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6 Questions to Get Yourself Ready to Be a Successful Entrepreneur

6 Questions to Get Yourself Ready to Be a Successful Entrepreneur

Initially, it may seem to the inexperienced that running your own business would afford you plenty of financial freedom and clear out your schedule so you can focus more on other things. This idea of being “the boss” and relaxing while others work for you and the money just roles in is what causes most entrepreneurs to fail really quickly. Entire books can be written about the psychology behind this phenomenon, but let’s just say that being greedy, delusional and lazy is the worst combination of traits for an aspiring businessman to have. You’ll need to sit down and ask yourself a few very important questions if you want to avoid grossly overestimating your capabilities and coming up with an unsustainable business model that will leave you buried in debt.

1. Do you have a somewhat original and marketable idea?

The precursor for any sort of business venture is an idea. Good ideas are born out of understanding the principles of supply and demand, knowledge of the latest market trends, a desire to stand out from the crowd and plenty of ambition. An entrepreneur’s vision may not be entirely novel, but it should be somewhat unique.

If your plan looks something like this:

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  • Step One – Open clothing store
  • Step Two – Make a ton of money
  • Step Three – Live out the rest of my days without any worries

Then it is safe to say that you don’t have what it takes to survive your first year, let alone earn enough money to live comfortably and grow your business. A good plan would look more like this:

  • Step One – Research the local market to check if clothing store is a valid option
  • Step Two – Market research shows that there is a lack of elegant and stylish plus-sized clothing options in town, even though there are plenty of plus-sized shoppers, which means a shop catering to these needs would be well-received
  • Step Three – Look for creators, designers and skilled labor that could help you produce your own clothing
  • Step Three – There is enough demand for the product that you can manufacture at a reasonable cost with the right tools, and the skilled labor would be willing to work for a reasonable salary, it’s time to determine a budget
  • Step Four – With the available budget we can hire a small, but skilled and dedicated team, buy the necessary equipment, secure a location and have enough to cover the costs for the first six months even if we make no money
  • Step Five – Find a good location that fits the planned budget
  • Step Six – Find the right vendors and try to negotiate a good deal
  • Step Seven – Fix up the place and set up shop
  • Step Six – Evaluate the time it will take to break even and formulate a coherent and realistic business plan

Make sure that you can bring something new to the table, putting a unique spin on tried and true ideas and basing your decisions on supply and demand in your local area.

2. How good are you at what you do?

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Employee of the month

    Want to open a restaurant or coffee shop? Then you better have some experience in those industries and make sure you are able to cook up a tasty meal or at least partner up with people who can. Want to open a clothing store? You’ll need at least some working knowledge of how things work and plenty of people skills. You may be more of a thinker and organizer than a doer, but you’ll need to make sure that you are one hell of a negotiator. There are many avenues and a huge variety of niche markets that a successful entrepreneur can focus on—as long as he or she possess the right skill sets and is confident in his or her abilities, they can go on to create a great career. However, you’ll want to be objective when judging your own skill level and capabilities if you want to avoid becoming overambitious and burning through your budget.

    3. Do you have enough courage, motivation, determination and focus?

    Courage, focus and determination

      There are plenty of characteristics in common among successful entrepreneurs and it is clear that it takes a certain kind of person to succeed in the business world. Now, you may have some of these qualities without being aware of it, simply because you were never in a position that required you to use them—you won’t know how you handle a situation until you find yourself right in the middle of it. That being said, you’ll need to dig deep within yourself and try to find enough courage, determination, discipline and a laser-like focus on the goals you set. If you don’t have at least some of these traits in spades, you will be better off looking for a different career.

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      4. Can you stay level-headed under stress?

      Businesswoman frustrated at work

        As an entrepreneur, you will need to take certain risks, and you’ll find yourself far out of your comfort zone a lot of the time. A big part of running your own business is being constantly under pressure and dealing with tons of problems as they present themselves. You will need to prioritize and deal with the most pressing matters first, and in the beginning, it can be like a barrage of things going wrong and situations not playing out quite according to plan. The ability to keep your head cool under stress and think clearly is incredibly important, as you will need to improvise on the spot, make quick decisions and choose between the lesser of two evils. If you lose your temper too often and make impulsive decisions, you won’t last very long. Luckily, this is one aspect you can work on and improve through exercises like yoga. A quick boxing session on the heavy bag or going for a swim can be a good way to manage stress and blow of some steam, so keeping in shape can be beneficial.

