Thinking?
[2] KD Novelties: Why You Should Read Classic Tales to Your Children
[3] Economic Inquiry: The Effect of Education on Cognitive Ability

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