Is Entrepreneurship Really for You?
Becoming an entrepreneur and starting your business can be exciting but there are some lifestyle changes you must make before taking the big leap. Now a days we know that entrepreneurship is a lot more than just starting a business. It’s a total transformation in every aspect of your life and it’s a commitment you will make as long as your company stays alive. Here at LaunchHouse we encourage individuals to take the leap but with certain things in mind. A couple lifestyle factors the entrepreneur should consider:
Protect your income (and its potential!). In order to start a business and develop your business plan you must build a substantial income for yourself in order to reserve money for your everyday needs, future securities, and those unexpected costs along the way. This will keep you on your toes in terms of where your moneys coming from, what your spending it on, and how much you can save for future projects.
Stay on good terms with your colleagues. Don't go quitting your day job at the thought of starting your own business. Unless you absolutely despise your career or you had already quit your job, it's important to keep a foot in the door if you find entrepreneurship isn't your cup of tea. There is nothing wrong with pursuing your passion but it's always recommended that you have a plan b if you find yourself drowning in troubled water. Perhaps you could continue your career and pursue your passion on the side. Once you're ready to launch your business full-time, leave your job and continue your career as an entrepreneur.
"Know the industry you're going into and be passionate about it. You have to provide a great product or service," according to Bob Flynn, engineer and founder of a successful startup airport shuttle company in Colorado.
There are some questions to ask yourself before you start your journey:
- Am I passionate about my product or service? When times get tough and you feel like you've given everything, you'll consider if you've made the right choice in starting your own business. It comes down to how enthused you are about your product and how you express that in your business and to your target audience.
“When you stop thinking about your business, the world stops thinking about your business. You are the fuel. The sun never sets on an entrepreneur’s empire.” The Slone Brothers, StartUpNation.com
- What is my tolerance for risk? Ina Garden, who bought specialty food stores called The Barefoot Contessa and created an empire out of it, tells aspiring entrepreneurs that you have to "be willing to jump off a cliff and figure out how to fly on the way down."
- Will I be able to avoid burnout? Working 24/7, dismissing your personal life, and leaving no time for hobbies or leisurely activities can lead to a quick burnout in your startup. Managing your time and avoiding 'burnout' is crucial in beginning your life as an entrepreneur.
SamKrichevsky , Chief Operating Office and Managing Partner at LaunchHouse, offers some insight into entrepreneurship:
What are some characteristics of entrepreneurs?
Sam: "Self-driven, motivated, hard working. Most of all you have to be able to roll with the punches. You must understand that failure is acceptable. Diligence and hard work will pay off in the end."
"You have to be able to do whatever it takes, mornings, nights, working crazy hours- whatever it takes to get the job done. Entrepreneurship is a lifestyle and a state of mind."
Any advice for up and coming entrepreneurs?
Sam: "Again, hard work pays off. Do a lot of research, be diligent, and find a mentor. Mentors are one of the most important assets you can have in starting a business. Learn from the people that already have been there and have experienced failures and successes. Your business will be like your baby, you must take care of it and not let go of it."