        5. Are you prepared to stay focused and work every single day?

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        Working on vacation

          There are no sick days, weekends or quiet afternoons when you are an aspiring entrepreneur. Many people complain about the soul-crushing monotony and lack of career options of their nine-to-five jobs, but once you are on your own, you’ll come to miss the simplicity of such jobs. You work during the morning, then you come home and kick back, and you have your weekends free to do whatever you want—even if you bring your work home occasionally, it really isn’t that big of a deal. Running your own business means that you will be on vacation with your family and instead of going swimming, you end up setting up shop in a corner and staring at your laptop the entire afternoon. That’s if you have enough time for a vacation in the first place. Countless hours will be spent working on different ideas and projects, sometimes up to 12–14 hours a day. You need to be passionate and dedicated if you are to survive the sheer workload on top of the stress and sleep deprivation.

          6. Do you have a good level of leadership and management skills?

          When you are your own boss, there is no one to look to for leadership and advice, and no one to help you manage your employees. For a small business, it can be beneficial to look for freelancers and outsource some of the work instead of permanently employing a large team. Outsourcing can have different effects on your business as well as the local economy, but it is generally a fairly safe bet that if you find the right people, it can save you a lot of money. It’s here that your management, negotiation and people skills need to kick in. Managing a small and dedicated team plus a few freelancers, all while keeping your finances in check and handling any unforeseen setbacks takes a lot of concentration and the ability to jump from one task to another quickly and efficiently. Make sure you work on these crucial skills before making any serious plans for the future.

           

          It is said that the path to success is covered in the sweat and tears of those who weren’t afraid to give it their all and make the necessary sacrifices. Although the business playing field is wide and open, there are some fairly strict guidelines for developing winning strategies, so it is best to take plenty of time to think about your plans for the future before committing to a serious, life-changing project.

          More by this author

          Ivan Dimitrijevic

          Ivan is the CEO and founder of a digital marketing company. He has years of experiences in team management, entrepreneurship and productivity.

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          Last Updated on January 14, 2019

          The Key to Finding Job Satisfaction and Having a Successful Career

          The Key to Finding Job Satisfaction and Having a Successful Career

          Regardless of whether you hold an entry-level administration role or regularly travel to the ends of the Earth as a hot-shot senior executive, you can still find yourself harboring an emptiness… a feeling that something is missing. A popular assumption that experiencing job satisfaction and a successful career should be underpinned by a well-rounded suite of tangible benefits, no longer holds true for many of us.

          We’d never deny health care benefits, appropriate and fair remuneration, bonuses and travel perks in a job package. However, even if served to us on a silver platter, those features can only satiate us to a certain point.

          You might wonder what governs entrepreneurs and start-up business owners to quit their lucrative jobs, essentially look the gift horse in the mouth and kiss such benefits goodbye! There can be an irresistible pull to mastermind a business with products and/or services that serve the greater good of community wider than that constituting their daily existence.

          Even with research showing entrepreneurship to pose greater threats to their mental and physical health, this unique breed of individuals choose to go against the grain in chasing their dreams of being their own boss. Why? Why would anyone risk this type of career suicide?

          Whether you’re an employee, have recently taken the leap to being a business owner or been in business for a while, the commonality is a congenital condition we all share as human beings; to feel a sense of purpose, value and contribution to our community. Despite it being harder to find this for ourselves in today’s world, these approaches will help you achieve ultimate satisfaction through the twists, turns and joyrides that are essential features of shaping a successful career.

          1. Search for Opportunities That Feed Your Passion, Not Temporary Excitement

          Even though well-intended, the ‘feel good now’ compass that career coaches and consultants often recommend you use to create career satisfaction can actually do you more harm than good. Excitement is transient. It doesn’t last. Passion is the compass you need.

