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12 Questions to Ask Yourself Before You Quit Your Job to Start Your Own Business

12 Questions to Ask Yourself Before You Quit Your Job to Start Your Own Business

If you want to live a passionate life of freedom, quit your job and start your own business. Escaping the limitations of 9–5 is the only way to experience true freedom. But to be sure your transition will be successful, ask yourself these 12 questions before you take the leap.

1. Are you willing to do whatever it takes?

To start your own business you have to be willing to do whatever it takes. Sometimes that’s not fun: it’s inconvenient and you can’t do what you really want to. The willingness to do whatever it takes comes from a deep commitment to your business that all successful entrepreneurs must have.

2. Are you willing to adapt your approach often?

The only way for a business to fail is to stop adapting. If a product doesn’t sell, keep adapting, modifying, changing and improving it until it does. You might change its color, change its price, change who you sell it to or change its stated purpose. You may need to change the product, change the service or change the product into a service. Keep changing until you get it right. Failure only comes when you stop doing this.

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3. Are you focused enough to start your own business?

Focus worked for Bill Gates and Warren Buffett, so it will probably work pretty well for you. There are only two resources you put into creating a business: time and money. Even Warren and Bill have a limited amount of both. So do you. To successfully start your own business, you have to pour all you have into it. Your business needs as much of your resources as you can possibly give it, so pour it all in. Don’t spread your resources among several small things; none of them will get enough of what they need to succeed.

4. Are you willing to give up some things in the short term?

The only time you should give up things that are important to you is when giving them up will allow you to have more of them in the future. This is one of those times. There may be no vacations for a year, or two, or three. There will be way less TV. There will be less time with your kids, friends and family. If you want the increased time and the increased quality of time (which comes from money) in the future, you must give up some of it now. Do it for your future.

5. Are you ready for the most intense psychotherapy you’ve ever undergone?

Aspiring entrepreneurs often believe they will learn about business plans, marketing, accounting and business models. You will, but that will be small compared to the self-discovery process you will go through. You’ll learn about your strengths, weaknesses and everything in between. Starting a business is a very personal process and one that will test your limits and make you realize you had capabilities you never even thought possible. You’ll also probably cry a few times.

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6. Are you able to listen without judging or evaluating?

When you start your own business, you must develop your listening skills to a level beyond what you ever thought was possible. You have to listen to your customers and prospects so closely you can even hear what they don’t say. You need a level of understanding of your customers that you can’t get unless you listen to every word they say and understand their needs and aspirations better than they do.

7. Are you ready to fire your ego?

Your first dirty job as CEO of your own business is to give your ego the pink slip. If you don’t fire your ego, it will be the worst employee on your team. Your ego makes you think you’re right all the time and won’t let you objectively consider all the relevant facts. When you start your own business, you have to be humble and able to consider all information (remember number 6) without feeling threatened by the possibility of being wrong. Ego, pack up your cubicle!

8. Are you ready to accept feedback?

As an entrepreneur, you have to be open and willing to accept the information you receive as feedback. Then you have to take the feedback and use it to make your business, product or service better. You can’t do this if your ego is standing guard — defending you as perfect and all-knowing (good thing you fired it in number 7). You have to be able to accept the feedback and realize that, perhaps nobody wants to buy your little blue widget. However, if you’ve been listening (there’s number 6 again), you’ll know they would buy it at a higher price if you just painted it red and added googly eyes.

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9. Are you confident enough to ignore feedback?

Yes, this is the opposite of number 8. Sorry about that. But as an entrepreneur, you’ll have to confront conflicting information often. While you do have to be willing to accept feedback, you also have to have enough confidence in your vision for your business that you can ignore feedback as well. One person says emphatically the widget must be blue. Another says with equal emphasis that it must be red. They have equal credibility. It’s your company, your vision and you get to decide: you must decide. Confidently make a decision and let your vision for the business guide you. If you make the wrong decision that’s OK. Speaking of that, we probably need to talk about failure.

10. Are you cool with failure?

The media loves failure. They love to see businesses, celebrities and entrepreneurs fall on their face because it makes great news. They’ve convinced us that “failure” is a big, catastrophic event and (worst of all) the end. It’s not. Failing is just part of the process. It’s just another step toward success. The important thing is to never believe that failure is the end. Just get back up and keep going.