          Passion and excitement are two different things. The resounding career legacy that still draws you to turn up on the job regardless of the sunshine or storm that awaits you…that’s passion. It’s like a mental and/or emotional itch you can’t shrug off. Staying attuned to that calling will breed success for you sooner or later. Patience is key.

          You’re also likely to have more than one key passion. Beware of getting caught in the notion you have to find your one true purpose. In fact, run immediately from any coach who tells you there is only one. There isn’t.

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          Your passion is a journey that can take multiple forms so forget thinking there is the single dream job out there that will give you satisfaction in every way you can imagine. It simply doesn’t exist.

          Consider embracing different roles and projects to help you fuel your passion or fuel your pursuits in finding it. Job satisfaction and your career success will be all the more sweeter from a wider range of enriching experiences.

          2. Don’t Position Job and Career Satisfaction Assessments as Pivotal Guides to Your Success

          Despite their popular use for vocational guidance, assessment tools such as Gallup’s Clifton Strengths and the Myers Briggs Type Indicator have come under fire[1] as being limited to the amount of true value and direction they can offer partakers.[2] These and many other guidance assessment tools (e.g. VIA Character Strengths , DISC ) are self-report questionnaires that don’t have normative population data against which to compare your results.

          Simply remember these tools help you develop a stronger sense of what you identify as strengths and weaknesses within yourself, not in comparison with other people. They will still add insight around what sorts of career opportunities, tasks and projects are going to light your fire, what ones are going to extinguish it and what will prod and keep the coals steadily smoldering.

          3. Be Clear on Your Personal Values, Ethics and Principles and Choose Relationships That Support You Honoring Them

          Teamwork, collaboration, open communication and trust are commonplace for any flourishing work environment. However, whether or not your personal values can be honored in your work can make or break your job satisfaction.

          How committed do you want to be to an organization that expects an average of 10 unpaid overtime hours every week under the guise of ‘reasonable overtime’? Are you willing to accept their construing this expectation as ‘strong commitment’ at the expense of your partner and children waiting at home for you? What are your boundaries concerning when you clock on to their time and when you clock off to yours?

          Being very in tune with what your personal values, principles and ethics are will bid you well in the job satisfaction stakes. Spending time to reflect on experiences and working relationships you’ve had – the good, the bad and the ugly – will help you make well-informed searches and grounded decisions that will propel your career success.

          Finding and nurturing relationships with associates and colleagues who share similar values doesn’t just make your day-to-day pursuits more enjoyable. You become fortunate to work with like-minded people who will support, understand and appreciate you like a second family.

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          Being able to honor your personal values in your work means you will still be able to sleep at night when you have to tread where others fear to, and make extremely difficult decisions others would never ever dream of having to make as you forge success in your career.

          4. Be Clear on Your Own Definition of What Having a Successful Career Means for You

          It’s tempting to get caught up in the ideals and projections of success expressed by those we love, admire and respect. Underneath, we all want on some level to belong to a successful club of some sort.

          With research reporting how much money we feel we need to be truly happy,[3] many of us try to subscribe to the notion that having the car of our dreams or taking a European holiday annually will not bring us happiness. The truth, however, for many of us is these tangible rewards are congratulatory reminders of our persistent efforts to chase our career pursuits.

          If those are things you aspire to, don’t let anyone steal your desire and want to feel deserving of these things, that those are some parameters by which you define your career success.

          Despite consistently being the top revenue earner for two years running, you may not wish to become the sales manager. You may not wish to step out into running your own business even though you consistently excel as an employee, delighting clients and repeatedly receiving glowing testimonials.

          Your definition of career success might be enjoying the predictability of a regular workplace routine. You get to leave – without feeling guilty – at the same time each day, love the people you work with and get to spend a good, uninterrupted amount of work-stress free quality time with your family. That picture is also blissful job satisfaction and complete career success.

          5. Identify the Sorts of Challenges and Problems You Want to Learn to Overcome

          Standard advice you might receive from a career coach might be to look for opportunities where you get to capitalize on exercising your strengths and career-related activities you enjoy.