11. Are you willing to take full responsibility for whatever happens?

My high-school English teacher would cringe because each of these headings started with “Are you,” but that’s intentional. When you start your own business, you must believe that everything that happens, good or bad, is because of you. Blaming any other person, entity, organization, situation or the weather will doom your business because it takes you off the hook. It gives you someone else to blame, which your ego will temporarily enjoy, but in the longer term it will spell the end of your business. Because by giving away responsibility, you’ve given away your power. Keep your responsibility and keep your power.

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12. Do you care about starting your business more than anything?

You’ll never be able to start your own business unless you care about it a whole bunch. That doesn’t mean there can’t be other things you care about — there should be. But your business has to be up in your top two or three. If it’s not important enough, the daily grind and to-do lists will push your business to the bottom of the heap and you’ll never give it the focus it needs to thrive.

Business plans, market analysis, financial cushion and all that are great, but none of that matters if you can’t say, “Yes!” with ten exclamation points to each of these things. The happiest and most successful people in the world are entrepreneurs and that’s because they have answered a euphoric yes to these questions and created a business and a life they are passionate about.

If you answer no to any of these questions, it doesn’t mean you can’t start a business, it just means you’re not ready. Keep reading, studying, dreaming and hang out with some successful entrepreneurs. You’ll get ready.

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Last Updated on December 10, 2019

7 Strategies to Keep Employee Motivation High

7 Strategies to Keep Employee Motivation High

Highly motivated employees are essential to the success of any business. Most people spend a third of their lives at work.[1] That’s a significant amount of time away from home, apart from the people who make us happy and the things we love to do. So keeping employee motivation high is essential for creating an office environment that gets the best out of our people.

But do you know what motivates your people?

It’s simple:

  • Is their work stimulating?
  • Does it challenge them?
  • Is there room to grow, a promotion perhaps?
  • Do you encourage creativity?
  • Can they speak openly and honestly with you?
  • Do you praise them?
  • Do you trust your staff to take ownership of their work?
  • Do they feel safe in their work environment?
  • And more importantly, do you pay them properly?

Every one of these factors contributes to the general happiness of your employees. It’s what motivates them to come into the office each day and work hard, hit goals, and get results.

In contrast, an unmotivated employee is typically unhappy. They take more sick days, they’re not invested in seeing your business succeed, and they’re always on the lookout for something better.

Stats show that 81 percent of employees would consider leaving their jobs today if the right opportunity presented itself.[2] So it’s up to you to set aside time and energy to create a work environment that benefits every one of your employees.

These seven strategies will help you motivate your people to consistently deliver quality work and, more importantly, to stick around for the long term.

1. Be Someone They Can Rely On

You rely on your people to turn up to work each day, to come to you when they have a problem they can’t solve, to be honest, and to always engage professionally with customers.

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But this is not a one-way street. You, too, need to be someone your team can rely on. They trust you to have their backs when a client is unreasonable, to know that the decisions they make are in your best interest, and to make good on your promises.

If you say you’ll attend an important meeting, be there. If your company makes a profit and you’ve said you’ll pay a bonus, pay it. The goodwill of your people is something you never want to test, let alone lose.

Be reliable; it’s astounding how much this motivates your people.

2. Create an Awesome Company Culture

There’s no denying that company culture trickles down from the top. Your leadership and attitude massively influences the attitudes, work ethic, and happiness of your staff. If you’re always stressed-out, overly demanding, and unreasonable, it’ll create tension in your office which will adversely affect your employees’ motivation levels.

In fact, the HAYS “US What People Want Survey” found that 47 percent of staff who are actively looking for a new job, pinpoint company culture as the driving force behind their reason to leave.

So if you have high staff turnover, you need to determine whether your company culture might be the motivating factor behind your churn rate.

Here are four ways to build a culture that keeps your employees highly motivated.

  • Be conscious of the image you present. Your body language and attitude can positively or negatively impact your employees. So come to work energized. Be optimistic, friendly, and engaging—this enthusiasm will spill over to your people and motivate them to be more productive and efficient.
  • Appreciate your people and be reasonable. Celebrate your team’s achievements. If they’re doing a good job, tell them. Encourage them to challenge themselves and try new things. And reward when deserved. If they’re struggling, help them. Work together to find solutions and be a sounding board for their ideas.
  • Be flexible. Give your people opportunities to work remotely—this is highly motivating to staff, particularly millennials. They don’t want to be battling traffic each day on their way to work. They don’t want to miss their kids’ baseball games or ballet rehearsals. Stats show that companies that offer flextime and the ability to work from home or a coffee shop have happier and more productive employees.
  • Create employee-friendly work environments. These are spaces that inspire and ignite the imagination. Have you ever been to Google’s offices? No headquarter is the same. From indoor slides and food trucks, to hammocks, and funky work pods on the wall, gaming rooms, and tranquil interior gardens, there’s something for everyone. It’s a space where people want to be, catering to their need for creativity, quiet, or team building; you name it.