          However, to become a success at anything involves improvement. To excel at anything often involves stepping outside boundaries and comfort zones where others wouldn’t. This means dedicating focus and attention to things you’re not so good at and things you don’t like.

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          Here’s where working with a coach can be particularly helpful. Map out the experiences that were unsavory in your working history. Were there challenges you opted out of, projects you failed at or toxic relationships that blasted your sense of purpose and self-worth into oblivion? It’s within these experiences that you might just find the most valuable lessons and guiding lights for your trajectory to achieve greater job satisfaction.

          If your natural leadership style is to be a collaborator, finding opportunities that require you to apply a more dictatorial style might be needed. Discussing a secondment or short-term project where you get to develop and test your skills can be a step further in earning contention to lead a larger project down the track.

          With several of the company’s boldest personality types penciled to roll out the operation, you’ll not only develop skills that earn your right to throw your hat in the ring; those key players have an opportunity to see your competence. You can then work on building relationships with those stakeholders before you need to hit the ground running should you win the lead.

          Greater job satisfaction comes with planning and choosing the lessons and opportunities you want to learn, not desperately flailing, floundering and hoping for the best.

          6. Keep Reviewing Your Goal Posts and Be Amenable to Change

          The word ‘career’ is indicative of a longer-term pathway of change, growth and development. The journey is dynamic.

          You will accumulate new skills and let those you no longer need, become rusty. Your intrigue will be stimulated by new experiences, knowledge and people you meet. Your thinking will continue to expand, not shrink. As a result, your goalposts are likely to change.

          A major part of enjoying a successful career is not just setting goals effectively, but regularly reviewing and readjusting them where necessary. However, moving the posts or the target still needs to take place by applying the same processes by which you originally created them. The strength of your emotional connection to those revised goals needs to be the same, if not stronger.

          By asking yourself the following questions, you can assure your developmental and growth trajectory is still on course:

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          • Would working toward these goals still allow me to honor my personal values, principles and ethics at the same capacity if not greater?
          • Do the activities I need to undertake to meet these goals honor my highest priorities?
          • Does this feel right for me and those who are nearest and dearest to me?
          • Is this aligned with my passion?
          • Is chasing this goal a right step for me to take now or is this a detour or distraction which could delay my greater plan?

          Each of your career goals should have different review periods. Whatever you do, stick to the review schedule you set. It will not only keep you focused but help you see your progress (or lack thereof) and allow you to timely re-chart your course before you get too far down the track. You don’t want to waste time haphazardly heading in the wrong direction.

          7. Be Prepared to Let Go

          It can be unfathomable to us as to why others risk leaping into the unknown when everything truly appears fine and dandy in the career realm. The company provided stability, recognition, financial success, interesting projects and the promise of a promotion…what was wrong? Why now jump sideways to run a café or train in another field altogether?

          Nothing may have been wrong at all. It was all going right. It was just the end of a chapter. Perhaps the yearning for the next step is actually taking a different trajectory entirely. You may want to simply experience a different rhythm. Perhaps it’s time to pursue a different passion.

          If you have leaped from employee-land to freelancing or have made the reverse-jump (or you know someone who has), you will have quickly grown a different appreciation for pros and cons each work lifestyle brings. Working for yourself can bring the greater realization of your creativity, whether or not it can be monetized to earn you a living.

          When your customers are buying you or a product you designed and fashioned, there is a direct level of appreciation and gratitude that can elevate your confidence in the way you have never experienced as an employee, regardless of your rank.

          Similarly, there are times where we need to recognize our business ventures were adventures, not long-term life-changing empires. There are times we need to recognize that time is what provides the clearest limitation of how long we persist for in such pursuits.

          We have to recognize the absence of enough financial, mental, emotional and physical breadcrumbs that tells us we’re no longer meant to push in that direction. At least, not for the present time.

          The Bottom Line

          Above all, keep the momentum. As long as you remain committed to pursuing work opportunities that allow you to honor your highest priorities, the truth of who you are and what you stand for, achieving ultimate job satisfaction and a successful career will never be too far away.

          More Resources to Help Advance Your Career

          Featured photo credit: Csaba Balazs via unsplash.com

          Reference

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