So take a look at your company culture and ask yourself, Is my business an attractive workplace for talented professionals? Does it inspire commitment and motivate my people? What could I do to improve my company culture?

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3. Touch Base with Your Team Weekly

Make time for your people, whether you run a remote business or work in an office, set aside time each week to talk to your people one-on-one. It’s non-negotiable.

When there’s an open line of communication between staff members, work gets done. Don’t believe me? A study by Gallup found that 26 percent of employees said feedback from their leaders helps them to do a better job.[3]

Your people want to feel trusted. They want to take ownership of their work, but they also need to know that when they have a question, they can reach out and get answers. If you’re unwilling to make yourself available, your team will quickly become unmotivated, work will stagnate, and your business will stop growing.

So block off time on your calendar each week to touch base with your people, even if only to let them know that what they’re working on matters.

4. Give Them the Tools They Need to Do Their Jobs Well

Imagine trying to run your business without electricity. How would you contact your clients? What would happen when your phone or computer battery died?

Technology is super critical to the success of your businesses. It allows you to work more efficiently, to be more productive, and to handle matters on-the-go. That’s why you need to give your people tools that will make their jobs easier.

Make sure their equipment is in good working condition. There’s nothing more frustrating than a laptop that takes ages to boot up. It’s got to go. Replace outdated software with new software. Don’t make your designer work in Coreldraw; give them access to the most up-to-date version of Adobe Creative Suite. Take it a step further and buy them a subscription to Shutterstock or Getty Images.

Make working for you a pleasure, not a pain; and watch your employees’ motivation levels rise.

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5. Provide Opportunities to Learn and Upskill

Would you believe me if I told you that 33 percent of people cite boredom and a need for new challenges as the top reason for leaving their job?[4] If you want to retain your talent, you need to upskill.

Thanks to technology, we live in a rapidly evolving world that demands we change with it. A copywriter is no longer just a writer; they now need to be experts in SEO, Google Adwords, CRMs, and so much more.

A pastry chef needs to be a food stylist, photographer, and social media manager. An entrepreneur needs to be a marketer—or at least take ownership of the marketing message for their business—if they hope to scale.

Technology makes all of this possible. No matter your location, your people can continuously expand their knowledge and gain new skill sets—something that’s highly motivating to employees. They want to know that there are opportunities to grow and develop themselves.

If you won’t invest in your people, then your business becomes just another job to tide them over until they find where they truly belong. So be the company that sees value in developing its people.

6. Monitor Their Workload

Overworked employees tend to be unproductive and unhappy. Your people cannot be at full capacity every day, month to month. Something’s got to give. They’ll become deflated and their work will eventually suffer, which will negatively impact your business.

What I like to do is implement a traffic light system. It helps me to keep a finger on the pulse of my business. So there’s red, yellow, and green:

  • Red means they’re fully loaded.
  • Yellow means they’re busy, but they can potentially take on more.
  • Green means they haven’t got enough to do.

I use this traffic light system because I don’t want my team members to be stressed out of their brains all the time. If they are, they won’t make good decisions and they won’t do good work.

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If my people are regularly overloaded, I have things to think about. Perhaps I need to hire a new person to help ease the load or take a closer look at what projects are good to go, and which can take a back seat.

And this is why #3 is essential. If I’m regularly engaging with my people, I’ll know that while they’re coping with their workload, it is impacting their performance and health, and I’ll take action.

7. Don’t Mess Around with Your Employees’ Pay

Never mess around with your people’s salary. As a business owner or high-level manager, it’s easy to forget that most people live from paycheck to paycheck. Delayed compensation can mean a missed bill payment, which could result in costly penalties they can’t afford or hits to their credit score.

So it’s your job to ensure that you pay your people on time.

The Bottom Line

A motivated team is an asset to any business. These people never give up. They get excited about coming to work each day and can’t wait to test a new theory or tackle a particularly tricky challenge. They’re proud of the work they do. And more importantly, they have no reason to leave.

Wouldn’t you rather be part of their success story than the business that drove them away?

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Featured photo credit: Emma Dau via unsplash.com

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